DROPBOX, INC.

Listed Company

DBXCIK 0001467623NasdaqLarge AcceleratedServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.52B

Net Income

$508.40M

Total Assets

$2.84B

Equity

$-1.80B

Shares Out

—

Op. Cash Flow

$951.80M

Business

Dropbox, Inc. provides a cloud-based platform that centralizes content, collaboration, and workflow tools to help individuals, teams, and organizations create, access, share, and organize digital content. It offers products and services including cloud storage and sync, Dropbox Paper, Passwords, Backup, Rewind, Transfer, Dash, Dropbox Sign, DocSend, FormSwift, developer APIs, and AI-enhanced search and organization. The company serves distinct customer segments through subscription plans for Personal and Business users, self-serve channels, targeted outbound sales, and enterprise administrator controls. Dropbox distributes its platform globally via its website and apps across devices and operating systems and integrates with third-party platforms and partners.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	2,521	2,548	2,502	2,325	2,158
Cost of revenue	501	445	479	444	444
Gross profit	2,020	2,103	2,023	1,881	1,714
Research and development	732	915	937	892	756
Sales and marketing	370	461	466	409	428
General and administrative	231	241	237	223	225
Net (gain) loss on real estate assets	−1	100,000	−155	175	—
Total operating expenses	1,331	1,617	1,484	1,699	1,439
Income from operations	689	486	539	181	274
Interest (expense) income, net	−79	14	19	3	−5
Other income (loss), net	7	10	−4	8	30
Income before income taxes	618	510	554	193	299
Provision for income taxes	−109	−58	−101	361	37
Net income	508	452	454	553	336
Basic net income per share (in dollars per share)	1.89	1.42	1.33	1.53	0.87
Diluted net income per share (in dollars per share)	1.86	1.4	1.31	1.52	0.85
Weighted-average shares used in computing net income per share attributable to common stockholders, basic (in shares)	268	318	341	361	388
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted (in shares)	273	323	346	363	396

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	891	1,328	615	233	533
Short-term investments	147	266	741	1,111	1,185
Trade and other receivables, net	79	70	69	54	50
Prepaid expenses and other current assets	73	74	92	93	82
Total current assets	1,191	1,738	1,517	1,490	1,850
Property and equipment, net	378	359	309	308	322
Operating lease right-of-use asset	271	159	184	261	414
Intangible assets, net	34	55	58	88	54
Goodwill	455	443	402	403	357
Deferred tax assets	416	467	460	499	41
Other assets	101	105	53	61	54
Total assets	2,845	3,325	2,984	3,110	3,091
Accounts payable	24	37	39	39	26
Accrued and other current liabilities	122	143	155	140	141
Accrued compensation and benefits	112	105	109	132	139
Operating lease liability	51	65	57	69	78
Finance lease obligation	144	123	116	115	120
Convertible senior notes, net, current	695	0	—	—	—
Term loan, net, current	15	10	0	—	—
Deferred revenue	730	728	725	703	672
Total current liabilities	1,894	1,211	1,202	1,197	1,176
Operating lease liability, non-current	356	250	311	585	632
Finance lease obligation, non-current	202	204	169	152	168
Convertible senior notes, net, non-current	690	1,382	1,378	1,374	1,370
Term loan, net, non-current	1,434	963	0	—	—
Other non-current liabilities	68	68	91	112	39
Total liabilities	4,642	4,078	3,149	3,420	3,385
Commitments and contingencies (Note 10)	—	—	—	—	—
Preferred stock value	0	0	0	0	0
Common stock	0	0	0	0	0
Additional paid-in-capital	2,012	2,404	2,598	2,512	2,448
Accumulated deficit	−3,815	−3,147	−2,742	−2,772	−2,739
Accumulated other comprehensive income (loss)	6	−10	−22	−49	−3
Total stockholders' deficit	−1,797	−752	−166	−309	−294
Total liabilities and stockholders' deficit	2,845	3,325	2,984	3,110	3,091

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	157	137	170	157	151
Stock-based compensation	301	347	338	331	287
Amortization of debt issuance costs	10	5	4	4	4
Net (gain) loss on equity investments	−700,000	200,000	0	−5	0
Amortization of deferred commissions	26	30	39	40	32
Non-cash operating lease expense	38	36	44	64	76
Deferred taxes	52	−5	38	−396	−38
Other	−11	4	−600,000	−800,000	−4
Trade and other receivables, net	−7	−2	−15	−6	−6
Prepaid expenses and other current assets	−26	−5	−41	−50	−58
Other assets	7	6	23	−10	12
Accounts payable	−13	−5	1	13	8
Accrued and other current liabilities	−29	−25	−21	5	−29
Accrued compensation and benefits	6	−4	−23	−7	24
Deferred revenue	2	2	22	26	60
Other non-current liabilities	10	−6	−2	−18	−13
Operating lease liabilities	−41	−57	−65	−86	−102
Tenant improvement allowance reimbursement	0	0	1	9	5
Cash paid for lease termination	−36	−15	−28	0	−32
Net cash provided by operating activities	952	894	784	797	730
Capital expenditures	−21	−23	−24	−34	−22
Purchase of intangible assets	−400,000	−200,000	−300,000	−1	−7
Business combinations, net of cash acquired	−13	−58	0	−75	−140
Purchases of short-term investments	0	−62	−209	−571	−1,138
Proceeds from sales of short-term investments	0	242	352	214	294
Proceeds from maturities of short-term investments	125	314	252	389	449
Proceeds from sales of equity investments	2	0	0	11	0
Cash receipts from equipment rebates	17	32	25	—	—
Other	3	−1	−900,000	20	40
Net cash provided by investing activities	112	444	395	−49	−525
Proceeds from term loan facility	500	1,000	0	0	—
Payments of debt issuance costs and loan commitment fees	−22	−50	−100,000	0	−24
Principal payments against term loan facility	−12	0	0	—	—
Payments for taxes related to net share settlement of restricted stock units and awards	−151	−149	−135	−119	−125
Proceeds from issuance of common stock, net of taxes withheld	100,000	900,000	3	500,000	7
Principal payments on finance lease obligations	−129	−129	−127	−128	−110
Common stock repurchases	−1,714	−1,242	−540	−795	−1,059
Payment of acquisition-related indemnification holdback	−4	−18	0	0	—
Net cash used in financing activities	−1,531	−587	−799	−1,042	16
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	12	−6	2	−7	−3
Change in cash, cash equivalents, and restricted cash	−455	746	382	−300	218
Interest	106	15	11	8	9
Income taxes	57	61	68	28	4
Property and equipment acquired under finance leases	147	172	145	106	127

Filings

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