DLB

MKT CAP:$6B

Dolby Laboratories, Inc.

Market Cap

$6B

Technology·Information Technology Services·🇺🇸 United States·NYSE

Technology·IT Services·🇺🇸·NYSE

Stock Price

$64.64+$1.11 (+1.75%)

Apr 17, 2026

Company Details

Dolby Laboratories, Inc. creates audio and imaging technologies that transform entertainment and communications at the cinema, DTV, transmissions and devices, mobile devices, OTT video and music services, and home entertainment devices. The...

CEO

Kevin J. Yeaman

IPO Date

Feb 17, 2005

Website

www.dolby.com

Key Metrics TTM

Revenue

$1.4B

+8.7% YoY

Net Income

$274M

EPS (Diluted)

$2.82

Free Cash Flow

$554M

Revenue / Share

$14.26

Gross Margin

88.7%

Operating Margin

24.2%

Net Margin

19.7%

FCF Margin

39.9%

P/S

4.4x

P/E

22.5x

Earnings Reports

Q3 2025

Apr 30, 2026

PENDING

Q2 2025

May 1, 2025

$370M+1.4%EPS $0.94

Q1 2025

Jan 30, 2025

$357MEPS $0.70

Q2 2024

May 2, 2024

$365M-3.0%EPS $1.01

FY 2023

Nov 16, 2023

$1.3B+3.7%EPS $1.96

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$299M	$253M	$58M
Q1 20	$292M	$255M	$49M
Q2 20	$352M	$315M	$106M
Q3 20	$247M	$217M	$36M
Q2 21	$320M	$287M	$84M
Q3 21	$287M	$255M	$56M
Q4 21	$285M	$254M	$40M
Q1 22	$352M	$319M	$90M
Q3 22	$290M	$254M	$47M
Q4 22	$278M	$241M	$32M
Q1 23	$335M	$300M	$94M
Q2 23	$376M	$335M	$109M
Q3 23	$298M	$257M	$33M
Q2 24	$365M	$326M	$106M
Q1 25	$357M	$316M	$85M
Q2 25	$370M	$334M	$112M

Valuation

Quarter	P/S	P/E
Q4 19	5.0x	24.1x
Q1 20	5.0x	29.9x
Q2 20	4.9x	27.9x
Q3 20	5.2x	24.8x
Q2 21	5.1x	21.9x
Q3 21	5.1x	21.5x
Q4 21	5.4x	25.4x
Q1 22	5.0x	24.1x
Q3 22	5.1x	28.2x
Q4 22	5.1x	32.1x
Q1 23	4.9x	27.1x
Q2 23	4.8x	25.4x
Q3 23	4.8x	28.1x
Q2 24	4.5x	21.3x
Q1 25	4.4x	22.2x
Q2 25	4.4x	22.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$130M	$114M
Q1 20	$31M	$7M
Q2 20	$66M	$45M
Q3 20	$134M	$120M
Q2 21	$83M	$70M
Q3 21	$172M	$159M
Q4 21	$110M	$98M
Q1 22	$32M	$6M
Q3 22	$173M	$161M
Q4 22	$51M	$41M
Q1 23	$56M	$49M
Q2 23	$105M	$97M
Q3 23	$121M	$114M
Q2 24	$181M	$172M
Q1 25	$107M	$100M
Q2 25	$175M	$168M

Capital Expenditures

Quarter	CapEx
Q4 19	$17M
Q1 20	$24M
Q2 20	$21M
Q3 20	$14M
Q2 21	$13M
Q3 21	$14M
Q4 21	$12M
Q1 22	$26M
Q3 22	$11M
Q4 22	$11M
Q1 23	$7M
Q2 23	$8M
Q3 23	$7M
Q2 24	$9M
Q1 25	$7M
Q2 25	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	-0.3%	+12.1%
Q1 20	-3.5%	+3.8%
Q2 20	+4.0%	+4.6%
Q3 20	-18.3%	-11.1%
Q2 21	+6.9%	-2.4%
Q3 21	-1.7%	-5.0%
Q4 21	-19.0%	-0.4%
Q1 22	+42.4%	+23.6%
Q3 22	-9.4%	+3.1%
Q4 22	-3.0%	+6.9%
Q1 23	+17.5%	-1.7%
Q2 23	+6.9%	+2.1%
Q3 23	+3.0%	+9.3%
Q2 24	+31.0%	+4.7%
Q1 25	+6.6%	+12.8%
Q2 25	-1.7%	-3.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$17M	5.7%
Q1 20	$23M	7.7%
Q2 20	$21M	6.0%
Q3 20	$21M	8.6%
Q2 21	$24M	7.6%
Q3 21	$25M	8.7%
Q4 21	$24M	8.5%
Q1 22	$33M	9.3%
Q3 22	$28M	9.5%
Q4 22	$27M	9.7%
Q1 23	$31M	9.3%
Q2 23	$30M	7.9%
Q3 23	$29M	9.8%
Q2 24	$29M	7.9%
Q1 25	$36M	10.1%
Q2 25	$31M	8.3%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 19	$60M	$135M
Q1 20	$58M	$148M
Q2 20	$60M	$149M
Q3 20	$60M	$122M
Q2 21	$66M	$137M
Q3 21	$62M	$137M
Q4 21	$62M	$153M
Q1 22	$69M	$160M
Q3 22	$63M	$144M
Q4 22	$62M	$147M
Q1 23	$64M	$142M
Q2 23	$68M	$158M
Q3 23	$69M	$156M
Q2 24	$62M	$157M
Q1 25	$67M	$164M
Q2 25	$62M	$160M

Revenue Segments

Quarter	Licensing, Brodcast Revenue	Licensing, CE Revenue	Licensing, Mobile Revenue	Licensing, Other Revenue	Licensing, PC Revenue	Products And Services
Q4 19	$117M	$37M	$45M	$40M	$25M	$34M
Q1 20	$102M	$49M	$34M	$40M	$32M	$34M
Q2 20	$129M	$49M	$76M	$30M	$46M	$23M
Q3 20	$89M	$20M	$78M	$25M	$24M	$12M
Q2 21	$105M	$48M	$66M	$34M	$51M	$16M
Q3 21	$124M	$38M	$50M	$35M	$25M	$15M
Q4 21	$108M	$44M	$40M	$41M	$33M	$19M
Q1 22	$122M	$58M	$75M	$43M	$35M	$19M
Q3 22	$99M	$39M	$63M	$41M	$27M	$20M
Q4 22	$109M	$36M	$35M	$38M	$32M	$29M
Q1 23	$117M	$55M	$64M	$47M	$24M	$27M
Q2 23	$129M	$39M	$93M	$47M	$43M	$24M
Q3 23	$103M	$34M	$50M	$56M	$29M	$25M
Q2 24	$105M	$42M	$89M	$52M	$50M	$26M
Q1 25	$116M	$49M	$62M	$72M	$31M	$27M
Q2 25	$94M	$38M	$100M	$55M	$58M	$24M

Revenue by Geography

Quarter	Non-US	United States
Q1 20	$184M	$108M
Q2 20	$165M	$187M
Q3 20	$175M	$72M
Q2 21	$166M	$153M
Q3 21	$213M	$73M
Q4 21	$193M	$92M
Q1 22	$228M	$124M
Q3 22	$211M	$78M
Q4 22	$186M	$93M
Q1 23	$235M	$100M
Q2 23	$199M	$177M
Q3 23	$214M	$84M
Q2 24	$218M	$147M
Q1 25	$216M	$141M
Q2 25	$208M	$162M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$909M	$142M	$1.1B
Q3 22	$867M	$157M	$1.0B
Q4 22	$628M	$189M	$818M
Q1 23	$631M	$133M	$764M
Q2 23	$693M	$126M	$820M
Q3 23	$799M	$124M	$923M
Q4 23	$818M	$139M	$957M
Q1 24	$709M	$141M	$849M
Q2 24	$824M	$116M	$940M
Q3 24	$774M	$132M	$906M
Q4 24	$578M	$0	$578M
Q1 25	$612M	$0	$612M
Q2 25	$750M	$0	$750M
Q3 25	$699M	$763.0K	$699M
Q4 25	$702M	$703.0K	$703M
Q1 26	$644M	$739.0K	$645M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	103M	-0.7%	-3.8%
Q1 20	103M	+0.1%	-2.9%
Q2 20	103M	-0.3%	-1.7%
Q3 20	102M	-0.7%	-1.6%
Q2 21	105M	+2.5%	+1.6%
Q3 21	105M	+0.0%	+1.5%
Q4 21	104M	-0.3%	+1.6%
Q1 22	104M	-0.5%	+1.7%
Q3 22	101M	-2.2%	-3.0%
Q4 22	98M	-3.0%	-5.9%
Q1 23	97M	-1.4%	-7.0%
Q2 23	97M	+0.3%	-6.3%
Q3 23	97M	+0.2%	-4.0%
Q2 24	97M	-0.6%	-1.6%
Q1 25	97M	+0.3%	+0.1%
Q2 25	97M	+0.3%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$136.3K	2K
Q1 20	$133.1K	2K
Q2 20	$160.4K	2K
Q3 20	$112.6K	2K
Q2 21	$139.6K	2K
Q3 21	$125.3K	2K
Q4 21	$120.4K	2K
Q1 22	$148.5K	2K
Q3 22	$122.3K	2K
Q4 22	$119.1K	2K
Q1 23	$143.4K	2K
Q2 23	$160.9K	2K
Q3 23	$127.7K	2K
Q2 24	$162.3K	2K
Q1 25	$171.6K	2K
Q2 25	$177.7K	2K

Revenue / Employee