DBX

MKT CAP:$6B

Dropbox, Inc.

Market Cap

$6B

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

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$23.90-$3.03 (-11.25%)

Apr 23, 2026

Company Details

Dropbox, Inc. provides a content collaboration platform worldwide. Its platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription...

CEO

Andrew W. Houston

IPO Date

Mar 23, 2018

Website

www.dropbox.com

Key Metrics TTM

Revenue

$2.5B

-1.1% YoY

Net Income

$508M

EPS (Diluted)

$1.86

Free Cash Flow

$931M

Revenue / Share

$9.92

Gross Margin

80.1%

Operating Margin

27.4%

Net Margin

20.2%

FCF Margin

36.9%

P/S

2.6x

P/E

12.7x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 20, 2026

$2.5B-1.1%EPS $1.86

Q4 2025

Feb 20, 2026

$636M-1.1%EPS $0.43

Q3 2025

Nov 7, 2025

$634M-0.7%EPS $0.47

Q2 2025

Aug 8, 2025

$626M-1.4%EPS $0.45

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$562M	$450M	$90M
Q2 22	$573M	$467M	$83M
Q3 22	$591M	$481M	$89M
Q4 22	$599M	$483M	-$80M
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

Valuation

Quarter	P/S	P/E
Q1 22	2.9x	17.6x
Q2 22	2.9x	18.9x
Q3 22	2.8x	18.5x
Q4 22	2.8x	11.7x
Q1 23	2.7x	11.9x
Q2 23	2.7x	12.3x
Q3 23	2.6x	11.6x
Q4 23	2.6x	14.2x
Q1 24	2.6x	12.5x
Q2 24	2.5x	11.1x
Q3 24	2.5x	11.2x
Q4 24	2.5x	14.3x
Q1 25	2.5x	13.7x
Q2 25	2.6x	13.3x
Q3 25	2.6x	12.9x
Q4 25	2.6x	12.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$141M	$131M
Q2 22	$210M	$206M
Q3 22	$251M	$245M
Q4 22	$195M	$182M
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

Quarter	CapEx
Q1 22	$11M
Q2 22	$4M
Q3 22	$6M
Q4 22	$13M
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	$500.0K
Q2 25	$2M
Q3 25	$8M
Q4 25	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+9.9%	+0.8%
Q2 22	+7.9%	+9.8%
Q3 22	+7.4%	+6.1%
Q4 22	+5.9%	+37.1%
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 22	$72M	12.9%
Q2 22	$85M	14.8%
Q3 22	$86M	14.6%
Q4 22	$87M	14.6%
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 22	$211M	$54M	$96M
Q2 22	$215M	$55M	$105M
Q3 22	$228M	$57M	$104M
Q4 22	$239M	$57M	$105M
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

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	9.9%	22.9%	32.8
Q2 22	7.9%	22.8%	30.8
Q3 22	7.4%	22.4%	29.8
Q4 22	5.9%	20.3%	26.2
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

Rule of 40

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$263M	$299M
Q2 22	$266M	$307M
Q3 22	$267M	$325M
Q4 22	$266M	$333M
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 22	$446M	$1.1B	$1.5B
Q2 22	$352M	$1.1B	$1.4B
Q3 22	$372M	$1.1B	$1.5B
Q4 22	$233M	$1.1B	$1.3B
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	373M	-3.5%	-8.0%
Q2 22	366M	-1.9%	-7.9%
Q3 22	360M	-1.5%	-9.5%
Q4 22	354M	-1.7%	-8.4%
Q1 23	349M	-1.5%	-6.5%
Q2 23	344M	-1.4%	-6.0%
Q3 23	346M	+0.6%	-3.9%
Q4 23	344M	-0.6%	-2.9%
Q1 24	341M	-0.9%	-2.3%
Q2 24	324M	-5.0%	-5.8%
Q3 24	316M	-2.3%	-8.6%
Q4 24	307M	-3.0%	-10.8%
Q1 25	296M	-3.6%	-13.2%
Q2 25	277M	-6.4%	-14.5%
Q3 25	265M	-4.2%	-16.2%
Q4 25	254M	-4.1%	-17.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$210.9K	3K
Q2 22	$214.7K	3K
Q3 22	$221.6K	3K
Q4 22	$192.0K	3K
Q1 23	$196.0K	3K
Q2 23	$199.6K	3K
Q3 23	$203.0K	3K
Q4 23	$235.8K	3K
Q1 24	$234.4K	3K
Q2 24	$235.6K	3K
Q3 24	$237.2K	3K
Q4 24	$292.0K	2K
Q1 25	$283.4K	2K
Q2 25	$283.9K	2K
Q3 25	$287.8K	2K
Q4 25	$301.1K	2K

Revenue / Employee