Dropbox (DBX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DBX SEC filings page.
Dropbox (DBX) reported $2.5B in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Dropbox’s dominant mechanic is high cash conversion alongside large buybacks, while cost discipline lifts margins and the balance sheet becomes more constrained.
Between FY2023 and FY2025, revenue barely moved while operating margin rose from21.5% to27.3% , indicating efficiency—not volume—drove the profit improvement. R&D fell by$204.5M , while operating cash flow exceeded free cash flow by only$21M in FY2025, linking the margin step-up to lower spending without sacrificing cash conversion.
Cash generation is unusually close to accounting earnings: FY2025 operating cash flow was
FY2025 buybacks reached
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Dropbox's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Dropbox has an operating margin of 27.3%, meaning the company retains $27 of operating profit per $100 of revenue. This strong profitability earns a score of 81/100, reflecting efficient cost management and pricing power. This is up from 19.1% the prior year.
Dropbox's revenue declined 1.1% year-over-year, from $2.5B to $2.5B. This contraction results in a growth score of 32/100.
Not available for Dropbox, and counted as zero in the overall score.
Dropbox's current ratio of 0.63 is below the typical benchmark, resulting in a score of 7/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Dropbox converts 36.9% of revenue into free cash flow ($930.8M). This strong cash generation earns a score of 96/100.
Dropbox scores 0.46, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($7.4B) relative to total liabilities ($4.6B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Dropbox passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Dropbox generates $1.87 in operating cash flow ($951.8M OCF vs $508.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Dropbox earns $8.77 in operating income for every $1 of interest expense ($689.1M vs $78.6M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Dropbox generated $631.5M in revenue in Q2 2026. This represents an increase of 0.9% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.
Dropbox's EBITDA was $201.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.9% from the same quarter a year earlier. Against the prior quarter it is down 5.0%.
Dropbox reported $95.8M in net income in Q2 2026. This represents a decrease of 23.7% from the same quarter a year earlier. Against the prior quarter it is down 16.3%.
Dropbox earned $0.42 per diluted share (EPS) in Q2 2026. This represents a decrease of 6.7% from the same quarter a year earlier. Against the prior quarter it is down 12.5%.
Cash & Balance Sheet
Dropbox generated $235.2M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 9.0% from the same quarter a year earlier. Against the prior quarter it is up 15.7%.
Dropbox held $1.1B in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Dropbox's gross margin was 80.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 0.6 percentage points.
Dropbox's operating margin was 26.1% in Q2 2026, reflecting core business profitability. This is down 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.4 percentage points.
Dropbox's net profit margin was 15.2% in Q2 2026, showing the share of revenue converted to profit. This is down 4.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.0 percentage points.
Not reported for Q2 2026.
Capital Allocation
Dropbox invested $188.1M in research and development in Q2 2026. This represents an increase of 2.0% from the same quarter a year earlier. Against the prior quarter it is up 2.1%.
Dropbox spent $330.3M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 19.4% from the same quarter a year earlier. Against the prior quarter it is down 10.0%.
Dropbox invested $3.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 65.0% from the same quarter a year earlier. Against the prior quarter it is up 175.0%.
DBX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $631.5M+0.9% | $629.5M+0.8% | $636.2M-1.1% | $634.4M-0.7% | $625.7M-1.4% | $624.7M-1.0% | $643.6M+1.4% | $638.8M+0.9% |
| Cost of Revenue | $125.0M+1.1% | $128.1M+9.8% | $132.1M+9.4% | $128.3M+15.1% | $123.7M+15.6% | $116.7M+10.3% | $120.8M-1.0% | $111.5M-6.8% |
| Gross Profit | $506.5M+0.9% | $501.4M-1.3% | $504.1M-3.6% | $506.1M-4.0% | $502.0M-4.8% | $508.0M-3.3% | $522.8M+1.9% | $527.3M+2.7% |
| R&D Expenses | $188.1M+2.0% | $184.2M+3.3% | $186.9M-23.1% | $182.3M-19.2% | $184.4M-18.8% | $178.4M-18.6% | $243.0M+9.4% | $225.7M+4.3% |
| SG&A Expenses | $63.8M+8.5% | $57.5M+6.9% | $60.3M-4.1% | $57.6M-9.0% | $58.8M-3.4% | $53.8M-0.6% | $62.9M+2.6% | $63.3M+5.5% |
| Operating Income | $164.8M-2.1% | $172.8M-6.0% | $162.2M+84.5% | $174.7M+36.7% | $168.4M+32.6% | $183.8M+28.1% | $87.9M-67.1% | $127.8M-2.2% |
| EBITDA | $201.3M-2.9% | $211.8M-4.6% | $293.0M+43.8% | $214.3M+31.3% | $207.3M+30.1% | $221.9M+26.8% | $203.7M-51.7% | $163.2M-5.4% |
| Interest Expense | $50.0M+168.8% | $36.7M+151.4% | $25.1M | $20.3M | $18.6M | $14.6M | N/A | N/A |
| Income Tax | $21.9M-1.4% | $26.9M+40.1% | $34.4M+430.8% | $33.4M+28.5% | $22.2M-3.9% | $19.2M+2.1% | -$10.4M-123.1% | $26.0M+21.5% |
| Net Income | $95.8M-23.7% | $114.5M-23.8% | $108.7M+5.7% | $123.8M+16.0% | $125.6M+13.7% | $150.3M+13.6% | $102.8M-54.8% | $106.7M-6.5% |
| EPS (Basic) | $0.43-6.5% | $0.49-5.8% | $0.43+26.5% | $0.47+38.2% | $0.46+35.3% | $0.52+30.0% | $0.34-49.3% | $0.340.0% |
| EPS (Diluted) | $0.42-6.7% | $0.48-5.9% | $0.43+30.3% | $0.47+38.2% | $0.45+32.4% | $0.51+30.8% | $0.33-50.0% | $0.34+3.0% |
| Diluted Shares (Avg) | 227M-18.0% | 237M-20.0% | N/A | 265M-16.2% | 277M-14.5% | 296M-13.2% | N/A | 316M-8.6% |
DBX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.8B+1.7% | $3.0B+2.5% | $2.8B-14.4% | $2.8B+8.5% | $2.8B+2.2% | $3.0B+5.7% | $3.3B+11.5% | $2.6B-14.4% |
| Current Assets | $1.3B+13.7% | $1.4B+8.5% | $1.2B-31.5% | $1.1B+3.6% | $1.1B-9.6% | $1.3B-0.3% | $1.7B+14.6% | $1.0B-28.7% |
| Cash & Equivalents | $1.1B+43.4% | $1.2B+28.1% | $891.3M-32.9% | $730.7M+41.2% | $736.3M+42.9% | $942.2M+71.7% | $1.3B+116.0% | $517.6M-14.3% |
| Short-Term Investments | $57.6M-73.6% | $81.4M-65.8% | $146.9M-44.8% | $194.6M-47.9% | $218.4M-60.1% | $237.8M-62.1% | $265.9M-64.1% | $373.2M-47.0% |
| Accounts Receivable | $76.3M+0.7% | $74.7M+4.3% | $79.1M+12.4% | $73.9M+6.3% | $75.8M+13.0% | $71.6M+7.3% | $70.4M+2.5% | $69.5M+8.4% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $456.9M+1.0% | $455.5M+2.9% | $454.9M+2.7% | $453.4M+2.4% | $452.3M+9.8% | $442.6M+10.2% | $442.8M+10.1% | $442.7M+10.5% |
| Total Liabilities | $5.0B+22.8% | $5.0B+25.0% | $4.6B+13.8% | $4.3B+38.6% | $4.1B+32.2% | $4.0B+31.2% | $4.1B+29.5% | $3.1B-7.1% |
| Current Liabilities | $1.2B-36.5% | $1.2B-36.0% | $1.9B+56.4% | $1.9B+58.3% | $1.9B+56.7% | $1.8B+57.4% | $1.2B+0.8% | $1.2B+0.4% |
| Non-Current Liabilities | $3.8B+72.0% | $3.9B+76.1% | $2.7B-4.1% | $2.4B+26.2% | $2.2B+17.0% | $2.2B+15.1% | $2.9B+47.2% | $1.9B-11.2% |
| Total Equity | -$2.2B-67.6% | -$2.0B-87.0% | -$1.8B-138.9% | -$1.5B-180.4% | -$1.3B-251.6% | -$1.1B-288.1% | -$752.4M-353.8% | -$546.1M-55.9% |
| Retained Earnings | -$4.0B-15.2% | -$3.9B-17.6% | -$3.8B-21.2% | -$3.6B-21.4% | -$3.5B-21.4% | -$3.3B-18.6% | -$3.1B-14.7% | -$3.0B-4.1% |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
DBX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $238.5M-8.4% | $204.5M+33.0% | $235.4M+10.1% | $302.1M+10.2% | $260.5M+13.0% | $153.8M-12.4% | $213.8M+6.7% | $274.2M+7.2% |
| Depreciation & Amortization | $36.5M-6.2% | $39.0M+2.4% | $40.9M+7.6% | $39.6M+11.9% | $38.9M+20.4% | $38.1M+21.0% | $38.0M-11.8% | $35.4M-15.5% |
| Stock-Based Compensation | $77.3M-0.5% | $71.1M+6.0% | N/A | $78.6M-14.8% | $77.7M-14.1% | $67.1M-14.0% | N/A | $92.3M+10.1% |
| Capital Expenditures | $3.3M+65.0% | $1.2M+1100.0% | $10.5M+218.2% | $8.4M+104.9% | $2.0M-66.1% | $100K-98.9% | $3.3M-67.0% | $4.1M-56.4% |
| Free Cash Flow | $235.2M-9.0% | $203.3M+32.3% | $224.9M+6.8% | $293.7M+8.7% | $258.5M+15.0% | $153.7M-7.6% | $210.5M+10.6% | $270.1M+9.6% |
| Investing Cash Flow | $19.2M+54.8% | $66.9M+86.9% | $45.9M-59.7% | $17.8M-88.4% | $12.4M-80.4% | $35.8M-68.5% | $113.8M+617.3% | $153.1M+1386.4% |
| Financing Cash Flow | -$410.0M+15.9% | $46.2M+108.0% | -$140.8M-126.9% | -$323.6M+24.9% | -$487.8M-49.3% | -$578.5M-64.0% | $523.9M+404.6% | -$431.1M-155.7% |
| Share Buybacks | $330.3M-19.4% | $366.8M-26.5% | $415.0M+17.5% | $389.8M+11.8% | $410.0M+57.6% | $499.1M+78.6% | $353.3M+232.7% | $348.7M+235.0% |
Not reported in any period shown, so not listed: Dividends Paid.
DBX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.2%0.0pp | 79.7%-1.7pp | 79.2%-2.0pp | 79.8%-2.8pp | 80.2%-2.9pp | 81.3%-1.9pp | 81.2%+0.4pp | 82.5%+1.4pp |
| Operating Margin | 26.1%-0.8pp | 27.5%-2.0pp | 25.5%+11.8pp | 27.5%+7.5pp | 26.9%+6.9pp | 29.4%+6.7pp | 13.7%-28.4pp | 20.0%-0.6pp |
| Net Margin | 15.2%-4.9pp | 18.2%-5.9pp | 17.1%+1.1pp | 19.5%+2.8pp | 20.1%+2.6pp | 24.1%+3.1pp | 16.0%-19.8pp | 16.7%-1.3pp |
| Return on Assets | 3.4%-1.1pp | 3.8%-1.3pp | 3.8%+0.7pp | 4.4%+0.3pp | 4.5%+0.5pp | 5.1%+0.3pp | 3.1%-4.5pp | 4.1%+0.3pp |
| Current Ratio | 1.07+0.5x | 1.23+0.5x | 0.63-0.8x | 0.57-0.3x | 0.60-0.4x | 0.73-0.4x | 1.44+0.2x | 0.87-0.4x |
| Asset Turnover | 0.220.0x | 0.210.0x | 0.220.0x | 0.230.0x | 0.230.0x | 0.210.0x | 0.190.0x | 0.250.0x |
| FCF Margin | 37.2%-4.1pp | 32.3%+7.7pp | 35.4%+2.6pp | 46.3%+4.0pp | 41.3%+5.9pp | 24.6%-1.7pp | 32.7%+2.7pp | 42.3%+3.3pp |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Note: Shareholder equity is negative (-$1.8B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.63), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Dropbox DBX | FY2025 | $2.5B | $508.4M | 20.2% | $7.4B | 50/100 |
| Wix.com WIX | FY2025 | $2.0B | $50.6M | 2.5% | $3.2B | 30/100 |
| Gitlab Inc. GTLB | FY2026 | $955.2M | -$58.6M | -6.1% | $8.3B | 56/100 |
| Klaviyo, Inc. KVYO | FY2025 | $1.2B | -$31.8M | -2.6% | $5.3B | 63/100 |
| Amdocs Ltd DOX | FY2024 | $5.0B | $493.2M | 9.8% | $6.5B | 63/100 |
| Shift4 Payments Inc FOUR | FY2025 | $4.2B | $147.0M | 3.5% | $3.6B | 54/100 |
Where Dropbox Ranks
Frequently Asked Questions
What is Dropbox's annual revenue?
Dropbox (DBX) reported $2.5B in total revenue for fiscal year 2025. This represents a -1.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Dropbox's revenue growing?
Dropbox (DBX) revenue declined by 1.1% year-over-year, from $2.5B to $2.5B in fiscal year 2025.
Is Dropbox profitable?
Yes, Dropbox (DBX) reported a net income of $508.4M in fiscal year 2025, with a net profit margin of 20.2%.
What is Dropbox's EBITDA?
Dropbox (DBX) had EBITDA of $936.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Dropbox's gross margin?
Dropbox (DBX) had a gross margin of 80.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Dropbox's operating margin?
Dropbox (DBX) had an operating margin of 27.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Dropbox's net profit margin?
Dropbox (DBX) had a net profit margin of 20.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Dropbox's free cash flow?
Dropbox (DBX) generated $930.8M in free cash flow during fiscal year 2025. This represents a 6.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Dropbox's operating cash flow?
Dropbox (DBX) generated $951.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Dropbox's total assets?
Dropbox (DBX) had $2.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Dropbox's capital expenditures?
Dropbox (DBX) invested $21.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Dropbox spend on research and development?
Dropbox (DBX) invested $732.0M in research and development during fiscal year 2025.
What is Dropbox's current ratio?
Dropbox (DBX) had a current ratio of 0.63 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Dropbox's return on assets (ROA)?
Dropbox (DBX) had a return on assets of 17.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Dropbox's P/E ratio?
Dropbox (DBX) trades at 16.6x earnings, its market capitalization divided by net income of $442.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $7.4B as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Dropbox's price-to-sales ratio?
Dropbox (DBX) trades at 2.9x sales, its market capitalization divided by revenue of $2.5B revenue, trailing 12 months to June 30, 2026. The market capitalization is $7.4B as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is Dropbox's debt-to-equity ratio negative or not reported?
Dropbox (DBX) has negative shareholder equity of -$1.8B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Dropbox's Altman Z-Score?
Dropbox (DBX) has an Altman Z-Score of 0.46, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Dropbox's Piotroski F-Score?
Dropbox (DBX) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Dropbox's earnings high quality?
Dropbox (DBX) has an earnings quality ratio of 1.87x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Dropbox cover its interest payments?
Dropbox (DBX) has an interest coverage ratio of 8.77x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Dropbox?
Dropbox (DBX) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.