Dropbox Q2 revenue down 1.4% to $625.7M, EPS beats at $0.71 non-GAAP, operating margin expands to 41.5%

DROPBOX, INC.

2025-Q2 EPS reported $0.96 revenue$1,250,400,000

GAAP diluted EPS $0.45 vs $0.34 YoY; non-GAAP diluted EPS $0.71 vs $0.60.
Paying users 18.13M, down 34k QoQ; ARPU $138.32 vs $139.93 YoY.
GAAP operating margin 26.9% vs 20.0% YoY; non-GAAP 41.5% vs 35.9%.
Free cash flow $258.5M, up from $224.7M YoY; cash & equivalents $954.7M.
CEO cites early stability in Core FSS and momentum for AI-powered Dash.

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