Dropbox (DBX) Operating Margin (2017 - 2026)
Dropbox's Operating Margin was 26.10% in Q2 2026, down 0.82 percentage points from 26.91% a year earlier and down 1.35 percentage points from the prior quarter.
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Analysis
Dropbox (DBX) Operating Margin (2017 - 2026) Analysis & Trends
On a trailing twelve-month basis, Dropbox's Operating Margin was 26.64% through Jun 30, 2026, up 4.22 percentage points year-over-year; for FY2025, it was 27.33%, up 8.25 percentage points from FY2024.
- Operating Margin shows a five-year change of +41.81 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was 19.08% in FY2024 (-2.45 pp), 21.53% in FY2023 (+13.74 pp), 7.80% in FY2022 (-4.92 pp) and 12.72% in FY2021 (+27.19 pp).
- Quarterly Operating Margin has moved between -13.43% (Q4 2022) and 42.11% (Q4 2023) over five years.
- Compared with a year earlier, Operating Margin was higher in four of the last eight quarters, with an average year-over-year change of +0.13 percentage points.
- The best year-over-year quarter for Operating Margin over five years was Q4 2021 (a gain of 81.17 percentage points); the worst was Q4 2024 (a drop of 28.45 percentage points).
- Per Business Quant data, DBX's Operating Margin in the three quarters before Q2 2026 was 27.45% (Q1 2026), 25.50% (Q4 2025) and 27.54% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Adobe | 90.32 Bn | 65.57 Bn | 6.00 Bn | 34.82% |
| 2 | Atlassian | 46.45 Bn | 39.73 Bn | 1.53 Bn | 11.93% |
| 3 | Twilio | 44.08 Bn | 34.07 Bn | 725.87 Mn | 5.64% |
| 4 | Autodesk | 43.30 Bn | 31.34 Bn | 1.87 Bn | 29.28% |
| 5 | Zoom Communications | 25.52 Bn | -5.27 Bn | 985.50 Mn | 24.61% |
| 6 | Figma | 10.74 Bn | 4.24 Bn | 309.61 Mn | -31.69% |
| 7 | Dropbox | 7.01 Bn | 2.65 Bn | 506.50 Mn | 26.10% |
| 8 | Nice | 6.59 Bn | 5.06 Bn | 995.81 Mn | 14.88% |
| 9 | RingCentral | 6.37 Bn | 5.87 Bn | 472.31 Mn | 7.65% |
| 10 | Open Text | 5.38 Bn | 813.39 Mn | 1.01 Bn | 23.70% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 26.10% |
| Mar 31, 2026 | 27.45% |
| Dec 31, 2025 | 25.50% |
| Sep 30, 2025 | 27.54% |
| Jun 30, 2025 | 26.91% |
| Mar 31, 2025 | 29.42% |
| Dec 31, 2024 | 13.66% |
| Sep 30, 2024 | 20.01% |
| Jun 30, 2024 | 20.02% |
| Mar 31, 2024 | 22.73% |
| Dec 31, 2023 | 42.11% |
| Sep 30, 2023 | 20.65% |
| Jun 30, 2023 | 9.08% |
| Mar 31, 2023 | 13.76% |
| Dec 31, 2022 | -13.43% |
| Sep 30, 2022 | 15.11% |
| Jun 30, 2022 | 14.48% |
| Mar 31, 2022 | 15.91% |
| Dec 31, 2021 | 12.41% |
| Sep 30, 2021 | 14.05% |
API Access
Dropbox Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=DBX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "DBX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=DBX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();