Fiscal 2025 revenue was $2.521 billion, with Q4 revenue at $636.2 million; excluding FormSwift, Q4 revenue grew 0.4% year-over-year, reflecting stabilization in the core business and improved efficiency.
Generated $1.016 billion in unlevered free cash flow for 2025 and reduced diluted share count by over 50 million through repurchases.
Ended 2025 with 18.08 million paying users and over 700 million registered users, maintaining a leading position in the content sharing and collaboration market.
Dash, an AI-powered layer, showed strong early engagement and is being scaled to more users, with monetization focus planned for the second half of 2026.
Leadership changes and renewed focus on product, pricing, and retention drove steady growth in the individuals business and set the stage for team license growth in 2026.
Q4 2025 revenue was $636.2 million, down 1.1% year-over-year; excluding FormSwift, up 0.4%.
Fiscal 2025 revenue was $2.521 billion, up from $2.502 billion in 2024.
Non-GAAP gross margin was 81.8% for 2025 and 80.8% in Q4; non-GAAP operating margin was 40.6% for 2025 and 38.2% in Q4.
Net income for Q4 was $174 million (non-GAAP), with diluted EPS at $0.68; fiscal 2025 non-GAAP net income was $775.4 million.
Ended Q4 with $1.04 billion in cash and short-term investments.
Fiscal 2026 revenue guidance is $2.485–$2.5 billion (GAAP), flat year-over-year excluding FormSwift; non-GAAP gross margin expected at 81.5%–82%, operating margin at 39%–39.5%.
Unlevered free cash flow projected at or above $1.04 billion; CapEx $20–$25 million, with finance leases at ~4% of revenue.
Diluted weighted average shares outstanding expected to decrease to 227–232 million, assuming full share repurchase authorization is used.
Modestly negative net new paying users expected in Q1 2026 due to seasonality and FormSwift, with flat paying user growth for the remainder of the year.
Management expects to drive engagement and adoption of Dash and invest in future growth in 2026.
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