Q3 2025 revenue was $634.4 million, down 0.7% year-over-year but exceeded guidance, driven by strong retention in individual and self-serve teams' plans and operational efficiency.
Net income for Q3 2025 rose to $123.8 million from $106.7 million year-over-year, aided by lower operating expenses and efficiency initiatives.
Strategic focus on scaling Dash, an AI-powered work search and organization tool, with strong early engagement and positive customer response.
Paying users declined to 18.07 million from 18.22 million at year-end 2024, while ARPU remained stable at $139.07.
Launched self-serve Dash in the US and began integrating Dash natively into the Dropbox app for business customers.
Q3 2025 revenue was $634.4 million; total ARR was $2.536 billion, down 1.7% year-over-year.
Gross margin for Q3 2025 was 80%, down from 83% in Q3 2024, mainly due to higher infrastructure depreciation.
Non-GAAP operating margin was 41.1%, up 490 bps year-over-year, aided by headcount reductions and lower marketing spend.
Net income was $197 million non-GAAP and $123.8 million GAAP; diluted EPS was $0.74 non-GAAP and $0.47 GAAP.
Free cash flow for Q3 2025 was $293.7 million, with cash, cash equivalents, and short-term investments totaling $925.3 million at quarter end.
Q4 2025 revenue expected between $626–$629 million; constant currency revenue $623–$626 million.
Full-year 2025 revenue guidance raised to $2.511–$2.514 billion; constant currency revenue $2.508–$2.511 billion.
Full-year non-GAAP operating margin guidance raised to 40%; unlevered free cash flow expected at or above $1 billion.
Full-year paying users expected to decline by 250,000, improved from prior outlook.
2026 focus will be on scaling Dash and returning to revenue growth, but margin expansion is not expected.
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