DBX DROPBOX, INC.
Price Chart
Executive Summary
Dropbox reported Q1 2026 revenue of $629.5M (+0.8% YoY), beating GAAP EPS consensus of $0.46 with $0.48. However, GAAP net income fell 24% to $114.5M due to higher interest expense, and paying users declined to 18.09M. The company continued aggressive share repurchases ($366.8M) funded partly by new debt, while free cash flow improved to $203.3M.
Key Financial Metrics
Actionable Insight
The GAAP EPS beat is offset by declining net income and a shrinking user base. The aggressive buyback funded by debt adds risk. Monitor the upcoming conference call for forward revenue and ARR guidance; any signs of acceleration or stabilization in core business could drive a relief rally.
Key Facts
- Revenue $629.5M, up 0.8% YoY (2.0% ex-FormSwift)
- GAAP diluted EPS $0.48 vs $0.46 consensus (beat 4.3%)
- GAAP net income $114.5M, down 24% from $150.3M YoY
- Non-GAAP diluted EPS $0.76, up from $0.70 YoY
- Total ARR $2.560B, up 0.3% (1.3% ex-FormSwift)
- Paying users 18.09M, down from 18.16M a year ago
- Free cash flow $203.3M, up from $153.7M YoY
- Repurchased $366.8M of common stock in Q1 2026
- Ended quarter with $1.289B in cash and short-term investments
Financial Impact
GAAP EPS beat by ~4.3% but net income fell 24% YoY; no revenue guidance provided
Risk Factors
- Declining GAAP net income and EPS trend
- Paying user base contraction
- High leverage from term loan and convertible notes
- Winding down of FormSwift product may still pressure near-term revenue
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001467623-26-000027 |
| Document: dbx-20260507.htm | 0001467623-26-000027 |
| Document: 0001467623-26-000027-index-headers.html | 0001467623-26-000027 |
| Document: 0001467623-26-000027-index.html | 0001467623-26-000027 |
| Document: 0001467623-26-000027.txt | 0001467623-26-000027 |
| 8-K Data (Synthetic) | 0001467623-26-000027 |
Filters
| Type | Now | ||||
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Jun 3, 2026
6d ago
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Insider Cluster
| $27.18 $27.38 | ▲ +0.75% | ▲ +3.35% | $27.30 (+0.46%) |
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Jun 1, 2026
8d ago
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8-K
| $28.92 $28.16 | ▼ −2.63% | ▼ −2.77% | $27.30 (−5.60%) |
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May 26, 2026
14d ago
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8-K
| $26.46 $25.97 | ▼ −1.85% | ▼ −1.87% | $27.30 (+3.18%) |
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May 20, 2026
20d ago
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Insider Cluster
| $27.16 $27.51 | ▲ +1.29% | ▲ +0.84% | $27.30 (+0.52%) |
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May 20, 2026
20d ago
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Insider Cluster
| $27.16 $27.51 | ▲ +1.29% | ▲ +0.84% | $27.30 (+0.52%) |
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May 20, 2026
20d ago
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Insider Cluster
| $25.97 $26.19 | ▲ +0.84% | ▲ +0.29% | $27.30 (+5.13%) |
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May 20, 2026
20d ago
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Insider Cluster
| $27.16 $27.51 | ▼ −1.29% | ▼ −0.84% | $27.30 (−0.52%) |
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May 20, 2026
20d ago
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Insider Cluster
| $27.16 $27.51 | ▼ −1.29% | ▼ −0.84% | $27.30 (−0.52%) |
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May 19, 2026
21d ago
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Insider Cluster
| $27.53 $27.16 | ▼ −1.34% | ▼ −1.54% | $27.30 (−0.83%) |
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May 19, 2026
21d ago
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Insider Cluster
| $27.53 $27.16 | ▲ +1.34% | ▲ +1.54% | $27.30 (+0.83%) |
US Market Status
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