analyzeportfolio
Nasdaq · Technology

Dropbox, Inc. (DBX)

As-reported financials and SEC filings for Dropbox, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Dropbox, Inc.

Dropbox, Inc. provides a cloud-based platform that allows individuals, teams, and organizations to store, organize, access, and share digital content from any device. Its services include file synchronization, collaboration tools like Dropbox Paper, AI-powered search and scheduling tools, and integrations with third-party applications. Dropbox serves a wide range of customers, from individual users and small businesses to large enterprises across various industries.

Snapshot

Revenue
$2.52B
Revenue growth (YoY)
-1.1%
Net income
$508.4M
Diluted EPS
$1.86
Gross margin
80.1%
Operating margin
27.3%
Net margin
20.2%
FCF margin
36.9%
ROE
—
net income / fiscal-year-end equity
P/E
19.7×
trailing when available, otherwise FY EPS
Market cap
$7.74B
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Dropbox

  • Revenue fell 1.1% to $2.5B in FY2025, slower than the 1.9% the year before.
  • Operating margin is 27.3% in FY2025, +14.6 pp against 12.7% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $632M, up 0.9% from Q2 FY2025.
  • Free cash flow was $931M in FY2025, 36.9% of revenue.
  • Net income rose 12.4% to $508M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Dropbox’s fundamentals sit among the 332 software companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin80.1%
86th percentile of 265
Operating margin27.3%
90th percentile of 303
Net margin20.2%
83rd percentile of 307
FCF margin36.9%
95th percentile of 285
Revenue growth (YoY)-1.1%
19th percentile of 325
P/E19.7×
38th percentile of 163
Short interest4.47d
64th percentile of 330

Dropbox’s FCF margin of 36.9% ranks in the 95th percentile of the 285 software companies reporting it. Dropbox’s operating margin of 27.3% ranks in the 90th percentile of the 303 software companies reporting it. Dropbox’s gross margin of 80.1% ranks in the 86th percentile of the 265 software companies reporting it.

No reported insider purchases (code P) in the last 90 days; 16 insider sales totaling $32.9M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+6 quant / multi-strat
Initiated / added
2
1 new, 1 added
Reduced / exited
6
6 trimmed, 0 exited
Combined position
$496.8M
reported long value
InvestorAs ofPosition valueSharesChange
Renaissance TechnologiesquantQ2 2026$198.2M7.2MReduced
Two Sigma InvestmentsquantQ2 2026$108.7M4.0MReduced
Gotham Asset ManagementQ2 2026$61.5M2.2MAdded
D. E. ShawquantQ2 2026$48.6M1.8MReduced
AQR Capital ManagementquantQ2 2026$47.4M1.7MReduced
Millennium ManagementquantQ2 2026$27.6M1.0MReduced
Bridgewater AssociatesQ2 2026$2.5M91.1KNew
Citadel AdvisorsquantQ2 2026$2.3M84.5KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
16
$32.9M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-10-12
filed 2026-10-15
Andrew HoustonCo-CEOSell29.5K$35.09$1.0M
2026-10-01
filed 2026-10-05
Andrew HoustonCo-CEOSell354.3K$34.01$12.0M
2026-09-30
filed 2026-10-02
Sarah Elizabeth SchubachChief Accounting OfficerSell2.0K$32.54$66K
2026-09-15
filed 2026-09-17
Sarah Elizabeth SchubachChief Accounting OfficerSell2.0K$36.78$74K
2026-09-11
filed 2026-09-15
Ashraf AlkarmiCo-CEOSell28.8K$35.54$1.0M
2026-09-10
filed 2026-09-14
Andrew HoustonCo-CEOSell324.4K$34.98$11.4M
2026-09-10
filed 2026-09-14
Ross TennenbaumChief Financial OfficerSell97.6K$35.02$3.4M
2026-09-10
filed 2026-09-14
Andrew HoustonCo-CEOSell59.4K$35.19$2.1M
2026-09-04
filed 2026-09-09
William T. YoonChief Legal OfficerSell12.4K$34.78$431K
2026-09-04
filed 2026-09-09
Lisa M. CampbellDirectorSell4.6K$34.78$160K
2026-08-31
filed 2026-09-02
Sarah Elizabeth SchubachChief Accounting OfficerSell1.6K$35.50$58K
2026-08-20
filed 2026-08-24
Sarah Elizabeth SchubachChief Accounting OfficerSell1.6K$34.01$55K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
24.8M
settled 2026-09-30
Change vs prior
+10.4%
vs previous settlement
Days to cover
4.47
at avg daily volume
Avg daily volume
5.5M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3024.8M+10.4%4.47
2026-09-1522.4M-12.7%5.87
2026-08-3125.7M+4.4%8.23
2026-08-1424.6M-8.0%4.85
2026-07-3126.7M-6.6%7.02
2026-07-1528.6M+1.5%8.55
2026-06-3028.2M-2.2%6.44
2026-06-1528.9M+9.2%7.89

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$2.52B$2.55B$2.50B$2.32B$2.16B
Gross profit
Operating income$689.1M$486.2M$538.7M$181.3M$274.4M
Net income$508.4M$452.3M$453.6M$553.2M$335.8M
Diluted EPS$1.86$1.40$1.31$1.52$0.85

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$891.3M$1.33B$614.9M$232.8M$533.0M
Current assets$1.19B$1.74B$1.52B$1.49B$1.85B
Total assets$2.84B$3.33B$2.98B$3.11B$3.09B
Current liabilities$1.89B$1.21B$1.20B$1.20B$1.18B
Long-term debt—————
Total liabilities$4.64B$4.08B$3.15B$3.42B$3.39B
Total equity$-1.80B$-752.4M$-165.8M$-309.4M$-293.9M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$951.8M$894.1M$783.7M$797.3M$729.8M
Capital expenditure$21.0M$22.5M$24.3M$33.8M$22.1M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$631.5M0.9%$95.8M$0.42
Q1 FY2026$629.5M0.8%$114.5M$0.48
Q4 FY2025-1.1%
Q3 FY2025$634.4M-0.7%$123.8M$0.47
Q2 FY2025$625.7M-1.4%$125.6M$0.45
Q1 FY2025$624.7M-1.0%$150.3M$0.51
Q4 FY20241.4%
Q3 FY2024$638.8M0.9%$106.7M$0.34

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorTechnology
SIC industryServices-Prepackaged Software
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2019
SEC CIK1467623

Selected SEC filings

10-Q2026-08-07
View on EDGAR →
10-Q2026-05-08
View on EDGAR →
8-K2026-08-06
View on EDGAR →
8-K2026-06-01
View on EDGAR →
8-K2026-05-26
View on EDGAR →
8-K2026-05-26
View on EDGAR →

Largest software peers

All software stocks →All Technology companies →

Monitor DBX

Get an alert when Dropbox files something material, see which superinvestors own it, and ask its filings a question with cited answers.

Monitor DBX free

Includes one free filing-grounded research answer. Or check your whole portfolio, no account needed.

Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.