Box Inc

Latest Results (16.05.2026):

Box, Inc. reported its fourth quarter of fiscal 2024 results (Q4 FY2024) and full fiscal year 2024 results: Q4 revenue of $262.9 million and FY2024 revenue of $1.038 billion, with operating and earnings metrics that exceeded guidance and a $100 million expansion to the share repurchase program.

Revenue

Q4 FY2024 revenue was $262.9M, up 2% year‑over‑year (4% constant currency). Fiscal 2024 revenue was $1.038B, up 5% year‑over‑year (7% constant currency). Management said results were in line with guidance.

Margins

Q4 GAAP operating margin was 8.1% and non‑GAAP operating margin was 26.7% (both above guidance). For FY2024, GAAP operating margin was 4.9% and non‑GAAP operating margin was 24.7% (also exceeding guidance).

Earnings per Share

Q4 GAAP diluted EPS was $0.57 and non‑GAAP diluted EPS was $0.42 (Q4 GAAP EPS includes a $0.51 tax benefit from releasing a valuation allowance). FY2024 GAAP diluted EPS was $0.67 and non‑GAAP diluted EPS was $1.46.

Billings and Backlog (RPO)

Q4 billings were $379.3M (up 6% YoY; 10% cc). Remaining performance obligations (RPO) at Jan 31, 2024 were $1.305B (up 5% YoY; 9% cc), a leading indicator of future revenue coverage.

Cash Flow and Free Cash Flow

Q4 net cash provided by operating activities was $89.3M; Q4 non‑GAAP free cash flow was $81.8M (up 10% YoY). FY2024 operating cash flow was $318.7M and non‑GAAP free cash flow was $269.0M (up 13% YoY).

Share Repurchase

Box’s board authorized a $100 million expansion to its stock repurchase program on March 4, 2024.

Outlook and FX / Tax Notes

Q1 FY25 guidance: revenue $261–263M (up ~4% YoY at high end; 7% cc), GAAP op margin ~5.5%, non‑GAAP op margin ~25%, GAAP EPS $0.04–0.05, non‑GAAP EPS $0.35–0.36. FY25 guidance: revenue $1.08–1.085B, GAAP op margin ~7%, non‑GAAP op margin ~27%, GAAP EPS $0.22–0.26, non‑GAAP EPS $1.53–1.57. Management flagged FX headwinds (USD vs JPY) — expecting ~170 bps FY25 revenue headwind and slightly more than 100 bps headwind to operating margin — and noted FY25 will include recognition of deferred tax expense in international jurisdictions following the FY24 valuation allowance release.

Product & Business Highlights

Key developments: Box AI made generally available to Enterprise Plus customers (integrated with Microsoft Azure OpenAI), acquisition of Crooze (no‑code enterprise content apps), Box app for Apple Vision Pro, Box Sign support for FDA 21 CFR Part 11, new Box Shield automated response actions, and customer wins/expansions with several large enterprises and government.