Jul 2026 (Q2 FY27) — Aug 25, 2026
Box Q2 FY27 — Strong AI Adoption Drives Revenue Beat and NRR Improvement
Read the full callBox (BOX) earnings
- Jul 2026
- Jul 2026 (Q2 FY27)
- Jan 2026
Box earnings: last reported Tue, 25 Aug 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 321 | +9.2% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 10.2 | +3.2 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | 19.2 | +43.0% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
35 of 35 judged targets kept · 40 open · verdicts reflect calls analysed to Jul 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Gross margin | 81% to 81.5% | Apr 2026 | We delivered Q2 gross margin of 81.2% in line with our expectations. | Achieved |
| Gross margin | approximately 81.5% | Jan 2026 | We expect FY '27 gross margin to be approximately 80.5% with Q4 gross margin expected to be roughly 80%. | Revised Down |
| Billings growth rate | roughly in line with revenue growth | Jan 2026 | We expect our FY '27 billings growth to be roughly in line with revenue growth. | On Track |
40 of BOX INC's 75 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 72 more targets are in the full ledger.
Claimed
- Q2 revenue of $321 million exceeded guidance, growing 9% YoY (11% CC).
- Q2 billings grew 17% YoY (16% CC), significantly outperforming expectations for low double-digit growth.
- Remaining Performance Obligations (RPO) increased 15% YoY (17% CC) to $1.7 billion.
- Net retention rate improved to 106%, exceeding guidance of 105% and up from 103% in the prior year.
- Free cash flow grew 67% YoY to $60 million, and cash flow from operations grew 54% YoY to $71 million.
Qualified
- Q3 billings growth guidance of 9% is a step down from Q2's 17% growth, attributed to lumpiness and FX impact.
- Gross margin for Q3 and FY27 is expected to be approximately 80.5%, with Q4 at 80%, reflecting capacity dynamics with public cloud providers and AI adoption costs.
- FX headwinds impacted Q2 EPS by $0.04 and are expected to impact Q3 EPS by $0.02 and FY27 EPS by $0.09.
Price
$40.46 +2.28% · +$0.9
Performance +24.0% 1Y
1Y: $32.63 on 17 Oct 2025 → $40.46. High $40.46 (19 Oct 2026), low $21.37 (10 Apr 2026).
- Previous close
- $39.56
- 52-week range
- $21.37 – $40.46
- One year
- +22.31%
Overview
- Symbol
- BOX
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
35 of 35 judged targets kept · 40 open · verdicts reflect calls analysed to Jul 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Gross margin | 81% to 81.5% | Apr 2026 | We delivered Q2 gross margin of 81.2% in line with our expectations. | Achieved |
| Gross margin | approximately 81.5% | Jan 2026 | We expect FY '27 gross margin to be approximately 80.5% with Q4 gross margin expected to be roughly 80%. | Revised Down |
| Billings growth rate | roughly in line with revenue growth | Jan 2026 | We expect our FY '27 billings growth to be roughly in line with revenue growth. | On Track |
Claimed
- Q2 revenue of $321 million exceeded guidance, growing 9% YoY (11% CC).
- Q2 billings grew 17% YoY (16% CC), significantly outperforming expectations for low double-digit growth.
- Remaining Performance Obligations (RPO) increased 15% YoY (17% CC) to $1.7 billion.
- Net retention rate improved to 106%, exceeding guidance of 105% and up from 103% in the prior year.
- Free cash flow grew 67% YoY to $60 million, and cash flow from operations grew 54% YoY to $71 million.
Qualified
- Q3 billings growth guidance of 9% is a step down from Q2's 17% growth, attributed to lumpiness and FX impact.
- Gross margin for Q3 and FY27 is expected to be approximately 80.5%, with Q4 at 80%, reflecting capacity dynamics with public cloud providers and AI adoption costs.
- FX headwinds impacted Q2 EPS by $0.04 and are expected to impact Q3 EPS by $0.02 and FY27 EPS by $0.09.
The full ledger
Open BOX INC’s full ledger
A free account opens 5 company ledgers a month. All 75 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q1 FY27) — May 26, 2026
Box Q1 FY27 — Double-Digit Revenue Growth Driven by Enterprise Advanced and AI Solutions
Read the full callJan 2026 (Q4 FY26) — Mar 3, 2026
Box Q4 FY26 — Strong AI and Enterprise Advanced Momentum
Read the full callEvery analysed call
Box earnings calls (BOX)
Financials
What the filings say
Net profit, year on year: +43% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 276 | 280 | 276 | 294 | 301 | 306 | 306 | 321 |
| Operating profit | 23 | 18 | 6 | 21 | 25 | 31 | 27 | 33 |
| Operating margin | 8.5% | 6.4% | 2.3% | 7.0% | 8.3% | 10.2% | 9.0% | 10.2% |
| Interest | 2 | 3 | 3 | 3 | 3 | 3 | 2 | 2 |
| Profit before tax | 17 | 21 | 13 | 24 | 27 | 34 | 28 | 32 |
| Tax rate | 25.4% | −822.8% | 37.7% | 43.4% | 56.0% | −137.2% | 35.6% | 39.7% |
| Net profit | 13 | 194 | 8 | 13 | 12 | 82 | 18 | 19 |
| EPS ($ per share) | 0.05 | — | 0.02 | 0.06 | 0.05 | — | 0.09 | 0.10 |
| Line item | Jan 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -1,134 | -1,278 | -1,322 | -1,363 | -1,336 | -1,207 | -962 | -847 |
| Total liabilities | 619 | 938 | 1,201 | 1,299 | 1,241 | 1,180 | 1,470 | 1,349 |
| Fixed assets | 138 | 191 | 160 | 106 | 70 | 31 | 25 | 24 |
| Investments | — | — | — | 170 | 33 | 97 | 98 | 103 |
| Total assets | 650 | 960 | 1,352 | 1,392 | 1,207 | 1,241 | 1,668 | 1,546 |
| Line item | Jan 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 55 | 45 | 197 | 235 | 298 | 319 | 332 | 356 |
| Cash from investing | -16 | -13 | -16 | -239 | 121 | -83 | -23 | -43 |
| Cash from financing | -30 | -53 | 219 | -173 | -396 | -273 | -62 | -570 |
| Net cash flow | 9 | -22 | 400 | -179 | 12 | -45 | 242 | -249 |
| Capital expenditure | -15 | -5 | — | — | -5 | -5 | -3 | -6 |
| Free cash flow | 41 | 39 | — | — | 293 | 314 | 330 | 350 |
BOX operating KPIs by quarter
| KPI | Jan 2026 Q4 FY26 | Apr 2026 Q1 FY27 | 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.
Insider filings
80 filings between Oct 21, 2025 and Oct 9, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$11.34M
41 sales by 7 insiders
80% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 16
- Award — granted as compensation
- 1
- Option exercise — converted options into shares
- 18
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Smith Dylan C | — | $5.37M | Oct 9, 2026 |
| Nottebohm Olivia | — | $2.30M | Oct 5, 2026 |
| Levie Aaron | — | $1.71M | Sep 10, 2026 |
| Berkovitch Eli | — | $1.16M | Aug 31, 2026 |
| EVAN DANA L | — | $628.4K | Sep 15, 2026 |
| Mayer Bethany | — | $105.6K | Jun 26, 2026 |
| LAZAR JACK R | — | $79.4K | Dec 4, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 9, 2026 | Smith Dylan C Chief Financial Officer | Sale 10b5-1 plan | 17,000 | $621.6K |
| Oct 5, 2026 | Nottebohm Olivia Chief Operating Officer | Sale 10b5-1 plan | 5,293 | $182.6K |
| Sep 20, 2026 | Nottebohm Olivia Chief Operating Officer | Tax withheld | 21,330 | $719.2K |
| Sep 20, 2026 | Berkovitch Eli VP Chief Acct Ofr & Controller | Tax withheld | 1,925 | $64.9K |
| Sep 20, 2026 | Smith Dylan C Chief Financial Officer | Tax withheld | 9,975 | $336.4K |
| Sep 15, 2026 | EVAN DANA L Director | Sale | 6,158 | $215.5K |
| Sep 10, 2026 | Smith Dylan C Chief Financial Officer | Sale 10b5-1 plan | 17,000 | $586.9K |
| Sep 10, 2026 | Levie Aaron Chief Executive Officer | Sale 10b5-1 plan | 15,000 | $513.7K |
| Aug 31, 2026 | Berkovitch Eli VP Chief Acct Ofr & Controller | Sale | 3,850 | $138.6K |
| Aug 7, 2026 | Nottebohm Olivia Chief Operating Officer | Sale 10b5-1 plan | 5,834 | $188.5K |
| Jul 21, 2026 | Nottebohm Olivia Chief Operating Officer | Sale 10b5-1 plan | 5,834 | $175.8K |
| Jul 10, 2026 | Smith Dylan C Chief Financial Officer | Sale 10b5-1 plan | 17,000 | $493.9K |
| Jul 8, 2026 | Berkovitch Eli VP Chief Acct Ofr & Controller | Sale | 1,800 | $52.1K |
| Jun 26, 2026 | Mayer Bethany Director | Sale 10b5-1 plan | 1,325 | $34.2K |
| Jun 26, 2026 | Mayer Bethany Director | Sale 10b5-1 plan | 2,735 | $71.4K |
| Jun 25, 2026 | Mayer Bethany Director | Award 10b5-1 plan | 12,266 | $0 |
| Jun 25, 2026 | Walia Amit Director | Award | 8,372 | $0 |
| Jun 25, 2026 | LEVIN DANIEL J Director | Award | 8,372 | $0 |
| Jun 25, 2026 | Murphy Stephen Francis Director | Award | 8,372 | $0 |
| Jun 25, 2026 | LAZAR JACK R Director | Award | 8,372 | $0 |
| Jun 25, 2026 | EVAN DANA L Director | Award | 8,372 | $0 |
| Jun 25, 2026 | Nottebohm Olivia Chief Operating Officer | Sale 10b5-1 plan | 5,834 | $145.7K |
| Jun 25, 2026 | Barsamian Sue Director | Award | 8,372 | $0 |
| Jun 22, 2026 | Levie Aaron Chief Executive Officer | Sale 10b5-1 plan | 15,000 | $364.8K |
| Jun 20, 2026 | Smith Dylan C Chief Financial Officer | Tax withheld | 9,974 | $247.8K |
| Jun 20, 2026 | Berkovitch Eli VP Chief Acct Ofr & Controller | Tax withheld | 1,925 | $47.8K |
| Jun 20, 2026 | Nottebohm Olivia Chief Operating Officer | Tax withheld | 21,327 | $529.8K |
| Jun 17, 2026 | Berkovitch Eli VP Chief Acct Ofr & Controller | Sale | 2,700 | $68.4K |
| Jun 10, 2026 | Smith Dylan C Chief Financial Officer | Sale 10b5-1 plan | 17,000 | $442.0K |
| Jun 10, 2026 | Nottebohm Olivia Chief Operating Officer | Sale 10b5-1 plan | 6,528 | $170.8K |
| Jun 9, 2026 | Levie Aaron Chief Executive Officer | Gift | 18,520 | $0 |
| May 28, 2026 | Berkovitch Eli VP Chief Acct Ofr & Controller | Sale | 6,300 | $159.7K |
| May 11, 2026 | Smith Dylan C Chief Financial Officer | Sale 10b5-1 plan | 21,972 | $547.3K |
| May 11, 2026 | Smith Dylan C Chief Financial Officer | Sale 10b5-1 plan | 1,748 | $44.8K |
| May 8, 2026 | Nottebohm Olivia Chief Operating Officer | Sale 10b5-1 plan | 12,470 | $313.9K |
| May 1, 2026 | Nottebohm Olivia Chief Operating Officer | Sale 10b5-1 plan | 5,942 | $148.6K |
| Apr 22, 2026 | Berkovitch Eli VP Chief Acct Ofr & Controller | Tax withheld | 2,152 | $52.4K |
| Apr 22, 2026 | Levie Aaron Chief Executive Officer | Award | 1,954 | $0 |
| Apr 22, 2026 | Nottebohm Olivia Chief Operating Officer | Tax withheld | 2,180 | $53.0K |
| Apr 22, 2026 | Levie Aaron Chief Executive Officer | Tax withheld | 791 | $19.2K |
| Apr 22, 2026 | Nottebohm Olivia Chief Operating Officer | Award | 4,343 | $0 |
| Apr 22, 2026 | Smith Dylan C Chief Financial Officer | Tax withheld | 2,316 | $56.3K |
| Apr 22, 2026 | Smith Dylan C Chief Financial Officer | Award | 4,614 | $0 |
| Apr 22, 2026 | Berkovitch Eli VP Chief Acct Ofr & Controller | Award | 6,115 | $0 |
| Apr 15, 2026 | Smith Dylan C Chief Financial Officer | Award | 87,500 | $0 |
| Apr 15, 2026 | Nottebohm Olivia Chief Operating Officer | Award | 87,500 | $0 |
| Apr 15, 2026 | Berkovitch Eli VP Chief Acct Ofr & Controller | Award | 22,500 | $0 |
| Apr 10, 2026 | Smith Dylan C Chief Financial Officer | Sale 10b5-1 plan | 10,280 | $227.1K |
| Apr 8, 2026 | Berkovitch Eli VP Chief Acct Ofr & Controller | Sale | 24,500 | $584.3K |
| Apr 7, 2026 | Nottebohm Olivia Chief Operating Officer | Sale 10b5-1 plan | 6,528 | $157.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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