Filing Flows › Dropbox (DBX) › Q3 2025
Dropbox (DBX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Dropbox (DBX) reported revenue of $634M for the third quarter 2025 (Q3 2025), -0.7% from a year earlier and +1% from the quarter before. Operating margin was 27.5%, net earnings $124M (19.5% of revenue).
Dropbox, Q3 2025: revenue $634M (-0.7% year over year), operating margin 27.5%, net earnings $124M, operating cash flow $302M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $634M | +1% | -0.7% |
| Gross profit | $506M | +0.8% | -4% |
| Operating profit | $175M | +4% | +37% |
| Net earnings | $124M | -1% | +16% |
| Operating cash flow | $302M | +16% | +10% |
| Free cash flow | $294M | — | +9% |
What changed
Revenue was $634.4M in Q3 2025, down 1% year over year and up 1% from the previous quarter.
Gross margin was 79.8%, down 2.8 points from a year earlier. Operating profit was $174.7M, a 27.5% margin (up 7.5 points year over year). Operating expenses fell 17% while revenue fell 1%. Net earnings were $123.8M, up 16% year over year. The effective tax rate was 21.2%.
Operating cash flow was $302.1M (up 10% year over year), 244% of net earnings. Non-cash charges added back $39.6M of depreciation and amortization and $78.6M of share-based compensation. Working capital and other items added $60.1M. After capital expenditures ($8.4M), free cash flow as the company reports it was $293.7M.
Questions
What was Dropbox's revenue in the third quarter 2025?
Dropbox (DBX) reported revenue of $634M for the third quarter 2025 (Q3 2025), -0.7% from a year earlier and +1% from the quarter before.
Was Dropbox profitable in the third quarter 2025?
Operating profit was $175M (27.5% of revenue) and net earnings $124M.
Source: Dropbox 10-Q on SEC EDGAR.