Jun 2026 (Q2 FY26) — Aug 6, 2026
Dropbox Q2 FY26 — Core Business Returns to Growth with AI Integration
Read the full callDropbox (DBX) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Dropbox earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 632 | +0.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 26.1 | −0.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 95.8 | −23.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
31 of 31 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 2026 diluted weighted average shares outstanding | 226 million to 231 million shares | Mar 2026 | Diluted EPS was $0.75 compared to $0.71 in the year ago quarter based on the 226.8 million diluted weighted average shares outstanding | Achieved |
| Full-year 2026 diluted weighted average shares outstanding | 227 million to 232 million shares | Dec 2025 | we expect our full year weighted average shares outstanding to increase to approximately 226 to 231 million shares as a result of an increase in our 30-day trailing average share price | Revised Down |
| Full-year 2026 additions to finance lease lines as a percent of revenue | approximately 4% of revenue | Dec 2025 | in addition to finance lease lines to be approximately 4% of revenue | On Track |
26 of DROPBOX, INC.'s 57 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 54 more targets are in the full ledger.
Claimed
- Revenue increased 0.9% year-over-year to $631.5 million, exceeding guidance.
- Added 96,000 paying users, marking the third consecutive quarter of growth and ahead of expectations.
- Non-GAAP operating margin reached 39.7%, ahead of guidance of 38.5%.
- Unlevered free cash flow was $283.5 million, up from $276.4 million in the prior year period.
- Teams net new ARR grew sequentially, and Teams license growth turned positive for the first time since 2024.
Qualified
- Gross margin was 81.6%, down roughly 60 basis points year-over-year, primarily due to compute costs for AI capabilities.
- Non-GAAP operating margin was 39.7%, down roughly 180 basis points from the year ago period.
- Net income was $170 million, down from $197.7 million year-over-year, due to higher interest expense.
- Cash flow from operations was $238.5 million, down from $260.5 million year-over-year, due to $30 million higher interest payments.
- Expect modest sequential declines in ARPU throughout the rest of the year.
Price
$36.54 +2.58% · +$0.92
Performance +28.7% 1Y
1Y: $28.4 on 14 Oct 2025 → $36.54. High $37.74 (16 Sept 2026), low $22.06 (10 Apr 2026).
- Previous close
- $35.62
- 52-week range
- $22.06 – $37.74
- One year
- +26.22%
Overview
- Symbol
- DBX
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
31 of 31 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 2026 diluted weighted average shares outstanding | 226 million to 231 million shares | Mar 2026 | Diluted EPS was $0.75 compared to $0.71 in the year ago quarter based on the 226.8 million diluted weighted average shares outstanding | Achieved |
| Full-year 2026 diluted weighted average shares outstanding | 227 million to 232 million shares | Dec 2025 | we expect our full year weighted average shares outstanding to increase to approximately 226 to 231 million shares as a result of an increase in our 30-day trailing average share price | Revised Down |
| Full-year 2026 additions to finance lease lines as a percent of revenue | approximately 4% of revenue | Dec 2025 | in addition to finance lease lines to be approximately 4% of revenue | On Track |
Claimed
- Revenue increased 0.9% year-over-year to $631.5 million, exceeding guidance.
- Added 96,000 paying users, marking the third consecutive quarter of growth and ahead of expectations.
- Non-GAAP operating margin reached 39.7%, ahead of guidance of 38.5%.
- Unlevered free cash flow was $283.5 million, up from $276.4 million in the prior year period.
- Teams net new ARR grew sequentially, and Teams license growth turned positive for the first time since 2024.
Qualified
- Gross margin was 81.6%, down roughly 60 basis points year-over-year, primarily due to compute costs for AI capabilities.
- Non-GAAP operating margin was 39.7%, down roughly 180 basis points from the year ago period.
- Net income was $170 million, down from $197.7 million year-over-year, due to higher interest expense.
- Cash flow from operations was $238.5 million, down from $260.5 million year-over-year, due to $30 million higher interest payments.
- Expect modest sequential declines in ARPU throughout the rest of the year.
The full ledger
Open DROPBOX, INC.’s full ledger
A free account opens 5 company ledgers a month. All 57 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Dropbox Q1 FY26 — Strong Start with Core Business Stabilization and Raised Outlook
Read the full callEvery analysed call
Dropbox earnings calls (DBX)
Financials
What the filings say
Net profit, year on year: −24% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 639 | 644 | 625 | 626 | 634 | 636 | 630 | 632 |
| Operating profit | 128 | 88 | 184 | 168 | 175 | 162 | 173 | 165 |
| Operating margin | 20.0% | 13.7% | 29.4% | 26.9% | 27.5% | 25.5% | 27.4% | 26.1% |
| Profit before tax | 133 | 92 | 170 | 148 | 157 | 143 | 141 | 118 |
| Tax rate | 19.6% | −11.3% | 11.3% | 15.0% | 21.3% | 24.0% | 19.0% | 18.6% |
| Net profit | 107 | 103 | 150 | 126 | 124 | 109 | 115 | 96 |
| EPS ($ per share) | 0.34 | — | 0.52 | 0.46 | 0.47 | — | 0.49 | 0.43 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -1,659 | -1,726 | -2,241 | -2,739 | -2,772 | -2,742 | -3,146 | -3,815 |
| Total liabilities | 1,017 | 1,891 | 2,053 | 3,385 | 3,420 | 3,149 | 4,078 | 4,642 |
| Fixed assets | 311 | 445 | 339 | 322 | 308 | 309 | 359 | 378 |
| Total assets | 1,694 | 2,699 | 2,387 | 3,091 | 3,110 | 2,984 | 3,325 | 2,845 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 425 | 529 | 571 | 730 | 797 | 784 | 894 | 952 |
| Cash from investing | -634 | -320 | -234 | -525 | -48 | 395 | 444 | 112 |
| Cash from financing | 301 | -177 | -578 | 16 | -1,042 | -799 | -587 | -1,531 |
| Net cash flow | 89 | 32 | -236 | 218 | -300 | 382 | 746 | -455 |
| Capital expenditure | -63 | -136 | -80 | -22 | -34 | -24 | -22 | -21 |
| Free cash flow | 362 | 392 | 491 | 708 | 764 | 759 | 872 | 931 |
DBX operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Annual recurring revenue (ARR) | $2.56BTotal ARR was $2.56 billion, up 30 basis points year-over-year.Source: earnings call transcript | $2.566BTotal ARR was $2.566 billion, up 1% year-over-year.Source: earnings call transcript | +0.2% |
| Customers | 18.09MWe exited the quarter with 18.09 million paying users, a sequential increase of approximately 14,000 paying users versus our prior commentary to expect a Q1 decline in paying users, we exceeded our expectations, primarily due to retention strength throughout the quarter as well as individuals gross adds outperformance.Source: earnings call transcript | 18.19MWe exited the quarter with 18.19 million paying users, a sequential increase of approximately 96,000 ahead of our expectations coming into the quarter.Source: earnings call transcript | +0.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
123 filings between Oct 30, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$57.64M
72 sales by 11 insiders
97% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 16
- Award — granted as compensation
- 22
- Tax withheld — shares kept back by the company to cover tax
Also filed: 13 conversions.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Houston Andrew | — | $46.99M | Oct 1, 2026 |
| Tennenbaum Ross | — | $3.42M | Sep 10, 2026 |
| Alkarmi Ashraf | — | $2.27M | Sep 11, 2026 |
| Dasdan Ali | — | $1.45M | Aug 18, 2026 |
| Yoon William T | — | $1.08M | Sep 4, 2026 |
| Schubach Sarah Elizabeth | — | $935.1K | Sep 30, 2026 |
| Webster Eric T | — | $539.7K | Aug 18, 2026 |
| Peacock Karen | — | $283.0K | Jul 29, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Houston Andrew Co-CEO | Sale 10b5-1 plan | 354,300 | $12.05M |
| Oct 1, 2026 | Houston Andrew Co-CEO | Conversion 10b5-1 plan | 354,300 | $0 |
| Sep 30, 2026 | Schubach Sarah Elizabeth Chief Accounting Officer | Sale 10b5-1 plan | 2,025 | $65.9K |
| Sep 15, 2026 | Schubach Sarah Elizabeth Chief Accounting Officer | Sale 10b5-1 plan | 2,025 | $74.5K |
| Sep 11, 2026 | Alkarmi Ashraf Co-CEO | Sale 10b5-1 plan | 28,800 | $1.02M |
| Sep 10, 2026 | Houston Andrew Co-CEO | Conversion 10b5-1 plan | 383,800 | $0 |
| Sep 10, 2026 | Tennenbaum Ross Chief Financial Officer | Sale 10b5-1 plan | 97,558 | $3.42M |
| Sep 10, 2026 | Houston Andrew Co-CEO | Sale 10b5-1 plan | 59,368 | $2.09M |
| Sep 10, 2026 | Houston Andrew Co-CEO | Sale 10b5-1 plan | 324,432 | $11.35M |
| Sep 4, 2026 | Campbell Lisa M Director | Sale 10b5-1 plan | 4,598 | $159.9K |
| Sep 4, 2026 | Yoon William T Chief Legal Officer | Sale 10b5-1 plan | 12,382 | $430.7K |
| Sep 1, 2026 | Yoon William T Chief Legal Officer | Award | 28,945 | $0 |
| Sep 1, 2026 | Torres Michael Ivan Chief Product Officer | Award | 842,316 | $0 |
| Sep 1, 2026 | Tennenbaum Ross Chief Financial Officer | Award | 28,945 | $0 |
| Sep 1, 2026 | Schubach Sarah Elizabeth Chief Accounting Officer | Award 10b5-1 plan | 21,709 | $0 |
| Aug 31, 2026 | Schubach Sarah Elizabeth Chief Accounting Officer | Sale 10b5-1 plan | 1,631 | $57.9K |
| Aug 20, 2026 | Schubach Sarah Elizabeth Chief Accounting Officer | Sale 10b5-1 plan | 1,631 | $55.5K |
| Aug 18, 2026 | Dasdan Ali Chief Technology Officer | Sale 10b5-1 plan | 11,332 | $386.7K |
| Aug 18, 2026 | Webster Eric T Chief Business Officer | Sale | 15,830 | $539.7K |
| Aug 17, 2026 | Schubach Sarah Elizabeth Chief Accounting Officer | Tax withheld | 5,854 | $201.5K |
| Aug 17, 2026 | Dasdan Ali Chief Technology Officer | Tax withheld 10b5-1 plan | 19,255 | $662.8K |
| Aug 17, 2026 | Alkarmi Ashraf Co-CEO | Tax withheld | 47,865 | $1.65M |
| Aug 17, 2026 | Yoon William T Chief Legal Officer | Tax withheld | 16,833 | $579.4K |
| Aug 17, 2026 | Tennenbaum Ross Chief Financial Officer | Tax withheld | 20,326 | $699.6K |
| Aug 17, 2026 | Webster Eric T Chief Business Officer | Tax withheld | 14,820 | $510.1K |
| Jul 31, 2026 | Schubach Sarah Elizabeth Chief Accounting Officer | Sale 10b5-1 plan | 1,632 | $51.6K |
| Jul 29, 2026 | Peacock Karen Director | Sale 10b5-1 plan | 2,000 | $66.0K |
| Jul 15, 2026 | Schubach Sarah Elizabeth Chief Accounting Officer | Sale 10b5-1 plan | 1,306 | $39.3K |
| Jul 14, 2026 | Dasdan Ali Chief Technology Officer | Sale 10b5-1 plan | 12,972 | $389.2K |
| Jul 7, 2026 | Peacock Karen Director | Sale 10b5-1 plan | 2,000 | $58.0K |
| Jun 30, 2026 | Schubach Sarah Elizabeth Chief Accounting Officer | Sale 10b5-1 plan | 1,305 | $35.4K |
| Jun 15, 2026 | Schubach Sarah Elizabeth Chief Accounting Officer | Sale 10b5-1 plan | 1,306 | $35.1K |
| Jun 2, 2026 | Alkarmi Ashraf Co-CEO | Sale | 22,700 | $632.5K |
| Jun 1, 2026 | Alkarmi Ashraf Co-CEO | Award | 478,551 | $0 |
| Jun 1, 2026 | Schubach Sarah Elizabeth Chief Accounting Officer | Sale 10b5-1 plan | 1,305 | $36.1K |
| May 21, 2026 | Moore Andrew William Director | Award | 9,071 | $0 |
| May 21, 2026 | Seibel Michael Director | Award | 9,071 | $0 |
| May 21, 2026 | Peacock Karen Director | Award | 9,071 | $0 |
| May 21, 2026 | Campbell Lisa M Director | Award | 9,071 | $0 |
| May 21, 2026 | Parasnis Abhay Director | Award | 9,071 | $0 |
| May 21, 2026 | JENSON WARREN Director | Award | 9,071 | $0 |
| May 19, 2026 | Schubach Sarah Elizabeth Chief Accounting Officer | Sale 10b5-1 plan | 1,306 | $36.8K |
| May 18, 2026 | Moore Andrew William Director | Sale 10b5-1 plan | 3,706 | $101.1K |
| May 18, 2026 | Houston Andrew Chief Executive Officer | Sale 10b5-1 plan | 30,332 | $834.1K |
| May 18, 2026 | Moore Andrew William Director | Sale 10b5-1 plan | 4,737 | $131.7K |
| May 18, 2026 | Houston Andrew Chief Executive Officer | Conversion 10b5-1 plan | 30,332 | $0 |
| May 18, 2026 | Yoon William T Chief Legal Officer | Sale 10b5-1 plan | 4,029 | $112.0K |
| May 18, 2026 | Yoon William T Chief Legal Officer | Sale 10b5-1 plan | 3,201 | $87.3K |
| May 18, 2026 | Dasdan Ali Chief Technology Officer | Sale 10b5-1 plan | 2,966 | $82.5K |
| May 18, 2026 | Dasdan Ali Chief Technology Officer | Sale 10b5-1 plan | 2,700 | $73.7K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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