Slide 1: Financial Results & Investor Presentation Q4 2025
Financial Results & Investor Presentation Q4 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements. These statements may relate to, but are not limited to, plans for growth, technological capabilities and new features and products and the long-term financial targets of Dropbox, Inc. ("Dropbox," "we," "us," or similar term
Slide 3: Financial Performance
FINANCIAL PERFORMANCE $2.521 billion $1,016M TTM1 revenue TTM uFCF2 81.8% 40.6% TTM Non-GAAP gross margin4 TTM Non-GAAP operating margin4 18.08M 12.7% Paying users3 TTM Non-GAAP EPS Growth4 (1) TTM: Trailing Twelve Months (2) uFCF: Unlevered Free Cash Flow, defined as Operating Cash Flow less Capita
Slide 4: Investment Highlights
Investment 01 Scaled platform driven by our core File, Sync, and Share product offering Highlights 02 Subscription-based, recurring revenue model 03 Loyal users with a high retention profile High margin business supported by 04 self-serve model 05 Strong free cash flow conversion 06 Self-funded inve
Slide 5: Business Overview
Business Overview
Slide 6: Dropbox Mission
DROPBOX MISSION Design a more enlightened way of working
Slide 7: Our Journey
DROPBOX TODAY Our Journey WHERE WE STARTED DROPBOX TODAY DROPBOX TOMORROW Dropbox Launches File, Sync, and Share Organize and Secure All in 2008 Cloud Content • Multi-device usage and universal file sharing in its • A leader in the $12bn content sharing • Dropbox evolves from syncing your files infa
Slide 8: Secure, Organize, Share
DROPBOX TODAY A workplace for digital collaboration Secure Organize Share Secure, streamlined content Enhances where and how you Effortless sharing and collaboration management with robust scalable work with seamless integrations across teams and external partners solutions and intuitive content org
Slide 9: File Sync and Share (FSS) Plans
DROPBOX TODAY File Sync and Share (FSS) Plans FOR BUSINESS TEAMS Standard Advanced Enterprise $18.00 / user / month $30.00 / user / month Negotiated pricing $180.00 / user / year $288.00 / user / year 3 users minimum 3 users minimum 5TB of storage (pooled) Starts at 15TB of storage (pooled) Customiz
Slide 10: Secure
Secure Our robust security features protect proprietary information and provide peace of mind to customers as they build relationships with their own teams, clients, and partners. • Compliance for Files and Data • Two-factor Authentication • Device Approval and Management • File Permissions and Lock
Slide 11: Organize
Organize We make file organization effortless and intuitive with easy-to-use folder structures and seamless integrations, allowing customers to quickly find what they need so they can get more time to focus more on high-value work. • File naming, sorting, tagging, and starring • Smart-search • Autom
Slide 12: Share
Share Sharing is key to growth, so we've focused on creating a simple and efficient experience for sending large files, managing access, tracking document activity, and syncing edits in real-time, helping teams work together more effectively. • Advanced sharing controls • Assign to-dos • Large file
Slide 13: DocSend and Sign
DocSend gives teams a single, scalable deal platform that maximizes file sharing security and minimizes file viewing friction all while delivering instant alerts that track engagement with documents. We remain focused on making execution faster, data-driven, and more secure. • Secure sharing • Secur
Slide 14: Scaled User Base
DROPBOX TODAY Scaled User Base 18.12 18.22 18.08 17.77 Q4’25 USER METRICS 700M+ 16.79 Registered Users 18.08M $140.23 15.48 $139.38 $138.91 Paying Users $133.73 $134.51 $139.68 $128.50 ARPU 2020 2021 2022 2023 2024 2025 ~575K Paying Teams ARPU Paying Users
Slide 15: Globally recognized brand in 180 countries
DROPBOX TODAY Globally recognized brand in 180 countries 56% FY’25 United States Revenue 44% FY’25 International Revenue more revenue less revenue
Slide 16: Served by scaled infrastructure
DROPBOX TODAY Served by scaled infrastructure Core Data Center Network Point of Presence (POP) Public Data Center Toronto Chicago Stockholm Oslo Berlin Frankfurt Amsterdam Seattle London Hillsboro Paris Incheon New York Milan Atlanta Madrid Tokyo San Jose Los Angeles Ashburn Taipei Denver Dallas Mia
Slide 17: Securing and organizing 1T+ pieces of content
DROPBOX TODAY Securing and Total Customer Storage (Petabytes)¹ organizing 1T+ 5100 pieces 4600 4700 of content 3700 2800 2100 2020 2021 2022 2023 2024 2025 (1) Petabytes are rounded to the nearest hundred
Slide 18: Our FSS business: A category leader
DROPBOX TODAY Our FSS business: Rest of Market 15.9% A category leader Dropbox 20.9% Apple 8.6% Total Market: $11.6B Box 8.8% Microsoft 29.4% Google 16.4% (1) Source: IDC, May 2024 (2) Content Sharing and Collaboration applications are classified as applications that enable users to store, synchroni
Slide 19: Ranked by G2 as a leader in customer satisfaction
DROPBOX TODAY Ranked by Cloud Content Collaboration Software: All G2 as a leader in customer satisfaction and market presence G2 scores products and sellers based on reviews gathered from our user community, as well as data aggregated from online sources and social networks.
Slide 20: Growth Drivers
DROPBOX TODAY Activate Growth Drivers Drive top-of-funnel engagement through increased sharing and signup activity File, Sync, Share Convert Drive registered users to become paying users of Individual and Team plans Upsell Prompt existing users to upgrade to premium plans, additional licenses and ad
Slide 21: Why customers choose Dropbox
Why customers choose Dropbox “Ausolan's added value comes from the professionalism of our staff and the differentiation of our services. Dropbox Ease of use plays a key role in the technological infrastructure we need to meet that goal, helping us to work faster and better, in both our internal and
Slide 22: Information overload is sinking team productivity
DROPBOX TODAY Information overload is sinking team productivity. OBSTACLE COST Workers use 7 apps weekly on average—69% Content everywhere report constant context switching.1 76% of companies are increasing workspace spend to cut Knowledge buried inefficiency and context switching.2 72% of GenAI use
Slide 23: Dropbox Dash
Dropbox Dash The AI teammate who understands your work. Dropbox Dash combines AI universal search knowledge management. Search across files, images, videos and more—then draft, summarize, analyze and organize work from one place. Dash brings together your tools and your team, so you can move faster
Slide 24: Dash Key Features
The “AI Problem”: AI tools lack business context, typically have expensive, lengthy deployments, and are not tailored to SMB needs. The “Dash” Solution: Dash understands you, your content, and your team. With Dash, users get context-rich AI that understands you and your team’s work. Key Features: Un
Slide 25: Dash's Right to Win
Dash’s Right to Win Established Customer Base • Leveraging our existing installed base of over 18M paying subscribers and approximately 575K teams • Dash enhances existing Dropbox workflows, adding value to their FSS experience Integrated Product Ecosystem • Combines AI enterprise search, organizati
Slide 26: Worldwide Search and Knowledge Discovery Software TAM
Worldwide Search and 25.0 Knowledge Discovery +27% CAGR 21.6 Software* TAM 20.0 17.4 Category tailwind for Dropbox Dash: 15.0 13.6 AI-powered universal search 10.5 10.0 8.1 6.5 5.0 .0 2023 2024 2025 2026 2027 2028 Note: $ USD in Billions Source: IDC, Worldwide Search and Knowledge Discovery Software
Slide 27: Dash Go-to-Market Approach
Dash Go-to-Market Approach PRODUCTS KEY INDUSTRIES Managed Sales Media / Marketing / Creative Services • Targets larger SMBs • Includes both existing and new FSS customers • White-glove, high-touch sales motion • Launched October, 2024 Professional Services Self-serve (Dash for Teams) Technology Ong
Slide 28: Financial Highlights
Financial Highlights
Slide 29: Strong performance at scale
ANNUAL PERFORMANCE Strong performance at scale Revenue (as reported) Non-GAAP Non-GAAP Unlevered Free Cash Flow ($M)(1) Gross Margin(1)(2) Operating Margin(1)(2) ($M)(1)(2)(3)(4)(5) $2,548 $2,521 $1,016 $2,502 $872 84.0% 40.6% 82.5% 36.4% $759 81.8% 32.8% 2023 2024 2025 2023 2024 2025 2023 2024 2025
Slide 30: Quarterly Performance
QUARTERLY PERFORMANCE Revenue (as reported) Non-GAAP Operating Income ($M)(2) Unlevered Free Cash Flow($M)(3)(4)(5)(6) ($M)(1)(7) Non-GAAP Operating Margin(2) $260.5 $259.4 $261.0 $314.2 $276.4 $643.6 $634.4 $636.2 $243.0 $250.5 $624.7 $625.7 $237.4 41.7% 41.5% 41.1% $210.5 $174.4 38.2% 36.9% Q4'24
Slide 31: Annual Key Metrics
ANNUAL KEY METRICS Constant Currency ARR ($M)(1)(2) Paying Users (M)(1) ARPU ($)(1) $2,571 $2,537 $2,526 $140.23 $139.38 $138.91 18.12 18.22 18.08 2023 2024 2025 2023 2024 2025 2023 2024 2025 (1) Graphs presented in this illustration are not drawn to precise scale relative to each other. (2) Total A
Slide 32: Quarterly Key Metrics
QUARTERLY KEY METRICS Constant Currency ARR ($M)(1)(2) Paying Users (M)(1) ARPU ($)(1) 18.22 18.16 18.13 $140.06 $2,571 18.08 $139.68 18.07 $2,552 $139.26 $139.07 $2,542 $2,536 $138.32 $2,526 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 (1) Graphs present
Slide 33: Liquidity Overview
LIQUIDITY OVERVIEW $2.24 billion available liquidity $1,200 $2,238 $1,038 Q4'25 Cash and Investments (1) Remaining Availability on DDTL (2) Total Liquidity Note: Amounts shown in USD in Millions ($M) (1) Cash and Investments includes cash and cash equivalents and short term investments (2) DDTL: Del
Slide 34: Convertible Notes Maturity
DEBT MATURITIES Convertible Notes Maturity $1,488 $696M 2026 (0% Coupon) $693M 2028 (0% Coupon) Term Loan Maturity $1.488 billion 2029 $696 $693 (SOFR + 3.75%) Additional $1.2 billion accessible via delayed draw (1% ticking fee) Leverage Ratios Gross Debt(1) $3.2 billion Net Debt(2) $2.2 billion 202
Slide 35: Share Repurchase Summary
(1) SHARE REPURCHASE SUMMARY Diluted WASO (M) Unlevered FCF $1,016 Share Repurchase Program $872 • The Company announced on September 9, $764 $759 2025 that the Board of Directors authorized $708 the repurchase of an additional $1.5 billion of Class A common stock • As of December 31, 2025 the Compa
Slide 36: FY 2026 Guidance
FY 2026 GUIDANCE Q1 2026 FISCAL 2026 GAAP Revenue $618 - $621 $2,485 - $2,500 Constant Currency Revenue $610 - $613 $2,458 - $2,473 Non-GAAP Gross Margin 81.5% - 82.0% Non-GAAP Operating Margin ~38.0% 39.0% - 39.5% Capital Expenditures $20-$25 (1) Unlevered Free Cash Flow at or above $1,040 Diluted
Slide 37: Appendix
Appendix
Slide 38: Non-GAAP reconciliation
Non-GAAP reconciliation Note: Amounts shown in USD in Millions ($M) Note: % are rounded for presentation purposes
Slide 39: Non-GAAP reconciliation
Non-GAAP reconciliation Note: Amounts shown in USD in Millions ($M) Note: % are rounded for presentation purposes
Slide 40: Non-GAAP reconciliation
Non-GAAP reconciliation Note: Amounts shown in USD in Millions ($M)
Slide 41: Non-GAAP reconciliation
Non-GAAP reconciliation Note: Amounts shown in USD in Millions ($M)
Slide 42: Free cash flow & unlevered free cash flow reconciliation
Free cash flow & unlevered free cash flow reconciliation Note Amounts shown in USD in Millions ($M)
Slide 43: Free cash flow & unlevered free cash flow reconciliation
Free cash flow & unlevered free cash flow reconciliation Note Amounts shown in USD in Millions ($M)
Slide 44: Non-GAAP reconciliation
Non-GAAP reconciliation Note: Amounts shown in USD in Millions ($M) Note: % are rounded for presentation purposes
Slide 45: Non-GAAP reconciliation
Non-GAAP reconciliation Note: Amounts shown in USD in Millions ($M) Note: % are rounded for presentation purposes
Slide 46: Non-GAAP reconciliation
Non-GAAP reconciliation Note: Amounts shown in USD in Millions ($M) Note: % are rounded for presentation purposes
Slide 47: Non-GAAP reconciliation
Non-GAAP reconciliation Note: Amounts shown in USD in Millions ($M) Note: % are rounded for presentation purposes
Slide 48: Non-GAAP reconciliation
Non-GAAP reconciliation TRAILING TWELVE MONTHS ENDED December 31, 2025 Net Income - GAAP $ 508.4 Other (income) / expense, net (7.1) Interest (income) / expense, net 78.6 Tax provision 109.2 Depreciation & Amortization 157.4 EBITDA - Non-GAAP $ 846.5 Stock-based compensation 300.8 Acquisition-relate