SuperworthDropbox profit margin DBX
Gross, operating and net profit as a share of revenue over the last twelve months, from 2017.
- Net margin, 12 months
- 17.5%
- Operating margin, 12 months
- 26.6%
- Net margin on a year earlier
- −1.7 pts
- Peer median
- 15.0%
Over the twelve months to Jun 30, 2026, Dropbox kept 17.5% of its revenue as net profit, with an operating margin of 26.6% and a gross margin of 79.7%.
Five years earlier its net margin was −8.7%.
The median for 10 infrastructure software stocks of a similar size is 15.0%.
Profit margin over time
Fiscal year by fiscal year
| Fiscal year | Net margin | Operating margin | Gross margin |
|---|---|---|---|
| FY2025 | 20.2% | 27.3% | 80.1% |
| FY2024 | 17.7% | 19.1% | 82.5% |
| FY2023 | 18.1% | 21.5% | 80.9% |
| FY2022 | 23.8% | 7.8% | 80.9% |
| FY2021 | 15.6% | 12.7% | 79.4% |
| FY2020 | −13.4% | −14.5% | 78.3% |
| FY2019 | −3.2% | −4.8% | 75.3% |
| FY2018 | −34.8% | −35.5% | 71.6% |
| FY2017 | −10.1% | −10.3% | 66.7% |
Quarter by quarter
| Quarter | Ended | Net margin, 12 months | Change on a year | Operating margin |
|---|---|---|---|---|
| Q2 FY26 | 17.5% | −1.7 pts | 26.6% | |
| Q1 FY26 | 18.7% | +0.2 pts | 26.8% | |
| Q4 FY25 | 20.2% | +2.4 pts | 27.3% | |
| Q3 FY25 | 19.9% | −2.8 pts | 24.3% | |
| Q2 FY25 | 19.2% | −3.9 pts | 22.4% | |
| Q1 FY25 | 18.5% | −2.0 pts | 20.7% | |
| Q4 FY24 | 17.7% | −0.4 pts | 19.1% | |
| Q3 FY24 | 22.7% | +0.2 pts | 26.2% | |
| Q2 FY24 | 23.1% | +1.4 pts | 26.4% | |
| Q1 FY24 | 20.5% | −2.4 pts | 23.7% | |
| Q4 FY23 | 18.1% | −5.7 pts | 21.5% | |
| Q3 FY23 | 22.5% | +7.2 pts | 7.7% |
Against its peers
Companies in Software - Infrastructure nearest Dropbox's size, closest first, today.
| Company | Profit margin |
|---|---|
| DBXDropbox | 17.5% |
| PCTYPaylocity | 15.2% |
| QLYSQualys | 29.4% |
| APPFAppfolio | 15.1% |
| PATHUiPath | 21.0% |
| CVLTCommvault Systems | 5.6% |
| OTEXOpen Text | 12.3% |
| YOUClear Secure | 14.8% |
| SAICScience Applications International | 5.1% |
| BSYBentley Systems | 18.1% |
| BOXBox | 10.6% |
| Peer median | 15.0% |
Where Dropbox ranks
What the profit margin tells you
Profit as a share of revenue at three levels: gross (after making the product), operating (after running the business) and net (after everything, including tax and interest).
Compare within an industry. 10% is superb for a retailer and poor for a software company.
More on Dropbox
Valuation data, not investment advice. Prices as of . Reported figures come from the company's filings with the SEC.