Dropbox (DBX) Operating Margin (2017 - 2026)

Dropbox (DBX) has reported Operating Margin for 10 consecutive years, with 27.45% the latest figure, recorded in Q1 2026.

• Operating Margin for Q1 2026 came in at 27.45%, down 197.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 26.85% (up 613.0% YoY), and the FY2025 annual result was 27.33%, up 825.0% from the prior year.
• Operating Margin was 27.45% for Q1 2026 at Dropbox, up from 25.5% in the prior quarter.
• Over five years, Operating Margin peaked at 42.11% in Q4 2023 and troughed at 13.43% in Q4 2022.
• Average Operating Margin over 5 years is 19.46%, with a median of 20.02% recorded in 2024.
• Year-over-year, Operating Margin soared 5554 bps in 2023 and tumbled 2845 bps in 2024.
• Over 5 years, Operating Margin stood at 13.43% in 2022, then soared by 414 bps to 42.11% in 2023, then sank by 68 bps to 13.66% in 2024, then surged by 87 bps to 25.5% in 2025, then advanced by 8 bps to 27.45% in 2026.
• Per Business Quant data, the three most recent Operating Margin figures were 27.45% in Q1 2026, 25.5% in Q4 2025, and 27.54% in Q3 2025.