DropBox DBX
Public, NASDAQ, reports in USD. Founded 2007.
Theme: Cloud.
Cloud storage.
2025-08-01 — Mature SaaS
Financials millions, USD
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.5bn USD | -1.1 % | 80.1 % | 29.0 % | 688m USD | 27.3 % | 508m USD | 1.86 | 26.2 | |
| 2024 | 2.5bn USD | 1.9 % | 82.6 % | 35.9 % | 534m USD | 20.9 % | 470m USD | 1.40 | 22.8 | |
| 2023 | 2.5bn USD | 7.6 % | 80.9 % | 37.5 % | 539m USD | 21.6 % | 454m USD | 1.31 | 29.1 | |
| 2022 | 2.3bn USD | – | 80.9 % | 38.4 % | 356m USD | 15.3 % | 553m USD | 1.52 | – | |
| 2026-Q2 | 632m USD | 0.9 % | 80.2 % | 29.8 % | 165m USD | 26.1 % | 96m USD | 0.42 | 27.0 | |
| 2026-Q1 | 630m USD | – | 79.7 % | 29.3 % | 173m USD | 27.5 % | 114m USD | 0.48 | – | |
| 2025-Q4 | 636m USD | – | 79.2 % | 29.4 % | 158m USD | 24.9 % | 109m USD | 0.43 | – | |
| 2025-Q3 | 634m USD | – | 79.8 % | 28.7 % | 175m USD | 27.5 % | 124m USD | 0.47 | – | |
| 2025-Q2 | 626m USD | – | 80.2 % | 29.5 % | 171m USD | 27.3 % | 126m USD | 0.45 | – |
Sources
- 2025: 2025_10-K_Summary_2026-07-10.xlsx
- 2024: 2025_10-K_Summary_2026-07-10.xlsx
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q3: yfinance
- 2025-Q2: yfinance
Latest quarter 2026-Q2, ended 2026-06-30, vs 2025-Q2
| 2026-Q2 | 2025-Q2 | change | |
|---|---|---|---|
| Revenue | 632m USD | 626m USD | +5.8m (+1 %) |
| Op. margin | 26.1 % | 27.3 % | -1.2 pts |
| FCF | 232m USD | 258m USD | -27m (-10 %) |
| Op. income | 165m USD | ||
| Net income | 96m USD | ||
| EPS (diluted) | 0.42 | -6.7 % |
Cash flow millions, USD
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 952m USD | 21m USD | 930m USD | 36.9 % | 187.4 % | 566m USD | 612m USD | 1.3bn USD | -467m USD |
| 2024 | 894m USD | 23m USD | 871m USD | 34.2 % | 190.1 % | 473m USD | 491m USD | 1.7bn USD | 751m USD |
| 2023 | 784m USD | 25m USD | 759m USD | 30.4 % | 172.8 % | 441m USD | 468m USD | 632m USD | 380m USD |
| 2022 | 797m USD | 35m USD | 762m USD | 32.8 % | 144.1 % | – | – | 635m USD | -293m USD |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 38.15 USD | 2026-09-15 | |
|---|---|---|---|
| Market cap | 8.3bn USD | 2026-09-15 | |
| 52w high | 37.39 USD | 2026-09-15 | |
| 52w low | 21.70 USD | 2026-09-15 | |
| Off 52w high % | 2.0 % | ||
| P/S | 3.3 | ||
| Lifetime CAGR | 4.9 % |
Notes
- 2025-08-01 opinion Mature SaaS