Dropbox
Syncs, stores, and shares files for individuals and teams while layering AI-powered search across connected apps.
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Profile
Sells cloud storage, file-sync, and collaboration tools through tiered subscription plans for individuals, families, and teams, extended by e-signature, document-sharing, and video-review add-ons. An AI-powered search layer, Dash, aims to convert its far larger free-registered base into paying subscribers, and almost all revenue arrives through self-serve purchases rather than a sales force.
Began as a 2007 MIT dorm-room project to sync files across computers, growing through Y Combinator into a subscription platform for cloud storage and collaboration, sold in tiers to individuals and teams.
The lineup now includes e-signature and workflow tools, secure document sharing, endpoint backup, video review, one-off file transfer, and AI scheduling, plus Dash, an AI search layer spanning connected apps.
Revenue concentrates in the United States with a sizable international share, and almost all of it arrives through self-serve purchases rather than sales-team contact — a low-cost, viral distribution model.
Founder Drew Houston led the company from its founding through its 2018 Nasdaq listing, handing the CEO role to product chief Ashraf Alkarmi in 2026 after three staff reductions funded the AI pivot.
Company facts
Categories
Key statistics
Year to date +32.6% · Average volume (30d) 4.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | William Blair | Upgrade | Underperform | Market Perform | ||
| Mar 23, 2026 | William Blair | Downgrade | Market Perform | Underperform | ||
| Feb 20, 2026 | UBS | Reiterate | Sell | $27 | $23 | |
| Feb 20, 2026 | RBC Capital | Reiterate | Outperform | $35 | $30 | |
| Jan 5, 2026 | RBC Capital | Reiterate | Outperform | $32 | $35 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.74 | $0.75 | +1.5% | $626.7M | $631.5M | +0.8% | +0.78% |
| May 7, 2026Q1 FY26 | $0.71 | $0.76 | +7.0% | $620.6M | $629.5M | +1.4% | +15.00% |
| Feb 19, 2026Q4 FY25 | $0.66 | $0.68 | +3.0% | $628.9M | $636.2M | +1.2% | +3.03% |
| Nov 6, 2025Q3 FY25 | $0.65 | $0.74 | +14.2% | $624.0M | $634.4M | +1.7% | +7.67% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $624.7M | $625.7M | $634.4M | $636.2M | $629.5M | $631.5M | |
| Gross profit | $508.0M | $502.1M | $506.1M | $504.1M | $501.4M | $506.5M | |
| Operating income | $186.1M | $172.2M | $174.7M | $158.3M | $172.8M | $164.8M | |
| Net income | $150.3M | $125.6M | $123.8M | $108.7M | $114.5M | $95.8M | |
| Diluted EPS | $0.51 | $0.45 | $0.47 | $0.43 | $0.48 | $0.42 | |
| Gross margin | 81.3% | 80.2% | 79.8% | 79.2% | 79.7% | 80.2% | |
| Operating margin | 29.8% | 27.5% | 27.5% | 24.9% | 27.5% | 26.1% |
Fiscal years (4-quarter sums)FY21 $2.16B · FY22 $2.32B · FY23 $2.50B · FY24 $2.55B · FY25 $2.52B
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.11B · Total debt $3.98B · Total assets $2.83B · Shareholders' equity −$2.19B
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 254.51M · Float 138.68M · 54.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Andrew Houston · director, 10 percent owner, officer: Chief Executive Officer | 66.33M | 26.06% | Form 4 | May 20, 2026 |
| BlackRock, Inc. | 18.45M | 7.25% | 13F | Aug 7, 2026 |
| LSV Asset Management | 11.52M | 4.53% | 13F | Aug 6, 2026 |
| Vanguard Portfolio Management LLC | 10.58M | 4.16% | 13F | Aug 13, 2026 |
| Arrowstreet Capital, Limited Partnership | 7.84M | 3.08% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | Sarah Elizabeth Schubach | officer: Chief Accounting Officer | −1,631 | $34.01 |
| Aug 18, 2026 | Eric T. Webster | officer: Chief Business Officer | −15,830 | $34.09 |
| Aug 18, 2026 | Ali Dasdan | officer: Chief Technology Officer | −11,332 | $34.13 |
| Jul 31, 2026 | Sarah Elizabeth Schubach | officer: Chief Accounting Officer | −1,632 | $31.61 |
| Jul 29, 2026 | Karen Peacock | director | −2,000 | $33.00 |
Peers
- Microsoft
Head-to-head in cloud storage, productivity collaboration, and AI file search
- Alphabet Class A
Cloud storage, Workspace collaboration, and Gemini AI search overlap directly
- Box
Direct rival in enterprise cloud content management and storage
- Docusign
Category leader in e-signature, Dropbox Sign's closest direct rival
- Adobe
Overlaps in e-signature and cloud/creative file storage
- Atlassian
Confluence and Rovo overlap in collaboration and AI search
- Salesforce
Slack's Canvas overlaps narrowly in content sharing
- Apple
iCloud+ undercuts on price in consumer cloud storage
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Dropbox | $36.03 | +0.90% | $9.09B | 19.8 | 11.3 | 3.6 | +0.9% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| Alphabet Class A | $346.00 | −0.14% | $4.19T | 17.4 | 25.8 | 9.4 | +24.2% |
| Box | $35.00 | −0.01% | $4.85B | 50.3 | 21.2 | 3.9 | +9.2% |
| Docusign | $64.08 | +0.11% | $12.22B | 41.6 | 13.8 | 3.7 | +8.7% |
| Adobe | $291.46 | −0.04% | $115.88B | 16.7 | 11.3 | 4.6 | +12.7% |
| Atlassian | $189.61 | −0.47% | $50.02B | — | 34.8 | 7.6 | +27.6% |
| Salesforce | $256.48 | +0.16% | $209.66B | 23.4 | 17.6 | 4.8 | +10.8% |
| Apple | $320.07 | +0.15% | $4.70T | 36.6 | 34.7 | 10.1 | +16.4% |
| Median | 28.6 | 23.5 | 6.2 | +14.5% |