Filing Flows › Dropbox (DBX) › Q2 2025
Dropbox (DBX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Dropbox (DBX) reported revenue of $626M for the second quarter 2025 (Q2 2025), -1% from a year earlier and +0.2% from the quarter before. Operating margin was 26.9%, net earnings $126M (20.1% of revenue).
Dropbox, Q2 2025: revenue $626M (-1% year over year), operating margin 26.9%, net earnings $126M, operating cash flow $260M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $626M | +0.2% | -1% |
| Gross profit | $502M | -1% | -5% |
| Operating profit | $168M | -8% | +33% |
| Net earnings | $126M | -16% | +14% |
| Operating cash flow | $260M | +69% | +13% |
| Free cash flow | $258M | — | +15% |
What changed
Revenue was $625.7M in Q2 2025, down 1% year over year and roughly flat from the previous quarter.
Gross margin was 80.2%, down 2.9 points from a year earlier. Operating profit was $168.4M, a 26.9% margin (up 6.9 points year over year). Operating expenses fell 17% while revenue fell 1%. Net earnings were $125.6M, up 14% year over year. The effective tax rate was 15.0%.
Operating cash flow was $260.5M (up 13% year over year), 207% of net earnings. Non-cash charges added back $38.9M of depreciation and amortization and $77.7M of share-based compensation. Working capital and other items added $18.3M. After capital expenditures ($2.0M), free cash flow as the company reports it was $258.5M.
Questions
What was Dropbox's revenue in the second quarter 2025?
Dropbox (DBX) reported revenue of $626M for the second quarter 2025 (Q2 2025), -1% from a year earlier and +0.2% from the quarter before.
Was Dropbox profitable in the second quarter 2025?
Operating profit was $168M (26.9% of revenue) and net earnings $126M.
Source: Dropbox 10-Q on SEC EDGAR.