Revenue of $276 Million, up 4% Year-Over-Year, up 5% in Constant Currency

Remaining Performance Obligations of $1.469 billion, up 21% Year-Over-Year, or 17% on a constant currency basis

GAAP Operating Margin of 2.3% and Non-GAAP Operating Margin of 25.3%

GAAP Net Income Per Share of $0.02 and Non-GAAP Net Income Per Share of $0.30

Box, Inc. (NYSE:BOX), the leading Intelligent Content Management ("ICM") platform, today announced preliminary financial results for the first quarter fiscal year 2026, which ended April 30, 2025.

"We are at a pivotal moment in history where AI is revolutionizing work and business," said Aaron Levie, co-founder and CEO of Box. "In this AI-first era, organizations are embracing this shift to stay competitive. At Box, we help businesses unlock value from their unstructured data with our Intelligent Content Management platform. Earlier this month, we unveiled our largest set of AI innovation yet, including new AI Agents that integrate with the leading models and software platforms to accelerate decision-making, automate workflows, and boost productivity."

"We achieved robust first-quarter results, surpassing our guidance and delivering double-digit growth in both billings and short-term RPO," said Dylan Smith, co-founder and CFO of Box. "As we address the vast opportunity of AI to transform unstructured data into actionable insight, our balanced financial approach allows us to invest confidently in our ICM platform while delivering profitable growth and consistently returning value to our shareholders."

Fiscal First Quarter Financial Highlights

All comparisons are against the prior year comparable quarter

Revenue of $276.3 million, up 4%, or 5% on a constant currency basis.
Remaining performance obligations ("RPO") of $1.469 billion, up 21%, or 17% on a constant currency basis. Short-term RPO of $812 million, up 13%, and long-term RPO of $657 million, up 32%.
Billings of $242.3 million, up 27%, or 17% on a constant currency basis.
GAAP gross profit of $215.6 million, or 78.0% of revenue, up from $206.4 million, or 78.0% of revenue.
Non-GAAP gross profit of $222.3 million, or 80.5% of revenue, up from $212.2 million, or 80.2% of revenue.
GAAP operating income of $6.3 million, or 2.3% of revenue, compared to $18.0 million, or 6.8% of revenue.
Non-GAAP operating income of $69.8 million, or 25.3% of revenue, compared to $70.4 million, or 26.6% of revenue.
GAAP diluted earnings per share ("EPS") of $0.02, compared to $0.08, impacted by $0.01 from favorable foreign exchange rates. This also includes a negative impact of $0.01 from the recognition of non-cash deferred tax expenses, in line with the prior period.
Non-GAAP diluted EPS of $0.30, compared to $0.39, impacted by $0.01 from favorable foreign exchange rates. This also includes a negative impact of $0.12 from the recognition of non-cash deferred tax expenses, compared to $0.01.
Net cash provided by operating activities of $127.1 million, down 3%.
Non-GAAP free cash flow of $118.3 million, down 4%.

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.

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 Aerospace and Defense (Kawasaki Heavy Industries, Ltd. and The Boeing Company), Financial Services (Haventree Bank and SitusAMC), Hospitality (The Wendy's Company), Legal (Lewis Brisbois and Wilkinson Stekloff), Life Sciences (Regeneron Pharmaceuticals and Zealand Pharma), Professional Services (Insperity and PBMares), Public Sector (California Department of Justice and U.S. Army Civilian Human Resources Agency), and Retail (MGA Entertainment and Skechers USA).
Received FedRAMP High Authorization, allowing U.S. government agencies and authorized government contractors to leverage Box's ICM platform, including Box AI and Box Hubs, for highly sensitive data.
Revealed the next evolution of the Box AI platform by introducing a new generation of AI Agents designed to transform how organizations work with content. With this new innovation, customers will be able to leverage AI Agents for Search, Deep Research, and enhanced data extraction so they can uncover more value from their content in Box.
Announced a strategic partnership with IBM to help organizations accelerate the adoption of enterprise-level AI for content-driven workflows using IBM watsonx and Box AI. Companies can now use Box AI with models from IBM watsonx, including open source IBM Granite and the latest Llama models from Meta.
Announced the availability of Box AI for Mobile for business and enterprise plans, bringing the power of AI-driven insights directly to your fingertips.
Launched Box Archive, allowing Enterprise Advanced customers to retain and protect inactive content for long-term storage, helping organizations efficiently store and protect their growing volume of information.
Announced support for Google's Gemini 2.5 Flash & Gemini 2.5 Pro, Google's Gemma 3, Meta's Llama 4 Models, NVIDIA Llama Nemotron reasoning models, OpenAI Agents SDK, OpenAI's o3 & o4-Mini models, OpenAI's GPT-4.1 & GPT-4.5, and xAI's Grok 3.
Introduced a new Box AI Agent for Microsoft 365 Copilot, to help customers unlock intelligent experiences that allow users to securely search, analyze, and act on Box content directly within Microsoft's productivity tools, including Copilot Chat and Microsoft Teams.
Announced a partnership with Google Agentspace, combining Box's platform with the Agentspace ecosystem of agents, and Google's Agent-to-Agent Protocol, allowing users to interact, automate, and deliver intelligent business insights across previously siloed systems.
Announced as a launch partner for Salesforce AgentExchange, empowering customers to harness the full potential of AI agents by integrating their data seamlessly through Box, and Salesforce Life Sciences partner network, bringing the power of AI to pharmaceutical and medtech companies looking to unlock the value of their unstructured content.
Announced an integration of Box AI capabilities with the new ServiceNow AI Agent Fabric, connecting AI agents and tools from any source, centralizing governance via its AI Control Tower and enabling seamless end-to-end automation.
Announced a strategic partnership with DataBank to deliver AI-powered solutions that streamline business processes like contract lifecycle management, digital asset management, and intelligent document processing.
Hosted Content + AI Virtual Summit, attracting thousands of attendees and customer speakers from leading organizations to discuss the future of ICM.
Recognized as the 2025 Google Cloud Global Partner of the Year for Business Applications, a testament to the incredible milestones achieved with Google Cloud, delivering cutting-edge integrations and AI-driven innovations that empower organizations worldwide.

Update on Share Repurchase Plan

In the first quarter of fiscal year 2026, Box repurchased approximately 1.6 million shares for approximately $50 million. As of April 30, 2025, approximately $152 million of buyback capacity was remaining under Box's current share repurchase plan.

Outlook

As a reminder, approximately one third 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.

As Box has become consistently profitable, the Company has released valuation allowances associated with certain deferred tax assets. Accordingly, in fiscal year 2026, Box will be recognizing deferred tax expense. This non-cash expense is reflected in Box's GAAP and non-GAAP diluted net income per share guidance for the second quarter of fiscal year 2026 and full fiscal year 2026.

Q2 FY26 Guidance

Revenue is expected to be in the range of $290 million to $291 million, up 8% year-over-year, or 6% on a constant currency basis at the high-end. This includes an expected positive impact of approximately 220 basis points due to FX.
GAAP operating margin is expected to be approximately 6.0%, and non-GAAP operating margin is expected to be approximately 28%. This includes an expected positive impact of approximately 80 basis points due to FX.
GAAP net income per share attributable to common stockholders is expected to be in the range of $0.01 to $0.02. GAAP EPS guidance includes an expected negative impact of $0.02, which includes a positive impact of $0.02 from favorable exchange rates and a negative impact of $0.04 from the recognition of non-cash deferred tax expenses.
Non-GAAP diluted net income per share attributable to common stockholders is expected to be a range of $0.30 to $0.31. Non-GAAP EPS guidance includes an expected negative impact of $0.12, which includes a positive impact of $0.02 from favorable exchange rates and a negative impact of $0.14 from the recognition of non-cash deferred tax expenses, as compared to a negative impact of $0.01 in the prior year.
Weighted-average diluted shares outstanding are expected to be approximately 150 million.

Full Year FY26 Guidance

Full year FY26 guidance below assumes a neutral impact from foreign exchange rates, assuming present foreign currency exchange rates.

Revenue is expected to be in the range of $1.165 billion to $1.170 billion, up 7% year-over-year. This includes an expected positive impact of approximately 120 basis points due to FX.
GAAP operating margin is expected to be approximately 7.0%, and non-GAAP operating margin is expected to be approximately 28%. This includes an expected positive impact of approximately 40 basis points due to FX.
GAAP net income per share attributable to common stockholders is expected to be in the range of $0.16 to $0.20. GAAP EPS guidance includes an expected negative impact of $0.10, which includes a positive impact of $0.07 from favorable exchange rates and a negative impact of $0.17 from the recognition of non-cash deferred tax expenses.
Non-GAAP diluted net income per share attributable to common stockholders is expected to be in the range of $1.22 to $1.26. Non-GAAP EPS guidance includes an expected negative impact of $0.49, which includes a positive impact of $0.07 from favorable exchange rates and a negative impact of $0.56 from the recognition of non-cash deferred tax expenses, as compared to a negative impact of $0.04 in the prior year.
Weighted-average diluted shares outstanding are expected to be approximately 151 million.

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.

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.

A live webcast will be accessible from the Box investor relations website at www.boxinvestorrelations.com. A replay will be available at the same webcast link until 11:59 p.m. on June 3, 2025.

Box has used, and intends to continue to use, its Investor Relations website (www.box.com/investors), as well as certain X accounts (@box, @levie and @boxincir), 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 2026 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 cloud 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, 2025. 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, 2025.

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, 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 and non-GAAP gross margin. Box defines non-GAAP gross profit as GAAP gross profit excluding expenses related to stock-based compensation ("SBC") included in cost of revenue, acquired intangible assets amortization, and as applicable, other special items. Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue. 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 also excludes expenses associated with a non-recurring workforce reorganization from non-GAAP gross profit as they are considered by management to be special items outside of Box's core operating results.

Non-GAAP operating income and non-GAAP operating margin. Box defines non-GAAP operating income as GAAP operating income excluding expenses related to SBC, acquired intangible assets amortization, and as applicable, other special items. Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue. 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.

Non-GAAP net income attributable to common stockholders and non-GAAP net income per share attributable to common stockholders. Box defines non-GAAP net income attributable to common stockholders as GAAP net income attributable to common stockholders excluding expenses related to SBC, acquired intangible assets amortization, amortization of debt issuance costs, the income tax effects related to deferred taxes, induced conversion of convertible notes, undistributed earnings attributable to preferred stockholders, and as applicable, other special items as described in the preceding paragraph. Box defines non-GAAP net income per share attributable to common stockholders 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 internal-use software 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 AstraZeneca, 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,
	2025			2025
ASSETS
Current assets:
Cash and cash equivalents	$	689,628		$	624,575
Short-term investments		100,777			98,241
Accounts receivable, net		178,078			292,707
Other current assets		87,687			82,256
Total current assets		1,056,170			1,097,779
Operating lease right-of-use assets, net		82,620			77,970
Goodwill		80,526			76,969
Deferred tax assets		248,458			245,417
Other long-term assets		173,595			169,385
Total assets	$	1,641,369		$	1,667,520
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable, accrued expenses and other current liabilities	$	85,448		$	80,069
Accrued compensation and benefits		29,856			49,721
Debt, net, current		204,191			203,907
Deferred revenue		557,345			588,379
Total current liabilities		876,840			922,076
Debt, net, non-current		449,231			448,638
Operating lease liabilities, non-current		71,535			68,771
Other liabilities, non-current		29,180			30,759
Total liabilities		1,426,786			1,470,244
Series A convertible preferred stock		494,716			494,238
Stockholders' deficit:
Common stock		14			14
Additional paid-in capital		681,363			677,088
Accumulated other comprehensive loss		(7,561	)		(11,921	)
Accumulated deficit		(953,949	)		(962,143	)
Total stockholders' deficit		(280,133	)		(296,962	)
Total liabilities, convertible preferred stock and stockholders' deficit	$	1,641,369		$	1,667,520

BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)

	Three Months Ended
	April 30,
	2025			2024
Revenue	$	276,272		$	264,658
Cost of revenue (1)		60,673			58,252
Gross profit		215,599			206,406
Operating expenses:
Research and development (1)		72,301			62,673
Sales and marketing (1)		99,099			92,673
General and administrative (1)		37,861			33,053
Total operating expenses		209,261			188,399
Income from operations		6,338			18,007
Interest income		6,698			5,689
Interest expense		(2,696	)		(805	)
Other income (expense), net		2,804			(1,026	)
Income before income taxes		13,144			21,865
Provision for income taxes		4,950			4,643
Net income	$	8,194		$	17,222
Accretion and dividend on series A convertible preferred stock		(4,228	)		(4,240	)
Undistributed earnings attributable to preferred stockholders		(451	)		(1,469	)
Net income attributable to common stockholders	$	3,515		$	11,513
Net income per share attributable to common stockholders
Basic	$	0.02		$	0.08
Diluted	$	0.02		$	0.08
Weighted-average shares used to compute net income per share attributable to common stockholders
Basic		144,434			145,299
Diluted		149,614			148,757

(1) Includes stock-based compensation expense as follows:
	Three Months Ended
	April 30,
	2025			2024
Cost of revenue	$	4,832		$	4,621
Research and development		18,806			17,819
Sales and marketing		17,867			17,783
General and administrative		13,389			10,939
Total stock-based compensation	$	54,894		$	51,162

BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
	Three Months Ended
	April 30,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	8,194		$	17,222
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,896			4,688
Stock-based compensation expense		54,894			51,162
Amortization of deferred commissions		13,319			13,360
Other		(2,214	)		817
Changes in operating assets and liabilities:
Accounts receivable, net		120,354			135,565
Deferred commissions		(8,568	)		(7,850	)
Operating lease right-of-use assets, net		5,656			8,536
Other assets		(3,761	)		(1,666	)
Accounts payable, accrued expenses and other liabilities		(14,509	)		(16,186	)
Operating lease liabilities		(6,287	)		(8,937	)
Deferred revenue		(46,915	)		(65,507	)
Net cash provided by operating activities		127,059			131,204
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments		(33,319	)		(47,489	)
Maturities of short-term investments		31,650			24,896
Sales of short-term investments		—			3,567
Purchases of property and equipment		(349	)		(1,276	)
Proceeds from sales of property and equipment		38			2,696
Capitalized internal-use software costs		(8,411	)		(5,564	)
Net cash used in investing activities		(10,391	)		(23,170	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchases of common stock		(49,659	)		(32,134	)
Payments of dividends to preferred stockholders		(3,750	)		(3,750	)
Proceeds from exercise of stock options		202			9,637
Proceeds from issuances of common stock under employee stock purchase plan		16,654			15,677
Employee payroll taxes paid for net settlement of stock awards		(24,790	)		(21,309	)
Other		(433	)		(3,816	)
Net cash used in financing activities		(61,776	)		(35,695	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		10,277			(6,211	)
Net increase in cash, cash equivalents, and restricted cash		65,169			66,128
Cash, cash equivalents, and restricted cash, beginning of period		626,110			384,257
Cash, cash equivalents, and restricted cash, end of period	$	691,279		$	450,385

BOX, INC.
RECONCILIATION OF GAAP TO NON-GAAP DATA
(In Thousands, Except Per Share Data and Percentages)
(Unaudited)
	Three Months Ended
	April 30,
	2025				2024
GAAP gross profit	$	215,599			$	206,406
Stock-based compensation		4,832				4,621
Acquired intangible assets amortization		994				1,152
Workforce reorganization		894				—
Non-GAAP gross profit	$	222,319			$	212,179

GAAP gross margin		78.0		%		78.0		%
Stock-based compensation		1.8				1.8
Acquired intangible assets amortization		0.4				0.4
Workforce reorganization		0.3				—
Non-GAAP gross margin		80.5		%		80.2		%

GAAP operating income	$	6,338			$	18,007
Stock-based compensation		54,894				51,162
Acquired intangible assets amortization		994				1,152
Expenses related to litigation		421				79
Workforce reorganization		7,123				—
Non-GAAP operating income	$	69,770			$	70,400

GAAP operating margin		2.3		%		6.8		%
Stock-based compensation		19.9				19.3
Acquired intangible assets amortization		0.4				0.5
Expenses related to litigation		0.1				—
Workforce reorganization		2.6				—
Non-GAAP operating margin		25.3		%		26.6		%

GAAP net income attributable to common stockholders	$	3,515			$	11,513
Stock-based compensation		54,894				51,162
Acquired intangible assets amortization		994				1,152
Expenses related to litigation		421				79
Amortization of debt issuance costs		891				476
Workforce reorganization		7,123				—
Income tax effects of non-GAAP adjustments (1)		(17,239	)			—
Undistributed earnings attributable to preferred stockholders		(5,356	)			(5,982	)
Non-GAAP net income attributable to common stockholders	$	45,243			$	58,400

GAAP net income per share attributable to common stockholders, diluted	$	0.02			$	0.08
Stock-based compensation		0.37				0.34
Acquired intangible assets amortization		0.01				0.01
Amortization of debt issuance costs		0.01				—
Workforce reorganization		0.05				—
Income tax effects of non-GAAP adjustments (1)		(0.12	)			—
Undistributed earnings attributable to preferred stockholders		(0.04	)			(0.04	)
Non-GAAP net income per share attributable to common stockholders, diluted	$	0.30			$	0.39
Weighted-average shares used to compute net income per share attributable to common stockholders, diluted		149,614				148,757

GAAP net cash provided by operating activities	$	127,059			$	131,204
Purchases of property and equipment		(349	)			(1,276	)
Proceeds from sales of property and equipment		38				2,696
Principal payments of finance lease liabilities		—				(2,141	)
Capitalized internal-use software costs		(8,411	)			(7,239	)
Non-GAAP free cash flow	$	118,337			$	123,244
GAAP net cash used in investing activities	$	(10,391	)		$	(23,170	)
GAAP net cash used in financing activities	$	(61,776	)		$	(35,695	)

(1)

Non-GAAP tax provision uses a long-term projected tax rate of 26.8%, 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,
	2025			2024
GAAP revenue	$	276,272		$	264,658
Deferred revenue, end of period		574,119			513,572
Less: deferred revenue, beginning of period		(608,600	)		(586,871	)
Contract assets, beginning of period		4,160			2,452
Less: contract assets, end of period		(3,662	)		(3,345	)
Billings	$	242,289		$	190,466

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, 2025							January 31, 2026
GAAP net income per share attributable to common stockholders, diluted	$	0.01		-	$	0.02		$	0.16		-	$	0.20
Stock-based compensation		0.40				0.40			1.52				1.52
Acquired intangible asset amortization		0.01				0.01			0.03				0.03
Expenses related to litigation		—				—			0.02				0.02
Amortization of debt issuance costs		0.01				0.01			0.02				0.02
Workforce reorganization		0.01				0.01			0.05				0.05
Income tax effects of non-GAAP adjustments (1)		(0.11	)			(0.11	)		(0.44	)			(0.44	)
Undistributed earnings attributable to preferred stockholders		(0.03	)			(0.03	)		(0.14	)			(0.14	)
Non-GAAP net income per share attributable to common stockholders, diluted	$	0.30		-	$	0.31		$	1.22		-	$	1.26

Weighted-average shares, diluted						150,000							151,000

(1)

Non-GAAP tax provision uses a long-term projected tax rate of 26.8%, 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, 2025			January 31, 2026
GAAP operating margin		6.0	%		7.0	%
Stock-based compensation		21.0			19.5
Acquired intangible assets amortization		0.5			0.5
Other (1)		0.5			1.0
Non-GAAP operating margin		28.0	%		28.0	%

(1)

Other includes workforce reorganization and expense related to litigation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250526432980/en/

Investors:

Cynthia Hiponia and Elaine Gaudioso

+1 650-209-3463

ir@box.com

Media:

Sheridan Hoover

press@box.com