Cloud storage company Dropbox (NASDAQ: DBX) will be announcing earnings results this Thursday after the bell. Here’s what to expect.

Dropbox beat analysts’ revenue expectations by 1.7% last quarter, reporting revenues of $634.4 million, flat year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ EBITDA estimates but decelerating customer growth. It lost -60,000 customers and ended up with a total of 18.07 million.

Is Dropbox a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Dropbox’s revenue to decline 2.3% year on year to $629.1 million, a reversal from the 1.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.67 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Dropbox has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 0.8% on average.

Looking at Dropbox’s peers in the productivity software segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Microsoft delivered year-on-year revenue growth of 16.7%, beating analysts’ expectations by 1.2%, and ServiceNow reported revenues up 20.7%, topping estimates by 1%. Microsoft traded down 10% following the results while ServiceNow was also down 9.9%.

Read our full analysis of Microsoft’s results here and ServiceNow’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the productivity software stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 13.6% on average over the last month. Dropbox is down 3.9% during the same time and is heading into earnings with an average analyst price target of $28.33 (compared to the current share price of $24.46).

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