---
schema_version: "secwatch.filing_event.v1"
accession: "0001467623-24-000003"
form_type: "8-K"
ticker: "DBX"
cik: "0001467623"
company_name: "DROPBOX, INC."
filed_at: "2024-02-15T23:59:59+00:00"
generated_at: "2026-06-06T01:04:46.400037+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Dropbox Q4 revenue $635M (+6% YoY); ARR growth slows to 0.3%

## Summary
- Q4 GAAP net income $227M ($0.66 diluted EPS) vs $328M last year; includes $158.8M real estate gain.
- Non-GAAP EPS $0.50 vs $0.40; free cash flow $190.3M vs $181.7M.
- Total ARR $2.523B, up just 0.3% YoY (3.8% constant currency); paying users 18.12M, down 0.05M QoQ.
- FY 2023 revenue $2.502B (+7.6% YoY); non-GAAP operating margin 32.8% vs 30.9%.
- CEO cites Q4 headwinds; investing in AI-powered Dash and focusing on core FSS profitability.

## SEC filing metadata
- accession: 0001467623-24-000003
- form_type: 8-K
- ticker: DBX
- cik: 0001467623
- company_name: DROPBOX, INC.
- filed_at: 2024-02-15T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1467623/000146762324000003/0001467623-24-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1467623/000146762324000003/dbx-20240215.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001467623-24-000003
- JSON: https://secwatch.observer/filing/0001467623-24-000003.json
- Plain text: https://secwatch.observer/filing/0001467623-24-000003.txt

## Key facts
- Earnings Releases
  DROPBOX, INC. reported the quarter ended December 31, 2023 results: revenue $635.0 million, net income $227.3 million, EPS $0.66.
  - Period: the quarter ended December 31, 2023
  - Revenue: $635.0 million
  - Net income: $227.3 million
  - EPS: $0.66
  - Result: reported results
  source text: Fourth Quarter Fiscal 2023 Results • Total revenue was $635.0 million, an increase of 6.0% from the same period last year. On a constant currency basis, year-over-year growth would have been 6.2%. (1) Total revenue increased $2.0 million quarter-over-quarter. • Total ARR was $2.523 billion, a slight increase of 0.3% from the same period last year. On a constant currency basis, year-over-year growth would have been 3.8%. (2) Total ARR decreased $2.2 million quarter-over-quarter. • Paying users was 18.12 million, as compared to 17.77 million for the same period last year. Average revenue per paying user was $138.83, as compared to $134.53 for the same period last year. Paying users decreased 0.05 million quarter-over-quarter. • GAAP gross margin was 80.8%, as compared to 80.7% for the same period last year. Non-GAAP gross margin was 82.3%, as compared to 82.0% for the same period last year. • GAAP operating margin was 42.1%, as compared to (13.4%) for the same period last year. In the fo
  evidence_url: https://www.sec.gov/Archives/edgar/data/1467623/000146762324000003/0001467623-24-000003-index.htm
- Earnings Releases
  DROPBOX, INC. reported the fiscal year ended December 31, 2023 results: revenue $2.502 billion, net income $453.6 million, EPS $1.31.
  - Period: the fiscal year ended December 31, 2023
  - Revenue: $2.502 billion
  - Net income: $453.6 million
  - EPS: $1.31
  - Result: reported results
  source text: Full Year Fiscal 2023 Results • Total revenue was $2.502 billion, an increase of 7.6% year over year. On a constant currency basis, year-over-year growth would have been 9.3%. (1) • Average revenue per paying user was $139.38, as compared to $134.51 in the prior year. • GAAP gross margin was 80.9%, consistent with the prior year. Non-GAAP gross margin was 82.5%, as compared to 82.3% in the prior year. • GAAP operating margin was 21.5%, as compared to 7.8% in the prior year. Non-GAAP operating margin was 32.8%, as compared to 30.9% in the prior year. • GAAP net income was $453.6 million, as compared to $553.2 million in the prior year. Non-GAAP net income was $685.0 million, as compared to $573.9 million in the prior year. • Net cash provided by operating activities was $783.7 million as compared to $797.3 million in the prior year. Free cash flow was $759.4 million as compared to $763.5 million in the prior year. • GAAP diluted net income per share attributable to common stockholders w
  evidence_url: https://www.sec.gov/Archives/edgar/data/1467623/000146762324000003/0001467623-24-000003-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.