The estimated useful lives of property and equipment are as follows:
Property and Equipment CategoryUseful Life
Servers and related equipment6 years
Furniture and fixtures5 years
Leasehold improvementsLesser of lease term or remaining useful life
Internal-use software3 years
Equipment under finance leasesLesser of lease term or remaining useful life
Equipment under financing obligations
6 years
Property and equipment, net consisted of the following:
December 31, 2025December 31, 2024
Servers and related equipment
$933,576 $833,893 
Equipment under finance leases and financing obligations(1)
144,819 12,138 
Internal-use software121,735 94,981 
Leasehold improvements412 6,985 
Furniture and fixtures262 1,558 
Property and equipment, gross$1,200,804 $949,555 
Less: accumulated depreciation(1)
$(524,829)$(439,664)
Less: accumulated amortization
(86,881)(77,347)
Property and equipment, net $589,094 $432,544 
___________________
(1) Includes $13,316 and $12,138 of gross value and $11,502 and $7,847 of accumulated amortization of equipment under finance leases as of December 31, 2025 and 2024, respectively.
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Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 25, 2025
2023Feb 21, 2024
2021Feb 25, 2022

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.