Dropbox Inc

dropbox.com

What Do They Do?

Provides file storage and collaboration tools for individuals, teams, and organizations.

How Do They Make Money?

Customers pay for access through monthly or annual subscriptions, with a small number of large organizations on multi-year plans. Dropbox typically bills at the start of the subscription period, while access continues throughout that period.

FY2025 revenue

Who Are Their Customers?

Individuals, families, teams, and organizations of all sizes, from freelancers and small businesses to large companies, use Dropbox. Most paid subscriptions are purchased through its app or website, while Dropbox also pursues organizations through outbound sales.

Do Revenues Turn Into Profits?

Yes. It kept 20 cents of every revenue dollar as net income in FY2025 and turned 37 cents into free cash flow.

Operating income, FY2025

27% of revenue

▲ +42% vs FY2024 ($486.2M, 19%)

Net income, FY2025

20% of revenue

▲ +12% vs FY2024 ($452.3M, 18%)

Free cash flow, FY2025

37% of revenue

▲ +7% vs FY2024 ($871.6M, 34%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $625.7M in Q2 FY2025
Net income: ▼ −24%; vs $125.6M in Q2 FY2025

May 26, 2026 Ashraf Alkarmi appointed co-CEO Andrew Houston is expected to become executive chairman after a transition period, with Alkarmi remaining sole CEO.

Growing. Revenue grew 17% in 4 years, from $2.2B in FY2021 to $2.5B in FY2025, about 4% a year.

AI-focused products The latest report describes Dash as an AI-powered search tool and Reclaim as an AI-powered scheduling tool; the older report's product examples include Passwords, Vault, Computer Backup, and Capture.

Who Do They Compete With?

Competes with Microsoft, Amazon, Apple, Google, Adobe, Atlassian, Slack, Box, DocuSign, Glean, Guru, and Notion

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