DROPBOX, INC. Fair Value Disclosure
| As of December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | 764.8 | $ | — | $ | — | $ | 764.8 | |||||||||||||||
| Total cash equivalents | $ | 764.8 | $ | — | $ | — | $ | 764.8 | |||||||||||||||
| Short-term investments | |||||||||||||||||||||||
| Corporate notes and obligations | — | 79.1 | — | 79.1 | |||||||||||||||||||
| U.S. Treasury securities | — | 45.3 | — | 45.3 | |||||||||||||||||||
| Municipal securities | — | 10.7 | — | 10.7 | |||||||||||||||||||
| Asset backed securities | — | 6.2 | — | 6.2 | |||||||||||||||||||
| U.S. agency obligations | — | 3.8 | — | 3.8 | |||||||||||||||||||
| Supranational securities | — | 1.8 | — | 1.8 | |||||||||||||||||||
| Total short-term investments | — | 146.9 | — | 146.9 | |||||||||||||||||||
| Total | $ | 764.8 | $ | 146.9 | $ | — | $ | 911.7 | |||||||||||||||
| As of December 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | 1,230.0 | $ | — | $ | — | $ | 1,230.0 | |||||||||||||||
| Total cash equivalents | $ | 1,230.0 | $ | — | $ | — | $ | 1,230.0 | |||||||||||||||
| Short-term investments | |||||||||||||||||||||||
| Corporate notes and obligations | — | 130.0 | — | 130.0 | |||||||||||||||||||
| U.S. Treasury securities | — | 82.4 | — | 82.4 | |||||||||||||||||||
| Municipal securities | — | 29.3 | — | 29.3 | |||||||||||||||||||
| Asset backed securities | — | 18.9 | — | 18.9 | |||||||||||||||||||
| U.S. agency obligations | — | 3.6 | — | 3.6 | |||||||||||||||||||
| Supranational securities | — | 1.7 | — | 1.7 | |||||||||||||||||||
| Total short-term investments | — | 265.9 | — | 265.9 | |||||||||||||||||||
| Total | $ | 1,230.0 | $ | 265.9 | $ | — | $ | 1,495.9 | |||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2019 | Feb 21, 2020 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.