Dropbox (DBX) Operating Margin (2017 - 2026)

Dropbox has reported Operating Margin for 10 years, with the latest figure at 27.45% in Q1 2026.

• For the quarter ending Q1 2026, Operating Margin fell 197.0% year-over-year to 27.45%; the trailing twelve-month figure through Mar 2026 stood at 26.85% (up 613.0% YoY), and the FY2025 full-year result was 27.33%, up 825.0% from the prior year.
• Operating Margin for Q1 2026 stood at 27.45%, up from 25.5% in the prior quarter.
• The five-year high for Operating Margin was 42.11% in Q4 2023, with the low at 13.43% in Q4 2022.
• Historically, Operating Margin has averaged 19.46% across 5 years, with a median of 20.02% in 2024.
• Annual changes were most pronounced in 2023 — Operating Margin jumped 5554 bps — and 2024, when it sank 2845 bps.
• Dropbox's Operating Margin stood at 13.43% in 2022, then soared by 414 bps to 42.11% in 2023, then slumped by 68 bps to 13.66% in 2024, then surged by 87 bps to 25.5% in 2025, then increased by 8 bps to 27.45% in 2026.
• The last three Operating Margin figures came in at 27.45% (Q1 2026), 25.5% (Q4 2025), and 27.54% (Q3 2025), per Business Quant data.