Dropbox, Inc. (DBX) Balance Sheet
DBX balance sheet, 2025
December 31, 2025 · U.S. dollars$2.92B assets = $4.71B liabilities + −$1.80B equity
Liabilities exceed assets: shareholders’ equity is negative (−$1.80B).
Both columns are drawn to the same scale: what DBX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DBX financial health
Descriptive bands, not a rating. Fiscal 2025.
DBX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.00B2016 | $2.92B2025 | +12.6%/yr | |
| Total liabilities | $881.4M2016 | $4.71B2025 | +20.5%/yr | |
| Shareholders’ equity | $122.8M2016 | −$1.80B2025 | — | |
| Cash & short-term investments | $352.7M2016 | $1.04B2025 | +12.7%/yr | |
| Total debt | $257.2M2016 | $3.94B2025 | +35.4%/yr | |
| Net cash (debt) | $95.5M2016 | −$2.90B2025 | −$3.0B | |
| Working capital | −$221.9M2016 | −$720.1M2025 | −$498.2M | |
| Book value per share | $0.342016 | −$6.592025 | — | |
| Current ratio | 0.652016 | 0.622025 | −0.03 | |
| Debt / equity | 2.092016 | 3.352020 | +1.26 | |
| Shares outstanding | 358.6M2016 | 272.8M2025 | −3.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DBX assets
DBX liabilities and equity
DBX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DBX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.04B | $1.59B | $1.36B | $1.34B | $1.72B | $1.12B | $1.16B | $1.09B | $430.0M | $352.7M |
| Cash & equivalents | $891.3M | $1.33B | $614.9M | $232.8M | $533.0M | $314.9M | $551.3M | $519.3M | $430.0M | $352.7M |
| Short-term investments | $146.9M | $265.9M | $741.1M | $1.11B | $1.19B | $806.4M | $607.7M | $570.0M | — | — |
| Receivables | $79.1M | $70.4M | $68.7M | $53.8M | $49.6M | $43.4M | $36.7M | $28.6M | $29.3M | $13.2M |
| Inventory | $0 | $0 | $1 | $0 | $0 | $0 | $0 | $0 | $0 | $1 |
| Other current assets | $56.1M | $73.8M | $91.9M | $92.6M | $82.1M | $62.8M | $47.5M | $92.3M | $58.8M | $47.5M |
| Total current assets | $1.17B | $1.74B | $1.52B | $1.49B | $1.85B | $1.23B | $1.24B | $1.21B | $518.1M | $413.4M |
| Property, plant & equipment (net) | $649.1M | $517.7M | $493.0M | $569.0M | $735.9M | $809.2M | $1.10B | $310.6M | $341.9M | $444.0M |
| Goodwill & intangible assets | $488.6M | $497.7M | $460.3M | $491.6M | $410.2M | $270.4M | $281.9M | $111.2M | $115.9M | $120.2M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $9.8M | $0 | $0 | $0 |
| Other non-current assets | $605.2M | $571.4M | $513.6M | $559.7M | $95.4M | $80.1M | $61.1M | $62.1M | $44.0M | $26.6M |
| Total assets | $2.92B | $3.33B | $2.98B | $3.11B | $3.09B | $2.39B | $2.70B | $1.69B | $1.02B | $1.00B |
| Liabilities | ||||||||||
| Accounts payable | $24.3M | $36.5M | $38.5M | $38.6M | $25.7M | $18.7M | $40.7M | $33.3M | $31.9M | $15.5M |
| Short-term debt | $906.0M | $198.2M | $173.6M | $183.7M | $198.7M | $188.3M | $156.6M | $73.8M | $102.7M | $127.6M |
| Deferred revenue | $729.7M | $727.7M | $725.0M | $702.6M | $671.5M | $610.5M | $554.2M | $485.0M | $417.9M | $353.0M |
| Total current liabilities | $1.89B | $1.21B | $1.20B | $1.20B | $1.18B | $1.09B | $1.01B | $837.5M | $738.4M | $635.3M |
| Long-term debt | $2.12B | $2.34B | $1.38B | $1.37B | $1.37B | $0 | $138.2M | $89.9M | $71.6M | $129.6M |
| Lease obligations | $753.0M | $642.1M | $652.8M | $920.6M | $998.4M | $1.12B | $1.01B | $163.7M | $174.3M | $257.2M |
| Other long-term liabilities | $696.4M | $522.3M | $570.0M | $849.0M | $839.1M | $965.6M | $737.8M | $89.9M | $107.0M | $116.5M |
| Total liabilities | $4.71B | $4.08B | $3.15B | $3.42B | $3.39B | $2.05B | $1.89B | $1.02B | $917.0M | $881.4M |
| Shareholders' equity | ||||||||||
| Retained earnings (deficit) | −$3.82B | −$3.15B | −$2.74B | −$2.77B | −$2.74B | −$2.24B | −$1.73B | −$1.66B | −$1.05B | −$937.5M |
| Accumulated other comprehensive income | $5.7M | −$10.1M | −$21.5M | −$48.9M | −$2.6M | $10.9M | $3.3M | −$1.2M | $4.2M | −$1.0M |
| Total shareholders' equity | −$1.80B | −$752.4M | −$165.8M | −$309.4M | −$293.9M | $333.8M | $808.4M | $676.8M | $102.9M | $122.8M |
| Key figures | ||||||||||
| Total debt | $3.94B | $3.00B | $2.03B | $2.29B | $2.37B | $1.12B | $1.01B | $163.7M | $174.3M | $257.2M |
| Net cash (debt) | −$2.90B | −$1.40B | −$674.6M | −$951.2M | −$650.6M | $1.8M | $152.3M | $925.6M | $255.7M | $95.5M |
| Working capital | −$720.1M | $527.6M | $315.1M | $293.3M | $674.0M | $139.7M | $228.4M | $372.7M | −$220.3M | −$221.9M |
| Tangible book value | −$2.29B | −$1.25B | −$626.1M | −$801.0M | −$704.1M | $63.4M | $526.5M | $565.6M | −$13.0M | $2.6M |
| Book value per share | −$6.59 | −$2.33 | −$0.48 | −$0.85 | −$0.74 | $0.81 | $1.96 | $1.89 | $0.26 | $0.34 |
| Shares outstanding | 272.8M | 323.4M | 345.6M | 363.3M | 395.8M | 414.3M | 411.6M | 358.6M | 393.0M | 358.6M |
| Current ratio | 0.62 | 1.44 | 1.26 | 1.25 | 1.57 | 1.13 | 1.23 | 1.45 | 0.70 | 0.65 |
| Quick ratio | 0.59 | 1.37 | 1.19 | 1.17 | 1.50 | 1.07 | 1.18 | 1.33 | 0.62 | 0.58 |
| Debt / equity | — | — | — | — | — | 3.35 | 1.25 | 0.24 | 1.69 | 2.09 |
| Equity / assets | −61.6% | −22.6% | −5.6% | −9.9% | −9.5% | 14.0% | 29.9% | 40.0% | 10.1% | 12.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.11B | $1.29B | $1.04B | $925.3M | $954.7M | $1.18B | $1.59B | $890.8M | $1.06B | $1.18B | $1.36B | $1.31B |
| Cash & equivalents | $1.06B | $1.21B | $891.3M | $730.7M | $736.3M | $942.2M | $1.33B | $517.6M | $515.1M | $548.9M | $614.9M | $604.3M |
| Short-term investments | $57.6M | $81.4M | $146.9M | $194.6M | $218.4M | $237.8M | $265.9M | $373.2M | $547.4M | $627.0M | $741.1M | $704.6M |
| Receivables | $76.3M | $74.7M | $79.1M | $73.9M | $75.8M | $71.6M | $70.4M | $69.5M | $67.1M | $66.7M | $68.7M | $64.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $1 | $2 |
| Other current assets | $75.9M | $84.9M | $56.1M | $83.5M | $83.0M | $83.2M | $73.8M | $85.2M | $101.8M | $96.6M | $91.9M | $94.1M |
| Total current assets | $1.27B | $1.45B | $1.17B | $1.08B | $1.11B | $1.33B | $1.74B | $1.05B | $1.23B | $1.34B | $1.52B | $1.47B |
| Property, plant & equipment (net) | $599.6M | $619.0M | $649.1M | $657.6M | $585.3M | $546.0M | $517.7M | $514.2M | $500.6M | $492.6M | $493.0M | $543.3M |
| Goodwill & intangible assets | $479.3M | $482.9M | $488.6M | $493.8M | $494.8M | $491.4M | $497.7M | $504.9M | $468.3M | $453.4M | $460.3M | $466.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $481.4M | $480.6M | $605.2M | $561.7M | $585.8M | $585.1M | $571.4M | $512.1M | $518.2M | $512.5M | $513.6M | $533.9M |
| Total assets | $2.83B | $3.03B | $2.92B | $2.80B | $2.78B | $2.96B | $3.33B | $2.58B | $2.72B | $2.80B | $2.98B | $3.01B |
| Liabilities | ||||||||||||
| Accounts payable | $35.7M | $32.1M | $24.3M | $37.3M | $38.2M | $33.6M | $36.5M | $35.5M | $37.8M | $32.0M | $38.5M | $45.2M |
| Short-term debt | $211.1M | $212.1M | $906.0M | $890.5M | $874.9M | $874.9M | $198.2M | $189.0M | $184.6M | $190.1M | $173.6M | $180.0M |
| Deferred revenue | $748.9M | $746.9M | $729.7M | $740.6M | $742.6M | $739.8M | $727.7M | $739.8M | $743.0M | $741.8M | $725.0M | $734.7M |
| Total current liabilities | $1.18B | $1.18B | $1.89B | $1.90B | $1.86B | $1.84B | $1.21B | $1.20B | $1.18B | $1.17B | $1.20B | $1.20B |
| Long-term debt | $3.27B | $3.27B | $2.12B | $1.79B | $1.65B | $1.65B | $2.34B | $1.38B | $1.38B | $1.38B | $1.38B | $1.38B |
| Lease obligations | $675.2M | $706.6M | $753.0M | $756.4M | $689.2M | $655.5M | $642.1M | $642.5M | $626.7M | $635.9M | $652.8M | $884.1M |
| Other long-term liabilities | $562.8M | $592.0M | $696.4M | $631.9M | $580.0M | $545.6M | $522.3M | $540.1M | $526.1M | $529.4M | $570.0M | $787.2M |
| Total liabilities | $5.01B | $5.04B | $4.71B | $4.33B | $4.08B | $4.03B | $4.08B | $3.12B | $3.09B | $3.07B | $3.15B | $3.36B |
| Shareholders' equity | ||||||||||||
| Retained earnings (deficit) | −$4.02B | −$3.92B | −$3.82B | −$3.63B | −$3.49B | −$3.34B | −$3.15B | −$2.99B | −$2.87B | −$2.81B | −$2.74B | −$2.87B |
| Accumulated other comprehensive income | $6.8M | $5.9M | $5.7M | $2.1M | $1.1M | −$7.0M | −$10.1M | −$7.6M | −$18.6M | −$20.4M | −$21.5M | −$36.9M |
| Total shareholders' equity | −$2.19B | −$2.01B | −$1.80B | −$1.53B | −$1.31B | −$1.08B | −$752.4M | −$546.1M | −$371.3M | −$277.2M | −$165.8M | −$350.3M |
| Key figures | ||||||||||||
| Total debt | $3.98B | $4.01B | $3.94B | $3.25B | $3.04B | $3.01B | $3.00B | $2.02B | $2.01B | $2.01B | $2.03B | $2.26B |
| Net cash (debt) | −$2.86B | −$2.72B | −$2.90B | −$2.33B | −$2.09B | −$1.83B | −$1.40B | −$1.13B | −$943.9M | −$838.7M | −$674.6M | −$952.1M |
| Working capital | $87.3M | $272.7M | −$720.1M | −$820.5M | −$741.7M | −$502.2M | $527.6M | −$156.6M | $47.4M | $172.4M | $315.1M | $270.3M |
| Tangible book value | −$2.67B | −$2.49B | −$2.29B | −$2.02B | −$1.80B | −$1.57B | −$1.25B | −$1.05B | −$839.6M | −$730.6M | −$626.1M | −$816.6M |
| Book value per share | −$9.65 | −$8.50 | −$7.07 | −$5.78 | −$4.72 | −$3.64 | −$2.45 | −$1.73 | −$1.15 | −$0.81 | −$0.48 | −$1.01 |
| Shares outstanding | 226.8M | 236.7M | 254.2M | 265.1M | 276.7M | 295.7M | 306.8M | 316.4M | 323.7M | 340.7M | 343.9M | 346.0M |
| Current ratio | 1.07 | 1.23 | 0.62 | 0.57 | 0.60 | 0.73 | 1.44 | 0.87 | 1.04 | 1.15 | 1.26 | 1.23 |
| Quick ratio | 1.01 | 1.16 | 0.59 | 0.53 | 0.56 | 0.68 | 1.37 | 0.80 | 0.95 | 1.06 | 1.19 | 1.15 |
| Equity / assets | −77.4% | −66.4% | −61.6% | −54.8% | −47.0% | −36.4% | −22.6% | −21.2% | −13.7% | −9.9% | −5.6% | −11.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
DBX financial position
At the end of fiscal 2025 (December 31, 2025), Dropbox had total assets of $2.9 billion (down 12.3% from a year earlier), total liabilities of $4.7 billion and shareholders' equity of -$1.8 billion. It held $1.0 billion in cash and short-term investments against $3.9 billion of debt, net debt of $2.9 billion. Its current ratio was 0.62. In the latest quarter (ended June 30, 2026) total assets were $2.8 billion and equity -$2.2 billion.
Related: DBX income statement, DBX cash flow statement, DBX key metrics. See the DBX stock overview for the latest quote and news.
DBX balance sheet FAQ
What are Dropbox's total assets?
Dropbox reported total assets of $2.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.3 billion a year earlier.
How much debt does Dropbox have?
Dropbox had $3.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Dropbox have?
Dropbox held $1.0 billion in cash and short-term investments at the end of fiscal 2025; with $3.9 billion of debt that is net debt of $2.9 billion.
What is Dropbox's book value?
Dropbox's shareholders' equity (book value) was -$1.8 billion at the end of fiscal 2025, or −$6.59 per share.
What is Dropbox's current ratio?
Dropbox had current assets of $1.2 billion and current liabilities of $1.9 billion, a current ratio of 0.62 (current liabilities exceed current assets).
How much goodwill does Dropbox have?
Dropbox carried $488.6 million of goodwill and intangible assets, 16.8% of total assets, at the end of fiscal 2025.