The extent of a droplet's spreading over a flat, smooth solid substrate and its equilibrium height in the presence of gravity are determined approximately, without a numerical solution of the governing nonlinear differential equation, by assuming that the droplet takes on the shape of an oblate spheroidal cap and by minimizing the corresponding free energy. The comparison with the full numerical evaluations confirms that the introduced approximation and the obtained results are accurate for contact angles below about 120 degrees and for droplet sizes on the order of the capillary length of the liquid. The flattening effect of gravity is to increase the contact radius and decrease the height of the droplet, with these being more pronounced for higher values of the Bond number.