DBX Dropbox margins

Relative Growth: Rel. Growth: 35

Relative Strength: Rel. Strength: 82

Relative Valuation: Rel. Valuation: 60

Relative Profitability: Rel. Profitability: 57

Gross margin

79.7%

Operating margin

26.6%

EBITDA margin

35.1%

Net margin

17.5%

Using the latest TTM figures, Dropbox shows a gross margin of 79.7%, an operating margin of 26.6%, an EBITDA margin of 35.1%, and a net margin of 17.5%. Margin expansion was strongest in EBITDA margin, which gained by 5.1 percentage points. Net margin had the strongest contraction, dropping by 1.7 percentage points.

DBX margin history

Gross, operating, EBITDA and net margin trends

Looking back over the last 3 years, Dropbox recorded average margins of 81.17% gross, 24.09% operating, 31.79% EBITDA, and 19.65% net. Dropbox's current metrics show that operating and EBITDA margins are above their three-year averages and gross and net margins are below their three-year averages.

DBX margin expansion

Year-over-year margin changes in percentage points

Operating margin expanded by 4.2 percentage points and EBITDA margin by 5.1 percentage points, but gross margin contracted by 1.6 percentage points and net margin by 1.7 percentage points.

Gross margin expansion

-1.6pp

Operating margin expansion

4.2pp

EBITDA margin expansion

5.1pp

Net margin expansion

-1.7pp

DBX Gross margin

In the last 3 years, Dropbox had an average gross margin of 81.17%. Dropbox's current gross margin is 79.7% and is 1.5 percentage points below its three-year average. Looking back over the last 3 years, Dropbox's gross margin reached 82.5% at its highest point in Dec 2024 and 79.7% at its lowest in Mar 2026.

DBX Operating margin

Dropbox's operating margin averaged 24.09% during the last 3 years. The latest operating margin for Dropbox is 26.6%, 2.5 percentage points above its three-year average. Over the last 3 years, Dropbox's operating margin peaked at 27.3% in Dec 2025 and reached a low of 19.1% in Dec 2024.

DBX EBITDA margin

Dropbox recorded an average EBITDA margin of 31.79% across the last 3 years. Dropbox currently reports an EBITDA margin of 35.1%, 3.3 percentage points above its three-year average. Looking back over the last 3 years, Dropbox's EBITDA margin reached 35.4% at its highest point in Dec 2025 and 26.3% at its lowest in Dec 2024.

DBX Net margin

Over the last 3 years, the average net margin for Dropbox was 19.65%. The latest net margin for Dropbox is 17.5%, 2.2 percentage points below its three-year average. Dropbox's net margin ranged from a low of 17.5% in Jun 2026 to a high of 23.1% in Jun 2024.

DBX margin group comparison

Margins compared with peer-group, industry and sector averages

Dropbox's gross margin of 79.7% is higher than the Technology sector and the industry average. In comparison with the Technology sector average of 52.1%, Dropbox's gross margin is 53% higher.

DBX margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Dropbox's gross margin?

The current gross margin for DBX is 79.7% as of Jun 30, 2026.

What is Dropbox's operating margin?

For the period ending Jun 30, 2026, DBX recorded an operating margin of 26.6%.

What is Dropbox's EBITDA margin?

As of Jun 30, 2026, DBX has an EBITDA margin of 35.1%.

What is Dropbox's net margin?

As of Jun 30, 2026, DBX has a net margin of 17.5%.

What are the average margins of DBX?

Dropbox's average margins over the last 3 years were 81.2% gross, 24.1% operating, 31.8% EBITDA, and 19.7% net.

What are the highest historical margins of DBX?

Across the 5-year period, DBX posted its highest margins at 82.5% gross in Dec 2024, 27.3% operating in Dec 2025, 35.4% EBITDA in Dec 2025, and 23.8% net in Dec 2022.

What are the lowest historical margins of DBX?

Over this 5-year history, Dropbox's margins fell as low as 79.4% gross in Dec 2021, 6.2% operating in Jun 2023, 15.8% EBITDA in Jun 2023, and 15.2% net in Jun 2022.