Earnings Releases·Nov 5, 2026, 4:06 PM ET

Dropbox — Third Quarter 2026 Earnings Summary

Total revenue increased 0.5% year-over-year to $637.3 million, with growth accelerating to 1.0% when excluding FormSwift; Non-GAAP operating margin expanded to 42.2% and Non-GAAP net income rose to $197.8 million.
The company announced an agreement to acquire Tigris Data Inc. for approximately $350.0 million in cash, expected to close in Q4 2026, while simultaneously completing the wind-down of FormSwift.
Capital return activities included $150.2 million in stock repurchases during the quarter and $695.8 million in convertible senior notes repaid over the nine-month period.
Strategic product launches included the DBX Agent Cloud infrastructure for AI developers and an enhanced platform experience for content creation, though paying user ARPU declined slightly to $138.76.
Management characterized the quarter as a "beat-and-raise" period marking five consecutive quarters of revenue growth excluding FormSwift, with forward-looking guidance to be provided on November 5, 2026.