Dropbox Q3 revenue $634.4M (-0.7% YoY), GAAP EPS $0.47, non-GAAP op margin 41.1%

DROPBOX, INC.

2025-Q3 EPS reported $1.43 revenue$1,884,800,000

Revenue $634.4M (-0.7% YoY, constant currency -1.2%); ARR $2.536B (-1.7% YoY).
GAAP net income $123.8M ($0.47 diluted EPS) vs $106.7M ($0.34) YoY; non-GAAP net income $196.7M ($0.74 EPS).
GAAP operating margin 27.5% vs 20.0% YoY; non-GAAP operating margin 41.1% vs 36.2% YoY on lower headcount costs.
Free cash flow $293.7M vs $270.1M YoY; cash and equivalents $925.3M at quarter end.
Launched self-serve Dash AI assistant with deep Dropbox integration; early customer response positive.

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