Q2 2026 revenue reached $631.5 million, up 0.9% year-over-year; excluding FormSwift, revenue grew 1.7% year-over-year.
Added 96,000 net new paying users in Q2, marking the third consecutive quarter of growth, with total paying users at 18.19 million as of June 30, 2026.
Non-GAAP operating margin was 39.7%, ahead of guidance but down year-over-year; unlevered free cash flow was $283.5 million.
AI-powered product enhancements, including Dropbox Dash and integrations with Claude and ChatGPT, drove user engagement and retention.
Leadership transition underway, with Ashraf Alkarmi set to become sole CEO and Drew Houston moving to executive chairman.
Total ARR was $2.566 billion, up 1.0% year-over-year; excluding FormSwift, up 1.7%.
GAAP gross margin was 80.2% (flat year-over-year); non-GAAP gross margin was 81.6% (down from 82.2%).
GAAP net income was $95.8 million (down from $125.6 million); non-GAAP net income was $170.0 million (down from $197.7 million).
Average revenue per paying user was $139.68, up from $138.32 year-over-year.
Cash, cash equivalents, and short-term investments totaled $1.114 billion at quarter end.
Fiscal 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.
Q3 2026 revenue expected between $627 million–$630 million.
Gross margin for 2026 expected at approximately 81.5%, with some quarter-to-quarter variability due to AI rollout and infrastructure efficiencies.
Management remains cautious due to macroeconomic uncertainty, early-stage adoption of new initiatives, and ongoing product transitions.
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