Dropbox is a cloud-based file storage, sync, and sharing platform (internally called File Sync and Share, or FSS) that lets individuals, small businesses, and teams store, access, and collaborate on files across devices. Dropbox's core customers are prosumers and SMBs, with over 90% of revenue coming through a self-serve model where users sign up and pay directly through the app or website. Beyond FSS, Dropbox offers a document workflow suite that includes Dropbox Sign (eSignature), DocSend (secure document sharing and analytics), and FormSwift (form creation, being wound down). Dropbox is also developing Dash, an AI-powered universal search tool that indexes content across Dropbox and third-party apps like Google, Slack, and Salesforce. Revenue is almost entirely subscription-based, driven by paying user count and ARPU of roughly $140/year blended across plans. Dropbox stores over 90% of user data on its own infrastructure rather than public cloud, which supports gross margins above 80%. The core FSS business has faced paying user declines due to downsell in Teams plans and competition from Microsoft and Google, which bundle storage into broader productivity suites. Dropbox's near-term priorities are stabilizing FSS growth, scaling Dash adoption (with monetization expected to ramp in the second half of 2026), and returning capital to shareholders through aggressive share buybacks funded partly by term loan debt.