Filing Flows › Dropbox (DBX) › Q4 2025
Dropbox (DBX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Dropbox (DBX) reported revenue of $636M for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and +0.3% from the quarter before. Operating margin was 25.5%, net earnings $109M (17.1% of revenue).
Dropbox, Q4 2025: revenue $636M (-1% year over year), operating margin 25.5%, net earnings $109M, operating cash flow $235M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $636M | +0.3% | -1% |
| Gross profit | $504M | -0.4% | -4% |
| Operating profit | $162M | -7% | +85% |
| Net earnings | $109M | -12% | +6% |
| Operating cash flow | $235M | -22% | +10% |
| Free cash flow | $225M | — | +7% |
What changed
Revenue was $636.2M in Q4 2025, down 1% year over year and roughly flat from the previous quarter.
Gross margin was 79.2%, down 2.0 points from a year earlier. Operating profit was $162.2M, a 25.5% margin (up 11.8 points year over year). Operating expenses fell 21% while revenue fell 1%. Net earnings were $108.7M, up 6% year over year. The effective tax rate was 24.0%.
Operating cash flow was $235.4M (up 10% year over year), 217% of net earnings. Non-cash charges added back $40.9M of depreciation and amortization and $77.4M of share-based compensation. After capital expenditures ($10.5M), free cash flow as the company reports it was $224.9M.
Questions
What was Dropbox's revenue in the fourth quarter 2025?
Dropbox (DBX) reported revenue of $636M for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and +0.3% from the quarter before.
Was Dropbox profitable in the fourth quarter 2025?
Operating profit was $162M (25.5% of revenue) and net earnings $109M.
Source: Dropbox 10-K on SEC EDGAR.