Dropbox第二季收入僅增1% 淨利潤跌24%至9580萬美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 

(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026 

or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from________to________

Commission File Number 001-38434 

Dropbox, Inc. 
(Exact name of Registrant as specified in its charter)

Nevada26-0138832
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)

Dropbox, Inc.
50 Hawthorne Street
San Francisco, California 94105 
(415) 930-7766 
(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of exchange on which registered
Class A Common Stock, par value $0.00001 per shareDBXThe NASDAQ Stock Market LLC
(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer☒
  Accelerated filer☐

Non-accelerated filer☐
  Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.    ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 3, 2026, there were 150,561,680 shares of the registrant's Class A common stock outstanding (which includes 8,266,666 shares of Class A common stock subject to restricted stock awards that were granted pursuant to the Co-Founder Grant, and vest upon the satisfaction of a service condition and achievement of certain stock price goals), 75,147,605 shares of the registrant’s Class B common stock outstanding, and no shares of the registrant’s Class C common stock outstanding.

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FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which statements involve substantial risk and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

•Our future financial performance, including trends in revenue, costs of revenue, gross profit or gross margin, operating expenses, paying users, annual recurring revenue, average revenue per user, free cash flow, and the assumptions underlying such trends;

•Our ability to attract and retain users and convert users to paying users;

•Our ability to prevent security breaches and our liability or other potential legal, regulatory, or reputational consequences of any unauthorized access to our data or our customer data;

•Our ability to prevent any significant disruption of service on our platform or loss of content;

•Our ability to compete successfully in competitive markets; 

•Our expectations regarding the potential impacts of permanent global remote or distributed work, on our business, the business of our customers, suppliers and partners, and the economy;

•The demand for our platform or for content collaboration solutions in general;

•Our ability to effectively integrate our platform with others;

•Our ability to respond to rapid technological changes, including our ability to take advantage of potential market opportunities arising from what we believe to be a more permanent shift towards remote or distributed work;

•Our ability to achieve or maintain profitability;

•Our expectations around future growth;

•Our ability to successfully introduce new products and features; 

•Our ability to effectively invest in the development of new products and technologies;

•Our ability to attract, retain, integrate, and manage key and other highly qualified personnel, including as a result of our Virtual First work model with an increasingly distributed workforce;

•Our capital allocation plans, including expected allocations of cash and timing for our share repurchases and other investments;

•Our expectations regarding the challenges and anticipated benefits to our business from our Virtual First work model as well as the impact to our financial results and business operations as a result of this model;

•Our expectations regarding general economic, political, and market trends and their respective impacts on our business; 

•The effects of new or modified laws, policies, taxes, and regulations on our business;

•Our ability to maintain, protect, and enhance our intellectual property;

2

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•The sufficiency of our cash and cash equivalents to meet our liquidity needs; and

•Acquisitions of companies and assets, including our ability to successfully integrate and realize the anticipated benefits of such acquisitions.
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.
You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time-to-time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

3

Table of Contents

SUMMARY OF RISK FACTORS

Below is a summary of the principal factors that could materially harm our business, operating results and/or financial condition, impair our future prospects or cause the price of our Class A common stock to decline. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the heading “Risk Factors” and should be carefully considered, together with other information in this Form 10-Q and our other filings with the Securities and Exchange Commission ("SEC") before making an investment decision regarding our Class A common stock.

•Our rate of growth has declined and we have experienced negative growth in past periods. If we do not successfully execute our plan for future growth, our growth rate may continue to decline and we may continue to experience negative growth in future periods.

•Our business depends on our ability to attract and retain users, convert users to paying users and upgrade paying users, and any decline in acquisitions, renewals or upgrades could adversely affect our future results of operations.

•We have in the past and may continue to experience privacy and data security breaches or incidents.

•Our business could be harmed by any significant disruption of service on our platform or loss of content.

•We operate in competitive markets, and we must continue to compete effectively.

•Failure to respond to rapid technological changes, including with respect to AI, extend our platform, or develop new features or products may harm our ability to compete effectively, which would adversely affect our business.

•Our business depends upon the interoperability of our platform across devices, operating systems, and third-party applications that we do not control.

•We generate revenue from sales of subscriptions to our platform, and declines in demand for our platform, or for content collaboration solutions in general, could negatively impact our business.

•We depend on our key personnel and other highly qualified personnel, and if we fail to attract, integrate, and retain our personnel, and maintain our unique corporate culture, our business could be harmed.

•We operate with a Virtual First work model and the long-term impact of this model on our financial results and business operations remains uncertain.

•Our business may be significantly impacted by a change in general economic, political, and market conditions, including any resulting effect on consumer or business spending.

•Our lack of a significant outbound sales force may limit the potential growth of our business.

•We may increase expenses in the future, and we may not be able to achieve or maintain profitability in future periods.

•Servicing our indebtedness under our term loan facility and 2028 Notes (as defined below) may require a significant amount of cash, and we may not have sufficient cash flow or the ability to raise the funds necessary to satisfy our obligations under the term loan facility or 2028 Notes.
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TABLE OF CONTENTS

Page
PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)
6

Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
6

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025
7

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025
8

Condensed Consolidated Statements of Stockholders' Deficit for the Three and Six Months Ended June 30, 2026 and 2025
9

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025
10

Notes to Condensed Consolidated Financial Statements
12

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
38

Item 3. Quantitative and Qualitative Disclosures About Market Risk
57

Item 4. Controls and Procedures
59

PART II. OTHER INFORMATION

Item 1. Legal Proceedings
60

Item 1A. Risk Factors
61

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
91

Item 5. Other Information 
91

Item 6. Exhibits
92

Exhibit Index
93

Signatures
94

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

DROPBOX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)

As of
June 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$1,056.2 $891.3 
Short-term investments57.6 146.9 
Trade and other receivables, net76.3 79.1 
Prepaid expenses and other current assets75.9 73.2 
Total current assets1,266.0 1,190.5 
Property and equipment, net338.1 378.4 
Operating lease right-of-use asset261.5 270.7 
Intangible assets, net22.4 33.7 
Goodwill456.9 454.9 
Deferred tax assets402.8 415.7 
Other assets78.6 101.0 
Total assets$2,826.3 $2,844.9 
Liabilities and stockholders' deficit
Current liabilities:
Accounts payable$35.7 $24.3 
Accrued and other current liabilities111.4 121.7 
Accrued compensation and benefits71.6 111.8 
Operating lease liability55.1 51.3 
Finance lease obligation128.9 144.3 
Convertible senior notes, net, current— 695.4 
Term loan, net, current27.1 15.0 
Deferred revenue748.9 729.7 
Total current liabilities1,178.7 1,893.5 
Operating lease liability, non-current334.2 355.9 
Finance lease obligation, non-current157.0 201.5 
Convertible senior notes, net, non-current690.7 689.9 
Term loan, net, non-current2,582.4 1,433.7 
Other non-current liabilities 71.6 67.6 
Total liabilities5,014.6 4,642.1 
Commitments and contingencies (Note 9)
Stockholders' deficit:
Additional paid-in-capital1,823.8 2,012.2 
Accumulated deficit(4,018.9)(3,815.1)
Accumulated other comprehensive income6.8 5.7 
Total stockholders' deficit(2,188.3)(1,797.2)
Total liabilities and stockholders' deficit$2,826.3 $2,844.9 

See accompanying Notes to Condensed Consolidated Financial Statements.
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DROPBOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited) 

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Revenue$631.5 $625.7 $1,261.0 $1,250.4 
Cost of revenue(1)(2)
125.0 123.7 253.1 240.4 
Gross profit506.5 502.0 1,007.9 1,010.0 
Operating expenses:
Research and development(1)(2)
188.1 184.4 372.3 362.8 
Sales and marketing(1)(2)
89.8 87.8 176.7 179.8 
General and administrative(1)(2)
63.8 58.8 121.3 112.6 
Net loss on real estate assets— 2.6 — 2.6 
Total operating expenses341.7 333.6 670.3 657.8 
Income from operations164.8 168.4 337.6 352.2 
Interest expense, net(50.0)(18.6)(86.7)(33.2)
Other income (expense), net2.9 (2.0)8.2 (1.7)
Income before income taxes117.7 147.8 259.1 317.3 
Provision for income taxes(21.9)(22.2)(48.8)(41.4)
Net income$95.8 $125.6 $210.3 $275.9 
Net income per share-basic and diluted: 
Basic net income per share $0.43 $0.46 $0.91 $0.98 
Diluted net income per share $0.42 $0.45 $0.91 $0.96 
Weighted-average shares used in computing net income per share attributable to common stockholders, basic224.8 272.4 230.0 281.3 
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted 226.8 276.7 231.8 286.1 

(1) Includes stock-based compensation as follows:

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Cost of revenue$4.5 $5.6 $8.7 $10.5 
Research and development52.1 53.8 102.1 100.5 
Sales and marketing5.8 5.7 10.5 10.7 
General and administrative14.9 12.6 27.1 23.1 
Total stock-based compensation$77.3 $77.7 $148.4 $144.8 

(2) Includes expenses related to the Company's reduction in workforce such as severance, benefits and other related items during the three months ended June 30, 2026 and three and six months ended June 30, 2025. The expenses during the three months ended June 30, 2026 were related to the reduction in workforce resulting from a strategic reorganization to unify the Company's product organization, which are included within research and development expense. 

See accompanying Notes to Condensed Consolidated Financial Statements.
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DROPBOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited) 

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Net income$95.8 $125.6 $210.3 $275.9 
Other comprehensive income:
Change in foreign currency translation adjustments0.6 6.5 0.5 7.5 
Change in net unrealized gains and losses on short-term investments0.3 1.6 0.6 3.7 
Total other comprehensive income$0.9 $8.1 $1.1 $11.2 
Comprehensive income$96.7 $133.7 $211.4 $287.1 

See accompanying Notes to Condensed Consolidated Financial Statements.
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DROPBOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
(In millions)
(Unaudited)

Three Months Ended June 30, 2026Three Months Ended June 30, 2025
Class A and Class B Common StockAdditional paid in capitalAccumulated 
deficitAccumulated other comprehensive incomeTotal stockholders' deficitClass A and Class B common stockAdditional
paid-in
capitalAccumulated
deficitAccumulated
other
comprehensive
lossTotal stockholders' deficit
SharesAmountSharesAmount
Balances at beginning of period230.3 $— $1,904.6 $(3,922.2)$5.9 $(2,011.7)279.4 $— $2,267.0 $(3,335.7)$(7.0)$(1,075.7)
Release of restricted stock units and awards3.2 — — — — — 3.5 — — — — — 
Shares withheld related to net share settlement of restricted stock units and awards(1.2)— (14.3)(18.3)— (32.6)(1.3)— (13.7)(24.6)— (38.3)
Repurchases of common stock (12.6)— (143.8)(174.2)— (318.0)(14.2)— (150.1)(252.9)— (403.0)
Exercise of stock options and awards— — — — — — — — 0.1 — — 0.1 
Stock-based compensation— — 77.3 — — 77.3 — — 77.7 — — 77.7 
Other comprehensive income— — — — 0.9 0.9 — — — — 8.1 8.1 
Net income— — — 95.8 — 95.8 — — — 125.6 — 125.6 
Balances at end of period219.7 $— $1,823.8 $(4,018.9)$6.8 $(2,188.3)267.4 $— $2,181.0 $(3,487.6)$1.1 $(1,305.5)

Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Class A and Class B Common StockAdditional paid in capitalAccumulated 
deficitAccumulated other comprehensive incomeTotal stockholders' deficitClass A and Class B common stockAdditional
paid-in
capitalAccumulated
deficitAccumulated
other
comprehensive
lossTotal stockholders' deficit
SharesAmountSharesAmount
Balances at beginning of period242.9 $— $2,012.2 $(3,815.1)$5.7 $(1,797.2)295.9 $— $2,404.2 $(3,146.5)$(10.1)$(752.4)
Release of restricted stock units and awards6.1 — — — — — 6.2 — — — — — 
Shares withheld related to net share settlement of restricted stock units and awards(2.4)— (28.5)(34.4)— (62.9)(2.5)— (26.6)(51.5)— (78.1)
Repurchases of common stock (26.9)— (308.3)(379.7)— (688.0)(32.2)— (341.5)(565.5)— (907.0)
Exercise of stock options and awards— — — — — — — — 0.1 — — 0.1 
Stock-based compensation— — 148.4 — — 148.4 — — 144.8 — — 144.8 
Other comprehensive income— — — — 1.1 1.1 — — — — 11.2 11.2 
Net income— — — 210.3 — 210.3 — — — 275.9 — 275.9 
Balances at end of period219.7 $— $1,823.8 $(4,018.9)$6.8 $(2,188.3)267.4 $— $2,181.0 $(3,487.6)$1.1 $(1,305.5)

See accompanying Notes to Condensed Consolidated Financial Statement
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DROPBOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
10

Table of Contents

Six Months Ended
June 30,
20262025
Cash flow from operating activities 
Net income$210.3 $275.9 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization75.577.1 
Stock-based compensation148.4144.8 
Net loss on real estate assets— 2.6 
Amortization of debt issuance costs8.94.7 
Net loss on equity investments
— 0.5 
Amortization of deferred commissions10.714.0 
Non-cash operating lease expense20.217.3 
Deferred taxes12.92.0 
Other0.5(5.9)
Changes in operating assets and liabilities:
Trade and other receivables, net1.9 (3.6)
Prepaid expenses and other current assets(11.9)(21.3)
Other assets1.7 4.4 
Accounts payable11.5 (3.1)
Accrued and other current liabilities(1.6)(20.0)
Accrued compensation and benefits(40.1)(40.2)
Deferred revenue19.3 15.6 
Other non-current liabilities3.7 3.1 
Operating lease liabilities(28.9)(17.6)

Cash paid for lease termination— (36.0)
Net cash provided by operating activities443.0 414.3 
Cash flow from investing activities
Capital expenditures(4.5)(2.1)
Purchase of intangible assets(3.3)(0.4)
Business combinations, net of cash acquired— (8.4)

Proceeds from sales of short-term investments0.2 — 
Proceeds from maturities of short-term investments89.3 51.0 

Cash receipts from equipment rebates1.5 9.6 
Other2.9 (1.5)
Net cash provided by investing activities86.1 48.2 
Cash flow from financing activities
Proceeds from term loan facility1,200.0 — 
Payments of debt issuance costs and loan commitment fees(13.2)(5.9)
Principal payments against term loan facility(13.5)(5.0)
Repayment of convertible senior notes
(695.8)— 
Payments for taxes related to net share settlement of restricted stock units and awards(62.9)(78.1)
Proceeds from issuance of common stock, net of taxes withheld— 0.1 
Principal payments on finance lease obligations(78.7)(68.3)
Common stock repurchases(697.1)(909.1)
Payment of acquisition-related indemnification holdback(2.6)— 
Net cash used in financing activities(363.8)(1,066.3)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(2.8)12.5 
Change in cash, cash equivalents, and restricted cash162.5 (591.3)
Cash, cash equivalents, and restricted cash - beginning of period905.9 1,360.5 
Cash, cash equivalents, and restricted cash - end of period$1,068.4 $769.2 

Reconciliation of cash, cash equivalents, and restricted cash to amounts on condensed consolidated balance sheets - end of period
Cash and cash equivalents1,056.2 736.3 
Restricted cash, current, included in prepaid expenses and other current assets0.2 2.8 
Restricted cash, non-current, included in other assets12.0 30.1 
Total cash, cash equivalents, and restricted cash$1,068.4 $769.2 
Supplemental cash flow data:
Property and equipment acquired under finance leases$20.3 $68.1 

See accompanying Notes to Condensed Consolidated Financial Statements.
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DROPBOX, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in tables are in millions except per share data, or as otherwise noted)

Note 1. Description of the Business and Summary of Significant Accounting Policies

Business
Dropbox, Inc. (the “Company” or “Dropbox”) helps keep life organized and work moving. The Company was incorporated in May 2007 as Evenflow, Inc., a Delaware corporation, and changed its name to Dropbox, Inc. in October 2009. In March 2025, the Company reincorporated in the state of Nevada. The Company is headquartered in San Francisco, California. 

Basis of presentation and consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the United States of America generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying unaudited condensed consolidated financial statements include the accounts of Dropbox and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets, statements of operations, statements of comprehensive income, statements of stockholders' deficit and the statements of cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year ended December 31, 2026 or any future period. 

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2025, included in the Company's Annual Report on Form 10-K on file with the SEC (“Annual Report”). 

Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s condensed consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the condensed consolidated financial statements. Management evaluates these estimates and assumptions on a regular basis. Actual results may differ materially from these estimates.

The Company’s most significant estimates and judgments are related to the accounting for income taxes. 

Financial information about segments and geographic areas
The Company manages its operations and allocates resources as a single operating segment. Further, the Company manages, monitors, and reports its financial information as a single reportable segment. See Note 14 "Segment Information and Geographic Areas" for additional information.

Foreign currency transactions
The assets and liabilities of the Company’s foreign subsidiaries are translated from their respective functional currencies into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expense amounts are translated at the average exchange rate for the period. Foreign currency translation gains and losses are recorded in other comprehensive income, net of tax.

Gains and losses realized from foreign currency transactions (those transactions denominated in currencies other than the foreign subsidiaries’ functional currency) are included in other income (expense), net. Monetary assets and liabilities are remeasured using foreign currency exchange rates at the end of the period, and non-monetary assets are remeasured based on historical exchange rates. Foreign currency transaction gains or losses were immaterial d