Dropbox Past Earnings Performance
Past criteria checks 3/6
Dropbox has been growing earnings at an average annual rate of 32.9%, while the Software industry saw earnings growing at 21.4% annually. Revenues have been growing at an average rate of 5.4% per year.
Key information
32.91%
Earnings growth rate
36.43%
EPS growth rate
| Software Industry Growth | 17.33% |
| Revenue growth rate | 5.41% |
| Return on equity | n/a |
| Net Margin | 20.17% |
| Next Earnings Update | 07 May 2026 |
Recent past performance updates
Recent updates
DBX: Future Earnings Will Depend On Core Resilience And Ongoing Buybacks
Analysts have trimmed Dropbox's implied price target to about $25.50, reflecting a modest adjustment to valuation assumptions as Street research cites mixed recent results, slower growth trends into 2026, and the need for clearer traction from newer products such as Dash. Analyst Commentary Recent Street research on Dropbox reflects a more cautious stance, with several firms lowering price targets and adjusting ratings as they reassess growth, execution on new products like Dash, and how much investors are willing to pay for the story.DBX: Future Earnings Profile Will Rely On Core Stability And Capital Returns
Analysts have trimmed their average price targets on Dropbox to a range centered around $25 to $27. This reflects ongoing concerns about growth challenges, mixed recent results, and the need for clearer traction from products like Dash before considering a more constructive stance.
DBX: Execution And Buybacks Will Shape Future Earnings Multiple Constraints
For Dropbox, the analyst price target in this framework increases from $20.00 to $21.00 as analysts factor in recent target cuts from Citi, UBS, RBC Capital, and JPMorgan, along with updated assumptions for growth, profitability, and future P/E. Analyst Commentary Recent Street research on Dropbox reflects a cautious tone, with several bearish analysts trimming price targets and one downgrade in coverage.DBX: Future Earnings Profile Will Depend On Core Stability And New Product Execution
Our updated narrative trims the analyst price target for Dropbox from $28.57 to $25.50, reflecting a series of recent target cuts from $30 to $27, $27 to $23, $35 to $30, and $29 to $25 as analysts point to ongoing growth challenges, mixed results, and limited evidence of traction from newer products like Dash. Analyst Commentary Recent research points to a more cautious stance on Dropbox, with several firms trimming their price targets and emphasizing execution on growth initiatives and new products like Dash as key swing factors for valuation.
DBX: Buybacks And AI Investment Will Support Higher Future Pricing
The analyst price target for Dropbox has been reduced from $35 to $30 as analysts factor in mixed recent results, ongoing growth challenges, and questions around the pace of adoption and monetization for new products like Dash. Analyst Commentary Recent Street research on Dropbox reflects a cautious stance overall, but there are still some constructive signals for investors who are focused on execution and valuation.Dropbox: Rich FCF That Can't Be Sustained As Users Leave
Feb 20DBX: Execution And Competitive Pressures Will Constrain Future Earnings Multiple
Analysts kept their $20.00 fair value estimate for Dropbox steady while slightly adjusting assumptions around discount rate, revenue growth, margins and future P/E to reflect updated views on the risk profile and earnings power, without changing the overall valuation anchor. Analyst Commentary While the fair value estimate for Dropbox remains unchanged at $20.00, some elements of Street research highlight risks that readers should keep in mind when thinking about valuation and execution.DBX: Q3 Margin Strength And Guidance Shifts Will Shape Fair Value Outlook
Analysts have inched their fair value estimate for Dropbox higher to $28.57 from $28.13, reflecting updated assumptions around a slightly higher discount rate, a modest decline in expected revenue growth, a marginally stronger profit margin, and a lower future P/E multiple in light of recent research that includes RBC Capital's price target move to $38 after what it called decent Q3 results. Analyst Commentary Recent Street research on Dropbox has focused on how the latest quarterly results line up against expectations and what that might mean for valuation.DBX: Q3 Outperformance And Buybacks Will Support Higher Future Pricing
Analysts raised their fair value estimate for Dropbox to US$35 from US$32, citing the recent price target increase from US$35 to US$38 at RBC Capital and research that highlights stronger than expected Q3 revenue, billings, and operating margins, despite slightly softer annual recurring revenue. Analyst Commentary For Dropbox, bullish analysts are pointing to the recent price target increase to US$38 as a sign of confidence in how the company is executing against expectations.DBX: Rising Execution Risks Will Pressure Long Term Earnings Multiple
Analysts have modestly reduced their fair value estimate for Dropbox from $23.00 to $20.00 per share, reflecting a higher assumed discount rate, while also acknowledging slightly better long term margin prospects and a lower future earnings multiple. Analyst Commentary While recent earnings have demonstrated resilient profitability and solid execution, bearish analysts continue to flag a disconnect between Dropbox's share price and its long term fundamental outlook.Why We Think Shareholders May Be Considering Bumping Up Dropbox, Inc.'s (NASDAQ:DBX) CEO Compensation
May 08
Investors Continue Waiting On Sidelines For Dropbox, Inc. (NASDAQ:DBX)
May 06Dropbox: Losing Customers, Market Share, And Revenue
Mar 21Dropbox: I Expect Further Downside
Feb 26Dropbox: Low Growth, Fair Valuation And Competition Risks
Feb 18Dropbox: Terminal Value Component Remains An Enduring Question Mark
Jan 29Dropbox: Redundant With No Credible Pivots
Dec 27Dropbox: This Situation Is A Falling Knife
Nov 12Dropbox: Business Has A Poor Competitive Position
Oct 03Dropbox: A Buyout Might Save This From The Stall Warning (Technical Analysis)
Sep 02
Expanding Into AI With Dash Could Spur Growth Amidst Team Segment Struggles And Margin Pressures
Enhanced features like AI-enabled Dash and FSS encryption aim to boost revenue by attracting new users and retaining existing ones.After Earnings Beat, Dropbox Growth Is Worth Keeping An Eye On
Aug 12Dropbox: The Growth Engine Has Sputtered (Rating Downgrade)
Jun 06Dropbox: Attractive Forward Returns With Upside
May 07Dropbox: Revenue Growth May Come Under Pressure (Rating Downgrade)
Apr 02Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Dropbox makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 2,521 | 508 | 599 | 730 |
| 30 Sep 25 | 2,528 | 503 | 617 | 757 |
| 30 Jun 25 | 2,533 | 485 | 642 | 800 |
| 31 Mar 25 | 2,542 | 470 | 669 | 843 |
| 31 Dec 24 | 2,548 | 452 | 687 | 885 |
| 30 Sep 24 | 2,540 | 577 | 691 | 894 |
| 30 Jun 24 | 2,534 | 584 | 683 | 884 |
| 31 Mar 24 | 2,522 | 517 | 682 | 893 |
| 31 Dec 23 | 2,502 | 454 | 695 | 909 |
| 30 Sep 23 | 2,465 | 555 | 675 | 925 |
| 30 Jun 23 | 2,423 | 524 | 670 | 937 |
| 31 Mar 23 | 2,374 | 543 | 657 | 916 |
| 31 Dec 22 | 2,325 | 553 | 632 | 892 |
| 30 Sep 22 | 2,292 | 350 | 634 | 855 |
| 30 Jun 22 | 2,251 | 342 | 647 | 815 |
| 31 Mar 22 | 2,209 | 368 | 640 | 786 |
| 31 Dec 21 | 2,158 | 336 | 651 | 756 |
| 30 Sep 21 | 2,097 | -135 | 657 | 731 |
| 30 Jun 21 | 2,034 | -177 | 655 | 727 |
| 31 Mar 21 | 1,971 | -248 | 667 | 727 |
| 31 Dec 20 | 1,914 | -256 | 651 | 728 |
| 30 Sep 20 | 1,856 | 83 | 651 | 728 |
| 30 Jun 20 | 1,797 | 33 | 650 | 717 |
| 31 Mar 20 | 1,731 | -6 | 654 | 694 |
| 31 Dec 19 | 1,661 | -53 | 669 | 662 |
| 30 Sep 19 | 1,591 | -56 | 654 | 622 |
| 30 Jun 19 | 1,523 | -44 | 630 | 582 |
| 31 Mar 19 | 1,461 | -27 | 597 | 540 |
| 31 Dec 18 | 1,392 | -485 | 723 | 768 |
| 30 Sep 18 | 1,321 | -513 | 713 | 735 |
| 30 Jun 18 | 1,248 | -521 | 682 | 699 |
| 31 Mar 18 | 1,175 | -544 | 656 | 670 |
| 31 Dec 17 | 1,107 | -112 | 471 | 380 |
| 30 Sep 17 | 1,039 | -103 | 419 | 350 |
| 30 Jun 17 | 974 | -132 | 393 | 328 |
| 31 Mar 17 | 900 | -174 | 369 | 309 |
| 31 Dec 16 | 845 | -210 | 358 | 290 |
| 31 Dec 15 | 604 | -326 | 301 | 202 |
Quality Earnings: DBX has high quality earnings.
Growing Profit Margin: DBX's current net profit margins (20.2%) are higher than last year (17.7%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: DBX has become profitable over the past 5 years, growing earnings by 32.9% per year.
Accelerating Growth: DBX's earnings growth over the past year (12.4%) is below its 5-year average (32.9% per year).
Earnings vs Industry: DBX earnings growth over the past year (12.4%) did not outperform the Software industry 14.4%.
Return on Equity
High ROE: DBX's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/01 03:48 |
| End of Day Share Price | 2026/05/01 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Dropbox, Inc. is covered by 21 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Edward Magi | Berenberg |
| Zane Chrane | Bernstein |
| Matthew Bullock | BofA Global Research |