Leadership transition underway, with Ashraf Alkarmi set to become sole CEO and Drew Houston moving to executive chairman, emphasizing continuity and operational rigor.
Strategic focus on embedding AI natively, restoring durable growth in Core, and leveraging Dropbox’s content platform for deeper workflows and broader ecosystem integration.
Core business returned to sustainable growth, with three consecutive quarters of paying user growth and positive momentum in both Teams and Individuals segments; 96,000 net new paying users in Q2, reaching 18.19 million.
AI integrations (Claude, ChatGPT, Dash) are being embedded into the core product, with early positive user engagement and retention.
Maintained a large user base with 700M+ registered users and continued leadership in the content sharing and collaboration market.
Q2 2026 revenue increased 0.9% year-over-year to $631.5 million; excluding FormSwift, revenue grew 1.7%.
Gross margin was 81.6% (down 60 bps YoY) due to higher compute costs from AI rollout; GAAP gross margin was 80.2%.
Operating margin was 39.7%, ahead of guidance but down 180 bps YoY, reflecting increased marketing and AI-related costs.
Net income was $170.0 million (non-GAAP, down from $197.7 million YoY); GAAP net income was $95.8 million (down from $125.6 million YoY), mainly due to higher interest expense.
Unlevered free cash flow was $283.5 million, up from $276.4 million YoY; per share, this was $1.25, up 25%.
Q3 2026 revenue expected between $627–$630 million; non-GAAP operating margin around 38.5%.
Full-year 2026 revenue guidance raised to $2.513–$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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