Filing Flows › Dropbox (DBX) › Q2 2026 › vs Q2 2025
Dropbox (DBX) Q2 2026 vs Q2 2025 (year over year)
Dropbox's revenue rose $5.8M (+0.9%) from $626M in Q2 2025 to $632M in Q2 2026. Gross margin 80.2% against 80.2% (-0.0 pts).
Dropbox, Q2 2026: revenue $632M (+0.9% year over year), operating margin 26.1%, net earnings $95.8M, operating cash flow $238M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 80.2% | 80.2% | -0.0 pts |
| Operating margin | 26.1% | 26.9% | -0.8 pts |
| Net margin | 15.2% | 20.1% | -4.9 pts |
| Free cash flow margin | 37.2% | 41.3% | -4.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $632M | $626M | $5.8M | +0.9% |
| Gross profit | $506M | $502M | $4.5M | +0.9% |
| Cost of revenue | $125M | $124M | $1.3M | +1% |
| Operating profit | $165M | $168M | −$3.6M | -2% |
| Operating expenses | $342M | $334M | $8.1M | +2% |
| Pre-tax earnings | $118M | $148M | −$30.1M | -20% |
| Other expense, net | $47.1M | $20.6M | $26.5M | +129% |
| Research & development | $188M | $184M | $3.7M | +2% |
| Sales & marketing | $89.8M | $87.8M | $2.0M | +2% |
| General & admin | $63.8M | $58.8M | $5.0M | +9% |
| Net earnings | $95.8M | $126M | −$29.8M | -24% |
| Income tax | $21.9M | $22.2M | −$300K | -1% |
| Depreciation & amortization | $36.5M | $38.9M | −$2.4M | -6% |
| Share-based compensation | $77.3M | $77.7M | −$400K | -0.5% |
| Working capital & other | $28.9M | $18.3M | $10.6M | +58% |
| Operating cash flow | $238M | $260M | −$22.0M | -8% |
| Free cash flow (company-reported) | $235M | $258M | −$23.3M | -9% |
| Capital expenditures | $3.3M | $2.0M | $1.3M | +65% |
Questions
How much did Dropbox's revenue grow year over year in Q2 2026?
Dropbox's revenue rose $5.8M (+0.9%) from $626M in Q2 2025 to $632M in Q2 2026. Gross margin 80.2% against 80.2% (-0.0 pts).