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Dropbox, Inc. (DBX) stock

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NASDAQ: DBX Nasdaq Application Software Next results ~November 5, 2026

B+ Fundamentals grade

Dropbox, Inc. runs a content collaboration platform that lets individuals, teams and organisations store files in the cloud, sync them across devices, and share and collaborate on them. Founded in 2007, it has grown from file syncing into a wider toolkit for distributed work. Its other products include Dropbox Paper, Dropbox Backup, Dropbox Sign, DocSend, Dropbox Transfer, the AI search tool Dropbox Dash and scheduling tool Reclaim.

The company makes money chiefly through subscriptions: a free Basic plan plus paid Personal and Business plans with premium features. Anyone can sign up free and upgrade later; over 90% of revenue comes through self-serve channels, where users buy via the app or website. Customers range from freelancers and small firms up to Fortune 100 companies, across sectors such as technology, media, education and financial services.

As of 31 December 2025, Dropbox had 18.08 million paying users and around 575,000 paying Business teams. It runs a remote-first model it calls Virtual First, and stores most user data on its own custom-built infrastructure, with data centres in Oregon, Texas, Virginia, Paris and Hamburg. It is incorporated in Nevada and trades on Nasdaq as DBX.

Based on Dropbox, Inc.'s 10-K filed February 20, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$37

Cash-flow model

Base case. Range ~$26–$51 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 3% below our base value.

Price used: $35.64, November 2, 2026

Dropbox, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 11 selling0 purchases and 74 sales by directors and officers, last 12 monthsInsider trades
  • Funds214 adding, 225 cuttingOf 56 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Dropbox files

Where Dropbox stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.53bn, down 0.0% on a year earlier, faster than -0.6% a quarter earlier. That puts it 27 of 27 for growth among the application software companies we cover. Free-cash-flow margin rose to 37.8% from 35.2% a year earlier. Operating margin widened to 26.6% from 22.4%. The diluted share count is down 18.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $46.48 a share, against a share price of $36.28. At that price, our model says the market is pricing in cash flow shrinking about 2.8% a year for five years, slower than the 3.2% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Dropbox, Inc.'s trailing-twelve-month revenue fell 0.0% year on year, with a free-cash-flow margin of 37.8%. Where it stands out: change in share count of -18.3% ranks 1 of 163 application software companies we cover. Where it lags: revenue growth of -0.0% ranks 154 of 184 application software companies we cover.

Our discounted-cash-flow model values the business at ~$37 per share in the base case (~$26–$51 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 7.2% while net income fell 8.8%: a 16pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 26.6% of revenue is left as operating profit, against a median of 1.1% for application software companies we cover.
  • Margins widening. Operating margin is up 4.2 points on a year ago.
  • Strong cash generation. 37.8% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 18.3% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $1.1bn.

Things to watch

  • Revenue shrinking. Revenue fell 0.0% over the last 12 months.
  • Insiders selling. 11 insiders sold $59M of stock over the past 365 days and none bought (98% under pre-set trading plans).
  • Heavily shorted. 27.7% of the shares available to trade are sold short (5.2 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.75 against an average estimate of $0.74: beat by 1.5%
Revenue
$632m, up 0.9% on a year earlier
Share reaction
-1.7% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.73

Dropbox's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.7%
  • 1 week-5.5%
  • 1 month+5.1%
  • This year+28.2%
  • 1 year+22.9%
  • 5 years+16.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.5B
Operating margin
26.6%
Net margin
17.5%
EPS (TTM, diluted)
$1.80

Growth

Revenue growth
−0.0%
Change in growth rate
+0.6 pts
Share count change
−18.3%

Cash

Free cash flow (TTM)
$957M
FCF margin
37.8%
Stock pay % of revenue
12.0%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Announcement
  4. Announcement
  5. Our research
  6. Announcement
  7. Insider trade
  8. Insider trade
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement
  13. Insider trade
  14. Announcement
  15. Insider trade
  16. Insider trade
  17. Announcement
  18. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Dropbox, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 1.9% a year of cash-flow growth for five years.That is close to the 3.2% a year revenue growth Dropbox has delivered.

  • Priced in1.9%
  • Last 12 months0.0%
  • 3 years a year1.5%
  • 5 years a year3.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($35.04, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$37
Price used
$35.04close November 3, 2026
Implied change
▲ +5%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Dropbox, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($572M, FY2026 Q2 TTM), growing 0.2% and 1.3% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$26–~$51 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Dropbox, Inc.'s free cash flow after stock-based pay ( $572M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Dropbox, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.97 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$37 ~$26–$51 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$46 ~$38–$77 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$40 ~$37–$46 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Dropbox, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +8%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $30$43$60$83$112$151
8.5% $21$31$43$59$80$108
10% $16$23$33$45$61$82

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025Now
Share price$20.43$17.91$22.19$24.54$22.38$29.48$30.04$27.80$35.64
Market value$7.3bn$7.4bn$9.2bn$9.7bn$8.1bn$10.2bn$9.7bn$7.6bn$8.8bn
+ Net debt (− = net cash)−$519m−$551m−$315m$856m$1.2bn$774m$63m$1.3bn$1.6bn
Enterprise value$6.8bn$6.8bn$8.9bn$10.6bn$9.3bn$11.0bn$9.8bn$8.8bn$10.3bn
Multiples
Price / sales 5.3x4.4x4.8x4.5x3.5x4.1x3.8x3.0x3.5x
Price / earnings ———28.9x14.7x22.5x21.5x14.9x19.8x
Price / free cash flow 20.2x18.8x18.7x13.7x10.6x13.4x11.1x8.1x9.1x
EV / EBITDA —85.9x—25.8x28.8x16.2x16.4x10.8x12.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

53 /100

Moderate moat

How hard Dropbox's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 43.8% of total assets over 8 years.

  • Pricing power 18 / 20

    Gross margin has been a median 79.7%, moving by 4.1 percentage points (standard deviation) across 9 years.

  • Durability 1 / 20

    Operating margin has been a median 6.2%; its worst year was -42.2%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 32.0% of revenue.

  • Discipline 10 / 20

    The diluted share count fell 39.4% over five years; stock-based pay has been a median 13.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (68 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $629m and EPS of $0.73 (range $0.69 to $0.79) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.06 +8% $2.5bn −0%
Next $3.32 +9% $2.5bn −0%

Next year's EPS estimate has moved −2.4% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.2% on 90 days ago. In the last 30 days, 0 analysts raised Dropbox, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Dropbox, Inc., last 90 days
$3.00 $3.10 $3.20 $3.30 $3.40 $3.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.07 Current fiscal year, 60 days ago: $3.05 Current fiscal year, 30 days ago: $3.06 Current fiscal year, 7 days ago: $3.06 Current fiscal year, Now: $3.06 $3.06 Next fiscal year, 90 days ago: $3.41 Next fiscal year, 60 days ago: $3.28 Next fiscal year, 30 days ago: $3.30 Next fiscal year, 7 days ago: $3.30 Next fiscal year, Now: $3.32 $3.32

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.07$3.41
60 days ago $3.05$3.28
30 days ago $3.06$3.30
7 days ago $3.06$3.30
Now $3.06$3.32

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.74 $0.75 +1.5%
Mar 2026 $0.70 $0.76 +9.1%
Dec 2025 $0.67 $0.68 +1.6%
Sept 2025 $0.65 $0.74 +14.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026

No numeric guidance in Dropbox, Inc.'s latest earnings release (filed August 6, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Dropbox, Inc.'s revenue by +0.2% next year and +1.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-0.7%, weight 66%) and the company's own record (+2.0%, weight 34%) . How the weights are set.

Analyst recommendations

7 analysts, Oct 2026
Buy114%
Hold343%
Sell343%

Monthly trend

  1. Oct 202613217
  2. Sep 202613217
  3. Aug 202614218
  4. Jul 202613228

Counts of recommendations published by analysts covering Dropbox, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
27.7%
of tradable shares
Days to cover
5.23
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
8.7%
of shares
Employees
2,113
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +22.9%

$29.00 on October 31, 2025 to $35.64

ThenNowEffect
Revenue (last 12 months) $2.5bn $2.5bn 0.0%
Net margin 19.2% 17.5% −8.7%
P/E multiple 17.9x 19.8x +10.1%
Share count 300m 246m +22.3%

Biggest factor: share count.

Last 3 years +37.1%

$26.00 on November 3, 2023 to $35.64

ThenNowEffect
Revenue (last 12 months) $2.4bn $2.5bn +4.5%
Net margin 21.6% 17.5% −19.1%
P/E multiple 17.5x 19.8x +13.2%
Share count 352m 246m +43.3%

Biggest factor: share count.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DBX+11%−9%+32%+2%−8%+28%
Industry peers (median)−8%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DBX58%50%67%67%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DBX−27%−24%−22%−37%−26%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since March 23, 2018: 63% from June 18, 2018 to March 12, 2020. Getting back needed a 168% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$22.06 – $37.83
From 52-week high
−5.8%
vs 50-day average
+1.1%
vs 200-day average
+22.7%
Volatility (1 year)
38%
Beta vs S&P 500
0.22

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.7%
After a week
9 up, 2 down
typical move ±5.1%
After a month
7 up, 4 down
typical move ±6.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −1.7% 0.0% — —
August 6, 2026 −0.5% +0.5% +2.7% −0.5%
May 7, 2026 +17.1% +0.5% +6.1% +10.6%
February 19, 2026 +3.2% +0.5% +0.6% +1.4%
November 6, 2025 +6.0% −1.0% +4.4% −0.7%
August 7, 2025 +1.5% +0.7% +4.6% +14.4%
May 8, 2025 +0.2% +0.6% +0.2% +0.2%
February 20, 2025 −18.2% −2.1% −20.6% −18.9%
November 7, 2024 −3.1% +1.2% −0.8% +3.5%
October 30, 2024 +0.1% −2.3% +8.1% +7.1%
August 8, 2024 +3.5% +2.8% +5.2% +6.7%
May 9, 2024 −0.8% +0.7% +2.7% −8.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Dropbox, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Dropbox, Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Dropbox, Inc.
$2.5B $2.5B $2.6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.5B Revenue (TTM), FY23 Q4: $2.5B Revenue (TTM), FY24 Q1: $2.5B Revenue (TTM), FY24 Q2: $2.5B Revenue (TTM), FY24 Q3: $2.5B Revenue (TTM), FY24 Q4: $2.5B Revenue (TTM), FY25 Q1: $2.5B Revenue (TTM), FY25 Q2: $2.5B Revenue (TTM), FY25 Q3: $2.5B Revenue (TTM), FY25 Q4: $2.5B Revenue (TTM), FY26 Q1: $2.5B Revenue (TTM), FY26 Q2: $2.5B $2.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.5B
FY23 Q4 $2.5B
FY24 Q1 $2.5B
FY24 Q2 $2.5B
FY24 Q3 $2.5B
FY24 Q4 $2.5B
FY25 Q1 $2.5B
FY25 Q2 $2.5B
FY25 Q3 $2.5B
FY25 Q4 $2.5B
FY26 Q1 $2.5B
FY26 Q2 $2.5B
Revenue growth, TTM YoY Dropbox, Inc.
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 7.6% Revenue growth, TTM YoY, FY23 Q4: 7.6% Revenue growth, TTM YoY, FY24 Q1: 6.2% Revenue growth, TTM YoY, FY24 Q2: 4.6% Revenue growth, TTM YoY, FY24 Q3: 3.0% Revenue growth, TTM YoY, FY24 Q4: 1.9% Revenue growth, TTM YoY, FY25 Q1: 0.8% Revenue growth, TTM YoY, FY25 Q2: -0.0% Revenue growth, TTM YoY, FY25 Q3: -0.4% Revenue growth, TTM YoY, FY25 Q4: -1.1% Revenue growth, TTM YoY, FY26 Q1: -0.6% Revenue growth, TTM YoY, FY26 Q2: -0.0% -0.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 7.6%
FY23 Q4 7.6%
FY24 Q1 6.2%
FY24 Q2 4.6%
FY24 Q3 3.0%
FY24 Q4 1.9%
FY25 Q1 0.8%
FY25 Q2 -0.0%
FY25 Q3 -0.4%
FY25 Q4 -1.1%
FY26 Q1 -0.6%
FY26 Q2 -0.0%
Operating margin (TTM) Dropbox, Inc.
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 7.7% Operating margin (TTM), FY23 Q4: 21.5% Operating margin (TTM), FY24 Q1: 23.7% Operating margin (TTM), FY24 Q2: 26.4% Operating margin (TTM), FY24 Q3: 26.2% Operating margin (TTM), FY24 Q4: 19.1% Operating margin (TTM), FY25 Q1: 20.7% Operating margin (TTM), FY25 Q2: 22.4% Operating margin (TTM), FY25 Q3: 24.3% Operating margin (TTM), FY25 Q4: 27.3% Operating margin (TTM), FY26 Q1: 26.8% Operating margin (TTM), FY26 Q2: 26.6% 26.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 7.7%
FY23 Q4 21.5%
FY24 Q1 23.7%
FY24 Q2 26.4%
FY24 Q3 26.2%
FY24 Q4 19.1%
FY25 Q1 20.7%
FY25 Q2 22.4%
FY25 Q3 24.3%
FY25 Q4 27.3%
FY26 Q1 26.8%
FY26 Q2 26.6%
FCF margin (TTM) Dropbox, Inc.
30% 35% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 30.5% FCF margin (TTM), FY23 Q4: 30.4% FCF margin (TTM), FY24 Q1: 31.2% FCF margin (TTM), FY24 Q2: 32.7% FCF margin (TTM), FY24 Q3: 33.5% FCF margin (TTM), FY24 Q4: 34.2% FCF margin (TTM), FY25 Q1: 33.8% FCF margin (TTM), FY25 Q2: 35.2% FCF margin (TTM), FY25 Q3: 36.2% FCF margin (TTM), FY25 Q4: 36.9% FCF margin (TTM), FY26 Q1: 38.8% FCF margin (TTM), FY26 Q2: 37.8% 37.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 30.5%
FY23 Q4 30.4%
FY24 Q1 31.2%
FY24 Q2 32.7%
FY24 Q3 33.5%
FY24 Q4 34.2%
FY25 Q1 33.8%
FY25 Q2 35.2%
FY25 Q3 36.2%
FY25 Q4 36.9%
FY26 Q1 38.8%
FY26 Q2 37.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Dropbox took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.5B
  2. Cost of revenue $501M · 19.9%
  3. Gross profit $2B · 80.1%
  4. Research and development $732M · 29.0%
  5. Selling, general and admin $600M · 23.8%
  6. Operating income $689M · 27.3%
  7. Income tax $109M · 4.3%
  8. Interest and other $71.5M · 2.8%
  9. Net income $508M · 20.2%

Shares of revenue. Source: Dropbox's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 845 1,107 1,392 1,661 1,914 2,158 2,325 2,502 2,548 2,521 2,532
Gross profit 454 738 997 1,250 1,499 1,714 1,881 2,023 2,103 2,020 2,018
EBITDA −20 57 −335 79 −132 410 322 678 596 821 806
Operating income −194 −114 −494 −81 −277 274 181 539 486 689 675
Net income −210 −112 −485 −53 −256 336 553 454 452 508 443
Diluted EPS −$1.11 −$0.57 −$1.35 −$0.13 −$0.62 $0.85 $1.52 $1.31 $1.40 $1.86 $1.80
Growth (year on year)
Revenue — +31.0% +25.7% +19.4% +15.2% +12.7% +7.7% +7.6% +1.9% −1.1% −0.0%
EBITDA — — −688.4% — −266.1% — −21.4% +110.6% −12.2% +37.8% +16.7%
Operating income — — — — — — −33.9% +197.1% −9.7% +41.7% +18.8%
Net income — — — — — — +64.7% −18.0% −0.3% +12.4% −8.8%
Diluted EPS — — — — — — +78.8% −13.8% +6.9% +32.9% +11.6%
Margins
Gross margin 53.8% 66.7% 71.6% 75.3% 78.3% 79.4% 80.9% 80.9% 82.5% 80.1% 79.7%
EBITDA margin −2.3% 5.2% −24.1% 4.8% −6.9% 19.0% 13.9% 27.1% 23.4% 32.6% 31.8%
Operating margin −22.9% −10.3% −35.5% −4.8% −14.5% 12.7% 7.8% 21.5% 19.1% 27.3% 26.6%
Net margin −24.9% −10.1% −34.8% −3.2% −13.4% 15.6% 23.8% 18.1% 17.7% 20.2% 17.5%
Free-cash-flow margin 16.3% 27.6% 26.0% 23.6% 25.6% 32.8% 32.8% 30.4% 34.2% 36.9% 37.8%
Cash flow
Cash from operations 253 330 425 529 571 730 797 784 894 952 981
Capital spending 115 25 63 136 80 22 34 24 23 21 23
Free cash flow 137 305 362 392 491 708 764 759 872 931 957
Stock-based pay 148 165 650 261 262 287 331 338 347 301 304
Free cash flow after stock pay −10 140 −288 131 229 421 433 421 525 630 653
Balance sheet
Cash 353 430 519 551 315 533 233 615 1,328 891 1,056
Total debt 0 0 0 0 0 1,389 1,389 1,389 1,392 2,144 2,610
Net debt (negative = net cash) −353 −430 −519 −551 −315 856 1,156 774 63 1,253 1,553
Diluted shares 189m 196m 359m 412m 414m 396m 363m 346m 323m 273m 246m
Returned to shareholders
Buybacks — — 0 0 398 1,059 795 540 1,242 1,714 1,502
Total returned — — 0 0 398 1,059 795 540 1,242 1,714 1,502

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 2 checks passed · June 30, 2026
What it owns · $2.8bn
Short-term assets $1.3bnLonger-term assets $1.6bn
What it owes, and who funded it · $5.0bn
Short-term liabilities $1.2bnLonger-term liabilities $3.8bnShareholders' equity $-2.2bn
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $1.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.3bn short-term assets against $3.8bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Dropbox, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.5B
Returned to shareholders
157%
of free cash flow
Buybacks, last 3 fiscal years
$3.5B
Diluted share count
−18.3%
year over year
Total shareholder yield
18.6%
dividends 0.0% + buybacks 18.6% of market value
R&D spending
29.3%
of revenue
Days sales outstanding
11 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated DBX VYX TYL RNG FICO MDB Median
Revenue, last 12 months $2.5bn $2.5bn $2.5bn $2.6bn $2.4bn $2.8bn $482m
Revenue growth, last 12 months −0.0% −4.8% 8.0% 5.5% 24.1% 25.5% 12.0%
Revenue growth, 3-year average 1.5% −17.5% 8.9% 6.7% 17.6% 23.2% 11.1%
Revenue growth, latest quarter 0.9% −20.8% 8.7% 5.9% 25.7% 30.5% 11.9%
Gross margin 79.7% 20.5% 47.7% 72.2% 85.1% 72.7% 69.2%
Operating margin 26.6% 1.1% 15.6% 7.5% 51.7% −0.5% 1.1%
Operating margin, 3-year average 25.2% −1.6% 14.8% 2.9% 46.7% −7.9% −0.8%
Net margin 17.5% 3.0% 13.5% 25.3% 34.1% 2.1% 2.1%
Cash from operations / revenue 38.7% 5.3% 30.5% 26.7% 41.8% 24.0% 18.2%
Free-cash-flow margin 37.8% −1.1% 29.9% 25.5% 41.6% 23.7% 15.0%
Free-cash-flow margin, 3-year average 35.2% −5.9% 27.3% 22.4% 38.6% 14.2% 16.2%
Stock pay / revenue 12.0% 1.4% 6.4% 9.2% 7.3% 20.3% 9.3%
Change in share count −18.3% −0.8% −3.6% −4.0% −4.5% 4.0% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth -0.0% 12.0% 154 of 184
Change in growth rate Growth +0.6pp +0.2pp 79 of 184
Gross margin Profitability 79.7% 69.8% 37 of 160
Operating margin Profitability 26.6% 1.1% 16 of 181
Net margin Profitability 17.5% 2.1% 36 of 185
Free-cash-flow margin Cash generation 37.8% 15.2% 10 of 180
Stock pay as % of revenue Cash generation 12.0% 9.3% 108 of 177
Change in share count Balance sheet -18.3% 1.7% 1 of 163
Days sales outstanding Balance sheet 11 days 57 days 11 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $1.4B 56.4% ▼ 1.9%
Outside the US $1.1B 43.6% 0.0%

From Dropbox, Inc.'s 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5B
Institutions reporting
450
Shares held vs prior quarter
▼ 1.7%
Positions opened / closed
75 / 49

Top buyers and sellers, Q2 2026: 214 institutions bought and 225 sold ; the biggest buyer was Royal Bank Of Canada (+3.6M shares) and the biggest seller Blackrock, Inc (−2.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $507M 18.5M 10.2% ▼ 11.5%
LSV Asset Management $316M 11.5M 6.4% ▼ 1.4%
Vanguard Portfolio Management LLC $291M 10.6M 5.9% ▼ 13.5%
Arrowstreet Capital, Limited Partnership $215M 7.8M 4.3% ▼ 8.1%
Renaissance Technologies LLC $198M 7.2M 4.0% ▼ 6.6%
Vanguard Capital Management LLC $180M 6.5M 3.6% ▼ 6.6%
Acadian Asset Management LLC $167M 6.1M 3.4% ▲ 6.5%
Morgan Stanley $152M 5.5M 3.1% ▼ 11.7%
State Street Corp $147M 5.3M 3.0% ▼ 7.4%
Geode Capital Management, LLC $129M 4.7M 2.6% ▲ 3.2%
Jacobs Levy Equity Management, Inc $120M 4.4M 2.4% ▼ 9.3%
Royal Bank Of Canada $112M 4.1M 2.3% ▲ 785.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Dropbox, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $58.8M 74 trades by 11 insiders · 98% under pre-set plans
Net ▼ $58.8M net selling
Insider Date Trade Shares Price Value
Schubach Sarah Elizabeth Chief Accounting Officer October 15, 2026 Sell pre-set plan 2,056 $35.79 $73,584
Houston Andrew Co-CEO October 12, 2026 Sell pre-set plan 29,500 $35.09 $1M
Houston Andrew Co-CEO October 1, 2026 Sell pre-set plan 354,300 $34.01 $12M
Schubach Sarah Elizabeth Chief Accounting Officer September 30, 2026 Sell pre-set plan 1,991 $32.54 $64,787
Schubach Sarah Elizabeth Chief Accounting Officer September 30, 2026 Sell pre-set plan 2,025 $32.54 $65,894
Schubach Sarah Elizabeth Chief Accounting Officer September 15, 2026 Sell pre-set plan 1,991 $36.78 $73,229
Schubach Sarah Elizabeth Chief Accounting Officer September 15, 2026 Sell pre-set plan 2,025 $36.78 $74,480
Alkarmi Ashraf Co-CEO September 11, 2026 Sell pre-set plan 28,800 $35.54 $1M
Tennenbaum Ross Chief Financial Officer September 10, 2026 Sell pre-set plan 97,558 $35.02 $3.4M
Houston Andrew Co-CEO September 10, 2026 Sell pre-set plan 59,368 $35.19 $2.1M
Houston Andrew Co-CEO September 10, 2026 Sell pre-set plan 324,432 $34.98 $11.4M
Yoon William T Chief Legal Officer September 4, 2026 Sell pre-set plan 12,382 $34.78 $430,702

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 8 trades and filings

No trades in Dropbox, Inc. disclosed in the last 12 months; 8 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded August 4, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded July 22, 2025, filed August 13, 2025
  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded April 22, 2025, filed January 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • August 6, 2026
  • May 7, 2026
  • February 19, 2026
  • November 6, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Dropbox, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Dropbox, Inc. in brief

What does Dropbox, Inc. do?
Dropbox, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Dropbox, Inc.'s stock ticker?
Dropbox, Inc. trades under the ticker DBX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Dropbox, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Dropbox, Inc. reported revenue of $2.5B, 0.0% lower than a year earlier, according to its SEC filings.
What is Dropbox, Inc.'s free cash flow?
Dropbox, Inc.'s free-cash-flow margin is 37.8% of revenue over the trailing twelve months, ranking 10 of the 180 application software companies we cover.
What is Dropbox, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Dropbox, Inc.'s free cash flow after stock-based pay gives ~$37 per share in the base case, and ~$26–$51 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Dropbox, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., LSV Asset Management and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Dropbox, Inc. buying back stock, and does it pay a dividend?
Dropbox, Inc. spent $1.5B on share repurchases over the trailing twelve months, and its diluted share count fell 18.3% over the year.
What is Dropbox, Inc.'s market cap?
On November 2, 2026, Dropbox, Inc.'s market capitalisation was about $8.8B, with a price-to-earnings ratio of 19.8 and net debt of $1.6B. Market figures come from third-party market data and may be delayed.
Who are Dropbox, Inc.'s competitors?
In our Application Software peer group, the companies closest to Dropbox, Inc. are NCR Voyix Corp, Tyler Technologies Inc, Ringcentral, Inc., Fair Isaac and Mongodb, Inc. The side-by-side comparison below sets their revenue, margins and growth against Dropbox, Inc.'s.
Are insiders buying or selling Dropbox, Inc. stock?
Over the last 12 months, Dropbox, Inc.'s directors and officers reported 0 open-market purchases and 74 sales on Form 4. The insider trading page charts every trade.
When is Dropbox, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Dropbox, Inc. announces its own schedule.