Dropbox Operating Metrics

Period Ending	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017
Annual Recurring Revenue	2.54B	2.55B	2.57B	2.58B	2.57B	2.56B	2.52B	2.53B	-	-	-	-	-	-	-	-	-	-	-
Annual Recurring Revenue Growth	-1.20%	-0.16%	2.02%	2.14%	2.92%	3.57%	0.36%	3.87%	-	-	-	-	-	-	-	-	-	-	-
Average Revenue Per User	556.69	558.30	558.63	557.40	557.06	556.07	555.45	551.15
Average Revenue Per User Growth	-0.07%	0.40%	0.57%	1.13%	1.89%	2.76%	3.47%	2.62%
Paying Users	18.13M	18.16M	18.22M	18.24M	18.22M	18.16M	18.12M	18.17M
Paying Users Growth	-0.49%	-	0.55%	0.39%	1.00%	1.45%	1.97%	3.53%

Operating Expense Breakdown

Period Ending	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Research and Development	831.50M	874.20M	914.90M	894.00M	884.70M	920.40M	936.50M	952.90M
Research and Development Growth	-6.01%	-5.02%	-2.31%	-6.18%	-8.24%	0.45%	5.00%	11.41%
Sales and Marketing	419.20M	443.90M	460.70M	451.40M	447.20M	455.60M	466.00M	451.50M
Sales and Marketing Growth	-6.26%	-2.57%	-1.14%	-0.02%	-0.36%	5.24%	13.83%	9.43%
General and Administrative	238.80M	240.90M	241.20M	239.60M	236.30M	235.40M	237.10M	233.10M
General and Administrative Growth	1.06%	2.34%	1.73%	2.79%	2.78%	4.53%	6.37%	5.52%
Impairment	9.90M	-	-	-	-	-	11.30M	-	177.40M	-	189.20M	44.00M	438.20M	-	-	-	-	-	-	-	-	-	-	-	-
Impairment Growth	-77.50%	-	-	-	-	-	-97.42%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Source: Business metrics provided by Main Street Data and sourced from official company press releases and documents.