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Dropbox cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$252M in Q3 2026 · $915M over twelve months

Operating cash flow$259M
Capital spending−$7.4M
Free cash flow+$252M
Cash / net income2.2×
Cash conversion cycle-15 days

Analysis

In Q3 2026, Dropbox generated $259M of operating cash flow and spent $7.4M on capital projects, leaving free cash flow of $252M. That is $41.9M less than in Q3 2025 ($294M).

Over the twelve months to Sep 30, 2026, operating cash flow was $938M; the largest uses were buybacks ($1.3B), other financing ($721M), taxes on employees’ shares ($140M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.4B), other investing ($173M); the cash balance rose by $348M.

Operating cash flow was $259M against net income of $116M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$77.0M, depreciation & amortization +$35.2M, employee-related liabilities +$23.1M.

Its cash conversion cycle was -15 days (receivables 11 + inventory 0 − payables 26): suppliers fund its working capital.

Free cash flow

Dropbox: free cash flow by quarterDropbox: free cash flow by quarter$210MQ4 2024$154MQ1 2025$258MQ2 2025$294MQ3 2025$225MQ4 2025$203MQ1 2026$235MQ2 2026$252MQ3 2026
Operating cash flow less capital spending.
Dropbox: operating cash flow against capital spendingDropbox: operating cash flow against capital spendingOperating cash flowCapital spending$214M$3.3MQ4 2024$154M$100KQ1 2025$260M$2.0MQ2 2025$302M$8.4MQ3 2025$235M$10.5MQ4 2025$204M$1.2MQ1 2026$238M$3.3MQ2 2026$259M$7.4MQ3 2026
Latest (Q3 2026): Operating cash flow $259M, Capital spending $7.4M.

Capital allocation, year by year

Dropbox: where the cash came from (up) and went (down), by fiscal yearDropbox: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $730MFY2021: Net borrowing $1.3BFY2021: Shares issued $6.9MFY2021: Capital spending −$22.1MFY2021: Acquisitions −$140MFY2021: Buybacks −$1.1B$2.0BFY2021FY2022: Operating cash flow $797MFY2022: Net borrowing −$128MFY2022: Shares issued $500KFY2022: Capital spending −$33.8MFY2022: Acquisitions −$75.4MFY2022: Buybacks −$795M$798MFY2022FY2023: Operating cash flow $784MFY2023: Net borrowing −$127MFY2023: Shares issued $2.5MFY2023: Capital spending −$24.3MFY2023: Buybacks −$540M$786MFY2023FY2024: Operating cash flow $894MFY2024: Net borrowing $871MFY2024: Shares issued $900KFY2024: Capital spending −$22.5MFY2024: Acquisitions −$57.8MFY2024: Buybacks −$1.2B$1.8BFY2024FY2025: Operating cash flow $952MFY2025: Net borrowing $360MFY2025: Shares issued $100KFY2025: Capital spending −$21.0MFY2025: Acquisitions −$13.1MFY2025: Buybacks −$1.7B$1.3BFY2025
Over these 5 years operating cash flow totalled $4.2B; the largest uses were buybacks ($5.3B) and acquisitions ($286M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debtnone
Net cash$1.1B

Dropbox funds itself: free cash flow was $915M over the last twelve months, with $1.1B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Dropbox: sources (+) and uses (−) of cash, Q3 2026Dropbox: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$259MBuybacks−$150MCash drawn (+) / kept (−)−$44.1MNet borrowing (+) / repaid (−)−$42.3MTaxes on employees’ shares−$40.4MOther investing$25.7MCapital spending−$7.4MOther financing−$1.1MExchange rates$600K
Dropbox: sources (+) and uses (−) of cash, TTM to Q3 2026Dropbox: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$1.4BBuybacks−$1.3BOperating cash flow$938MOther financing−$721MCash drawn (+) / kept (−)−$348MOther investing$173MTaxes on employees’ shares−$140MCapital spending−$22.4MExchange rates−$1.0M

From profit to cash

Dropbox: net income to operating cash flow, Q3 2026Dropbox: net income to operating cash flow, Q3 2026Net income$116MDepreciation & amortization$35.2MStock-based pay$77.0MDeferred taxes−$2.9MOther non-cash−$4.6MReceivables$700KPayables−$1.7MEmployee-related liabilities$23.1MDeferred revenue−$11.0MPrepaid and other assets$1.2MOther liabilities$2.2MOperating cash flow$259M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202611—26-15
Q2 202611—25-14
Q1 202611—20-9
Q4 202511—21-10
Q3 202511—27-16
Q2 202511—26-16
Q1 202510—27-17
Q4 202410—27-17

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$259M−$7.4M—−$150M−$42.3M—−$44.1M$252M
Q2 2026$238M−$3.3M—−$330M−$42.0M—$154M$235M
Q1 2026$204M−$1.2M—−$367M$454M—−$316M$203M
Q4 2025$235M−$10.5M—−$415M$320M—−$142M$225M
Q3 2025$302M−$8.4M−$4.7M−$390M$114M—$5.0M$294M
Q2 2025$260M−$2.0M—−$410M−$37.0M$100K$206M$258M
Q1 2025$154M−$100K—−$499M−$36.3M—$386M$154M
Q4 2024$214M−$3.3M—−$353M$967M$600K−$843M$210M

Dropbox: income statement and cash flow

Dropbox, Q3 2026: revenue $637M (+0.5% year over year), operating margin 27.5%. The chart follows the revenue to costs, profit and cash.

Dropbox: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.