Vanguard Portfolio Management LLC filed an amended beneficial ownership statement with the SEC on October 30, 2026, disclosing a 6.21% stake in Dropbox Inc (NASDAQ:DBX) as of September 30, 2026.

Key Highlights

  • Total beneficial ownership: Vanguard Portfolio Management reported aggregate beneficial ownership of 9,350,742 shares of Dropbox Inc Common Stock.
  • Percent of class: The 9,350,742 shares represent 6.21% of the outstanding class of Common Stock.
  • Sole dispositive power: Vanguard Portfolio Management holds sole power to dispose of all 9,350,742 shares reported.
  • Sole voting power: Sole voting power is limited to 121,309 shares, with 0 shares subject to shared voting power.
  • Triggering event date: The event requiring this filing occurred on September 30, 2026.
  • Filing affiliates included: The disclosure covers securities beneficially owned through Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC, as affiliates of the reporting person.

Vanguard Portfolio Management Discloses Large Stake in Dropbox Common Stock

According to the filing, Vanguard Portfolio Management LLC, organized in Pennsylvania and headquartered at 100 Vanguard Blvd, Malvern, PA 19355, filed this amended statement as an investment adviser. Dropbox Inc, the issuer, is a cloud-based file storage and collaboration platform whose principal executive offices are located at 1800 Owens Street, San Francisco, CA 94158. The CUSIP number for the reported class of securities is 26210C104.

The filing states that Vanguard Portfolio Management's reported position encompasses securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, as well as securities held by clients over which its affiliates -- Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC -- exercise dispositive and/or voting power. The filing further notes that the statement does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Portfolio Management LLC whose ownership is disaggregated from that of the reporting business unit, in accordance with SEC Release No. 34-39538 (January 12, 1998).

The filing certifies, per Item 6, that investment companies registered under the Investment Company Act of 1940 and other managed accounts within Vanguard Portfolio Management have the right to receive, or the power to direct the receipt of, dividends from or proceeds from the sale of the reported securities, and that no single other person's interest in the reported securities exceeds 5%. The statement was signed by My Trieu-Gatt, Authorized Signatory and Head of Global Fund Administration, on October 30, 2026.

What Was Disclosed

Vanguard Portfolio Management disclosed an amended beneficial ownership position of 9,350,742 shares of Dropbox Inc Common Stock, equaling 6.21% of the class, with sole dispositive power over all reported shares and sole voting power over 121,309 shares, triggered by an event on September 30, 2026.