Dropbox Q4 Revenue at $636.2M, Exceeds Expectations
Reports Q4 revenue $636.2M, consensus $627.9M. Total ARR was $2.526 billion, a decrease of 1.9%. Excluding FormSwift, Total ARR was $2.504 billion, a decrease of 0.3%. On a constant currency basis, Total ARR decreased by 1.7%. Paying users totaled 18.08 million, as compared to 18.22 million. Average revenue per paying user was $139.68, as compared to $140.06. "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," said Drew Houston, Dropbox Co-Founder and Chief Executive Officer. "Last year, we began reshaping how we invest in and evolve the business, and we're starting to see results. We're strengthening our core FSS foundation while accelerating Dash-both as a standalone product and embedded across the core Dropbox experience. In 2026, we'll build on this momentum by driving engagement and adoption of Dash and investing in future growth."
