Dropbox (DBX) Q3 FY2026 earnings: revenue $637 million, up 0.5% on the year

Dropbox, Inc. (DBX) reported revenue of $637 million for Q3 FY2026, the quarter ended 30 September 2026, up 0.5% on the same quarter a year earlier. Net income was $116 million, down 6.2% on the year, and diluted earnings per share $0.52. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$637 million

+0.5% on the year · +0.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

27.5%

27.5% a year earlier

Q4 FY2024Q3 FY2026

Net income

$116 million

-6.2% on the year · +21.2% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.52

+10.6% on the year · +23.8% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Revenue rose slightly year over year: Revenue was $637.3 million against $634.4 million a year earlier. Excluding FormSwift, revenue grew 1.0%, or 0.2% on a constant currency basis.
FormSwift wind-down reduced constant currency ARR: Total ARR on a constant currency basis fell $10.4 million quarter over quarter after the FormSwift wind-down finished. Excluding FormSwift, it rose $4.7 million.
DBX Agent Cloud introduced: DBX Agent Cloud starts with standalone, S3-compatible object storage and is to add filesystem and content-processing capabilities over time.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	637	632	634	+0.9%	+0.5%
Cost of revenue	124	125	128	-1.1%	-3.7%
Gross profit	514	506	506	+1.4%	+1.5%
Gross margin	80.6%	80.2%	79.8%
Research and development	185	188	182	-1.4%	+1.7%
Operating income	175	165	175	+6.3%	+0.3%
Operating margin	27.5%	26.1%	27.5%
Pre-tax income	130	118	157	+10.1%	-17.6%
Income tax	13.5	21.9	33.4	-38.4%	-59.6%
Effective tax rate	10.4%	18.6%	21.2%
Net income	116	95.8	124	+21.2%	-6.2%
Net margin	18.2%	15.2%	19.5%
Diluted EPS	$0.52	$0.42	$0.47	+23.8%	+10.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	259	238	302	+8.7%	-14.2%
Capital expenditure	7.4	3.3	8.4	+124.2%	-11.9%
Free cash flow	252	235	294	+7.1%	-14.3%
Free cash flow margin	39.5%	37.2%	46.3%
Cash from investing	18.3	19.2	17.8	-4.7%	+2.8%
Cash from financing	-234	-410	-324
Depreciation and amortisation	35.2	36.5	39.6	-3.6%	-11.1%
Share-based compensation	77.0	77.3	78.6	-0.4%	-2.0%
Buybacks	150	330	390	-54.5%	-61.5%
Diluted shares, weighted	225m	227m	265m	-0.7%	-15.1%
Shares outstanding at period end	224m	226m	259m	-1.0%	-13.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	-2,187	-2,188	-1,531
Debt	3,298	3,300	2,498	-0.1%	+32.0%
Operating lease liabilities	319	334	367	-4.5%	-13.0%
Finance lease liabilities	153	157	206	-2.6%	-25.7%
Other liabilities	1,251	1,223	1,256	+2.3%	-0.4%
Total liabilities and equity	2,834	2,826	2,796	+0.3%	+1.4%
Fixed assets	341	338	377	+0.9%	-9.6%
Goodwill	456	457	453	-0.1%	+0.7%
Intangible assets	22.7	22.4	40.4	+1.3%	-43.8%
Investments	37.4	57.6	195	-35.1%	-80.8%
Cash and equivalents	1,105	1,056	731	+4.6%	+51.2%
Receivables	75.9	76.3	73.9	-0.5%	+2.7%
Other assets	796	819	926	-2.8%	-14.0%
Total assets	2,834	2,826	2,796	+0.3%	+1.4%

Questions

What was Dropbox's revenue in Q3 FY2026?

Dropbox (DBX) reported revenue of $637 million for Q3 FY2026, the quarter ended 30 September 2026, up 0.5% on the same quarter a year earlier.

How much did Dropbox earn in Q3 FY2026?

Net income for Q3 FY2026 was $116 million, down 6.2% on the year, and diluted earnings per share $0.52.

When did Dropbox report Q3 FY2026 results?

Dropbox filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	566	562	573	591	599	611	622	633	635	631	634	639	644	625	626	634	636	630	632	637
Cost of revenue	116	113	106	110	116	117	120	120	122	106	107	112	121	117	124	128	132	128	125	124
Gross profit	450	450	467	481	483	494	502	513	513	526	528	527	523	508	502	506	504	501	506	514
Gross margin	80%	80%	82%	81%	81%	81%	81%	81%	81%	83%	83%	83%	81%	81%	80%	80%	79%	80%	80%	81%
R&D	202	211	215	228	238	235	263	216	222	219	227	226	243	178	184	182	187	184	188	185
Operating income	70.2	89.5	82.9	89.3	-80.4	84.1	56.5	131	267	144	127	128	87.9	184	168	175	162	173	165	175
Operating margin	12%	16%	14%	15%	-13%	14%	9%	21%	42%	23%	20%	20%	14%	29%	27%	28%	25%	27%	26%	27%
Pre-tax income	85.8	93.8	79.1	98.2	-78.4	87.6	59.0	136	272	151	134	133	92.4	170	148	157	143	141	118	130
Tax rate	-45%	15%	22%	15%	n/a	21%	27%	16%	17%	12%	17%	20%	-11%	11%	15%	21%	24%	19%	19%	10%
Net income	125	79.7	62.0	83.2	328	69.0	43.2	114	227	132	110	107	103	150	126	124	109	114	95.8	116
Net margin	22%	14%	11%	14%	55%	11%	7%	18%	36%	21%	17%	17%	16%	24%	20%	20%	17%	18%	15%	18%
Diluted EPS	$0.32	$0.21	$0.17	$0.23	$0.93	$0.20	$0.13	$0.33	$0.66	$0.39	$0.34	$0.34	$0.34	$0.51	$0.45	$0.47	$0.43	$0.48	$0.42	$0.52
Operating cash flow	163	141	210	251	195	140	188	256	200	176	231	274	214	154	260	302	235	204	238	259
Capital expenditure	1.3	10.7	4.0	6.2	12.9	1.9	3.0	9.4	10.0	9.2	5.9	4.1	3.3	0.1	2.0	8.4	10.5	1.2	3.3	7.4
Free cash flow	161	131	206	245	182	138	185	246	190	166	225	270	210	154	258	294	225	203	235	252
Buybacks	295	260	190	171	174	175	154	104	106	279	260	349	353	499	410	390	415	367	330	150
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	302m	281m	270m	259m	241m	233m	226m	224m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 6 November 2026: the filing.