Q1 26 EPS
$0.76
BEAT +9.07%
Est. $0.70
Q1 26 Revenue
$629.5M
BEAT +1.53%
Est. $620.0M
vs S&P Since Q1 26
+7.3%
BEATING MARKET
DBX +6.7% vs S&P -0.6%
Market Reaction
Did DBX Beat Earnings? Q1 2026 Results
Dropbox delivered a clean beat to open fiscal 2026, with the cloud storage and collaboration company topping Wall Street expectations on both the top and bottom lines in a quarter that extended its consensus EPS beat streak to four consecutive period… Read more Dropbox delivered a clean beat to open fiscal 2026, with the cloud storage and collaboration company topping Wall Street expectations on both the top and bottom lines in a quarter that extended its consensus EPS beat streak to four consecutive periods. Non-GAAP diluted EPS of $0.76 cleared the $0.70 consensus estimate by 9.07%, aided in meaningful part by an aggressively reduced share count of 236.7 million, down from 295.7 million a year ago, as the company channeled fresh term loan proceeds into buybacks. Revenue came in at $629.50 million, a 1.53% beat versus the $619.99 million consensus, though the 0.8% year-over-year growth rate underscores a mature top line; excluding the FormSwift business being wound down, organic growth ran at 2.0%. Free cash flow of $203.30 million represented a 32.3% margin, a notable improvement over the prior year. The company deferred specific forward-looking guidance to its earnings call and investor relations materials.
Key Takeaways
- • Revenue exceeded high end of guidance
- • Improved retention in Individuals segment
- • Funnel and product improvements in Teams
- • Revenue growth of 2.0% excluding FormSwift
- • Average revenue per paying user increased to $141.18 from $139.26
- • Strong free cash flow margin of 32.3%
DBX Forward Guidance & Outlook
Dropbox stated it will provide forward-looking guidance on its conference call, webcast, and investor relations website. No specific numerical guidance was included in the press release.
DBX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“We delivered a strong quarter, exceeding the high end of our guidance for revenue and operating margin, with revenue growing 0.8% year-over-year and 2% year-over-year excluding FormSwift. This represents another quarter of positive revenue growth excluding FormSwift and reflects progress in strengthening our core business. We're seeing encouraging signs from the focused work we've done to improve retention in Individuals, alongside funnel and product improvements in Teams. We're also continuing to expand Dash in Dropbox thoughtfully across our existing user base as we invest with discipline in the platform capabilities that will support future growth.”
— Drew Houston, Q1 2026 Earnings Press Release
DBX Earnings Trends
DBX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DBX EPS Trend
Earnings per share: estimate vs actual
DBX Revenue Trend
Quarterly revenue: estimate vs actual
DBX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.70 | $0.76 | +9.07% | $629.5M | +1.53% |
| Q4 25 BEAT FY | $0.67 | $0.68 | +1.58% | $636.2M | +1.32% |
| FY Full Year | $2.81 | $2.84 | +1.09% | $2.52B | +0.42% |
| Q3 25 BEAT | $0.65 | $0.74 | +14.07% | $634.4M | +1.73% |
| Q2 25 BEAT | $0.63 | $0.71 | +12.32% | $625.7M | +1.15% |
| Q1 25 BEAT | $0.62 | $0.70 | +12.56% | $624.7M | +0.80% |