Dropbox (DBX) Operating Margin (2017 - 2026)

Dropbox's Operating Margin history runs 10 years deep, the most recent figure standing at 27.45% for Q1 2026.

• Quarterly Operating Margin fell 197.0% year-over-year to 27.45% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 26.85% (up 613.0% YoY) and the FY2025 annual result came in at 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.
• Across five years, Operating Margin topped out at 42.11% in Q4 2023 and bottomed at 13.43% in Q4 2022.
• A 5-year average of 19.46% and a median of 20.02% in 2024 frame the typical range for Operating Margin.
• Annual changes were most pronounced in 2023 — Operating Margin jumped 5554 bps — and 2024, when it plunged 2845 bps.
• Dropbox's 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 8 bps to 27.45% in 2026.
• Business Quant data shows DBX's Operating Margin at 27.45% in Q1 2026, 25.5% in Q4 2025, and 27.54% in Q3 2025.