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Friday 6 November 2026
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Dropbox, Inc.
DBX Technology Software Infrastructure
Dropbox, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, down 1.07% from fiscal 2024.
- Revenue
- +0.93%
- EPS
- −6.52%
- Free cash flow
- −10.3%
- Total debt
- +35.3%
Quarter to June 2026, against a year earlier
35.78
0.32
−0.89%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 845 | 1,107 | 1,392 | 1,661 | 1,914 | 2,158 | 2,325 | 2,502 | 2,548 | 2,521 | 2,532 | +12.9% | 2,519 | 2,512 | 2,527 | +0.1% | |
| Gross margin, % | 53.76 | 66.67 | 71.64 | 75.26 | 78.34 | 79.42 | 80.89 | 80.87 | 82.53 | 80.13 | 79.72 | +26.4 pt | ||||||
| EBT | (205) | (111) | (480) | (52) | (250) | 299 | 193 | 554 | 510 | 618 | 559 | n/m | ||||||
| EBT margin, % | (24.27) | (10.07) | (34.50) | (3.13) | (13.07) | 13.87 | 8.29 | 22.16 | 20.01 | 24.50 | 22.10 | +48.8 pt | ||||||
| Net income | (210) | (112) | (485) | (53) | (256) | 336 | 553 | 454 | 452 | 508 | 443 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 4.47 | 5.65 | 3.88 | 4.04 | 4.62 | 5.56 | 6.44 | 7.33 | 8.01 | 9.40 | 11.26 | +8.6% | |||||
| Earnings | (1.11) | (0.57) | (1.35) | (0.13) | (0.62) | 0.87 | 1.53 | 1.33 | 1.42 | 1.89 | 1.82 | n/m | ||||||
| Cash flow | 1.34 | 1.69 | 1.19 | 1.28 | 1.38 | 1.88 | 2.21 | 2.30 | 2.81 | 3.55 | 4.36 | +11.5% | ||||||
| Capex | (0.65) | (0.13) | (0.18) | (0.33) | (0.19) | (0.07) | (0.10) | (0.07) | (0.07) | (0.08) | (0.12) | (20.8%) | ||||||
| Free cash flow | 0.68 | 1.55 | 1.00 | 0.95 | 1.18 | 1.81 | 2.11 | 2.22 | 2.74 | 3.47 | 4.24 | +19.8% | ||||||
| Book value | 0.65 | 0.53 | 1.89 | 1.96 | 0.81 | (0.76) | (0.86) | (0.49) | (2.36) | (6.70) | (9.73) | n/m | ||||||
| Shares, m | 189 | 196 | 359 | 412 | 414 | 388 | 361 | 341 | 318 | 268 | 247 | +4.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 27.89 | 14.63 | 21.49 | 21.15 | 14.79 | 19.66 | 10.0 | |||||
| P/S | 5.04 | 5.04 | 5.26 | 4.44 | 4.80 | 4.41 | 3.52 | 3.93 | 3.75 | 2.96 | 3.18 | 4.3 | ||||||
| P/B | 0.00 | 0.00 | 10.82 | 9.12 | 27.54 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.7 | ||||||
| EV/Sales | 4.72 | 4.72 | 4.55 | 3.92 | 4.41 | 4.42 | 3.68 | 4.08 | 4.13 | 3.75 | 4.10 | 4.2 | ||||||
| EV/FCF | 17.16 | 17.16 | 17.63 | 16.79 | 17.36 | 13.71 | 11.36 | 13.58 | 12.08 | 10.16 | 10.89 | 14.7 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 253 | 330 | 425 | 529 | 571 | 730 | 797 | 784 | 894 | 952 | 981 | +15.9% | |||||
| Capex | (124) | (26) | (66) | (138) | (80) | (29) | (35) | (25) | (23) | (21) | (27) | (17.7%) | ||||||
| Free cash flow | 129 | 304 | 359 | 391 | 491 | 701 | 762 | 759 | 871 | 930 | 954 | +24.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (222) | (220) | 373 | 228 | 140 | 674 | 293 | 315 | 528 | (703) | 87 | +13.7% | |||||
| Net debt | (95) | (255) | (925) | (864) | (762) | 19 | 366 | 190 | 964 | 1,997 | 2,343 | n/m | ||||||
| Shareholders’ equity | 123 | 103 | 677 | 808 | 334 | (294) | (309) | (166) | (752) | (1,797) | (2,188) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (41.86) | (11.04) | (35.73) | (2.40) | (10.08) | 12.26 | 17.84 | 14.89 | 14.34 | 16.48 | 15.80 | +58.3 pt | |||||
| ROIC | (436.60) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 199.14 | 1,374.23 | 143.74 | 215.24 | 271.80 | +651.8 pt | ||||||
| ROE | 41.85 | 22.23 | (589.90) | (7.10) | (44.88) | 1,683.20 | (183.39) | (190.91) | (98.52) | (39.88) | (25.35) | (81.7) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | 1,858 | 2,323 | 2,801 | 2,760 | 2,667 | 3,118 | 2,693 | 2,204 | 2,113 | — | +1.6% | |||||
| Revenue/emp, $m | 0.00 | 0.60 | 0.60 | 0.59 | 0.69 | 0.81 | 0.75 | 0.93 | 1.16 | 1.19 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| United States | 1,421 | 56.38% |
|---|---|---|
| International | 1,100 | 43.62% |
| Gross margin | 80.13% | |
| Operating margin | 27.33% | |
| Pre-tax margin | 24.50% |
Dropbox, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| NTSK Netskope Inc. | $8.9B | — (loss-making) | — (loss-making) | +29.15% (above 0%: growing) | n/m | −51.62% (below 0%: shrinking) | 73.92% | (40.72%) | Compare |
| DOCN DigitalOcean Holdings, Inc. | $8.3B | 171× | 175× | +39.87% (above 0%: growing) | n/m | +85.62% (above 0%: growing) | 50.15% | 10.28% | Compare |
| GTLB GitLab Inc. | $8.2B | — (loss-making) | — (loss-making) | +21.31% (above 0%: growing) | n/m | −107.11% (below 0%: shrinking) | 84.06% | (19.89%) | Compare |
| DBX Dropbox, Inc. | $7.8B | 19.7× | 20.7× | +0.93% (above 0%: growing) | −6.52% (below 0%: shrinking) | −10.29% (below 0%: shrinking) | 80.21% | 26.10% | |
| S SentinelOne, Inc. | $7.5B | — (loss-making) | — (loss-making) | +20.56% (above 0%: growing) | n/m | −83.92% (below 0%: shrinking) | 72.07% | (31.08%) | Compare |
| ZETA Zeta Global Holdings Corp. | $7.4B | — (loss-making) | 299× | +43.55% (above 0%: growing) | n/m | +69.99% (above 0%: growing) | 59.12% | 3.82% | Compare |
| QLYS Qualys, Inc. | $6.9B | 34.7× | 38.3× | +11.04% (above 0%: growing) | +15.38% (above 0%: growing) | +72.34% (above 0%: growing) | 83.40% | 33.98% | Compare |
| PATH UiPath, Inc. | $6.8B | 19.5× | 35.1× | +13.42% (above 0%: growing) | +2,233.33% (above 0%: growing) | −29.52% (below 0%: shrinking) | 80.36% | 7.70% | Compare |
| BOX Box, Inc. | $6.0B | 60.7× | 109× | +9.23% (above 0%: growing) | +66.67% (above 0%: growing) | +65.84% (above 0%: growing) | 79.08% | 10.16% | Compare |
| Median of peers | $7.4B | 47.7× | 109× | +20.94% | +66.67% | +18.16% | 76.50% | 5.76% |
From the latest earnings call
- Co-CEO Ashraf Alkarmi said Dropbox added 96,000 paying users in Q2 and attributed improved Teams conversion to work on pricing, packaging and onboarding.
- Alkarmi said Dropbox is embedding Dash intelligence into its core product and testing a next-generation experience before expanding access during 2026.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
79.94%
Held by the ten largest
39.64%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 18.48m | 8.19% | −2.24m |
| BlackRock | 18.45m | 8.17% | −2.39m |
| LSV ASSET MANAGEMENT | 11.52m | 5.10% | −165.05k |
| Arrowstreet Capital | 7.84m | 3.47% | −693.71k |
| RENAISSANCE TECHNOLOGIES LLC | 7.21m | 3.20% | −507.40k |
| ACADIAN ASSET MANAGEMENT LLC | 6.06m | 2.69% | +371.97k |
| Morgan Stanley | 5.52m | 2.44% | −733.86k |
| State Street | 5.34m | 2.37% | −424.23k |
| Geode Capital Management | 4.68m | 2.07% | +144.44k |
| JACOBS LEVY EQUITY MANAGEMENT, INC | 4.36m | 1.93% | −446.50k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 7 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 2.17m | (42.42m) | 125.28 |
| 2024 | 1.71m | (16.22m) | 135.38 |
| 2023 | 1.54m | 19.46m | 132.85 |
| 2022 | 1.15m | (22.78m) | 100.86 |
| 2021 | 1.52m | 25.16m | 110.59 |
Ownership
Directors and executive officers, together
82.47% of the votes
Andrew W. Houston
82.40% of the votes
Entities affiliated with The Vanguard Group
3.00% of the votes
Entities affiliated with BlackRock, Inc.
2.38% of the votes
LSV Asset Management
1.27% of the votes
Renaissance Technologies LLC
0.91% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Dropbox, Inc. (DBX) Latest News
6 Nov
5 Nov
19 Oct
17 Oct
24 Sep
17 Aug
7 Aug
6 Aug
DBX metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Dropbox provides a place for individuals and organizations to store, organize, share and work on digital content. Users can access files across devices, send links to collaborators and review changes. Businesses can also manage team access and sharing permissions. Founded in 2007, Dropbox is headquartered in San Francisco. Co-founder Drew Houston has served as chief executive.
The core Dropbox service combines file storage and synchronization with collaboration tools. Its customers range from individuals and families to small businesses and large enterprises. People can create an account for free and pay for plans with additional features. Dropbox also sells tools for electronic signatures through Dropbox Sign, document sharing and analytics through DocSend, and video review through Dropbox Replay.