DBX (Dropbox, Inc.) Stock Financials & Earnings | Market Cap Arena

DBX (Dropbox, Inc.) Stock Financials & Earnings | Market Cap Arena

DBXDropbox, Inc.

Mkt Cap$7B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Revenue (TTM)$2.5B

Net Income (TTM)$508M

EPS (TTM)$1.86

Free Cash Flow (TTM)$931M

Gross Margin80.1%

Op. Margin27.4%

Net Margin20.2%

FCF Margin36.9%

P/S Ratio (TTM)2.8x

P/E Ratio (TTM)13.9x

YoY Rev Growth-1.1%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$611M	$494M	$84M
Q2 23	$623M	$502M	$57M
Q3 23	$633M	$513M	$131M
Q4 23	$635M	$513M	$267M
Q1 24	$631M	$526M	$144M
Q2 24	$635M	$528M	$127M
Q3 24	$639M	$527M	$128M
Q4 24	$644M	$523M	$88M
Q1 25	$625M	$508M	$186M
Q2 25	$626M	$502M	$172M
Q3 25	$634M	$506M	$175M
Q4 25	$636M	$504M	$158M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	3.0x	13.1x
Q2 23	2.9x	13.5x
Q3 23	2.9x	12.8x
Q4 23	2.8x	15.6x
Q1 24	2.8x	13.7x
Q2 24	2.8x	12.1x
Q3 24	2.8x	12.3x
Q4 24	2.8x	15.7x
Q1 25	2.8x	15.1x
Q2 25	2.8x	14.6x
Q3 25	2.8x	14.1x
Q4 25	2.8x	13.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$140M	$138M
Q2 23	$188M	$185M
Q3 23	$256M	$247M
Q4 23	$200M	$190M
Q1 24	$176M	$166M
Q2 24	$231M	$225M
Q3 24	$274M	$270M
Q4 24	$214M	$211M
Q1 25	$154M	$153M
Q2 25	$261M	$259M
Q3 25	$302M	$294M
Q4 25	$235M	$225M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$2M
Q2 23	$3M
Q3 23	$9M
Q4 23	$10M
Q1 24	$9M
Q2 24	$6M
Q3 24	$4M
Q4 24	$3M
Q1 25	$500K
Q2 25	$2M
Q3 25	$8M
Q4 25	$11M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+8.7%	+11.4%
Q2 23	+8.7%	+15.6%
Q3 23	+7.1%	+0.1%
Q4 23	+6.0%	-45.9%
Q1 24	+3.3%	-7.4%
Q2 24	+1.9%	-10.3%
Q3 24	+0.9%	+1.7%
Q4 24	+1.4%	+51.2%
Q1 25	-1.0%	-10.1%
Q2 25	-1.4%	-10.6%
Q3 25	-0.7%	-10.0%
Q4 25	-1.1%	-14.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$76M	12.4%
Q2 23	$95M	15.3%
Q3 23	$84M	13.2%
Q4 23	$83M	13.1%
Q1 24	$78M	12.4%
Q2 24	$91M	14.3%
Q3 24	$92M	14.4%
Q4 24	$86M	13.3%
Q1 25	$67M	10.7%
Q2 25	$78M	12.4%
Q3 25	$0	0.0%
Q4 25	$77M	12.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$235M	$56M	$119M
Q2 23	$263M	$60M	$121M
Q3 23	$216M	$60M	$106M
Q4 23	$222M	$61M	$120M
Q1 24	$219M	$54M	$109M
Q2 24	$227M	$61M	$113M
Q3 24	$226M	$63M	$111M
Q4 24	$243M	$63M	$129M
Q1 25	$177M	$54M	$92M
Q2 25	$184M	$59M	$88M
Q3 25	$182M	$58M	$92M
Q4 25	$187M	$60M	$99M

Rule of 40

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 23	8.7%	20.7%	29.4
Q2 23	8.7%	16.3%	25.0
Q3 23	7.1%	27.3%	34.4
Q4 23	6.0%	24.1%	30.1
Q1 24	3.3%	27.7%	31.0
Q2 24	1.9%	25.1%	27.0
Q3 24	0.9%	25.5%	26.4
Q4 24	1.4%	19.6%	21.0
Q1 25	-1.0%	37.6%	36.6
Q2 25	-1.4%	34.2%	32.8
Q3 25	-0.7%	34.2%	33.5
Q4 25	-1.1%	33.9%	32.8

Revenue by Geography

Quarter	Non-US	United States
Q1 23	$265M	$346M
Q2 23	$269M	$354M
Q3 23	$274M	$359M
Q4 23	$274M	$361M
Q1 24	$273M	$358M
Q2 24	$273M	$362M
Q3 24	$276M	$363M
Q1 25	$268M	$356M
Q2 25	$272M	$354M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$333M	$920M	$1.3B
Q2 23	$510M	$717M	$1.2B
Q3 23	$604M	$705M	$1.3B
Q4 23	$615M	$741M	$1.4B
Q1 24	$549M	$627M	$1.2B
Q2 24	$515M	$547M	$1.1B
Q3 24	$518M	$373M	$891M
Q4 24	$1.3B	$266M	$1.6B
Q1 25	$942M	$238M	$1.2B
Q2 25	$736M	$218M	$955M
Q3 25	$731M	$195M	$925M
Q4 25	$891M	$147M	$1.0B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	349M	-1.5%
Q2 23	344M	-1.4%
Q3 23	346M	+0.6%
Q4 23	344M	-0.6%
Q1 24	341M	-0.9%
Q2 24	324M	-5.0%
Q3 24	316M	-2.3%
Q4 24	307M	-3.0%
Q1 25	296M	-3.6%
Q2 25	277M	-6.4%
Q3 25	265M	-4.2%
Q4 25	254M	-4.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 15	—	—
FY 16	—	—
FY 17	—	—
FY 18	$599K	2K
FY 19	$593K	3K
FY 20	$693K	3K
FY 21	$809K	3K
FY 22	$746K	3K
FY 23	$929K	3K
FY 24	$1M	2K
FY 25	$1M	2K