What is Dropbox's net margin?

Dropbox (DBX) reported net margin of 18.7% in Q1 2026.

How has Dropbox's net margin changed year-over-year?

Dropbox's net margin increased by 1.1% year-over-year, from 18.5% to 18.7%.

What is the long-term trend for Dropbox's net margin?

Over 5 years (2020 to 2025), Dropbox's net margin has grown at a 8.5% compound annual growth rate (CAGR), from -13.4% to 20.2%.

What does net margin mean?

Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

Dropbox DBX Net margin

Net margin at other companies

AppleAAPL

27.2%+2.9pp

MicrosoftMSFT

39.3%+3.6pp

AdobeADBE

28.7%-1.7pp

AmazonAMZN

10.6%+0.5pp

DocuSignDOCU

9.6%-26.9pp

BoxBOX

10.3%-11.0pp

Other financials

Income statement

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Revenue$629.5M+0.8%

Gross profit$501.4M-1.3%

Operating income$172.8M-6.0%

Net income$114.5M-23.8%

EPS (diluted)$0.48-5.9%

Balance sheet

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Cash & equivalents$1.2B+25.4%

Total debt$840.2M-43.1%

Total equity-$2.0B-87.0%

Total assets$3.0B+2.5%

Cash flow

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Operating cash flow$204.5M+33.0%

CapEx$1.2M+1,100%

Free cash flow$203.3M+32.3%

Valuation

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Market cap$6.06B-32.5%

Profitability

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Gross margin79.7%-2.3pp

Operating margin26.8%+6.1pp

FCF margin38.8%+5.0pp

Returns & leverage

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Return on equity-44.9%—

Debt / equity3.7×—

Current ratio1.2×+0.5×

Where this comes from

Calculated from Dropbox’s reported figures.

net income/total revenue=18.7%

Based on trailing twelve months.

The official record: Dropbox’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Dropbox's net margin?: Dropbox (DBX) reported net margin of 18.7% in Q1 2026.
How has Dropbox's net margin changed year-over-year?: Dropbox's net margin increased by 1.1% year-over-year, from 18.5% to 18.7%.
What is the long-term trend for Dropbox's net margin?: Over 5 years (2020 to 2025), Dropbox's net margin has grown at a 8.5% compound annual growth rate (CAGR), from -13.4% to 20.2%.
What does net margin mean?: Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.