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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $631.50M | $629.50M | $636.20M | $634.40M | $625.70M | $624.70M | $643.60M | $638.80M |
| Cost of revenue | $125.00M | $128.10M | $132.10M | $128.30M | $123.70M | $116.70M | $120.80M | $111.50M |
| Gross profit | $506.50M | $501.40M | $504.10M | $506.10M | $502.00M | $508.00M | $522.80M | $527.30M |
| Gross margin | 80.2% | 79.7% | 79.2% | 79.8% | 80.2% | 81.3% | 81.2% | 82.5% |
| Research and development | $188.10M | $184.20M | $186.90M | $182.30M | $184.40M | $178.40M | $243.00M | $225.70M |
| Selling, general and administrative | $153.60M | $144.40M | $158.90M | $149.10M | $146.60M | $145.80M | $191.80M | $173.80M |
| Operating expenses | $341.70M | $328.60M | $344.50M | $331.40M | $333.60M | $324.20M | $434.90M | $399.50M |
| Operating income | $164.80M | $172.80M | $159.60M | $174.70M | $168.40M | $183.80M | $87.90M | $127.80M |
| Operating margin | 26.1% | 27.5% | 25.1% | 27.5% | 26.9% | 29.4% | 13.7% | 20.0% |
| EBITDA | $195.70M | $217.40M | $206.00M | $220.50M | $202.80M | $229.10M | $133.80M | $170.80M |
| Interest income | $0 | $0 | −$25.10M | −$20.30M | $0 | $0 | −$1.90M | $3.80M |
| Interest expense | −$50.00M | −$36.70M | $0 | — | −$18.60M | −$14.60M | $0 | — |
| Income before taxes | $117.70M | $141.40M | $143.10M | $157.20M | $147.80M | $169.50M | $92.40M | $132.70M |
| Income taxes | $21.90M | $26.90M | $34.40M | $33.40M | $22.20M | $19.20M | −$10.40M | $26.00M |
| Net income | $95.80M | $114.50M | $108.70M | $123.80M | $125.60M | $150.30M | $102.80M | $106.70M |
| Net margin | 15.2% | 18.2% | 17.1% | 19.5% | 20.1% | 24.1% | 16.0% | 16.7% |
| EPS, basic | $0.43 | $0.49 | $0.44 | $0.47 | $0.46 | $0.52 | $0.34 | $0.34 |
| EPS, diluted | $0.42 | $0.48 | $0.43 | $0.47 | $0.45 | $0.51 | $0.33 | $0.34 |
| Diluted shares | 226.80M | 236.70M | 253.70M | 265.10M | 276.70M | 295.70M | 312.80M | 316.40M |
Figures describe Dropbox shares, not any token. As of Aug 7, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.