Filing Flows › Dropbox (DBX) › Q1 2026
Dropbox (DBX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Dropbox (DBX) reported revenue of $630M for the first quarter 2026 (Q1 2026), +0.8% from a year earlier and -1% from the quarter before. Operating margin was 27.5%, net earnings $114M (18.2% of revenue).
Dropbox, Q1 2026: revenue $630M (+0.8% year over year), operating margin 27.5%, net earnings $114M, operating cash flow $204M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $630M | -1% | +0.8% |
| Gross profit | $501M | -0.5% | -1% |
| Operating profit | $173M | +7% | -6% |
| Net earnings | $114M | +5% | -24% |
| Operating cash flow | $204M | -13% | +33% |
| Free cash flow | $203M | — | +32% |
What changed
Revenue was $629.5M in Q1 2026, up 1% year over year and down 1% from the previous quarter.
Gross margin was 79.7%, down 1.7 points from Q1 2025. Operating profit was $172.8M, a 27.5% margin (down 2.0 points year over year). Operating profit fell $11.0M even though revenue rose $4.8M versus Q1 2025, so costs grew faster than sales. Operating expenses grew 1% against revenue growth of 1%. Net earnings were $114.5M, down 24% year over year. The effective tax rate was 19.0%.
Operating cash flow was $204.5M (up 33% year over year), 179% of net earnings. Non-cash charges added back $39.0M of depreciation and amortization and $71.1M of share-based compensation. Working capital and other items used $20.1M. After capital expenditures ($1.2M), free cash flow as the company reports it was $203.3M.
Questions
What was Dropbox's revenue in the first quarter 2026?
Dropbox (DBX) reported revenue of $630M for the first quarter 2026 (Q1 2026), +0.8% from a year earlier and -1% from the quarter before.
Was Dropbox profitable in the first quarter 2026?
Operating profit was $173M (27.5% of revenue) and net earnings $114M.
Source: Dropbox 10-Q on SEC EDGAR.