BOX Box (BOX) Q2 FY27 earnings call
Box delivered a strong second quarter, driven by rapid customer adoption of Enterprise Advanced and increasing Box AI usage, leading to a revenue beat and improved net retention. The company is strategically positioning its intelligent content management platform as essential for secure AI agent integration with enterprise data, focusing on model-neutral solutions and legacy system migrations. While billings growth is projected to moderate in Q3 due to seasonality and FX, the underlying demand and leading indicators remain robust.
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BOX operating KPIs by quarter
| KPI | Jan 2026 Q4 FY26 | Apr 2026 Q1 FY27 | This call Jul 2026 Q2 FY27 | Change vs prior quarter |
|---|---|---|---|---|
| Remaining performance obligation (RPO) | $1.7BWe ended Q4 with remaining performance obligations, or RPO, of $1.7 billion, representing 17% year-over-year growth or 16% in constant currency and providing us with greater visibility into future revenue.Source: earnings call transcript | $1.6BWe ended Q1 with remaining performance obligations, or RPO, of $1.6 billion, a 12% year-over-year increase or 16% in constant currency.Source: earnings call transcript | $1.7BWe ended Q2 with remaining performance obligations, or RPO, of $1.7 billion, a 15% year-over-year increase or 17% in constant currency.Source: earnings call transcript | +6.3% |
| Net revenue retention rate | 104%We ended Q4 with a net retention rate of 104% and up from 102% in the year ago period, driven by continued improvements in both pricing and net seat expansion trends.Source: earnings call transcript | 105%In Q1, our Enterprise Advanced net retention rate was higher than our overall net retention rate of 105%.Source: earnings call transcript | 106%We drove a net retention rate of 106% ahead of our expectations of 105%, driven by both price per seat increases and seat expansion.Source: earnings call transcript | +1 pt |
| Annualized full churn rate | — | 3%Our annualized full churn rate remained at 3%.Source: earnings call transcript | 3%Our annualized full churn rate remained at 3%.Source: earnings call transcript | 0 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.