Let's look at them. Their presentations [0] are giving us "paid users":

    - Q1-2024: 18.16M
    - Q2-2024: 18.22M
    - Q3-2024: 18.24M
    - Q4-2024: 18.22M
    - Q1-2025: 18.16M
    - Q2-2025: 18.13M

This doesn't look like they're bleeding users, but of course you might think differently. It looks likes a couple of big companies changed vendors, that's all.

Oh maybe, what we see is the effects of the election, which is also plausible.

[0]: https://investors.dropbox.com/financial-information/earnings...