Slide 1: Dropbox Investor Presentation
Dropbox Investor Presentation September 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements. These statements may relate to, but are not limited to, plans for growth, technological capabilities and new features and products and the long-term financial targets of Dropbox, Inc. ("Dropbox," "we," "us," or similar terms
Slide 3: Back to growth with best in class margin
Back to growth with best in class margin Progress as of Q2 2026: • Third consecutive quarter 18M+ 700M+ 1T+ of paying user growth paying users registered users pieces of customer content • Teams net new licenses turned positive for the first time since Q1 2024 • Fourth consecutive quarter of positive
Slide 4: AI does not eliminate the need for a system of record
AI does not eliminate the need for a system of record — it makes one more important. Content and Context Distribution & Neutrality 1T+ pieces of customer content, with the 18M+ paying users and 575K paying teams. permissions, metadata, and collaboration Dropbox works across leading AI models and too
Slide 5: How we meet customer needs
How we meet Owned infrastructure We operate our own data centers and storage fleet, giving us direct control over performance, durability, customer needs and unit economics. Object storage Nearly two decades of S3-compatible storage at exabyte scale, with eleven-nines in-house expertise and durabilit
Slide 6: Building for growth across three strategic pillars
Building for growth across three strategic pillars Emerging Opportunity Pillar 1 Pillar 2 Pillar 3 Drive Sustainable Build and Monetize Extend Infrastructure Growth in FSS Critical Workflows to AI Workloads Optimize the customer lifecycle, sustain Deepen value for priority customer Offer object stora
Slide 7: Drive sustainable growth in FSS
Pillar 1 Drive sustainable growth in FSS Three priorities: Early signal 1 Improve conversion, onboarding, Paying users growing again Third consecutive quarter of paying user growth. activation, retention, pricing, and packaging Teams net new licenses turned positive Positive for the first time since
Slide 8: Customers need access to Dropbox, no matter where they work
Pillar 1 Customers need access ChatGPT · ChatGPT Work · Codex Claude · Claude Cowork · Claude Code Dropbox integration available across these experiences. Dropbox integration available across these experiences. to Dropbox, 150K+ users connected to Claude and ChatGPT integrations no matter where they
Slide 9: Build and monetize critical workflows
Pillar 2 Build and monetize critical workflows Initial priority customers: 1 2 3 4 Media & Architecture, Professional Marketing & Entertainment Engineering & Services Creative Teams Construction Our best-fit customers share the following traits that cut across industries and company sizes: Rich, heavy
Slide 10: From storing content to completing work
Pillar 2 From storing content to completing work AI moves work from finding content to creating, coordinating and delivering it – while files, context, and outputs stay connected. Find & Understand Create & Transform Review & Deliver FIND THE RIGHT INPUTS CREATE WITH AI COORDINATE & COMPLETE Retrieve
Slide 11: Extend our infrastructure to AI workloads
Pillar 3 Capabilities Extend our infrastructure to Object storage High-performance, S3-compatible storage AI workloads for source content, datasets, and outputs. Evaluating where Dropbox's storage, filesystem, AI, and content capabilities Filesystem can serve third-party AI-native and other Durable,
Slide 12: Returning to sustainable growth
Returning to sustainable growth Four quarters of positive revenue growth excluding FormSwift. Q2 2026 YoY revenue growth excluding FormSwift (%) 40% Non-GAAP operating margin $283.5M Unlevered free cash flow +96K Paying users Non-GAAP operating margin excludes stock-based compensation expense and cer
Slide 13: What moves gross margin
What moves gross margin Structurally high because we own the infrastructure Gross Margin Variables Quarterly non-GAAP gross margin (%) Efficiency gains Continued optimization of how we store and serve content. Infrastructure optimization Ongoing work on utilization and hardware lifecycle. Smarter Dr
Slide 14: Strong margins support durable cash generation
Strong margins support durable cash generation Operating margin and uFCF margin both averaged above 40% over the last five quarters. Quarterly operating and uFCF margin (%) 40% Q2’26 Non-GAAP operating margin 45% Q2'26 uFCF margin (uFCF / revenue) 40%+ Five-quarter averages 40% OM / 43% uFCF Non-GAAP
Slide 15: Capital allocation
Capital allocation Consistent return of capital, supported by durable cash flow. Net leverage at 2.2x. Share count Balance sheet 414M → 273M Diluted WASO, 2020–2025 $3.7B Gross debt 2 $1.1B ≥$1,070 Cash and investments $2.5B Net debt 3 226 2.2x Net debt / TTM adjusted EBITDA4 Sustained repurchases re
Slide 16: A durable model for compounding value per share
A durable model ● Return the core FSS business to sustainable growth, including for compounding through Smarter Dropbox value per share ● Expand monetization through smarter content experiences and critical workflows ● Pursue infrastructure opportunities with disciplined, staged investment ● Maintain
Slide 17: Exhibit
Exhibit
Slide 18: Non-GAAP reconciliation
Non-GAAP reconciliation THREE MONTHS ENDED JUNE 30, 2025 SEPTEMBER 30, 2025 DECEMBER 31, 2025 MARCH 31, 2026 JUNE 30, 2026 Gross profit - GAAP $ 502.0 $ 506.1 $ 504.1 $ 501.4 $ 506.5 Stock-based compensation 5.6 5.1 5.0 4.2 4.5 Acquisition-related and other expenses 1.9 — — — — Amortization of acquir
Slide 19: Non-GAAP reconciliation
Non-GAAP reconciliation THREE MONTHS ENDED JUNE 30, 2025 SEPTEMBER 30, 2025 DECEMBER 31, 2025 MARCH 31, 2026 JUNE 30, 2026 Income from operations - GAAP $ 168.4 $ 174.7 $ 162.2 $ 172.8 $ 164.8 Stock-based compensation 77.7 78.6 77.4 71.1 77.3 Acquisition-related and other expenses 3.7 1.7 1.2 2.5 1.
Slide 20: Free cash flow and unlevered free cash flow reconciliation
Free cash flow and unlevered free cash flow reconciliation THREE MONTHS ENDED JUNE 30, 2025 SEPTEMBER 30, 2025 DECEMBER 31, 2025 MARCH 31, 2026 JUNE 30, 2026 Net cash provided by operating activities $ 260.5 $ 302.1 $ 235.4 $ 204.5 $ 238.5 Capital expenditures (2.0) (8.4) (10.5) (1.2) (3.3) Free cash
Slide 21: Free cash flow and unlevered free cash flow reconciliation
Free cash flow and unlevered free cash flow reconciliation THREE MONTHS ENDED SEPTEMBER 30, 2022 DECEMBER 31, 2022 MARCH 31, 2023 JUNE 30, 2023 Net cash provided by operating activities $ 251.4 $ 194.6 $ 139.9 $ 187.6 Capital expenditures (6.2) (12.9) (1.9) (3.0) Free cash flow $ 245.2 $ 181.7 $ 138.0
Slide 22: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation TRAILING TWELVE MONTHS ENDED JUNE 30, 2026 Net Income - GAAP $ 442.8 Other (income) / expense, net (17.0) Interest (income) / expense, net 132.1 Tax provision 116.6 Depreciation & Amortization 155.8 EBITDA - Non-GAAP $ 830.3 Stock-based compensation 304.4 Acquisition-r