Fiscal 2025 results: revenue down 1.1%, paying users 18.08 million, operating margin up

Dropbox's fiscal 2025 results, reported on 19 February 2026, showed total revenue of $2.521 billion for the year, against $2.548 billion in 2024 per the statement of operations — down 1.1% as the release reports it (about 1.07% computed from the statement-of-operations figures, $2,521.0 million versus $2,548.2 million). Excluding FormSwift, which Dropbox significantly reduced its investment in at the beginning of 2025 and, as the February 2026 release put it, planned to wind down by the end of 2026 (the Q3 2026 release reports the wind down completed as of the end of the third quarter of 2026), revenue grew 0.2%; on a constant currency basis, revenue decreased by 1.2%. For the fourth quarter, revenue was $636.2 million, down 1.1% (up 0.4% excluding FormSwift), and paying users totaled 18.08 million, as compared to 18.22 million a year earlier. Total ARR was $2.526 billion, a decrease of 1.9%; excluding FormSwift it was $2.504 billion, a decrease of 0.3%.

Profitability and capital returns moved the other way. Full-year non-GAAP operating margin was 40.6%, up from 36.4%; net cash provided by operating activities was $951.8 million and unlevered free cash flow was $1.016 billion; and Dropbox repurchased approximately 60.4 million shares for $1.7 billion during the year. In the release, Drew Houston said: "We closed out 2025 on a strong note, exceeding the high end of our revenue and operating margin guidance and demonstrating our continued operating discipline".

The release itself does not state the 2026 guidance figures; it says Dropbox will provide forward-looking guidance on its conference call and investor relations website.

Correction (5 November 2026): an earlier version of this entry presented Dropbox's third-quarter 2025 paying-user figures — 18.07 million, down from 18.24 million a year earlier ("Paying users totaled 18.07 million, as compared to 18.24 million for the same period last year") — as the fiscal-year close. The fourth-quarter 2025 release reports paying users of 18.08 million, as compared to 18.22 million a year earlier.