Slide 1: First Quarter Fiscal FY26 Financial Results
First Quarter Fiscal FY26 Financial Results May 27, 2025
Slide 2: Forward-looking statements & non-GAAP financial measures
Forward-looking statements & non-GAAP financial measures This presentation 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 investm
Slide 3: Revenue growth driven by Suites momentum
Revenue growth driven by Suites momentum $280 $276 $276 $270 $265 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Note: $ values are shown in millions. Box fiscal year ends January 31. 3
Slide 4: RPO supports enduring growth and revenue visibility
RPO supports enduring growth and revenue visibility Driven by strong contract durations Total RPO up 21% YoY (up 17% in constant currency) $1,466 $1,469 $1,212 $1,272 $1,282 Long-Term RPO ($M) $651 $657 +32% YoY $496 $549 $545 Short-Term RPO ($M) $716 $723 $737 $815 $812 +13% YoY Q1'25 Q2'25 Q3'25 Q
Slide 5: Billings and deferred revenue
Billings and deferred revenue Billings up 27%* YoY Deferred revenue up 12%* YoY (up 17% in constant currency) (up 9% in constant currency) $399 $609 $574 $514 $502 $491 $256 $265 $242 $190 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Note: $ values are shown in millions. 5 *Reconcilia
Slide 6: Delivering leverage through gross margin expansion
Delivering leverage through gross margin expansion Cloud infrastructure strategy delivers long-term gross margin stability Non-GAAP gross margin Up 30 bps YoY 81.6% 81.9% 81.0% 80.5% 80.2% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Note: A reconciliation of non-GAAP gross margin to the nearest GAAP financial mea
Slide 7: Delivering strong operating margins
Delivering strong operating margins Making strategic investments in key GTM initiatives and our leading ICM platform in FY26 Non-GAAP operating margin Down 130bps YoY* 29.1% 28.4% 27.3% 26.6% 25.3% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 *Adjusting for the positive impact of data center equipment sales, the l
Slide 8: Cash, cash equivalents, restricted cash, and short-term investments
Cash, cash equivalents, restricted cash, and short-term investments $ 127 $ 792 $ 50 $8 $1 $ 724 Q4'25 CFO Shares Capitalized Other* Q1'26 Repurchased Software Note: $ values are shown in millions. * ”Other” primarily consists of RSU taxes and payments of dividends to preferred stockholders, partial
Slide 9: Share repurchase program
Share repurchase program • In Q1, the Company repurchased approximately 1.6 million shares of Box’s Class A common stock for approximately $50 million. • As of April 30, 2025, the Company had approximately $152 million of remaining Board- approved buyback capacity under the current plan. 9
Slide 10: Proven business model focused on driving growth and profitability
Proven business model focused on driving growth and profitability FY’23 FY’24 FY’25 Q1’26 Annual Revenue Growth + FCF Margin 37% 31% 33% N/A YoY Revenue Growth 13% 5% 5% 4% Gross Margin 77% 77% 81% 80% S&M as a % of Revenue 28% 27% 28% 29% R&D as a % of Revenue 18% 17% 17% 18% G&A as a % of Revenue
Slide 11: Guidance and Outlook
Guidance and Outlook
Slide 12: Q2 and fiscal year 2026 guidance
Q2 and fiscal year 2026 guidance Q2’26 Non-cash deferred FY26 Non-cash deferred Q2’26 FY26 (constant currency) income tax expense (1) (constant currency) income tax expense(1) Revenue $290 to $291 million -- -- $1.165 to $1.170 billion -- -- Year-over-Year growth +8% +6% at the high-end -- +7% +6% -
Slide 13: Estimated Q2 and fiscal year 2026 preferred share impact summary
Estimated Q2 and fiscal year 2026 preferred share impact summary Q2 FY26 FY26 Amortization of preferred share issuance costs $0.5M $2.1M Preferred stock dividend $3.8M $15.0M Undistributed earnings attributable to preferred $6.0M - $6.5M $25.0M - $25.5M shareholders The impact from the above items w
Slide 14: Delivering revenue growth at scale
Delivering revenue growth at scale Q2 FY26 revenue guidance up 8% YoY1 FY26 revenue guidance up 7% YoY1 (Up 6% YoY at the high end in constant currency) (Up 6% YoY in constant currency) $1,165-$1,170 $290-$291 $1,090 $1,038 $280 $991 $276 $276 $270 $874 FY22 FY23 FY24 FY25 FY26 Q2'25 Q3'25 Q4'25 Q1'
Slide 15: Key Customer Metrics
Key Customer Metrics
Slide 16: Stable net retention rate
Stable net retention rate Customer stickiness drives low full churn rate of 3% Quarterly net retention rate 101% 102% 102% 102% 102% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Note: Net retention rate is defined as the net percentage of Total Annual Recurring Revenue (Total ARR) retained from existing customers,
Slide 17: Customers increasingly adopting Suites
Customers increasingly adopting Suites Suites support high value use cases and reduce cost and complexity % of total revenue from Suites 60% 61% 59% 58% 56% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 17
Slide 18: Large customer growth demonstrates strength of business model
Large customer growth demonstrates strength of business model Steady growth in customers paying more than $100k annually 1,920 1,940 1,900 1,850 1,800 +8% YoY Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Customers >$100k in average contract value Note: Figures are rounded. 18
Slide 19: Appendix
Appendix
Slide 20: GAAP Revenue to Billings Reconciliation
GAAP Revenue to Billings Reconciliation ($ in thousands) Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 GAAP revenue $264,658 $270,039 $275,913 $279,520 $276,272 Deferred revenue, end of period 513,572 502,104 491,304 608,600 574,119 Less: Deferred revenue, beginning (586,871) (513,572) (502,104) (491,304) (608
Slide 21: GAAP to Non-GAAP Reconciliation – Gross Margin
GAAP to Non-GAAP Reconciliation – Gross Margin As a % of As a % of As a % of As a % of As a % of ($ in thousands) Q1FY25 revenue Q2FY25 revenue Q3FY25 revenue Q4FY25 revenue Q1FY26 revenue GAAP gross margin $206,406 78.0% $214,526 79.4% $220,357 79.9% $220,736 79.0% $215,599 78.0% Add: Stock-based c
Slide 22: GAAP to Non-GAAP Reconciliation — Operating Expenses
GAAP to Non-GAAP Reconciliation — Operating Expenses As a % of As a % of As a % of As a % of ($ in thousands) FY23 revenue FY24 revenue FY25 revenue Q1FY26 revenue GAAP research and development $243,529 25% $248,767 24% $264,853 24% $72,301 26% Less: Stock-based compensation (68,900) (70,240) (77,55
Slide 23: GAAP to Non-GAAP Reconciliation — Operating Margin
GAAP to Non-GAAP Reconciliation — Operating Margin As a % of As a % of As a % of As a % of As a % of ($ in thousands) Q1FY25 revenue Q2FY25 revenue Q3FY25 revenue Q4FY25 revenue Q1FY26 revenue GAAP operating margin $18,007 6.8% $20,280 7.5% $23,411 8.5% $17,936 6.4% $6,338 2.3% Add: Stock-based comp
Slide 24: GAAP to Non-GAAP Reconciliation — Free Cash Flow
GAAP to Non-GAAP Reconciliation — Free Cash Flow As a % of As a % of As a % of ($ in thousands) FY23 revenue FY24 revenue FY25 revenue GAAP net cash provided by operating activities $297,982 30% $318,727 31% $332,257 30% Less: Purchases of property and equipment (5,034) (4,703) (2,573) Add: Proceeds
Slide 25: GAAP to Non-GAAP Reconciliation — EPS Outlook
GAAP to Non-GAAP Reconciliation — EPS Outlook 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 1.52 Acquired intangible assets amortization 0.01 0.03 Ex
Slide 26: GAAP to Non-GAAP Reconciliation — Operating Margin Outlook
GAAP to Non-GAAP Reconciliation — Operating Margin Outlook Three Months Ended Fiscal Year Ended July 31, 2025 January 31, 2026 GAAP operating margin 6.0% 7.0% Add: Stock-based compensation 21.0% 19.5% Add: Acquired intangible assets amortization 0.5% 0.5% Add: Other (1) 0.5% 1.0% Non-GAAP operating