DBX · Dropbox, Inc.
Price & Indicators
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Metrics snapshot
Useful current figures from the complete screener profile.
AI Brief
Q2 FY26 earnings call · Aug 6, 2026TL;DR. Dropbox reported Q2 revenue of $631.5M (up 0.9% YoY, +1.7% ex-FormSwift), added 96,000 paying users for a third consecutive quarter of net adds, and beat its non-GAAP operating margin guidance at 39.7%. The company raised full-year non-GAAP operating margin guidance by 50 bps to 40.0–40.5% and lifted unlevered FCF guidance to at or above $1.070B, while announcing a new $900M buyback authorization.
- + Revenue grew 0.9% YoY to $631.5M and 1.7% YoY excluding FormSwift, with positive core FSS trends cited as the driver of outperformance.
- + Added 96,000 net paying users in Q2, the third consecutive quarter of paying user growth, with paying users reaching 18.19M.
- + Beat Q2 non-GAAP operating margin guidance at 39.7% versus 38.5% guidance.
- + Announced a new $900M share repurchase authorization and repurchased ~12.6M shares for ~$315M in Q2, with ~$1.385B remaining.
- − Non-GAAP gross margin compressed ~60 bps YoY to 81.6% due to compute costs from rolling out AI capabilities, with further pressure expected as rollout expands.
- − Non-GAAP operating margin declined ~180 bps YoY to 39.7%, driven by gross margin pressure and increased marketing spend.
- − GAAP net income fell to $95.8M from $125.6M YoY, primarily due to higher interest expense on the term loan facility.
- − ARPU guidance calls for modest sequential declines for the rest of 2026, weighed by FX, FormSwift roll-off, and mix shift to Simple.
- − Q3 revenue guidance of $627–$630M implies roughly flat YoY growth ex-FormSwift at the midpoint, signaling limited near-term revenue acceleration.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| aggregate amount for share repurchases of Class A common stock | $318M | the three months ended June 30, 2026 filing | — |
| shares of our Class A common stock repurchased and subsequently retired | 12.6M | the three months ended June 30, 2026 filing | — |
| Average revenue per paying user | $139.68 | Q2 2026 | — |
| Net cash provided by operating activities | $238.5M | Q2 2026 | — |
| Non-GAAP gross margin non-GAAP | 81.6% | Q2 2026 | — |
| Non-GAAP operating margin non-GAAP | 39.7% | Q2 2026 | — |
| Total ARR | $2.57B | Q2 2026 | — |
| Unlevered free cash flow non-GAAP | $283.5M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Free cash flow 235.2M
+48.3M Cash paid for interest on debt, net of the associated tax benefit
= Unlevered free cash flow 283.5M
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Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Software - Infrastructure — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
DBX
this stock
Dropbox, Inc.
|
$7.71B | +21.9% | -1.1% | 19.0 | 9.9% |
|
MSFT
Microsoft Corp
|
$3.83T | +7.0% | +6.9% | 28.8 | 0.9% |
|
PLTR
Palantir Technologies Inc.
|
$455.79B | +6.2% | +56.2% | 162.1 | 2.5% |
|
ORCL
Oracle Corp
|
$414.55B | -27.0% | +17.3% | 21.5 | 1.7% |
|
PANW
Palo Alto Networks Inc
|
$306.54B | +118.9% | +29.0% | — | 2.7% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| DBX | +4.9% | -5.0% | +49.3% | +0.2% | +21.9% |
| SPY | -0.2% | -0.5% | +12.2% | +0.9% | +12.9% |
| vs SPY | +5.1% | -4.6% | +37.1% | -0.8% | +9.1% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.