DROPBOX, INC.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
DBX$32.58-6.0%Stored close · as of Nov 9, 2026
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
| As of | ||
|---|---|---|
| September 30, 2025 | December 31, 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $730.7 | $1,328.3 |
| Short-term investments | 194.6 | 265.9 |
| Trade and other receivables, net | 73.9 | 70.4 |
| Prepaid expenses and other current assets | 83.5 | 73.8 |
| Total current assets | 1,082.7 | 1,738.4 |
| Property and equipment, net | 377.3 | 358.8 |
| Operating lease right-of-use asset | 280.3 | 158.9 |
| Intangible assets, net | 40.4 | 54.9 |
| Goodwill | 453.4 | 442.8 |
| Deferred tax assets | 433.9 | 466.7 |
| Other assets | 127.8 | 104.7 |
| Total assets | $2,795.8 | $3,325.2 |
| Liabilities and stockholders' deficit | ||
| Current liabilities: | ||
| Accounts payable | $37.3 | $36.5 |
| Accrued and other current liabilities | 149.7 | 143.2 |
| Accrued compensation and benefits | 85.1 | 105.2 |
| Operating lease liability | 52.0 | 64.9 |
| Finance lease obligation | 132.1 | 123.3 |
| Convertible senior notes, net, current | 694.9 | — |
| Term loan, net, current | 11.5 | 10.0 |
| Deferred revenue | 740.6 | 727.7 |
| Total current liabilities | 1,903.2 | 1,210.8 |
| Operating lease liability, non-current | 366.6 | 250.4 |
| Finance lease obligation, non-current | 205.7 | 203.5 |
| Convertible senior notes, net, non-current | 689.5 | 1,381.6 |
| Term loan, net, non-current | 1,102.4 | 962.9 |
| Other non-current liabilities | 59.6 | 68.4 |
| Total liabilities | 4,327.0 | 4,077.6 |
| Commitments and contingencies (Note 9) | ||
| Stockholders' deficit: | ||
| Additional paid-in-capital | 2,100.3 | 2,404.2 |
| Accumulated deficit | (3,633.6) | (3,146.5) |
| Accumulated other comprehensive income (loss) | 2.1 | (10.1) |
| Total stockholders' deficit | (1,531.2) | (752.4) |
| Total liabilities and stockholders' deficit | $2,795.8 | $3,325.2 |
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