Box Inc (BOX)

Box Reports First Quarter Fiscal 2027 Financial ResultsMay 26, 2026 4:05 PM
Business Wire Revenue of $306 Million, up 11% Year-Over-Year, up 10% in Constant Currency Remaining Performance Obligations of $1.6 Billion, up 12% Year-Over-Year, up 16% in Constant Currency GAAP Operating Margin of 9% and Non-GAAP Operating Margin of 27.7% GAAP Net Income Per Share of $0.08 and Non-GAAP Net Income Per Share of $0.37 Box, Inc. (NYSE:BOX), the leading Intelligent Content Management (“ICM”) platform, today announced preliminary financial results for the first quarter of fiscal year 2027, which ended April 30, 2026. “Box delivered a strong start to FY27 as organizations are increasingly turning to our Intelligent Content Management platform to unlock more value from their unstructured data with AI,” said Aaron Levie, co-founder and CEO of Box. “Customers are adopting Enterprise Advanced to manage and connect their organization’s unique content to AI agents allowing them to securely build intelligent workflows, automate work, and accelerate decision-making at scale. We are continuing to innovate rapidly across our platform and are excited by the opportunity ahead as we remain at the center of customers’ broader AI ecosystems.” “We delivered robust first quarter results, exceeding our guidance on revenue, billings, operating margin and net retention rate," said Dylan Smith, co-founder and CFO of Box. “Continued customer adoption of Enterprise Advanced and our Box AI solutions are driving accelerating revenue growth and expanding operating margins. We remain focused on executing against the significant opportunity in front of us and on delivering long-term value for our shareholders.” Fiscal First Quarter Financial Highlights All comparisons are against the prior year comparable quarter Record revenue of $305.9 million, up 11%, or 10% on a constant currency basis. Remaining performance obligations (“RPO”) of $1.6 billion, up 12%, or 16% on a constant currency basis. Short-term RPO of $880.2 million, up 8%, or 12% on a constant currency basis. Long-term RPO of $761.7 million, up 16%, or 22% on a constant currency basis. Billings of $255.4 million, up 5%, or 13% on a constant currency basis. GAAP gross profit of $243.2 million, or 79.5% of revenue, up from $215.6 million, or 78.0% of revenue. Non-GAAP gross profit of $249.4 million, or 81.5% of revenue, up from $222.3 million, or 80.5% of revenue. GAAP operating income of $27.4 million, or 9.0% of revenue, up from $6.3 million, or 2.3% of revenue. Non-GAAP operating income of $84.7 million, or 27.7% of revenue, up from $69.8 million, or 25.3% of revenue. GAAP diluted earnings per share (“EPS”) of $0.08, compared to $0.02, impacted by $0.01 from unfavorable foreign currency exchange rates. Non-GAAP diluted EPS of $0.37, compared to $0.30, impacted by $0.01 from unfavorable foreign currency exchange rates. Net cash provided by operating activities of $140.2 million, up 10%. Non-GAAP free cash flow of $127.7 million, up 8%. Growth on a constant currency basis and impact from foreign exchange is determined by comparing current period reported results with the current results calculated using the equivalent rates in the prior period, excluding the effect of hedging. For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the section titled, “About Non-GAAP Financial Measures and Other Key Metrics,” and the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures at the end of this press release. Recent Business Highlights Delivered wins or expansions with leading organizations across a variety of industries, including Legal (DLA Piper and Paul, Weiss, Rifkind, Wharton & Garrison LLP), Life Sciences (Alnylam Pharmaceuticals and Bioprojet Biotech), Media & Entertainment (Penguin Random House and Endemol France), Professional Services (CBRE and Cushman & Wakefield), Public Sector (State of Hawaii and County of Miami-Dade), Retail (L'Oréal Canada and Williams Sonoma), and Telecommunications (BT Group and NTT DOCOMO SOLUTIONS, Inc.). Recognized as a Leader in the 2026 Gartner Magic Quadrant for Document Management, validating Box’s standing in the market and reinforcing the company’s commitment to building the most secure AI-powered enterprise content platform in the industry. Announced the new Box Agent, a unified AI engine across Box that leverages the latest advanced reasoning models to securely search company files, analyze and synthesize critical data, and generate new content – all while respecting Box’s enterprise-grade security, governance, and permissions controls. Announced the general availability of Box Automate, an enterprise grade agentic workflow solution centered around content and built to dynamically route work across people, Box Agents, and enterprise systems, driving end-to-end automation and enterprise productivity at scale. Launched a new version of the Box CLI to make it easier for anyone, including agents, to securely and programmatically interact with content in Box. Introduced Box Markdown Editor, bringing native Markdown creation and editing directly into Box so teams can draft, review, and publish content in the same secure place where everything else already lives. Served as an early launch partner and announced support for Anthropic’s Claude Opus 4.7, Google’s Gemini 3.5 Flash, and OpenAI’s GPT-5.4 & 5.5 model releases. Announced the expansion of MCP Apps within the Box MCP server to a broader ecosystem of AI agents, including ChatGPT, Microsoft 365 Copilot, and Glean Assistant, joining our existing support for Anthropic’s Claude. Announced a collaboration with NVIDIA Agent Toolkit, providing the necessary infrastructure layer around agents that gives them the access they need to be productive while enforcing the security and privacy controls that make them safe to deploy. Announced the Box Agent for Gemini Enterprise is coming soon to the Agent Gallery in the Gemini Enterprise app, unifying Box’s leading Intelligent Content Management platform with Google Cloud’s advanced AI orchestration. Hosted the annual Box State and Local Government Virtual Summit, highlighting how state and local governments are transforming operations with Box’s secure, AI-powered platform. Recognized with a G2 Award for Best Content Management Software. Update on Share Repurchase Plan In the first quarter of fiscal year 2027, Box repurchased 4.8 million shares for approximately $114 million. As of April 30, 2026, approximately $445 million of buyback capacity was remaining under Box’s current share repurchase plan. Box remains committed to opportunistically returning capital to its shareholders through an ongoing stock repurchase program. Outlook Approximately 35% of Box’s revenue is generated outside of the U.S., of which approximately 70% is in Japanese Yen. The following guidance includes the expected impact of FX headwinds, assuming present foreign currency exchange rates. All forward-looking non-GAAP financial measures contained in this section titled “Outlook” exclude estimates for stock-based compensation expense, acquired intangible assets amortization, and as applicable, other special items. Box has provided a reconciliation of GAAP to non-GAAP net income per share and operating margin guidance at the end of this press release. Q2 FY27 Guidance Revenue is expected to be approximately $319 million, up 9% year-over-year, or 10% on a constant currency basis. This includes an expected headwind of approximately 170 basis points due to FX. GAAP operating margin is expected to be approximately 10.0% and non-GAAP operating margin is expected to be approximately 28.5%. This includes an expected headwind of approximately 100 basis points due to FX. GAAP net income per share attributable to common stockholders is expected to be approximately $0.11. This includes an expected headwind of approximately $0.03 due to FX. Non-GAAP diluted net income per share attributable to common stockholders is expected to be approximately $0.39. This includes an expected headwind of approximately $0.03 due to FX. Weighted-average diluted shares outstanding are expected to be approximately 139 million. Full Year FY27 Revenue is expected to be approximately $1.280 billion, up 9% year-over-year, or 10% on a constant currency basis. This includes an expected headwind of approximately 90 basis points due to FX. GAAP operating margin is expected to be approximately 9.0% and non-GAAP operating margin is expected to be approximately 28%. This includes an expected headwind of approximately 70 basis points due to FX. GAAP net income per share attributable to common stockholders is expected to be approximately $0.40. GAAP EPS guidance includes an expected headwind of $0.08 due to FX. Non-GAAP diluted net income per share attributable to common stockholders is expected to be approximately $1.56. Non-GAAP EPS guidance includes an expected headwind of $0.08 due to FX. Weighted-average diluted shares outstanding are expected to be approximately 139 million. Webcast and Conference Call Information Box’s management team will host a conference call today beginning at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss Box’s financial results, business highlights and future outlook. A live audio webcast of this call will be available through Box’s Investor Relations website at www.boxinvestorrelations.com for a period of 90 days after the date of the call. Prepared remarks will be available on the Box Investor Relations website after the call ends. The conference call can be accessed by registering online at https://events.q4inc.com/attendee/791043542 at which time registrants will receive dial-in information as well as a conference ID. Box has used, and intends to continue to use, its Investor Relations website (www.box.com/investors), as well as certain X accounts (@box and @levie), as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Information on or that can be accessed through Box’s Investor Relations website, these X accounts, or that is contained in any website to which a hyperlink is provided herein is not part of this press release, and the inclusion of Box’s Investor Relations website address, these X accounts, and any hyperlinks are only inactive textual references. This press release, the financial tables, as well as other supplemental information including the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures, are also available on Box’s Investor Relations website. Box also provides investor information, including news and commentary about Box’s business and financial performance, Box’s filings with the Securities and Exchange Commission, notices of investor events and Box’s press and earnings releases, on Box’s Investor Relations website. Forward-Looking Statements This press release contains forward-looking statements that involve risks, uncertainties, and assumptions, including statements regarding Box’s expectations regarding its growth and profitability, the size of its market opportunity, its investments in go-to-market programs, the demand for its products, the potential of AI and its impact on Box, the timing of recent and planned product introductions, enhancements and integrations, the short- and long-term success, market adoption and retention, capabilities, and benefits of such product introductions and enhancements, the success of strategic partnerships and acquisitions, the impact of macroeconomic conditions on its business, its ability to grow and scale its business and drive operating efficiencies, the impact of fluctuations in foreign currency exchange rates on its future results, its net retention rate, its ability to achieve revenue targets and billings expectations, its revenue and billings growth rates, its ability to expand operating margins, its long-term financial targets, its ability to maintain profitability on a quarterly or ongoing basis, its free cash flow, its ability to continue to grow unrecognized revenue and remaining performance obligations, its revenue, billings, GAAP and non-GAAP gross margins, GAAP and non-GAAP net income per share, GAAP and non-GAAP operating margins, the related components of GAAP and non-GAAP net income per share, weighted-average outstanding share count expectations for Box’s fiscal second quarter and full fiscal year 2027 in the section titled “Outlook” above, equity burn rate, any potential repurchase of its common stock, whether, when, in what amount and by what method any such repurchase would be consummated, and the share price of any such repurchase. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: (1) adverse changes in general economic or market conditions, including those caused by changes in tariffs, sanctions, international treaties, export/import laws and other trade restrictions, the Russia-Ukraine conflict and the ongoing conflicts in the Middle East, inflation, and fluctuations in foreign currency exchange rates; (2) delays or reductions in information technology spending; (3) factors related to Box’s highly competitive market, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by Box’s current or future competitors; (4) the development of the intelligent content management market; (5) the risk that Box’s customers do not renew their subscriptions, expand their use of Box’s services, or adopt new products offered by Box on a timely basis, or at all; (6) Box’s ability to provide timely and successful enhancements, integrations, new features and modifications to its platform and services; (7) actual or perceived security vulnerabilities in Box’s services or any breaches of Box’s security controls; (8) Box’s ability to realize the expected benefits of its third-party partnerships; and (9) Box’s ability to successfully integrate acquired businesses and achieve the expected benefits from those acquisitions. In addition, the preliminary financial results set forth in this release are estimates based on information currently available to Box. While Box believes these estimates are meaningful, they could differ from the actual amounts that Box ultimately reports in its Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2026. Box assumes no obligations and does not intend to update these estimates prior to filing its Form 10-Q for the fiscal quarter ended April 30, 2026. Additional information on potential factors that could affect Box’s financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings Box makes with the Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K filed for the fiscal year ended January 31, 2026. These documents are available on the SEC Filings section of Box’s Investor Relations website located at www.boxinvestorrelations.com. Box does not assume any obligation to update the forward-looking statements contained in this press release to reflect events that occur or circumstances that exist after the date on which they were made. About Non-GAAP Financial Measures and Other Key Metrics To supplement Box’s consolidated financial statements, which are prepared and presented in accordance with GAAP, Box provides investors with certain non-GAAP financial measures and other key metrics, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to common stockholders, non-GAAP net income per share attributable to common stockholders, billings, remaining performance obligations, non-GAAP free cash flow and free cash flow margin. The presentation of these non-GAAP financial measures and key metrics is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures and key metrics, please see the reconciliation of these non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures at the end of this press release. Box uses these non-GAAP financial measures and key metrics for financial and operational decision-making (including for purposes of determining variable compensation of members of management and other employees) and as a means to evaluate period-to-period comparisons. Box’s management believes that these non-GAAP financial measures and key metrics provide meaningful supplemental information regarding Box’s performance by excluding certain expenses that may not be indicative of Box’s recurring core business operating results. Box believes that both management and investors benefit from referring to these non-GAAP financial measures and key metrics in assessing Box’s performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures and key metrics also facilitate management's internal comparisons to Box’s historical performance as well as comparisons to Box’s competitors' operating results. Box believes these non-GAAP financial measures and key metrics are useful to investors both because they (1) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) are used by Box’s institutional investors and the analyst community to help them analyze the health of Box’s business. A limitation of non-GAAP financial measures and key metrics is that they do not have uniform definitions. Further, Box’s definitions will likely differ from the definitions used by other companies, including peer companies, and therefore comparability may be limited. Thus, Box’s non-GAAP financial measures and key metrics should be considered in addition to, and not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. Additionally, in the case of stock-based compensation expense, if Box did not pay a portion of compensation in the form of stock-based compensation expense, the cash salary expense included in cost of revenue and operating expenses would be higher, which would affect Box’s cash position. The accompanying tables have more details on the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures. Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to common stockholders, and non-GAAP net income per share attributable to common stockholders. Box defines these non-GAAP financial measures as the respective GAAP measures, excluding expenses related to stock-based compensation (“SBC”), acquired intangible assets amortization, and as applicable, other special items. Although SBC is an important aspect of the compensation of Box’s employees and executives, determining the fair value of certain of the stock-based instruments Box utilizes estimation and the expense recorded may bear little resemblance to the actual value realized upon the vesting or future exercise of the related stock-based awards. Management believes it is useful to exclude SBC in order to better understand the long-term performance of Box’s core business and to facilitate comparison of Box’s results to those of peer companies. Management also views amortization of acquired intangible assets, such as the amortization of the cost associated with an acquired company’s developed technology and trade names, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense that is not typically affected by operations during any particular period. Box excludes the following expenses as they are considered by management to be special items outside of Box’s core operating results: (1) expenses related to certain litigation, (2) expenses associated with a non-recurring workforce reorganization, consisting primarily of severance and other personnel-related costs, and (3) expenses related to acquisitions. In addition to these expenses, Box excludes the following items to calculate non-GAAP net income attributable to common stockholders: (1) amortization of debt issuance costs, (2) induced conversion of convertible notes, (3) the income tax benefit from the release of a valuation allowance on deferred tax assets, (4) non-recurring benefits of federal research and development (“R&D”) credits carryforwards and related uncertain tax positions, (5) the income tax effects of non-GAAP adjustments, and (6) undistributed earnings attributable to preferred stockholders. Non-GAAP gross margin and non-GAAP operating margin are defined as non-GAAP gross profit and non-GAAP operating income as a percentage of revenue, respectively. Non-GAAP net income per share attributable to common stockholders is defined as non-GAAP net income attributable to common stockholders divided by the weighted-average outstanding shares. Billings. Billings reflect, in any particular period, (1) sales to new customers, plus (2) subscription renewals and (3) expansion within existing customers, and represent amounts invoiced for all products and professional services. Box calculates billings for a period by adding changes in deferred revenue and contract assets in that period to revenue. Box believes that billings help investors better understand sales activity for a particular period, which is not necessarily reflected in revenue as a result of the fact that Box recognizes subscription revenue ratably over the subscription term. Box considers billings a significant performance measure. Box monitors billings to manage the business, make planning decisions, evaluate performance and allocate resources. Box believes that billings offers valuable supplemental information regarding the performance of the business and helps investors better understand the sales volumes and performance of the business. Although Box considers billings to be a significant performance measure, Box does not consider it to be a non-GAAP financial measure because it is calculated using exclusively revenue, deferred revenue, and contract assets, all of which are financial measures calculated in accordance with GAAP. Remaining performance obligations. Remaining performance obligations (“RPO”) represent, at a point in time, contracted revenue that has not yet been recognized. RPO consists of deferred revenue and backlog. Backlog is defined as non-cancellable contracts deemed certain to be invoiced and recognized as revenue in future periods. Future invoicing is determined to be certain when we have an executed non-cancellable contract or a significant penalty that is due upon cancellation. While Box believes RPO is a leading indicator of revenue as it represents sales activity not yet recognized in revenue, it is not necessarily indicative of future revenue growth as it is influenced by several factors, including seasonality, contract renewal timing, average contract terms and foreign currency exchange rates. Box monitors RPO to manage the business and evaluate performance. Box considers RPO to be a significant performance measure. Box does not consider RPO to be a non-GAAP financial measure because it is calculated in accordance with GAAP, specifically under ASC Topic 606. Non-GAAP free cash flow and free cash flow margin. Box defines non-GAAP free cash flow as cash flows from operating activities less net capital expenditures (purchases of property and equipment less proceeds from sales of property and equipment), principal payments of finance lease liabilities, capitalized software development costs, and other items that did not or are not expected to require cash settlement and that management considers to be outside of Box’s core business. Free cash flow margin is calculated as non-GAAP free cash flow divided by revenue. Box specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Box considers non-GAAP free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Box's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity. About Box Box (NYSE:BOX) is the leader in Intelligent Content Management. Our platform enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions. BOX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) (Unaudited)     April 30,   January 31,   2026   2026 ASSETS           Current assets:           Cash and cash equivalents $ 378,836     $ 375,130   Short-term investments   98,207       102,932   Accounts receivable, net   192,343       325,136   Deferred commissions   44,191       46,102   Other current assets   51,986       41,973   Total current assets   765,563       891,273   Operating lease right-of-use assets, net   108,790       97,626   Goodwill   81,723       82,290   Deferred tax assets   275,015       283,997   Intangible assets, net   98,615       94,311   Other assets, non-current   91,942       96,563   Total assets $ 1,421,648     $ 1,546,060   LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT           Current liabilities:           Accounts payable, accrued expenses and other current liabilities $ 86,256     $ 96,983   Accrued compensation and benefits   31,495       57,791   Deferred revenue   599,277       647,893   Total current liabilities   717,028       802,667   Debt, net, non-current   451,610       451,011   Operating lease liabilities, non-current   79,249       76,970   Other liabilities, non-current   15,265       18,314   Total liabilities   1,263,152       1,348,962   Series A convertible preferred stock   496,857       496,376   Stockholders’ deficit:           Common stock   14       14   Additional paid-in capital   492,811       547,610   Accumulated other comprehensive loss   (2,152 )     (142 ) Accumulated deficit   (829,034 )     (846,760 ) Total stockholders’ deficit   (338,361 )     (299,278 ) Total liabilities, convertible preferred stock and stockholders’ deficit $ 1,421,648     $ 1,546,060   BOX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Data) (Unaudited)     Three Months Ended   April 30,   2026   2025 Revenue $ 305,941     $ 276,272   Cost of revenue (1)   62,735       60,673   Gross profit   243,206       215,599   Operating expenses:           Research and development (1)   75,913       72,301   Sales and marketing (1)   101,870       99,099   General and administrative (1)   37,981       37,861   Total operating expenses   215,764       209,261   Income from operations   27,442       6,338   Interest income   2,986       6,698   Interest expense   (2,401 )     (2,696 ) Other (expense) income, net   (518 )     2,804   Income before income taxes   27,509       13,144   Provision for income taxes   9,783       4,950   Net income $ 17,726     $ 8,194   Accretion and dividend on series A convertible preferred stock   (4,230 )     (4,228 ) Undistributed earnings attributable to preferred stockholders   (1,587 )     (451 ) Net income attributable to common stockholders $ 11,909     $ 3,515   Net income per share attributable to common stockholders           Basic $ 0.09     $ 0.02   Diluted $ 0.08     $ 0.02   Weighted-average shares used to compute net income per share attributable to common stockholders           Basic   139,150       144,434   Diluted   140,139       149,614               (1) Includes stock-based compensation expense as follows:             Three Months Ended   April 30,   2026   2025 Cost of revenue $ 5,940     $ 4,832   Research and development   19,374       18,806   Sales and marketing   18,631       17,867   General and administrative   12,368       13,389   Total stock-based compensation $ 56,313     $ 54,894   BOX, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited)     Three Months Ended   April 30,   2026   2025 CASH FLOWS FROM OPERATING ACTIVITIES:           Net income $ 17,726     $ 8,194   Adjustments to reconcile net income to net cash provided by operating activities:           Depreciation and amortization   9,261       6,896   Stock-based compensation expense   56,313       54,894   Amortization of deferred commissions   13,544       13,319   Deferred income taxes   7,493       2,529   Other   1,441       (4,743 ) Changes in operating assets and liabilities:           Accounts receivable, net   130,857       120,354   Deferred commissions   (10,006 )     (8,568 ) Operating lease right-of-use assets, net   5,477       5,656   Other assets   (12,110 )     (3,761 ) Accounts payable, accrued expenses and other liabilities   (27,541 )     (14,509 ) Operating lease liabilities   (6,667 )     (6,287 ) Deferred revenue   (45,597 )     (46,915 ) Net cash provided by operating activities   140,191       127,059   CASH FLOWS FROM INVESTING ACTIVITIES:           Purchases of short-term investments   (27,163 )     (33,319 ) Maturities of short-term investments   32,125       31,650   Purchases of property and equipment, net of sale proceeds   (1,273 )     (311 ) Capitalized software costs   (9,837 )     (8,411 ) Net cash used in investing activities   (6,148 )     (10,391 ) CASH FLOWS FROM FINANCING ACTIVITIES:           Repurchases of common stock   (116,407 )     (49,659 ) Payments of dividends to preferred stockholders   (3,750 )     (3,750 ) Proceeds from issuances of common stock under employee stock purchase plan   15,883       16,654   Employee payroll taxes paid for net settlement of stock awards   (20,414 )     (24,790 ) Other   (1,142 )     (231 ) Net cash used in financing activities   (125,830 )     (61,776 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash   (4,548 )     10,277   Net increase in cash, cash equivalents, and restricted cash   3,665       65,169   Cash, cash equivalents, and restricted cash, beginning of period   376,688       626,110   Cash, cash equivalents, and restricted cash, end of period $ 380,353     $ 691,279   BOX, INC. RECONCILIATION OF GAAP TO NON-GAAP DATA (In Thousands, Except Per Share Data and Percentages) (Unaudited)     Three Months Ended   April 30,   2026   2025 GAAP gross profit and gross margin $ 243,206     79.5 %   $ 215,599     78.0 % Stock-based compensation   5,940     1.9       4,832     1.8   Acquired intangible assets amortization   303     0.1       994     0.4   Workforce reorganization   —     —       894     0.3   Non-GAAP gross profit and gross margin $ 249,449     81.5 %   $ 222,319     80.5 %                     GAAP operating income and operating margin $ 27,442     9.0 %   $ 6,338     2.3 % Stock-based compensation   56,313     18.4       54,894     19.9   Acquired intangible assets amortization   303     0.1       994     0.4   Expenses related to litigation   333     0.1       421     0.1   Workforce reorganization   272     0.1       7,123     2.6   Non-GAAP operating income and operating margin $ 84,663     27.7 %   $ 69,770     25.3 %                     GAAP net income and net income per share attributable to common stockholders, diluted $ 11,909   $ 0.08     $ 3,515   $ 0.02   Stock-based compensation   56,313     0.40       54,894     0.37   Acquired intangible assets amortization   303     —       994     0.01   Expenses related to litigation   333     —       421     —   Workforce reorganization   272     —       7,123     0.05   Amortization of debt issuance costs   612     0.01       891     0.01   Income tax effects of non-GAAP adjustments (1)   (13,151 )   (0.09 )     (17,239 )   (0.12 ) Undistributed earnings attributable to preferred stockholders   (5,253 )   (0.03 )     (5,356 )   (0.04 ) Non-GAAP net income and net income per share attributable to common stockholders, diluted $ 51,338   $ 0.37     $ 45,243   $ 0.30   Weighted-average shares used to compute net income per share attributable to common stockholders, diluted   140,139           149,614                           GAAP net cash provided by operating activities $ 140,191         $ 127,059       Purchases of property and equipment, net of sale proceeds   (1,273 )         (311 )     Capitalized software costs   (11,170 )         (8,411 )     Non-GAAP free cash flow $ 127,748         $ 118,337       GAAP net cash used in investing activities $ (6,148 )       $ (10,391 )     GAAP net cash used in financing activities $ (125,830 )       $ (61,776 )     (1) For the three months ended April 30, 2025, the non-GAAP tax provision used a long-term projected tax rate of 26.8%. For the three months ended April 30, 2026, the non-GAAP tax provision uses a long-term projected tax rate of 25%, which reflects currently available information and could be subject to change. BOX, INC. RECONCILIATION OF GAAP REVENUE TO BILLINGS (In Thousands) (Unaudited)     Three Months Ended   April 30,   2026   2025 GAAP revenue $ 305,941     $ 276,272   Deferred revenue, end of period   605,944       574,119   Less: deferred revenue, beginning of period   (656,697 )     (608,600 ) Contract assets, beginning of period   6,479       4,160   Less: contract assets, end of period   (6,255 )     (3,662 ) Billings $ 255,412     $ 242,289   BOX, INC. RECONCILIATION OF GAAP TO NON-GAAP NET INCOME PER SHARE GUIDANCE (In Thousands, Except Per Share Data) (Unaudited)     Three Months Ended   Fiscal Year Ended   July 31, 2026   January 31, 2027 GAAP net income per share attributable to common stockholders, diluted $ 0.11     $ 0.40   Stock-based compensation   0.43       1.69   Acquired intangible asset amortization   —       0.01   Amortization of debt issuance costs   —       0.02   Other (1)   —       0.02   Income tax effects of non-GAAP adjustments (2)   (0.11 )     (0.42 ) Undistributed earnings attributable to preferred stockholders   (0.04 )     (0.16 ) Non-GAAP net income per share attributable to common stockholders, diluted $ 0.39     $ 1.56               Weighted-average shares, diluted   139,000       139,000   (1) Other includes expenses related to litigation and workforce reorganization. (2) Non-GAAP tax provision uses a long-term projected tax rate of 25%, which reflects currently available information and could be subject to change. BOX, INC. RECONCILIATION OF GAAP TO NON-GAAP OPERATING MARGIN GUIDANCE (Unaudited)     Three Months Ended   Fiscal Year Ended   July 31, 2026   January 31, 2027 GAAP operating margin   10.0 %   9.0 % Stock-based compensation   18.5       18.5   Other (1)   —       0.5   Non-GAAP operating margin   28.5 %   28.0 % (1) Other includes acquired intangible assets amortization, expenses related to litigation, and workforce reorganization.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260525357806/en/ Investors:
Cynthia Hiponia
ir@box.com Media:
Sheridan Hoover
press@box.com Original: Box Reports First Quarter Fiscal 2027 Financial Results

~bought some 6/18 $34 calls @.17c 

Box Named a Leader in the 2026 Gartner® Magic Quadrant™ for Document ManagementApril 28, 2026 3:00 PM
Business Wire
Recognized for Completeness of Vision and Ability to Execute


Box, Inc. (NYSE:BOX), the leading Intelligent Content Management platform, today announced that it has been recognized as a Leader in the 2026 Gartner Magic Quadrant for Document Management.


To Box, this recognition validates the complete AI transformation that has taken place at Box and reinforces the company’s commitment to building the most secure AI-powered enterprise content platform in the industry. As companies embrace AI and deploy AI agents, Box is focused on delivering secure, governed agentic experiences tailored to our global customers, including highly regulated industries like public sector, banking, insurance, life sciences, and legal.


"We're in an era where AI agents need secure access to enterprise content, which resides in documents like contracts, product specifications, charts, and other files central to daily operations, to execute real work," said Olivia Nottebohm, Chief Operating Officer at Box. "Box is empowering enterprise customers to enable AI agents to reason, orchestrate end-to-end workflows, and execute complex tasks. Powered by the newest AI models, Box customers can use Box AI to analyze, manage, and process their content – reinventing how work gets done.”


About Gartner and the Magic Quadrant


Gartner delivers actionable, objective insight to executives and their teams. Its expert guidance and tools enable faster, smarter decisions and stronger performance on an organization’s mission-critical priorities. The Gartner Magic Quadrant evaluates vendors based on their Ability to Execute and Completion of Vision. We are honored to be included among the recognized vendors in this important report. Learn more about the Magic Quadrant.


Report citation


Gartner, Magic Quadrant for Document Management, Tim Nelms, Jed Cawthorne, Marko Sillanpaa, Rachel O’Farrell, Stephen Emmott (Apr 28, 2026).


Disclaimer


Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s Research & Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved.


About Box


Box (NYSE:BOX) is the leader in Intelligent Content Management. Our platform enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428166946/en/
Investor Relations:

Cynthia Hiponia

ir@box.com


Comms:

Madeline Gile

press@box.com


Original: Box Named a Leader in the 2026 Gartner® Magic Quadrant™ for Document Management

Box Launches Box Automate to Orchestrate Agentic WorkflowsApril 28, 2026 1:00 PM
Business Wire
Generally available today, Box Automate unleashes AI across the enterprise by supporting a safe, trusted and consistent workflow platform


Box, Inc. (NYSE:BOX), the leading Intelligent Content Management (ICM) platform, today announced the general availability of Box Automate, a workflow automation solution centered around content and built to accelerate business outcomes across the enterprise with AI. Box Automate dynamically routes work across people, Box Agents, and enterprise systems, driving end-to-end automation to replace fragmented workstreams and unlock enterprise productivity at scale. Built natively on the Box platform, Automate works across Box’s products including Box AI, Box Extract, Box Apps, Box Sign, Box Hubs, Box DocGen and more. Now, enterprises can automate their content-based processes for the AI era, all within the security of Box.


"Today, industries are seeing the biggest AI ROI come from automation," said Aaron Levie, Co-founder and CEO of Box. "For enterprises, this means completing in minutes what once took days, with greater accuracy and zero compromise on security - reclaiming the hours lost to previously manual and repetitive work. With Box Automate, customers can access Box’s entire AI ecosystem to create new content-driven processes that completely reimagine how work gets done. Every individual now has the opportunity to seamlessly drive efficiency at scale."


"We're excited about the potential of Box Automate to transform our onboarding process,” said Evelyn Ngai, Head of GRC, Samsung, “It has the potential to make our onboarding workflow far more scalable by processing documents from Greenhouse, Workday, and new hire documents, extracting metadata we choose, and sending it to Box DocGen to generate personalized documents for new employees at scale. Additionally, by leveraging Box Automate's capabilities, we can programmatically trigger workflows based on the extracted metadata, automating task assignments to different teams and streamlining our overall onboarding process."


Available Today: Box Automate


Box Automate transforms how enterprises work by treating content as the system of record, enabling workflows to trigger on document state, metadata, and AI-derived insights rather than relying only on structured fields or manual handoffs. Unlike traditional tools that treat content as static inputs, Box Automate takes action when files are updated and deploys secure AI agents at scale to streamline repetitive and manual tasks.


With no code required, Box Automate’s intuitive and easy to use drag and drop builder enables customers to quickly design and deploy automations, while ensuring human oversight for critical decisions and AI output verification.


Users can also create customized agents in Box AI Studio, leveraging Box AI, Box Agent, and Box Extract, that are easily deployed across Box’s secure ecosystem. Additionally, as leading models from OpenAI, Anthropic, and Google advance, improvements carry forward automatically, saving time and enabling workflows to get smarter without requiring process rebuilds.


With the power of Box Automate:



HR teams can drive employee onboarding by validating documents, extracting key insights, and generating personalized candidate documents to support new employees;



Finance teams can streamline invoice management by aggregating and synthesizing data from multiple documents and routing for multi-level approval;



Legal teams can drive contract intelligence by automating high-volume contract workflows, such as helping to assess risk scores, extracting metadata and routing documents for approvals;



Loan officers can conduct loan processing and underwriting tasks such as checking new applications for accuracy, flagging potential risks, and cross-checking application forms against supporting documents like passports, driver’s licenses, and pay slips;



Federal research agencies can perform operational risk assessments by extracting metadata to manage policy documents, technical reports, and datasets, ensuring compliance, transparency, and controlled access.



“Box’s latest announcements underscore the increasing role of its Intelligent Content Management platform in enterprise automation,” said Alan Pelz-Sharpe, founder of Deep Analysis. “Box Automate introduces no-code workflows that route work across people and AI agents, making it easier to reduce manual, repetitive tasks at scale. Together with Box Extract and Box Agent, it strengthens Box’s platform for practical, day-to-day automation.”


Availability


Box Automate is now generally available for all business accounts with access to features scaling by tier:



Business and Business Plus: Access to file and folder automation, including e-signature events.



Enterprise and Enterprise Plus: Access to metadata-powered workflows and complex logic.



Enterprise Advanced: Access to the full suite of agentic workflow automation features.



To learn more visit the Box Blog and register for Content + AI Summit on May 20 to see Box Automate in action.


About Box


Box (NYSE:BOX) is the leader in Intelligent Content Management. Our platform enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428144665/en/
Investor Relations:

Cynthia Hiponia

ir@box.com


Comms:

Madeline Gile

press@box.com


Original: Box Launches Box Automate to Orchestrate Agentic Workflows

State and Local Governments Turn to Box to Modernize Workflows with Secure AIMarch 25, 2026 12:30 PM
Business Wire
Box’s State and Local Government Summit spotlights public-sector use cases, demonstrating secure, compliant AI-powered content management


Box, Inc. (NYSE:BOX), the leading Intelligent Content Management (ICM) platform, today highlighted how state and local governments are transforming operations with secure, AI-powered content at its annual State and Local Government Virtual Summit. The summit featured speakers from the City and County of Denver, who shared how they are using Box as an AI-powered content management platform to modernize case workflows and deliver faster, more secure, and more responsive public services, alongside Box executives including CEO and co-founder Aaron Levie.


“State and local governments are under pressure to deliver faster, more transparent services while navigating constrained budgets and legacy technical debt,” said Murtaza Masood, Box’s Vice President & Global Managing Director, Public Sector. “AI presents major opportunities, but also real concerns around security, compliance, and implementation. Box’s centralized, secure, AI-powered content platform helps agencies modernize operations, meet regulatory demands, improve mission delivery, and lower IT costs.”


In addition to the City and County of Denver, numerous local government customers rely on Box to intelligently manage their content workloads so they can focus on serving constituents. These organizations represent a variety of use cases, including:



The Texas Department of Motor Vehicles implemented Box AI to automatically extract key information from forms and records, reduce manual review, and accelerate workflows, all while maintaining the security and compliance standards required of a public agency;



The Los Angeles City Employees’ Retirement System (LACERS) utilizes Box Hubs and AI to foster responsive member services and team collaboration. LACERS also leverages Box as a FedRAMP and GovRAMP authorized content collaboration platform;



Rockland County, New York deployed Box across Legal, Health, and Personnel departments for litigation and contracting management as well as real-time collaboration for a more efficient, connected government organization.



Since the unveiling of Box AI in May 2023, Box has been at the forefront of delivering secure, compliant AI-driven content insights, backed by some of the industry’s most comprehensive sets of security and compliance standards, including CJIS, HIPAA, GovRAMP High, FedRAMP High, and DoD IL4. Built on a centralized, cloud-based content platform, Box enables public sector agencies to securely share, manage, and act on content – from spreadsheets and documents to images and videos – and apply AI to extract key information, get accurate answers, and accelerate workflows in a secure, governed, and permissions-aware environment.


With Box, public sector agencies can:



Eliminate content silos, consolidate and turn unstructured data into actionable content, and enable discoverability and scale; Box ECM solutions offer high scalability, mobile first and cloud native experiences;



Connect to critical business applications, including Microsoft Office 365, Google, ServiceNow, Salesforce, Workday and more;



Provide security, compliance, and auditability with AI-driven auto-document classification for compliance and simplified audits;



Seamlessly administer CJIS, HIPAA, FedRAMP High, GovRAMP High and DoD IL4 requirements;



Transform case processing, strengthen compliance, and benefit administrations from end to end;



Leverage multiple AI LLMs with Box’s agnostic approach to providing access to many different models – eliminating the need for contracts with each LLM vendor.



Feature availability may vary by package. To learn more about available offerings, including Box Enterprise Advanced, visit the Box website.


The Virtual Summit is hosted in partnership with Government Technology, the leading events, media, and intelligence platform covering IT in state and local government. The event is available for on-demand viewing here.


About Box


Box (NYSE:BOX) is the leader in Intelligent Content Management. Our platform enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260325513716/en/
Media:

Kat McMahon

press@box.com


Original: State and Local Governments Turn to Box to Modernize Workflows with Secure AI

Box Announces New $500 Million Share Repurchase ProgramMarch 19, 2026 4:30 PM
Business Wire
Box, Inc. (NYSE:BOX), the leading Intelligent Content Management platform, today announced that its Board of Directors authorized an expansion of its share repurchase program under which Box may repurchase up to an additional amount of $500 million of its outstanding Class A common stock through September 30, 2027.


“The profitable growth we delivered in fiscal 2026 demonstrates the success of our Intelligent Content Management platform strategy. Going forward, we expect to continue improving our revenue growth rate and free cash flow margin,” said Dylan Smith, co-founder and CFO of Box. “We have built the operational engine to deliver long-term profitable growth and, with our disciplined capital allocation strategy, we are well positioned to create significant shareholder value for years to come.”


Forward-Looking Statements


This press release contains forward-looking statements that involve risks, uncertainties, and assumptions, including statements regarding Box’s expectations regarding its growth and profitability, the size of its market opportunity, its long-term financial targets, its ability to improve its revenue growth rate and free cash flow margin, and any potential repurchase of its common stock, whether, when, in what amount and by what method any such repurchase would be consummated, and the share price of any such repurchase. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: (1) adverse changes in general economic or market conditions, including those caused by changes in tariffs, sanctions, international treaties, export/import laws and other trade restrictions, the Russia-Ukraine conflict and the conflict in the Middle East, inflation, and fluctuations in foreign currency exchange rates; (2) delays or reductions in information technology spending; (3) factors related to Box’s highly competitive market, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by Box’s current or future competitors; (4) the development of the intelligent content management market; (5) the risk that Box’s customers do not renew their subscriptions, expand their use of Box’s services, or adopt new products offered by Box on a timely basis, or at all; (6) Box’s ability to provide timely and successful enhancements, integrations, new features and modifications to its platform and services; (7) actual or perceived security vulnerabilities in Box’s services or any breaches of Box’s security controls; (8) Box’s ability to realize the expected benefits of its third-party partnerships; and (9) Box’s ability to successfully integrate acquired businesses and achieve the expected benefits from those acquisitions.


Additional information on potential factors that could affect Box’s financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings Box makes with the Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K filed for the year ended January 31, 2026. These documents are available on the SEC Filings section of Box’s Investor Relations website located at www.boxinvestorrelations.com. Box does not assume any obligation to update the forward-looking statements contained in this press release to reflect events that occur or circumstances that exist after the date on which they were made.


About Box


Box (NYSE:BOX) is the leader in Intelligent Content Management. Our platform enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260319423228/en/
Investors:

Cynthia Hiponia

ir@box.com


Media:

Sheridan Hoover

press@box.com


Original: Box Announces New $500 Million Share Repurchase Program

Box shares rise 6% after Q4 revenue beat and share buybackMarch 4, 2026 8:16 AM
IH Market News
Shares of Box Inc (NYSE:BOX) climbed 6.06% to $25.37 in premarket trading on Wednesday, rebounding from their lowest closing level since February 10 recorded in the previous session.The intelligent content management platform reported fourth-quarter revenue that came in slightly above analyst forecasts, according to data compiled by LSEG.During the quarter, Box repurchased 4.4 million shares for a total of $126 million.The company also forecast first-quarter fiscal 2027 revenue of $304 million, which would represent a year-over-year increase of about 10%.Box stock price

Original: Box shares rise 6% after Q4 revenue beat and share buyback

Box Reports Fourth Quarter and Fiscal 2026 Financial ResultsMarch 3, 2026 4:05 PM
Business Wire
Fourth Quarter Revenue of $306 Million and Fiscal 2026 Revenue of $1.18 Billion


Fourth Quarter Remaining Performance Obligations of $1.7 Billion, up 17% Year-Over-Year, up 16% in Constant Currency


Fourth Quarter GAAP Operating Margin of 10.2% and Non-GAAP Operating Margin of 30.6%


Fourth Quarter GAAP Net Income Per Share of $0.47 and Non-GAAP Net Income Per Share of $0.49


Box, Inc. (NYSE:BOX), the leading Intelligent Content Management (“ICM”) platform, today announced preliminary financial results for the fourth quarter and fiscal year 2026, which ended January 31, 2026.


“Fiscal 2026 was a defining year for Box, as we executed on the launch of Enterprise Advanced, delivering customers our most powerful capabilities around advanced AI and intelligent workflow automation, all anchored in a secure platform,” said Aaron Levie, co-founder and CEO of Box. “Enterprise Advanced customers already account for 10% of revenue, as customers looking to leverage the power of AI to transform how they work with their enterprise content turned to our Intelligent Content Management platform. We are excited about the momentum as we enter FY27 and continue to execute on our innovative product roadmap that is shaping the future of work.”


“Our strong results in fiscal 2026 demonstrate the success of our Intelligent Content Management platform strategy as we drove a significant improvement in our net retention rate,” said Dylan Smith, co-founder and CFO of Box. “Looking ahead, we will continue to execute on our robust product roadmap and invest in strategic go-to-market initiatives, leading to accelerated revenue growth in FY27 and beyond.”


Fiscal Fourth Quarter Financial Highlights


All comparisons are against the prior year comparable quarter



Record revenue of $305.9 million, up 9%, or 8% on a constant currency basis.



Record remaining performance obligations (“RPO”) of $1.711 billion, up 17%, or 16% on a constant currency basis. Short-term RPO of $913.7 million, up 12%, and long-term RPO of $797.0 million, up 22%.



Record billings of $419.8 million, up 5%, or 4% on a constant currency basis.



Record GAAP gross profit of $245.0 million, or 80.1% of revenue, up from $220.7 million, or 79.0% of revenue.



Record non-GAAP gross profit of $251.8 million, or 82.3% of revenue, up from $226.4 million, or 81.0% of revenue.



Record GAAP operating income of $31.2 million, or 10.2% of revenue, up from $17.9 million, or 6.4% of revenue.



Record non-GAAP operating income of $93.7 million, or 30.6% of revenue, up from $76.4 million, or 27.3% of revenue.



GAAP diluted earnings per share (“EPS”) of $0.47, which includes a $0.01 year-over-year benefit from favorable foreign exchange rates, as well as $0.43 from various net tax benefits. This compares to the prior year period of $1.12, which includes a net tax benefit of $1.04 from the release of a valuation allowance on deferred tax assets.



Non-GAAP diluted EPS of $0.49, which includes a $0.01 year-over-year benefit from favorable foreign exchange rates, as well as $0.14 from various net tax benefits. This compares to the prior year period of $0.42.



Net cash provided by operating activities of $110.4 million, up 8%.



Non-GAAP free cash flow of $97.5 million, up 7%.



Fiscal Year 2026 Financial Highlights


All comparisons are against the prior fiscal year



Record revenue of $1.177 billion, up 8%, or 7% on a constant currency basis.



Record billings of $1.223 billion, up 10%, or 9% on a constant currency basis.



Record GAAP gross profit of $932.6 million, or 79.2% of revenue, up from $862.0 million, or 79.1% of revenue.



Record non-GAAP gross profit of $959.4 million, or 81.5% of revenue, up from $884.9 million, or 81.2% of revenue.



Record GAAP operating income of $83.2 million, or 7.1% of revenue, up from $79.6 million, or 7.3% of revenue.



Record non-GAAP operating income of $333.6 million, or 28.3% of revenue, up from $303.6 million, or 27.9% of revenue.



GAAP diluted EPS of $0.58, which includes a $0.03 year-over-year benefit from favorable foreign exchange rates, as well as $0.42 from various net tax benefits. This compares to the prior year period of $1.36, which includes a net tax benefit of $1.06 from the release of a valuation allowance on deferred tax assets.



Non-GAAP diluted EPS of $1.44, which includes a $0.03 year-over-year benefit from favorable foreign exchange rates, as well as $0.14 from various net tax benefits. This compares to the prior year period of $1.71.



Net cash provided by operating activities of $356.5 million, up 7%.



Record non-GAAP free cash flow of $312.9 million, up 3%.



Growth on a constant currency basis and impact from foreign exchange is determined by comparing current period reported results with the current results calculated using the equivalent rates in the prior period, excluding the effect of hedging.


For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the section titled, “About Non-GAAP Financial Measures and Other Key Metrics,” and the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures at the end of this press release.


Recent Business Highlights



Delivered wins or expansions with leading organizations across a variety of industries, including Financial Services (Robinhood Markets and Zurich Insurance Group AG), Healthcare (Mayo Clinic and University of Virginia Health System), Legal (Gibson, Dunn & Crutcher and Ropes & Gray), Life Sciences (LivaNova and Novo Nordisk A/S), Media & Entertainment (Sega Europe Limited and Sony Music Entertainment), Public Sector (County of San Diego and Department of Energy, Savannah River Nuclear Solutions), and Retail (Ace Hardware and Chanel S.A.).



Announced the general availability of Box Extract, enabling enterprises to intelligently and securely pull the most valuable information from content and save it as metadata in Box--all powered by leading generative AI models.



Announced the general availability of Box Shield Pro, a powerful new add-on that expands on existing Box Shield content protection and leverages agentic AI to bring new levels of scale, speed, and automation to advanced security controls.



Launched a new Box developer documentation site that includes AI-powered chat and advanced search, a Box developer documentation MCP server, and an interactive API playground.



Served as an early launch partner and announced support for Anthropic’s Claude Opus 4.5, Opus 4.6, & Sonnet 4.6, Google’s Gemini 3 Flash & 3.1 Pro, and OpenAI’s GPT-5.2 in Box AI Studio.



Partnered with Anthropic to support MCP Apps within the Box Connector in Claude, bringing visual interfaces to AI interactions to transform how users engage with enterprise content and bridge the gap between conversational AI and tangible work.



Served as a launch partner for Atlassian's new MCP Gallery in Rovo and Assign to Agent feature in Jira, bridging the gap between an organization's most important unstructured data in Box and the Atlassian ecosystem.



Announced the launch of the Box connector for Figma Make, a specialized integration designed to bring secure enterprise content directly into creative and product workflows.



Announced the general availability of Box AI Agents in ServiceNow’s Agentic AI Marketplace, providing easy, direct access to AI-powered data extraction and content insights within ServiceNow NowAssist.



Introduced the Box Sign for Workday integration that enables organizations to seamlessly and securely send and manage documents for e-signature, right from within Workday.



Update on Share Repurchase Plan


In the fourth quarter of fiscal year 2026, Box repurchased 4.4 million shares for approximately $126 million. As of January 31, 2026, approximately $59 million of buyback capacity was remaining under Box’s current share repurchase plan. Box remains committed to opportunistically returning capital to its shareholders through an ongoing stock repurchase program.


Outlook


Approximately 40% of Box’s revenue is generated outside of the U.S., of which approximately 65% is in Japanese Yen. The following guidance includes the expected impact of FX headwinds, assuming present foreign currency exchange rates.


All forward-looking non-GAAP financial measures contained in this section titled “Outlook” exclude estimates for stock-based compensation expense, intangible assets amortization, and as applicable, other special items. Box has provided a reconciliation of GAAP to non-GAAP net income per share and operating margin guidance at the end of this press release.


Note that FY27 guidance reflects a lower expected tax rate, benefiting GAAP and non-GAAP net income per share.


Q1 FY27 Guidance



Revenue is expected to be approximately $304 million, up 10% year-over-year, or 9% on a constant currency basis. This includes an expected positive tailwind of approximately 90 basis points due to FX.



GAAP operating margin is expected to be approximately 8.5% and non-GAAP operating margin is expected to be approximately 27.5%. This includes an expected headwind of approximately 20 basis points due to FX.



GAAP net income per share attributable to common stockholders is expected to be approximately $0.09.



Non-GAAP diluted net income per share attributable to common stockholders is expected to be approximately $0.36.



Weighted-average diluted shares outstanding are expected to be approximately 141 million.



Full Year FY27 Guidance



Revenue is expected to be approximately $1.275 billion, up 8% year-over-year, or 9% on a constant currency basis. This includes an expected headwind of approximately 60 basis points due to FX.



GAAP operating margin is expected to be approximately 9.5% and non-GAAP operating margin is expected to be approximately 28%. This includes an expected headwind of approximately 50 basis points due to FX.



GAAP net income per share attributable to common stockholders is expected to be approximately $0.45. GAAP EPS guidance includes an expected headwind of $0.03 due to FX.



Non-GAAP diluted net income per share attributable to common stockholders is expected to be approximately $1.55. Non-GAAP EPS guidance includes an expected headwind of $0.03 due to FX.



Weighted-average diluted shares outstanding are expected to be approximately 141 million.



Webcast and Conference Call Information


Box’s management team will host a conference call today beginning at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss Box’s financial results, business highlights and future outlook. A live audio webcast of this call will be available through Box’s Investor Relations website at www.boxinvestorrelations.com for a period of 90 days after the date of the call. Prepared remarks will be available on the Box Investor Relations website after the call ends.


The conference call can be accessed by registering online at https://events.q4inc.com/attendee/948629782 at which time registrants will receive dial-in information as well as a conference ID.


Box has used, and intends to continue to use, its Investor Relations website (www.box.com/investors), as well as certain X accounts (@box and @levie), as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Information on or that can be accessed through Box’s Investor Relations website, these X accounts, or that is contained in any website to which a hyperlink is provided herein is not part of this press release, and the inclusion of Box’s Investor Relations website address, these X accounts, and any hyperlinks are only inactive textual references.


This press release, the financial tables, as well as other supplemental information including the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures, are also available on Box’s Investor Relations website. Box also provides investor information, including news and commentary about Box’s business and financial performance, Box’s filings with the Securities and Exchange Commission, notices of investor events and Box’s press and earnings releases, on Box’s Investor Relations website.


Forward-Looking Statements


This press release contains forward-looking statements that involve risks, uncertainties, and assumptions, including statements regarding Box’s expectations regarding its growth and profitability, the size of its market opportunity, its investments in go-to-market programs, the demand for its products, the potential of AI and its impact on Box, the timing of recent and planned product introductions, enhancements and integrations, the short- and long-term success, market adoption and retention, capabilities, and benefits of such product introductions and enhancements, the success of strategic partnerships and acquisitions, the impact of macroeconomic conditions on its business, its ability to grow and scale its business and drive operating efficiencies, the impact of fluctuations in foreign currency exchange rates on its future results, its net retention rate, its ability to achieve revenue targets and billings expectations, its revenue and billings growth rates, its ability to expand operating margins, its long-term financial targets, its ability to maintain profitability on a quarterly or ongoing basis, its free cash flow, its ability to continue to grow unrecognized revenue and remaining performance obligations, its revenue, billings, GAAP and non-GAAP gross margins, GAAP and non-GAAP net income per share, GAAP and non-GAAP operating margins, the related components of GAAP and non-GAAP net income per share, weighted-average outstanding share count expectations for Box’s fiscal first quarter and full fiscal year 2027 in the section titled “Outlook” above, equity burn rate, any potential repurchase of its common stock, whether, when, in what amount and by what method any such repurchase would be consummated, and the share price of any such repurchase. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: (1) adverse changes in general economic or market conditions, including those caused by changes in tariffs, sanctions, international treaties, export/import laws and other trade restrictions, the Russia-Ukraine conflict and the conflict in the Middle East, inflation, and fluctuations in foreign currency exchange rates; (2) delays or reductions in information technology spending; (3) factors related to Box’s highly competitive market, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by Box’s current or future competitors; (4) the development of the intelligent content management market; (5) the risk that Box’s customers do not renew their subscriptions, expand their use of Box’s services, or adopt new products offered by Box on a timely basis, or at all; (6) Box’s ability to provide timely and successful enhancements, integrations, new features and modifications to its platform and services; (7) actual or perceived security vulnerabilities in Box’s services or any breaches of Box’s security controls; (8) Box’s ability to realize the expected benefits of its third-party partnerships; and (9) Box’s ability to successfully integrate acquired businesses and achieve the expected benefits from those acquisitions. In addition, the preliminary financial results set forth in this release are estimates based on information currently available to Box. While Box believes these estimates are meaningful, they could differ from the actual amounts that Box ultimately reports in its Annual Report on Form 10-K for the fiscal year ended January 31, 2026. Box assumes no obligations and does not intend to update these estimates prior to filing its Form 10-K for the fiscal year ended January 31, 2026.


Additional information on potential factors that could affect Box’s financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings Box makes with the Securities and Exchange Commission from time to time, including the Quarterly Report on Form 10-Q filed for the fiscal quarter ended October 31, 2025. These documents are available on the SEC Filings section of Box’s Investor Relations website located at www.boxinvestorrelations.com. Box does not assume any obligation to update the forward-looking statements contained in this press release to reflect events that occur or circumstances that exist after the date on which they were made.


About Non-GAAP Financial Measures and Other Key Metrics


To supplement Box’s consolidated financial statements, which are prepared and presented in accordance with GAAP, Box provides investors with certain non-GAAP financial measures and other key metrics, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to common stockholders, non-GAAP net income per share attributable to common stockholders, billings, remaining performance obligations, non-GAAP free cash flow and free cash flow margin. The presentation of these non-GAAP financial measures and key metrics is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures and key metrics, please see the reconciliation of these non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures at the end of this press release.


Box uses these non-GAAP financial measures and key metrics for financial and operational decision-making (including for purposes of determining variable compensation of members of management and other employees) and as a means to evaluate period-to-period comparisons. Box’s management believes that these non-GAAP financial measures and key metrics provide meaningful supplemental information regarding Box’s performance by excluding certain expenses that may not be indicative of Box’s recurring core business operating results. Box believes that both management and investors benefit from referring to these non-GAAP financial measures and key metrics in assessing Box’s performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures and key metrics also facilitate management's internal comparisons to Box’s historical performance as well as comparisons to Box’s competitors' operating results. Box believes these non-GAAP financial measures and key metrics are useful to investors both because they (1) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) are used by Box’s institutional investors and the analyst community to help them analyze the health of Box’s business.


A limitation of non-GAAP financial measures and key metrics is that they do not have uniform definitions. Further, Box’s definitions will likely differ from the definitions used by other companies, including peer companies, and therefore comparability may be limited. Thus, Box’s non-GAAP financial measures and key metrics should be considered in addition to, and not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. Additionally, in the case of stock-based compensation expense, if Box did not pay a portion of compensation in the form of stock-based compensation expense, the cash salary expense included in cost of revenue and operating expenses would be higher, which would affect Box’s cash position. The accompanying tables have more details on the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures.


Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to common stockholders, and non-GAAP net income per share attributable to common stockholders. Box defines these non-GAAP financial measures as the respective GAAP measures, excluding expenses related to stock-based compensation (“SBC”), acquired intangible assets amortization, and as applicable, other special items. Although SBC is an important aspect of the compensation of Box’s employees and executives, determining the fair value of certain of the stock-based instruments Box utilizes estimation and the expense recorded may bear little resemblance to the actual value realized upon the vesting or future exercise of the related stock-based awards. Management believes it is useful to exclude SBC in order to better understand the long-term performance of Box’s core business and to facilitate comparison of Box’s results to those of peer companies. Management also views amortization of acquired intangible assets, such as the amortization of the cost associated with an acquired company’s developed technology and trade names, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense that is not typically affected by operations during any particular period. Box excludes the following expenses as they are considered by management to be special items outside of Box’s core operating results: (1) expenses related to certain litigation, (2) expenses associated with a non-recurring workforce reorganization, consisting primarily of severance and other personnel-related costs, and (3) expenses related to acquisitions. In addition to these expenses, Box excludes the following items to calculate non-GAAP net income attributable to common stockholders: (1) amortization of debt issuance costs, (2) induced conversion of convertible notes, (3) the income tax benefit from the release of a valuation allowance on deferred tax assets, (4) non-recurring benefits of federal research and development (“R&D”) credits carryforwards and related uncertain tax positions (“UTPs”), (5) the income tax effects of non-GAAP adjustments, and (6) undistributed earnings attributable to preferred stockholders. Non-GAAP gross margin and non-GAAP operating margin are defined as non-GAAP gross profit and non-GAAP operating income as a percentage of revenue, respectively. Non-GAAP net income per share attributable to common stockholders is defined as non-GAAP net income attributable to common stockholders divided by the weighted-average outstanding shares.


Billings. Billings reflect, in any particular period, (1) sales to new customers, plus (2) subscription renewals and (3) expansion within existing customers, and represent amounts invoiced for all products and professional services. Box calculates billings for a period by adding changes in deferred revenue and contract assets in that period to revenue. Box believes that billings help investors better understand sales activity for a particular period, which is not necessarily reflected in revenue as a result of the fact that Box recognizes subscription revenue ratably over the subscription term. Box considers billings a significant performance measure. Box monitors billings to manage the business, make planning decisions, evaluate performance and allocate resources. Box believes that billings offers valuable supplemental information regarding the performance of the business and helps investors better understand the sales volumes and performance of the business. Although Box considers billings to be a significant performance measure, Box does not consider it to be a non-GAAP financial measure because it is calculated using exclusively revenue, deferred revenue, and contract assets, all of which are financial measures calculated in accordance with GAAP.


Remaining performance obligations. Remaining performance obligations (“RPO”) represent, at a point in time, contracted revenue that has not yet been recognized. RPO consists of deferred revenue and backlog. Backlog is defined as non-cancellable contracts deemed certain to be invoiced and recognized as revenue in future periods. Future invoicing is determined to be certain when we have an executed non-cancellable contract or a significant penalty that is due upon cancellation. While Box believes RPO is a leading indicator of revenue as it represents sales activity not yet recognized in revenue, it is not necessarily indicative of future revenue growth as it is influenced by several factors, including seasonality, contract renewal timing, average contract terms and foreign currency exchange rates. Box monitors RPO to manage the business and evaluate performance. Box considers RPO to be a significant performance measure. Box does not consider RPO to be a non-GAAP financial measure because it is calculated in accordance with GAAP, specifically under ASC Topic 606.


Non-GAAP free cash flow and free cash flow margin. Box defines non-GAAP free cash flow as cash flows from operating activities less net capital expenditures (purchases of property and equipment less proceeds from sales of property and equipment), principal payments of finance lease liabilities, capitalized software development costs, and other items that did not or are not expected to require cash settlement and that management considers to be outside of Box’s core business. Free cash flow margin is calculated as non-GAAP free cash flow divided by revenue. Box specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Box considers non-GAAP free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Box's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.


About Box


Box (NYSE:BOX) is the leader in Intelligent Content Management. Our platform enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions.









 



BOX, INC.








CONDENSED CONSOLIDATED BALANCE SHEETS








(In Thousands)








(Unaudited)








 







 






 







 






 








 







January 31,







January 31,








 







2026







2025








ASSETS







 






 







 






 








Current assets:







 






 







 






 








Cash and cash equivalents







$






375,130






 







$






624,575






 








Short-term investments







 






102,932






 







 






98,241






 








Accounts receivable, net







 






325,136






 







 






292,707






 








Deferred commissions







 






46,102






 







 






45,934






 








Other current assets







 






41,973






 







 






36,322






 








Total current assets







 






891,273






 







 






1,097,779






 








Property and equipment, net







 






23,847






 







 






24,979






 








Operating lease right-of-use assets, net







 






97,626






 







 






77,970






 








Goodwill







 






82,290






 







 






76,969






 








Deferred commissions, non-current







 






65,689






 







 






62,780






 








Deferred tax assets







 






283,997






 







 






245,417






 








Intangible assets, net







 






94,311






 







 






74,510






 








Other assets, non-current







 






7,027






 







 






7,116






 








Total assets







$






1,546,060






 







$






1,667,520






 








LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT







 






 







 






 








Current liabilities:







 






 







 






 








Accounts payable, accrued expenses and other current liabilities







$






96,983






 







$






80,069






 








Accrued compensation and benefits







 






57,791






 







 






49,721






 








Debt, net, current







 






—






 







 






203,907






 








Deferred revenue







 






647,893






 







 






588,379






 








Total current liabilities







 






802,667






 







 






922,076






 








Debt, net, non-current







 






451,011






 







 






448,638






 








Operating lease liabilities, non-current







 






76,970






 







 






68,771






 








Other liabilities, non-current







 






18,314






 







 






30,759






 








Total liabilities







 






1,348,962






 







 






1,470,244






 








Series A convertible preferred stock







 






496,376






 







 






494,238






 








Stockholders’ deficit:







 






 







 






 








Common stock







 






14






 







 






14






 








Additional paid-in capital







 






547,610






 







 






677,088






 








Accumulated other comprehensive loss







 






(142






)







 






(11,921






)








Accumulated deficit







 






(846,760






)







 






(962,143






)








Total stockholders’ deficit







 






(299,278






)







 






(296,962






)








Total liabilities, convertible preferred stock and stockholders’ deficit







$






1,546,060






 







$






1,667,520






 















 




BOX, INC.








CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS








(In Thousands, Except Per Share Data)








(Unaudited)








 







 






 







 








 







Three Months Ended







Fiscal Year Ended








 







January 31,







January 31,








 







2026







2025







2026







2025








Revenue







$






305,875






 







$






279,520






 







$






1,177,253






 







$






1,090,130






 








Cost of revenue (1)







 






60,877






 







 






58,784






 







 






244,647






 







 






228,105






 








Gross profit







 






244,998






 







 






220,736






 







 






932,606






 







 






862,025






 








Operating expenses:







 






 







 






 







 






 







 






 








Research and development (1)







 






76,577






 







 






68,870






 







 






294,542






 







 






264,853






 








Sales and marketing (1)







 






99,629






 







 






96,839






 







 






403,992






 







 






380,154






 








General and administrative (1)







 






37,582






 







 






37,091






 







 






150,883






 







 






137,384






 








Total operating expenses







 






213,788






 







 






202,800






 







 






849,417






 







 






782,391






 








Income from operations







 






31,210






 







 






17,936






 







 






83,189






 







 






79,634






 








Interest income







 






5,109






 







 






6,828






 







 






24,740






 







 






23,709






 








Interest expense







 






(2,639






)







 






(2,864






)







 






(10,698






)







 






(6,075






)








Other income (expense), net







 






761






 







 






(876






)







 






1,498






 







 






(12,108






)








Income before income taxes







 






34,441






 







 






21,024






 







 






98,729






 







 






85,160






 








Benefit from income taxes







 






(47,238






)







 






(172,986






)







 






(16,654






)







 






(159,461






)








Net income







$






81,679






 







$






194,010






 







$






115,383






 







$






244,621






 








Accretion and dividend on series A convertible preferred stock







 






(4,313






)







 






(4,311






)







 






(17,138






)







 






(17,143






)








Undistributed earnings attributable to preferred stockholders







 






(8,876






)







 






(21,627






)







 






(11,192






)







 






(25,911






)








Net income attributable to common stockholders







$






68,490






 







$






168,072






 







$






87,053






 







$






201,567






 








Net income per share attributable to common stockholders







 






 







 






 







 






 







 






 








Basic







$






0.48






 







$






1.17






 







$






0.60






 







$






1.40






 








Diluted







$






0.47






 







$






1.12






 







$






0.58






 







$






1.36






 








Weighted-average shares used to compute net income per share attributable to common stockholders







 






 







 






 







 






 







 






 








Basic







 






143,075






 







 






144,088






 







 






144,195






 







 






144,228






 








Diluted







 






146,424






 







 






150,485






 







 






149,155






 







 






148,643






 








(1) Includes stock-based compensation expense as follows:







 






 







 






 







 






 







 






 








 







Three Months Ended






 






Fiscal Year Ended








 







January 31,






 






January 31,








 







2026






 






2025






 






2026






 






2025








Cost of revenue







$






5,731






 







$






4,664






 







$






21,831






 







$






18,656






 








Research and development







 






20,862






 







 






20,137






 







 






81,364






 







 






77,557






 








Sales and marketing







 






18,927






 







 






18,690






 







 






76,568






 







 






75,281






 








General and administrative







 






13,236






 







 






13,655






 







 






53,953






 







 






47,509






 








Total stock-based compensation







$






58,756






 







$






57,146






 







$






233,716






 







$






219,003






 























 




BOX, INC.








CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS








(In Thousands)








(Unaudited)








 






 






 






 






 






 






 








 






 






Three Months Ended






 






Fiscal Year Ended








 






 






January 31,






 






January 31,








 






 






2026






 






2025






 






2026






 






2025








CASH FLOWS FROM OPERATING ACTIVITIES:







 






 







 






 







 






 







 






 








Net income







$






81,679






 







$






194,010






 







$






115,383






 







$






244,621






 








Adjustments to reconcile net income to net cash provided by operating activities:







 






 







 






 







 






 







 






 








Depreciation and amortization







 






9,299






 







 






6,193






 







 






32,908






 







 






22,103






 








Stock-based compensation expense







 






58,756






 







 






57,146






 







 






233,716






 







 






219,003






 








Amortization of deferred commissions







 






13,448






 







 






13,184






 







 






53,343






 







 






52,561






 








Deferred income taxes







 






(51,181






)







 






(176,091






)







 






(31,544






)







 






(171,225






)








Induced conversion expense







 






—






 







 






—






 







 






—






 







 






10,139






 








Other







 






(488






)







 






5,261






 







 






(5,551






)







 






(2,101






)








Changes in operating assets and liabilities:







 






 







 






 







 






 







 






 








Accounts receivable, net







 






(119,326






)







 






(105,242






)







 






(31,215






)







 






(14,478






)








Deferred commissions







 






(21,636






)







 






(21,473






)







 






(56,449






)







 






(52,333






)








Operating lease right-of-use assets, net







 






5,440






 







 






5,108






 







 






21,541






 







 






23,279






 








Other assets







 






898






 







 






(5,360






)







 






(3,313






)







 






(5,386






)








Accounts payable, accrued expenses and other liabilities







 






29,449






 







 






16,910






 







 






6,805






 







 






6,391






 








Operating lease liabilities







 






(6,246






)







 






(6,404






)







 






(26,111






)







 






(28,062






)








Deferred revenue







 






110,291






 







 






118,931






 







 






46,937






 







 






27,745






 








Net cash provided by operating activities







 






110,383






 







 






102,173






 







 






356,450






 







 






332,257






 








CASH FLOWS FROM INVESTING ACTIVITIES:







 






 







 






 







 






 







 






 








Purchases of short-term investments







 






(22,103






)







 






(30,662






)







 






(104,363






)







 






(121,338






)








Maturities of short-term investments







 






16,200






 







 






22,500






 







 






102,600






 







 






119,896






 








Sales of short-term investments







 






—






 







 






—






 







 






—






 







 






3,567






 








Purchases of property and equipment







 






(1,922






)







 






(628






)







 






(6,074






)







 






(2,573






)








Proceeds from sales of property and equipment







 






57






 







 






—






 







 






309






 







 






8,395






 








Capitalized software costs







 






(8,721






)







 






(8,602






)







 






(35,174






)







 






(27,633






)








Other







 






—






 







 






—






 







 






—






 







 






(3,525






)








Net cash used in investing activities







 






(16,489






)







 






(17,392






)







 






(42,702






)







 






(23,211






)








CASH FLOWS FROM FINANCING ACTIVITIES:







 






 







 






 







 






 







 






 








Proceeds from issuance of 2029 Convertible Notes, net of issuance costs







 






—






 







 






(1,158






)







 






—






 







 






447,795






 








Partial repurchase of 2026 Convertible Notes







 






—






 







 






—






 







 






—






 







 






(191,713






)








Purchase of 2029 Capped Calls







 






—






 







 






—






 







 






—






 







 






(52,486






)








Settlement of 2026 Capped Calls







 






—






 







 






—






 







 






—






 







 






30,313






 








Principal payments on borrowings







 






—






 







 






—






 







 






—






 







 






(30,000






)








Principal payments upon maturity of 2026 Convertible Notes







 






(205,000






)







 






—






 







 






(205,000






)







—






 








Repurchases of common stock







 






(123,409






)







 






(42,409






)







 






(289,845






)







 






(211,060






)








Payments of dividends to preferred stockholders







 






(3,750






)







 






(3,750






)







 






(15,000






)







 






(15,000






)








Proceeds from exercise of stock options







 






—






 







 






2,880






 







 






1,455






 







 






19,050






 








Proceeds from issuances of common stock under employee stock purchase plan







 






—






 







 






—






 







 






27,168






 







 






25,910






 








Employee payroll taxes paid for net settlement of stock awards







 






(18,190






)







 






(21,167






)







 






(85,278






)







 






(79,256






)








Other







 






(2,287






)







 






(1,752






)







 






(3,022






)







 






(5,915






)








Net cash used in financing activities







 






(352,636






)







 






(67,356






)







 






(569,522






)







 






(62,362






)








Effect of exchange rate changes on cash, cash equivalents, and restricted cash







 






612






 







 






(1,361






)







 






6,352






 







 






(4,831






)








Net (decrease) increase in cash, cash equivalents, and restricted cash







 






(258,130






)







 






16,064






 







 






(249,422






)







 






241,853






 








Cash, cash equivalents, and restricted cash, beginning of period







 






634,818






 







 






610,046






 







 






626,110






 







 






384,257






 








Cash, cash equivalents, and restricted cash, end of period







$






376,688






 







$






626,110






 







$






376,688






 







$






626,110






 























 




BOX, INC.








RECONCILIATION OF GAAP TO NON-GAAP DATA








(In Thousands, Except Per Share Data and Percentages)








(Unaudited)








 







 






 







 






 








 







Three Months Ended







Fiscal Year Ended








 







January 31,







January 31,








 







2026







2025







2026







2025








GAAP gross profit and gross margin







$






244,998






 







 






80.1






%







$






220,736






 







 






79.0






%







$






932,606






 







 






79.2






%







$






862,025






 







 






79.1






%








Stock-based compensation







 






5,731






 







 






1.9






 







 






4,664






 







 






1.7






 







 






21,831






 







 






1.9






 







 






18,656






 







 






1.7






 








Acquired intangible assets amortization







 






993






 







 






0.3






 







 






1,008






 







 






0.3






 







 






3,974






 







 






0.3






 







 






4,214






 







 






0.4






 








Workforce reorganization







 






84






 







 






—






 







 






—






 







 






—






 







 






1,025






 







 






0.1






 







 






—






 







 






—






 








Non-GAAP gross profit and gross margin







$






251,806






 







 






82.3






%







$






226,408






 







 






81.0






%







$






959,436






 







 






81.5






%







$






884,895






 







 






81.2






%








 







 






 







 






 







 






 







 






 







 






 







 






 







 






 







 






 








GAAP operating income and operating margin







$






31,210






 







 






10.2






%







$






17,936






 







 






6.4






%







$






83,189






 







 






7.1






%







$






79,634






 







 






7.3






%








Stock-based compensation







 






58,756






 







 






19.2






 







 






57,146






 







 






20.4






 







 






233,716






 







 






19.9






 







 






219,003






 







 






20.1






 








Acquired intangible assets amortization







 






993






 







 






0.3






 







 






1,008






 







 






0.4






 







 






3,974






 







 






0.3






 







 






4,214






 







 






0.4






 








Acquisition-related expenses







 






203






 







 






0.1






 







 






35






 







 






—






 







 






592






 







 






—






 







 






378






 







 






—






 








Expenses related to litigation







 






258






 







 






0.1






 







 






243






 







 






0.1






 







 






1,483






 







 






0.1






 







 






419






 







 






0.1






 








Workforce reorganization







 






2,304






 







 






0.7






 







 






—






 







 






—






 







 






10,629






 







 






0.9






 







 






—






 







 






—






 








Non-GAAP operating income and operating margin







$






93,724






 







 






30.6






%







$






76,368






 







 






27.3






%







$






333,583






 







 






28.3






%







$






303,648






 







 






27.9






%








 







 






 







 






 







 






 







 






 







 






 







 






 







 






 







 






 








GAAP net income and net income per share attributable to common stockholders, diluted







$






68,490






 







$






0.47






 







$






168,072






 







$






1.12






 







$






87,053






 







$






0.58






 







$






201,567






 







$






1.36






 








Stock-based compensation







 






58,756






 







 






0.40






 







 






57,146






 







 






0.38






 







 






233,716






 







 






1.57






 







 






219,003






 







 






1.47






 








Acquired intangible assets amortization







 






993






 







 






0.01






 







 






1,008






 







 






—






 







 






3,974






 







 






0.03






 







 






4,214






 







 






0.03






 








Acquisition-related expenses







 






1,584






 







 






0.01






 







 






35






 







 






—






 







 






1,973






 







 






0.01






 







 






378






 







 






—






 








Expenses related to litigation







 






258






 







 






—






 







 






243






 







 






—






 







 






1,483






 







 






0.01






 







 






419






 







 






—






 








Workforce reorganization







 






2,304






 







 






0.01






 







 






—






 







 






—






 







 






10,629






 







 






0.07






 







 






—






 







 






—






 








Amortization of debt issuance costs







 






847






 







 






0.01






 







 






1,058






 







 






0.01






 







 






3,517






 







 






0.03






 







 






2,662






 







 






0.02






 








Induced conversion expense (1)







 






—






 







 






—






 







 






—






 







 






—






 







 






—






 







 






—






 







 






10,139






 







 






0.07






 








Benefit from the release of a valuation allowance on deferred tax assets







 






—






 







 






—






 







 






(177,190






)







 






(1.18






)







 






—






 







 






—






 







 






(177,190






)







 






(1.19






)








Benefit from federal R&D credit







 






(48,381






)







 






(0.33






)







 






—






 







 






—






 







 






(48,381






)







 






(0.32






)







 






—






 







 






—






 








Income tax effects of non-GAAP adjustments (2)







 






(12,411






)







 






(0.09






)







 






—






 







 






—






 







 






(63,478






)







 






(0.43






)







 






—






 







 






—






 








Undistributed earnings attributable to preferred stockholders







 






(453






)







 






—






 







 






13,418






 







 






0.09






 







 






(16,339






)







 






(0.11






)







 






(6,791






)







 






(0.05






)








Non-GAAP net income and net income per share attributable to common stockholders, diluted







$






71,987






 







$






0.49






 







$






63,790






 







$






0.42






 







$






214,147






 







$






1.44






 







$






254,401






 







$






1.71






 








Weighted-average shares used to compute GAAP net income per share attributable to common stockholders, diluted (1)







 






146,424






 







 






 







 






150,485






 







 






 







 






149,155






 







 






 







 






148,643






 







 






 








Weighted-average shares used to compute non-GAAP net income per share attributable to common stockholders, diluted







 






146,424






 







 






 







 






150,485






 







 






 







 






149,155






 







 






 







 






148,870






 







 






 








 







 






 







 






 







 






 







 






 







 






 







 






 







 






 







 






 








GAAP net cash provided by operating activities







$






110,383






 







 






 







$






102,173






 







 






 







$






356,450






 







 






 







$






332,257






 







 






 








Purchases of property and equipment







 






(1,922






)







 






 







 






(628






)







 






 







 






(6,074






)







 






 







 






(2,573






)







 






 








Proceeds from sales of property and equipment







 






57






 







 






 







 






—






 







 






 







 






309






 







 






 







 






8,395






 







 






 








Principal payments of finance lease liabilities







 






—






 







 






 







 






—






 







 






 







 






—






 







 






 







 






(2,141






)







 






 








Capitalized internal-use software costs







 






(11,008






)







 






 







 






(10,279






)







 






 







 






(37,763






)







 






 







 






(31,332






)







 






 








Non-GAAP free cash flow







$






97,510






 







 






 







$






91,266






 







 






 







$






312,922






 







 






 







$






304,606






 







 






 








GAAP net cash used in investing activities







$






(16,489






)







 






 







$






(17,392






)







 






 







$






(42,702






)







 






 







$






(23,211






)







 






 








GAAP net cash used in financing activities







$






(352,636






)







 






 







$






(67,356






)







 






 







$






(569,522






)







 






 







$






(62,362






)







 






 









(1)







For the fiscal year and three months ended January 31, 2025, weighted-average shares used to compute GAAP net income per share attributable to common stockholders, diluted exclude weighted-average shares related to the induced conversion of our convertible senior notes due January 15, 2026 because the impact was antidilutive.








(2)







Non-GAAP tax provision for the fiscal year ended January 31, 2026 uses a long-term projected tax rate of 25%, which reflects currently available information and could be subject to change.









BOX, INC.








RECONCILIATION OF GAAP REVENUE TO BILLINGS








(In Thousands)








(Unaudited)








 






 






 






 






 






 






 








 






 






Three Months Ended






 






Fiscal Year Ended








 






 






January 31,






 






January 31,








 






 






2026






 






2025






 






2026






 






2025








GAAP revenue







$






305,875






 







$






279,520






 







$






1,177,253






 







$






1,090,130






 








Deferred revenue, end of period







 






656,697






 







 






608,600






 







 






656,697






 







 






608,600






 








Less: deferred revenue, beginning of period







 






(545,991






)







 






(491,304






)







 






(608,600






)







 






(586,871






)








Contract assets, beginning of period







 






9,734






 







 






5,909






 







 






4,160






 







 






2,452






 








Less: contract assets, end of period







 






(6,479






)







 






(4,160






)







 






(6,479






)







 






(4,160






)








Billings







$






419,836






 







$






398,565






 







$






1,223,031






 







$






1,110,151






 









BOX, INC.








RECONCILIATION OF GAAP TO NON-GAAP NET INCOME PER SHARE GUIDANCE








(In Thousands, Except Per Share Data)








(Unaudited)








 






 






 






 






 






 








 






 






Three Months Ended






 






Fiscal Year Ended








 






 






April 30, 2026






 






January 31, 2027








GAAP net income per share attributable to common stockholders range, diluted







$






0.09






 







$






0.45






 








Stock-based compensation







 






0.40






 







 






1.61






 








Acquired intangible assets amortization







 






—






 







 






0.01






 








Expenses related to litigation







 






0.01






 







 






0.02






 








Amortization of debt issuance costs







 






—






 







 






0.02






 








Income tax effects of non-GAAP adjustments (1)







 






(0.10






)







 






(0.41






)








Undistributed earnings attributable to preferred stockholders







 






(0.04






)







 






(0.15






)








Non-GAAP net income per share attributable to common stockholders range, diluted







$






0.36






 







$






1.55






 








 







 






 







 






 








Weighted-average shares, diluted







 






141,000






 







 






141,000






 









(1)







Non-GAAP tax provision uses a long-term projected tax rate of 25%, which reflects currently available information and could be subject to change.









BOX, INC.








RECONCILIATION OF GAAP TO NON-GAAP OPERATING MARGIN GUIDANCE








(Unaudited)








 






 






 






 






 








 






 






Three Months Ended






 






Fiscal Year Ended








 






 






April 30, 2026






 






January 31, 2027








GAAP operating margin







8.5






%







9.5






%








Stock-based compensation







18.5






 







18.0






 








Other (1)







0.5






 







0.5






 








Non-GAAP operating margin







27.5






%







28.0






%









(1)







Other includes acquired intangible assets amortization and expense related to litigation.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302442342/en/
Investors:

Cynthia Hiponia

ir@box.com
Media:

Sheridan Hoover

press@box.com


Original: Box Reports Fourth Quarter and Fiscal 2026 Financial Results