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Dropbox DBX Operating margin

Operating margin at other companies

Apple logo
AppleAAPL
32.6%+0.8pp
Microsoft logo
MicrosoftMSFT
46.8%+1.6pp
Adobe logo
AdobeADBE
36.1%-0.3pp
Amazon logo
AmazonAMZN
11.5%+0.5pp
DocuSign logo
DocuSignDOCU
10.6%+2.8pp
Box logo
BoxBOX
8.6%+2.5pp

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
Net margin18.7%+0.2pp
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.

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 operating margin?
Dropbox (DBX) reported operating margin of 26.8% in Q1 2026.
How has Dropbox's operating margin changed year-over-year?
Dropbox's operating margin increased by 29.6% year-over-year, from 20.7% to 26.8%.
What is the long-term trend for Dropbox's operating margin?
Over 4 years (2020 to 2025), Dropbox's operating margin has grown at a 17.2% compound annual growth rate (CAGR), from -14.5% to 27.3%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.