Dropbox (DBX)
Syncs, stores, and shares files for individuals and teams while layering AI-powered search across connected apps.
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Sells cloud storage, file-sync, and collaboration tools through tiered subscription plans for individuals, families, and teams, extended by e-signature, document-sharing, and video-review add-ons. An AI-powered search layer, Dash, aims to convert its far larger free-registered base into paying subscribers, and almost all revenue arrives through self-serve purchases rather than a sales force.
Began as a 2007 MIT dorm-room project to sync files across computers, growing through Y Combinator into a subscription platform for cloud storage and collaboration, sold in tiers to individuals and teams.
The lineup now includes e-signature and workflow tools, secure document sharing, endpoint backup, video review, one-off file transfer, and AI scheduling, plus Dash, an AI search layer spanning connected apps.
Revenue concentrates in the United States with a sizable international share, and almost all of it arrives through self-serve purchases rather than sales-team contact — a low-cost, viral distribution model.
Founder Drew Houston led the company from its founding through its 2018 Nasdaq listing, handing the CEO role to product chief Ashraf Alkarmi in 2026 after three staff reductions funded the AI pivot.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 7, 2026 | William Blair | Upgrade | ||
| Mar 23, 2026 | William Blair | Downgrade | ||
| Feb 20, 2026 | UBS | Reiterate | Rating: —Target: $27 | Target: $23 |
| Feb 20, 2026 | RBC Capital | Reiterate | Rating: —Target: $35 | Target: $30 |
| Jan 5, 2026 | RBC Capital | Reiterate | Rating: —Target: $32 | Target: $35 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.11B · Total debt $3.98B · Total assets $2.83B · Shareholders' equity −$2.19B
- Revenue
- $631.5M
- Operating income
- $164.8M
- Net income
- $95.8M
No dividends on record.
| Institutions | 78.40% | 182.92M shares | |
|---|---|---|---|
| 474 holders · as of Jun 30, 2026 | |||
| Insiders | 36.02% | 84.04M shares | |
| 1 holder · as of May 1, 2026 | |||
| Adds to | 114.42% | ||
233.30M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (233.30M in the company's Sep 22, 2026 report, 254.51M elsewhere); stakes use the report.
These groups come from separate filings that can overlap, so they add to 114.42%; nothing is left for Other.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Andrew Houston1Insiderdirector, 10 percent owner, officer: Co-CEO | 36.02% | 65.94M B | filed May 1, 2026 |
BlackRock, Inc.Institution | 7.91% | 18.45M | as of Jun 30, 2026 |
LSV Asset ManagementInstitution | 4.94% | 11.52M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.54% | 10.58M | as of Jun 30, 2026 |
Arrowstreet Capital, Limited PartnershipInstitution | 3.36% | 7.84M | as of Jun 30, 2026 |
- The filed share classes (A, B) could not be matched to the company's, so no percentage.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | Sarah Elizabeth Schubach | officer: Chief Accounting Officer | −2,025 | $36.78 |
| Sep 11, 2026 | Ashraf Alkarmi | director, officer: Co-CEO | −28,800 | $35.54 |
| Sep 10, 2026 | Ross Tennenbaum | officer: Chief Financial Officer | −97,558 | $35.02 |
| Sep 10, 2026 | Andrew Houston | director, 10 percent owner, officer: Co-CEO | −383,800 | $35.02 |
| Sep 4, 2026 | William T. Yoon | officer: Chief Legal Officer | −12,382 | $34.78 |
- Microsoft
Head-to-head in cloud storage, productivity collaboration, and AI file search
- Alphabet Class A
Cloud storage, Workspace collaboration, and Gemini AI search overlap directly
- Box
Direct rival in enterprise cloud content management and storage
- Docusign
Category leader in e-signature, Dropbox Sign's closest direct rival
- Adobe
Overlaps in e-signature and cloud/creative file storage
- Atlassian
Confluence and Rovo overlap in collaboration and AI search
- Salesforce
Slack's Canvas overlaps narrowly in content sharing
- Apple
iCloud+ undercuts on price in consumer cloud storage
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Dropbox | $25.75 | −24.00% | $9.17B | 20.0 | 10.8 | 3.6 | +0.9% |
| Microsoft | $497.72 | −0.07% | $3.72T | 27.9 | 25.4 | 11.2 | +17.8% |
| Alphabet Class A | $351.70 | +0.15% | $4.30T | 17.8 | 26.1 | 9.6 | +24.2% |
| Box | $32.87 | 0.00% | $4.66B | 48.3 | 20.4 | 3.8 | +9.2% |
| Docusign | $66.60 | −0.25% | $13.09B | 41.8 | 13.7 | 3.9 | +9.4% |
| Adobe | $238.88 | +0.27% | $99.18B | 13.9 | 8.9 | 3.8 | +12.9% |
| Atlassian | $188.38 | −0.15% | $51.40B | — | 34.5 | 7.8 | +27.6% |
| Salesforce | $233.15 | −0.04% | $193.63B | 21.6 | 15.9 | 4.4 | +10.8% |
| Apple | $339.96 | +0.05% | $4.98T | 38.8 | 36.6 | 10.7 | +16.4% |
| Median | 27.9 | 22.9 | 6.1 | +14.6% |