The earnings call reflected a strong start to the fiscal year with robust revenue, RPO, and billings growth, driven by the adoption of Box AI and Enterprise Advanced. The company demonstrated strong financial performance, with EPS exceeding guidance. However, the macroeconomic uncertainty and the impact of early renewals suggest a cautious outlook for future quarters.

Company Guidance -

Q2 2026

During the Box, Inc. First Quarter Fiscal 2026 Earnings Conference Call, several key metrics and guidance highlights were provided. Box reported a 4% year-over-year increase in revenue, reaching $276 million, with a 5% growth in constant currency. The company achieved a gross margin of 80.5% and an operating margin of 25.3%. Box also highlighted a 21% year-over-year growth in remaining performance obligations (RPO) and a 27% increase in billings, driven by strong bookings and early renewals. The net retention rate improved to 102%, with a full churn rate of 3%. For the second quarter, Box expects revenue between $290 million and $291 million, representing approximately 8% year-over-year growth at the high end. For the full fiscal year, Box raised its revenue guidance to between $1.165 billion and $1.17 billion, reflecting a $10 million increase from previous guidance and incorporating a 120 basis point foreign exchange tailwind. The company aims for a full-year billings growth of about 9%. Additionally, Box anticipates maintaining a gross margin of approximately 81% and expects a non-GAAP operating margin of about 28% for the fiscal year.

Revenue and Billings Growth

Q1 revenue grew 4% year-over-year, or 5% in constant currency, with billings up 27% year-over-year. Strong outperformance on billings with a tailwind from early renewals.

Strong RPO and Customer Base Expansion

Remaining performance obligations (RPO) grew 21% year-over-year, and the company now has approximately 1,940 total customers paying at least $100,000 annually, up 8% year-over-year.

Enterprise Advanced Adoption and AI Integration

Strong momentum in customer adoption of Enterprise Advanced, with customers leveraging Box AI for metadata extraction and streamlining operations. Announcements of AI Agent updates and partnerships with major technology providers like Microsoft, Google, and IBM.

Operating Margin and EPS Performance

Q1 operating margins of 25.3% and EPS of $0.30, $0.04 above guidance. Gross margin was 80.5%, up 30 basis points year-over-year.

FedRAMP High Authorization

Received FedRAMP High Authorization, allowing U.S. government agencies to leverage Box's platform for handling highly sensitive data.

Box (BOX) Earnings, Revenues Date & History

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BOX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 26, 2025	2026 (Q2)	0.31 / -	0.44	―	―	―
May 27, 2025	2026 (Q1)	0.26 / 0.30	0.39	-23.08% (-0.09)
Mar 04, 2025	2025 (Q4)	0.41 / 0.42	0.42	0.00% (0.00)
Dec 03, 2024	2025 (Q3)	0.42 / 0.45	0.36	25.00% (+0.09)
Aug 27, 2024	2025 (Q2)	0.40 / 0.44	0.36	22.22% (+0.08)
May 28, 2024	2025 (Q1)	0.38 / 0.39	0.32	21.88% (+0.07)
Mar 05, 2024	2024 (Q4)	0.39 / 0.42	0.37	13.51% (+0.05)
Dec 05, 2023	2024 (Q3)	0.38 / 0.36	0.31	16.13% (+0.05)
Aug 29, 2023	2024 (Q2)	0.35 / 0.36	0.28	28.57% (+0.08)
May 30, 2023	2024 (Q1)	0.27 / 0.32	0.23	39.13% (+0.09)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

BOX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 27, 2025	$31.45	$36.87	+17.23%
Mar 04, 2025	$33.47	$32.39	-3.23%
Dec 03, 2024	$34.42	$31.77	-7.70%
Aug 27, 2024	$28.82	$31.94	+10.83%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.