DROPBOX, INC. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| Class A | Class B | Class A | Class B | Class A | Class B | ||||||||||||||||||||||||||||||
| Basic net income per share: | |||||||||||||||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 363.4 | $ | 145.0 | $ | 339.3 | $ | 113.0 | $ | 345.7 | $ | 107.9 | |||||||||||||||||||||||
| Denominator | |||||||||||||||||||||||||||||||||||
| Weighted-average number of common shares outstanding used in computing basic net income per share | 191.8 | 76.5 | 238.7 | 79.5 | 260.1 | 81.1 | |||||||||||||||||||||||||||||
| Net income per common share, basic | $ | 1.89 | $ | 1.89 | $ | 1.42 | $ | 1.42 | $ | 1.33 | $ | 1.33 | |||||||||||||||||||||||
| Diluted net income per share: | |||||||||||||||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 363.4 | $ | 145.0 | $ | 339.3 | $ | 113.0 | $ | 345.7 | $ | 107.9 | |||||||||||||||||||||||
| Reallocation of net income as a result of conversion of Class B to Class A common stock | 145.0 | — | 113.0 | — | 107.9 | — | |||||||||||||||||||||||||||||
| Reallocation of net income to Class B common stock | — | (2.4) | — | (1.7) | — | (1.4) | |||||||||||||||||||||||||||||
| Net income attributable to common stockholders for diluted EPS | $ | 508.4 | $ | 142.6 | $ | 452.3 | $ | 111.3 | $ | 453.6 | $ | 106.5 | |||||||||||||||||||||||
| Denominator | |||||||||||||||||||||||||||||||||||
| Weighted-average number of common shares outstanding used in computing basic net income per share | 191.8 | 76.5 | 238.7 | 79.5 | 260.1 | 81.1 | |||||||||||||||||||||||||||||
| Weighted-average effect of dilutive restricted stock units and awards and employee stock options | 4.5 | — | 5.2 | — | 4.4 | — | |||||||||||||||||||||||||||||
| Conversion of Class B to Class A common stock | 76.5 | — | 79.5 | — | 81.1 | — | |||||||||||||||||||||||||||||
| Weighted-average number of common shares outstanding used in computing diluted net income per share | 272.8 | 76.5 | 323.4 | 79.5 | 345.6 | 81.1 | |||||||||||||||||||||||||||||
| Net income per common share, diluted | $ | 1.86 | $ | 1.86 | $ | 1.40 | $ | 1.40 | $ | 1.31 | $ | 1.31 | |||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Restricted stock units and awards | 3.0 | 4.0 | 6.9 | ||||||||||||||
| Co-Founder Grant | 8.3 | 8.3 | 8.3 | ||||||||||||||
| Convertible Senior Notes | 37.8 | 37.8 | 37.8 | ||||||||||||||
| Warrants | 37.8 | 37.8 | 37.8 | ||||||||||||||
| Total | 86.9 | 87.9 | 90.8 | ||||||||||||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.