Dropbox Q2 revenue falls 1.4% to $625.7 million; GAAP EPS rises to $0.45
Dropbox reported second-quarter 2025 results for the quarter ended June 30, 2025, with revenue of $625.7 million, down 1.4% from a year earlier, while GAAP diluted earnings per share rose to $0.45 from $0.34. The filing does not include forward guidance, which the company said it would provide on its earnings call and investor website.
Key points
- Revenue was $625.7 million, down 1.4% year over year; paying users were 18.13 million, versus 18.22 million a year earlier.
- GAAP operating margin was 26.9%, up from 20.0%; the company cited lower employee-related costs from a decrease in headcount.
- Free cash flow was $258.5 million, up from $224.7 million; common stock repurchases were $410.0 million in the quarter.
- The filing states no financial outlook; guidance was to be provided on the August 7, 2025 conference call and website.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 07, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.