Dropbox (DBX) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Dropbox published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Dropbox reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Dropbox completed the wind down of FormSwift, its forms and agreements service, at the end of Q3 2026. Excluding FormSwift, revenue grew 1.0% from a year earlier.
• On October 28, 2026, Dropbox announced a reduction of its global workforce by approximately 9%, with estimated cash costs of about $27 million to $33 million, mostly severance.
• On November 3, 2026, Dropbox agreed to acquire Tigris Data, an object storage platform, for about $350.0 million in cash. It expects the deal to close in Q4 2026.

Source: Dropbox Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Dropbox splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Dropbox's United States revenue was $358 million in Q3 2026, up 1% from $356 million in Q3 2025, 56% of total revenue.
• Dropbox's International revenue was $280 million in Q3 2026, flat on $279 million in Q3 2025, 44% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and GAAP diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Dropbox's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Dropbox earns almost all of its revenue from subscriptions to its platform, and it says it generates over 90% of revenue from self-serve channels, meaning users who buy a subscription through its app or website. Q3 2026 revenue was $637.3 million, up 0.5% from $634.4 million a year earlier. No customer accounted for more than 1% of revenue. (Dropbox Q3 2026 release, Nov 5, 2026; Dropbox Form 10-K, 2025, Feb 20, 2026; Dropbox Form 10-Q, Q3 2026, Nov 6, 2026)

Dropbox attributed the $2.9 million increase to positive impacts from changes in foreign exchange rates and growth in its Simple plan, offset by its decision to cut investment in FormSwift and wind it down at the end of September 2026. Excluding FormSwift, revenue grew 1.0%, and on a constant currency basis revenue excluding FormSwift rose 0.2%. (Dropbox Form 10-Q, Q3 2026, Nov 6, 2026; Dropbox Q3 2026 release, Nov 5, 2026)

By geography, customers in the United States brought in $357.6 million, against $355.6 million a year earlier, and international customers $279.7 million, against $278.8 million. No single country outside the United States accounted for more than 10% of revenue. (Dropbox Form 10-Q, Q3 2026, Nov 6, 2026)

Volume and price both moved little. Dropbox ended the quarter with 18.20 million paying users, against 18.07 million a year earlier, and average revenue per paying user was $138.76, against $139.07. Total ARR was $2.555 billion, up 0.8%, or up 1.9% excluding FormSwift. (Dropbox Q3 2026 release, Nov 5, 2026)

With the results Dropbox introduced DBX Agent Cloud, an infrastructure business for companies building AI applications that starts with S3-compatible object storage, and agreed to buy Tigris Data for about $350.0 million in cash. (Dropbox Q3 2026 release, Nov 5, 2026)

Dropbox's GAAP diluted EPS was $0.52 in Q3 2026 and its non-GAAP EPS was $0.88. The non-GAAP figure excludes $77.0 million of stock-based compensation, $6.0 million of acquisition-related and other expenses, $2.5 million of intangibles amortization and $8.1 million of workforce reduction expense, less $11.4 million of related tax effects. (Dropbox Q3 2026 release, Nov 5, 2026)

GAAP net income fell to $116.1 million from $123.8 million while EPS rose, because the share count fell faster. Diluted weighted-average shares were 225.1 million, against 265.1 million a year earlier. Dropbox repurchased and retired 4.7 million Class A shares for $151.0 million in the quarter and 31.6 million shares for $839.0 million over the first nine months of 2026. (Dropbox Q3 2026 release, Nov 5, 2026; Dropbox Form 10-Q, Q3 2026, Nov 6, 2026)

Interest expense, net rose to $51.2 million from $20.3 million, which Dropbox attributed to its term loan facility now being fully drawn. A lower provision for income taxes, $13.5 million against $33.4 million, partly offset it. (Dropbox Form 10-Q, Q3 2026, Nov 6, 2026; Dropbox Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Dropbox does not publish its outlook in the earnings release. The release says it gives forward-looking guidance on its conference call, webcast and investor relations website. (Dropbox Q3 2026 release, Nov 5, 2026)

Dropbox's co-CEO Ashraf Alkarmi said revenue growth excluding FormSwift and non-GAAP operating margin were both ahead of the company's guidance for Q3 2026, and that it was the fifth consecutive quarter of year-over-year revenue growth excluding FormSwift. (Dropbox Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Dropbox, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Dropbox's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning DBX is on is DBX a buy or a sell?, what analysts expect next is on the DBX forecast, and what the company does is on the Dropbox (DBX) stock page.

Every number on this page can be traced to a document Dropbox published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.