Dropbox (DBX) Operating Margin (2017 - 2026)

Dropbox (DBX) has reported Operating Margin for 10 consecutive years, with 26.1% the latest figure, recorded in Q2 2026.

• For the quarter ending Q2 2026, Operating Margin fell 82.0% year-over-year to 26.1%; the trailing twelve-month figure through Jun 2026 stood at 26.64% (up 422.0% YoY), and the FY2025 full-year result was 27.33%, up 825.0% from the prior year.
• Operating Margin eased to 26.1% in Q2 2026 per DBX's latest filing, from 27.45% in the prior quarter.
• Across five years, Operating Margin topped out at 42.11% in Q4 2023 and bottomed at 13.43% in Q4 2022.
• Historically, Operating Margin has averaged 19.83% across 5 years, with a median of 20.33% in 2024.
• The sharpest annual moves came in 2023 and 2024: Operating Margin surged 5554 bps in 2023, then slumped 2845 bps in 2024.
• Over 5 years, Operating Margin stood at 13.43% in 2022, then surged by 414 bps to 42.11% in 2023, then plunged by 68 bps to 13.66% in 2024, then jumped by 87 bps to 25.5% in 2025, then gained by 2 bps to 26.1% in 2026.
• According to Business Quant data, Operating Margin over the past three periods registered 26.1%, 27.45%, and 25.5% for Q2 2026, Q1 2026, and Q4 2025 respectively.