DROPBOX, INC.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
DBX$32.58-6.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
(In millions, except for par value)
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $891.3 | $1,328.3 |
| Short-term investments | 146.9 | 265.9 |
| Trade and other receivables, net | 79.1 | 70.4 |
| Prepaid expenses and other current assets | 73.2 | 73.8 |
| Total current assets | 1,190.5 | 1,738.4 |
| Property and equipment, net | 378.4 | 358.8 |
| Operating lease right-of-use asset | 270.7 | 158.9 |
| Intangible assets, net | 33.7 | 54.9 |
| Goodwill | 454.9 | 442.8 |
| Deferred tax assets | 415.7 | 466.7 |
| Other assets | 101.0 | 104.7 |
| Total assets | $2,844.9 | $3,325.2 |
| Liabilities and stockholders' deficit | ||
| Current liabilities: | ||
| Accounts payable | $24.3 | $36.5 |
| Accrued and other current liabilities | 121.7 | 143.2 |
| Accrued compensation and benefits | 111.8 | 105.2 |
| Operating lease liability | 51.3 | 64.9 |
| Finance lease obligation | 144.3 | 123.3 |
| Convertible senior notes, net, current | 695.4 | — |
| Term loan, net, current | 15.0 | 10.0 |
| Deferred revenue | 729.7 | 727.7 |
| Total current liabilities | 1,893.5 | 1,210.8 |
| Operating lease liability, non-current | 355.9 | 250.4 |
| Finance lease obligation, non-current | 201.5 | 203.5 |
| Convertible senior notes, net, non-current | 689.9 | 1,381.6 |
| Term loan, net, non-current | 1,433.7 | 962.9 |
| Other non-current liabilities | 67.6 | 68.4 |
| Total liabilities | 4,642.1 | 4,077.6 |
| Commitments and contingencies (Note 10) | ||
| Stockholders' deficit: | ||
| Convertible preferred stock, $0.00001 par value; no shares authorized, issued and outstanding as of December 31, 2025; no shares authorized, issued and outstanding as of December 31, 2024 | — | — |
| Preferred stock, $0.00001 par value; 240.0 shares authorized, and no shares issued and outstanding as of December 31, 2025; 240.0 shares authorized and no shares issued and outstanding as of December 31, 2024 | — | — |
| Common stock, $0.00001 par value; Class A common stock - 2,400.0 shares authorized and 167.2 shares issued and outstanding as of December 31, 2025; 2,400.0 shares authorized and 218.4 shares issued and outstanding as of December 31, 2024; Class B common stock - 475.0 shares authorized and 75.7 shares issued and outstanding as of December 31, 2025; 475.0 shares authorized and 77.5 shares issued and outstanding as of December 31, 2024; Class C common stock - 800.0 shares authorized and no shares issued and outstanding as of December 31, 2025; 800.0 shares authorized and no shares issued and outstanding as of December 31, 2024 | — | — |
| Additional paid-in-capital | 2,012.2 | 2,404.2 |
| Accumulated deficit | (3,815.1) | (3,146.5) |
| Accumulated other comprehensive income (loss) | 5.7 | (10.1) |
| Total stockholders' deficit | (1,797.2) | (752.4) |
| Total liabilities and stockholders' deficit | $2,844.9 | $3,325.2 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.