We present a spectral analysis of XMM-Newton data of ten dwarf novae, nine of which were observed during a quiescent state. The X-ray spectra indicate the presence of a hot, optically thin plasma with a temperature distribution consistent with a simple, isobaric cooling flow. The likely origin of the X-ray emission is cooling plasma in the boundary layer settling onto the white dwarf. Using a cooling flow model, we derive the temperatures, accretion rates, rotational velocities, and elemental abundances of the X-ray emitting gas. We discuss the implications of our findings for the structure of the boundary layer. A comparison of X-ray and ultraviolet luminosities finds no evidence of underluminous boundary layers