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Dropbox (DBX)
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Dropbox Balance Sheet 2025-2011 | DBX
Brief overview of Dropbox's assets and capital
This overview follows the five latest available annual observations between 2021 and 2025.
Assets finished at $2.8 billion versus $3.1 billion initially, losing -8%. The balance sheet contracted.
Funding shifted toward liabilities: they gained +37.1%, compared with -8% for assets.
Net asset value fell below zero as liabilities exceeded assets. This is one of the most material balance sheet risks.
The period ended with net cash: net debt stood at -$638.5 million. This supports financial flexibility.
Cash accounts for 31.3% of assets versus 17.2% initially. The change indicates the degree of financial flexibility.
The balance sheet carries negative retained earnings of -$3.8 billion. The figure may result from accumulated losses or an active capital return policy.
Overall picture
Taken together, Dropbox's balance sheet indicators point to elevated risk. Asset growth does not offset weak funding sources.
Annual Balance Sheet Dropbox
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-638 M | -1.06 B | -389 M | -12.2 M | -287 M | 1.2 B | 455 M | -356 M | -256 M | -95.5 M | - | - | - | - | - |
Long Term Debt |
202 M | 204 M | 168 M | 152 M | 168 M | 759 M | - | - | - | - | - | - | - | - | - |
Long Term Debt Current |
51.3 M | 64.9 M | 57.4 M | 68.9 M | 78.3 M | 88.7 M | 79.9 M | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | 966 M | 876 M | 180 M | 179 M | 246 M | - | - | - | - | - |
Total Current Liabilities |
1.89 B | 1.21 B | 1.2 B | 1.2 B | 1.18 B | 1.09 B | 1.01 B | 838 M | - | - | - | - | - | - | - |
Total Liabilities |
4.64 B | 4.08 B | 3.15 B | 3.42 B | 3.39 B | 2.05 B | 1.89 B | 1.02 B | 917 M | 881 M | - | - | - | - | - |
Deferred Revenue |
730 M | 728 M | 725 M | 703 M | 672 M | 610 M | 554 M | 485 M | 418 M | 353 M | - | - | - | - | - |
Retained Earnings |
-3.82 B | -3.15 B | -2.74 B | -2.77 B | -2.74 B | -2.24 B | -1.73 B | -1.66 B | -1.05 B | -938 M | - | - | - | - | - |
Total Assets |
2.84 B | 3.33 B | 2.98 B | 3.11 B | 3.09 B | 2.39 B | 2.7 B | 1.69 B | 1.02 B | 1 B | - | - | - | - | - |
Cash and Cash Equivalents |
891 M | 1.33 B | 615 M | 233 M | 533 M | 315 M | 551 M | 519 M | 430 M | - | - | - | - | - | - |
Book Value |
-1.8 B | -752 M | -166 M | -309 M | -294 M | 334 M | 808 M | 677 M | 103 M | 123 M | - | - | - | - | - |
Total Shareholders Equity |
-1.8 B | -752 M | -166 M | -309 M | -294 M | 334 M | 808 M | 677 M | 103 M | 123 M | - | - | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet Dropbox
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
157 M | 181 M | 206 M | 200 M | 210 M | 189 M | 167 M | - | 153 M | 157 M | 155 M | 152 M | 133 M | - | 157 M | 168 M | 182 M | 174 M | 165 M | 172 M | 172 M | 172 M | 172 M | 138 M | 138 M | 138 M | 107 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
5.01 B | 5.04 B | 4.33 B | 4.08 B | 4.03 B | 3.12 B | 3.09 B | - | 3.36 B | 3.35 B | 3.36 B | 3.42 B | 3.29 B | - | 3.32 B | 3.39 B | 3.5 B | 3.42 B | 3.39 B | 2.05 B | 2.05 B | 2.05 B | 2.05 B | 1.89 B | 1.89 B | 1.89 B | 1.89 B | 1.02 B | 1.02 B | 1.02 B | 1.02 B | 917 M | 917 M | 917 M | 917 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
749 M | 747 M | 741 M | 743 M | 740 M | 740 M | 743 M | - | 735 M | 734 M | 728 M | 703 M | 699 M | - | 692 M | 672 M | 668 M | 658 M | 641 M | 610 M | 610 M | 610 M | 610 M | 554 M | 554 M | 554 M | 554 M | 485 M | 485 M | 485 M | 485 M | 418 M | 418 M | 418 M | 418 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-4.02 B | -3.92 B | -3.63 B | -3.49 B | -3.34 B | -2.99 B | -2.87 B | - | -2.87 B | -2.9 B | -2.83 B | -2.77 B | -2.97 B | - | -2.85 B | -2.74 B | -2.64 B | -2.55 B | -2.51 B | -2.24 B | -2.24 B | -2.24 B | -2.24 B | -1.73 B | -1.73 B | -1.73 B | -1.73 B | -1.66 B | -1.66 B | -1.66 B | -1.66 B | -1.05 B | -1.05 B | -1.05 B | -1.05 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
2.83 B | 3.03 B | 2.8 B | 2.78 B | 2.96 B | 2.58 B | 2.72 B | - | 3.01 B | 2.94 B | 2.99 B | 3.11 B | 2.7 B | - | 2.85 B | 3.09 B | 3.34 B | 3.33 B | 3.31 B | 2.39 B | 2.39 B | 2.39 B | 2.39 B | 2.7 B | 2.7 B | 2.7 B | 2.7 B | 1.69 B | 1.69 B | 1.69 B | 1.69 B | 1.02 B | 1.02 B | 1.02 B | 1.02 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
1.06 B | 1.21 B | 731 M | 736 M | 942 M | 518 M | 515 M | 549 M | 604 M | 510 M | 333 M | 233 M | 372 M | 352 M | 446 M | 533 M | 689 M | 885 M | 846 M | 315 M | 315 M | 315 M | 315 M | 551 M | 551 M | 551 M | 551 M | 519 M | 519 M | 519 M | 519 M | 430 M | 430 M | 430 M | 430 M | 353 M | - | - | - | 357 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
-2.19 B | -2.01 B | -1.53 B | -1.31 B | -1.08 B | -546 M | -371 M | - | -350 M | -412 M | -365 M | -309 M | -591 M | - | -463 M | -294 M | -163 M | -94.8 M | -83 M | 334 M | 334 M | 334 M | 334 M | 808 M | 808 M | 808 M | 808 M | 677 M | 677 M | 677 M | 677 M | 103 M | 103 M | 103 M | 103 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
-2.19 B | -2.01 B | -1.53 B | -1.31 B | -1.08 B | -546 M | -371 M | -277 M | -350 M | -412 M | -365 M | -309 M | -591 M | -543 M | -463 M | -294 M | -163 M | -94.8 M | -83 M | 334 M | 334 M | 334 M | 334 M | 808 M | 808 M | 808 M | 808 M | 677 M | 677 M | 677 M | 677 M | 103 M | 103 M | 103 M | 103 M | 123 M | - | - | - | 186 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Dropbox, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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