DROPBOX, INC.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 20, 2026
DBX$32.40-0.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year EndedDecember 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flow from operating activities | |||
| Net income | $508.4 | $452.3 | $453.6 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 157.4 | 137.3 | 170.0 |
| Stock-based compensation | 300.8 | 346.5 | 338.0 |
| Net (gain) loss on real estate assets | (1.3) | 0.1 | (155.2) |
| Amortization of debt issuance costs | 10.0 | 4.6 | 4.2 |
| Net (gain) loss on equity investments | (0.7) | 0.2 | — |
| Amortization of deferred commissions | 25.9 | 30.3 | 38.6 |
| Non-cash operating lease expense | 37.6 | 35.9 | 43.5 |
| Deferred taxes | 51.7 | (5.4) | 38.4 |
| Other | (11.2) | 3.8 | (0.6) |
| Changes in operating assets and liabilities: | |||
| Trade and other receivables, net | (6.7) | (2.4) | (14.5) |
| Prepaid expenses and other current assets | (26.2) | (5.4) | (41.1) |
| Other assets | 6.9 | 6.4 | 23.3 |
| Accounts payable | (12.6) | (4.5) | 1.2 |
| Accrued and other current liabilities | (29.4) | (24.7) | (20.8) |
| Accrued compensation and benefits | 5.9 | (4.1) | (22.6) |
| Deferred revenue | 2.0 | 1.5 | 21.6 |
| Other non-current liabilities | 10.1 | (6.4) | (1.5) |
| Operating lease liabilities | (40.8) | (57.0) | (65.4) |
| Tenant improvement allowance reimbursement | — | — | 1.1 |
| Cash paid for lease termination | (36.0) | (14.9) | (28.1) |
| Net cash provided by operating activities | 951.8 | 894.1 | 783.7 |
| Cash flow from investing activities | |||
| Capital expenditures | (21.0) | (22.5) | (24.3) |
| Purchase of intangible assets | (0.4) | (0.2) | (0.3) |
| Business combinations, net of cash acquired | (13.1) | (57.8) | — |
| Purchases of short-term investments | — | (62.3) | (208.7) |
| Proceeds from sales of short-term investments | — | 241.7 | 352.4 |
| Proceeds from maturities of short-term investments | 124.8 | 313.7 | 252.2 |
| Proceeds from sales of equity investments | 1.7 | — | — |
| Cash receipts from equipment rebates | 17.1 | 32.3 | 24.8 |
| Other | 2.8 | (1.1) | (0.9) |
| Net cash provided by investing activities | 111.9 | 443.8 | 395.2 |
| Cash flow from financing activities | |||
| Proceeds from term loan facility | 500.0 | 1,000.0 | — |
| Payments of debt issuance costs and loan commitment fees | (21.6) | (50.1) | (0.1) |
| Principal payments against term loan facility | (11.6) | — | — |
| Payments for taxes related to net share settlement of restricted stock units and awards | (151.0) | (148.7) | (135.1) |
| Proceeds from issuance of common stock, net of taxes withheld | 0.1 | 0.9 | 2.5 |
| Principal payments on finance lease obligations | (128.6) | (129.4) | (126.6) |
| Common stock repurchases | (1,713.9) | (1,241.6) | (539.9) |
| Payment of acquisition-related indemnification holdback | (4.1) | (17.7) | — |
| Net cash used in financing activities | (1,530.7) | (586.6) | (799.2) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 12.4 | (5.7) | 2.4 |
| Change in cash, cash equivalents, and restricted cash | (454.6) | 745.6 | 382.1 |
| Cash, cash equivalents, and restricted cash - beginning of period | 1,360.5 | 614.9 | 232.8 |
| Cash, cash equivalents, and restricted cash - end of period | $905.9 | $1,360.5 | $614.9 |
| Year EndedDecember 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Reconciliation of cash, cash equivalents, and restricted cash to amounts on condensed consolidated balance sheets - end of period | |||
| Cash and cash equivalents | 891.3 | 1,328.3 | 614.9 |
| Restricted cash, current, included in prepaid expenses and other current assets | — | 1.1 | — |
| Restricted cash, non-current, included in other assets | 14.6 | 31.1 | — |
| Total cash, cash equivalents, and restricted cash | $905.9 | $1,360.5 | $614.9 |
| Supplemental cash flow data: | |||
| Cash paid during the period for: | |||
| Interest | $105.9 | $15.2 | $10.5 |
| Income taxes | $56.9 | $61.0 | $68.2 |
| Non-cash investing and financing activities: | |||
| Property and equipment acquired under finance leases | $147.3 | $171.6 | $144.7 |
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