Leadership transition underway, with Ashraf Alkarmi set to become sole CEO and Drew Houston moving to executive chairman, emphasizing continuity and confidence in future execution.
Achieved trailing twelve months (TTM) revenue of $2.532 billion and TTM unlevered free cash flow of $1.085 billion as of Q2 2026.
Maintained a large user base with 700M+ registered users and 18.19M paying users as of June 30, 2026.
Strategic focus on restoring durable growth in Core, embedding AI natively, and leveraging Dropbox’s content platform for deeper workflows and broader ecosystem integration.
Expanded product suite with AI-powered Dropbox Dash, enhancing search, organization, and productivity.
Q2 2026 revenue reached $631.5 million, up 0.9% year-over-year; excluding FormSwift, revenue grew 1.7% year-over-year.
Gross margin was 81.6% (non-GAAP), down 60 basis points year-over-year due to higher compute costs from AI rollout.
Operating margin was 39.7% (non-GAAP), ahead of guidance but down 180 basis points year-over-year, reflecting increased marketing and AI-related costs.
Net income was $170 million (non-GAAP), down from $197.7 million year-over-year, mainly due to higher interest expense.
Unlevered free cash flow was $283.5 million, up from $276.4 million year-over-year.
Q3 2026 revenue expected between $627 million-$630 million; flat year-over-year growth excluding FormSwift.
Full-year 2026 revenue guidance raised to $2.513 billion-$2.523 billion; non-GAAP operating margin guidance increased to 40.0%-40.5%.
Unlevered free cash flow guidance raised to at or above $1.070 billion.
Gross margin for 2026 expected at approximately 81.5%, with some quarter-to-quarter variability due to AI rollout and infrastructure efficiencies.
Continued positive paying user growth expected for 2026, with modest sequential ARPU declines.
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