Box Inc

Latest Results (21.11.2025):

Box, Inc. reported results for the first quarter of fiscal year 2026 (Q1 FY2026), which ended April 30, 2025: revenue of $276.3 million (up 4% year‑over‑year, 5% constant currency), strong growth in remaining performance obligations and billings, positive operating profitability on both GAAP and non‑GAAP bases, and guidance that reflects continued AI investment alongside recognition of non‑cash deferred tax expense.

Revenue and Growth

Revenue: $276.3M, +4% YoY (+5% constant currency). Billings: $242.3M, +27% YoY (+17% constant currency), signaling stronger near‑term contract activity than reported revenue growth.

Remaining Performance Obligations (RPO)

RPO totaled $1.469B, up 21% YoY (17% constant currency). Short‑term RPO was $812M (+13%) and long‑term RPO was $657M (+32%), indicating growing backlog and multi‑period contracted revenue.

Profitability and Margins

GAAP operating margin: 2.3% (GAAP operating income $6.3M). Non‑GAAP operating margin: 25.3% (non‑GAAP operating income $69.8M). Gross margins were strong: GAAP gross profit 78.0% of revenue, non‑GAAP gross profit 80.5%.

Earnings Per Share and Tax Impact

GAAP diluted EPS: $0.02 (down from $0.08 prior year), non‑GAAP diluted EPS: $0.30 (down from $0.39). Both GAAP and non‑GAAP results were affected by favorable FX (~$0.01) and a larger non‑cash deferred tax expense in the period (negative ~$0.12 on non‑GAAP vs. ~$0.01 prior year).

Cash Flow and Capital Return

Net cash provided by operating activities: $127.1M (down 3% YoY). Non‑GAAP free cash flow: $118.3M (down 4%). Box repurchased ~1.6M shares for ~$50M in Q1; ~$152M of buyback capacity remained as of April 30, 2025.

Outlook (Q2 FY26 and FY26)

Q2 FY26 revenue guidance: $290M–$291M (+8% YoY at midpoint, +6% CC at high end). Q2 GAAP operating margin ~6.0%, non‑GAAP operating margin ~28%. Q2 GAAP EPS $0.01–$0.02 (includes ~‑$0.04 from deferred tax expense offset by ~+$0.02 FX); Q2 non‑GAAP EPS $0.30–$0.31 (includes ~‑$0.14 deferred tax impact net of ~+$0.02 FX). Full‑year FY26 revenue guidance reiterated (~$1.165B–$1.170B, +7% YoY) and assumes neutral FX.

Product, AI Momentum and Partnerships

Box highlighted major AI investments and go‑to‑market momentum: new Box AI Agents and Mobile AI, FedRAMP High authorization, and partnerships/integrations with IBM watsonx, Google (Agentspace), Microsoft 365 Copilot, Salesforce, ServiceNow, DataBank and others—positioning Box to monetize unstructured content in an AI‑first enterprise landscape.