Slide 1: First Quarter Fiscal FY27 Financial Results
First Quarter Fiscal FY27 Financial Results May 26, 2026
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 $306 $306 $301 $294 $276 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Note: $ values are shown in millions. Box fiscal year ends January 31. 3
Slide 4: Quarterly Customer Economics
Quarterly Customer Economics Customer economics continue to improve as customer base evolves Net retention rate % of revenue from Suites $100k+ customers have expanded by 3pts. YoY increased increased 11% YoY to 105%* by 6 pts. YoY to 67% *Note: Net retention rate is defined as the net percentage of
Slide 5: RPO supports enduring growth and revenue visibility
RPO supports enduring growth and revenue visibility Driven by strong contract durations Total RPO up 12% YoY (up 16% in constant currency) $1,711 $1,642 $1,476 $1,518 $1,469 Long-Term RPO ($M) +16% YoY $797 $762 $680 (up 22% in constant currency) $657 $664 Short-Term RPO ($M) $812 $812 $837 $914 $88
Slide 6: Billings
Billings Billings up 5%* YoY (up 13% in constant currency) $420 $296 $265 $255 $242 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Note: $ values are shown in millions. 6 *Reconciliations of billings to revenue, deferred revenue, and contract assets calculated in accordance with GAAP can be found in the Appendix of
Slide 7: Improving net retention rate
Improving net retention rate Seat growth and price per seat increases drive improved net retention rate Quarterly net retention rate 102% 103% 104% 104% 105% Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Note: Net retention rate is defined as the net percentage of Total Annual Recurring Revenue (Total ARR) retained
Slide 8: Delivering leverage through margin expansion
Delivering leverage through margin expansion Investing strategically in innovation and GTM to drive long-term profitable growth Non-GAAP gross margin Non-GAAP operating margin Up 100 bps YoY Up 240 bps YoY (up 100 bps in constant currency) (up 280 bps in constant currency) 30.6% 81.7% 82.3% 81.4% 81
Slide 9: Capital Allocation and Cash Flow
Capital Allocation and Cash Flow • In Q1, the Company repurchased approximately 4.8 million shares of Box’s Class A common stock for approximately $114 million. • As of April 30, 2026, the Company had approximately $445 million of remaining Board- approved buyback capacity under the current plan. •
Slide 10: Guidance and Outlook
Guidance and Outlook
Slide 11: Q2 and fiscal year 2027 guidance
Q2 and fiscal year 2027 guidance Q2’27 FY’27 Q2’27 FY27 (constant currency) (constant currency) Revenue Approximately $319 million -- Approximately $1.280 billion -- Year-over-Year growth 9% 10% 9% 10% GAAP operating margin Approximately 10.0% Approximately 11.0% Approximately 9.0% Approximately 9.7
Slide 12: Estimated Q2 and fiscal year 2027 preferred share impact summary
Estimated Q2 and fiscal year 2027 preferred share impact summary Q2 FY27 FY27 Amortization of preferred share issuance costs $0.5M $2.1M Preferred stock dividend $3.8M $15.0M Undistributed earnings attributable to preferred $7M - $8M $29M - $30M shareholders The impact from the above items will appe
Slide 13: Appendix
Appendix
Slide 14: GAAP Revenue to Billings Reconciliation
GAAP Revenue to Billings Reconciliation ($ in thousands) Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 GAAP revenue $276,272 $293,999 $301,107 $305,875 $305,941 Deferred revenue, end of period 574,119 547,263 545,991 656,697 605,944 Less: Deferred revenue, beginning of period (608,600) (574,119) (547,263) (545
Slide 15: GAAP to Non-GAAP Reconciliation – Gross Margin
GAAP to Non-GAAP Reconciliation – Gross Margin As a % of As a % of As a % of As a % of As a % of ($ in thousands) Q1FY26 revenue Q2FY26 revenue Q3FY26 revenue Q4FY26 revenue Q1FY27 revenue GAAP gross margin $215,599 78.0% $232,477 79.1% $239,532 79.6% $244,998 80.1% $243,206 79.5% Add: Stock-based c
Slide 16: GAAP to Non-GAAP Reconciliation — Operating Margin
GAAP to Non-GAAP Reconciliation — Operating Margin As a % of As a % of As a % of As a % of As a % of ($ in thousands) Q1FY26 revenue Q2FY26 revenue Q3FY26 revenue Q4FY26 revenue Q1FY27 revenue GAAP operating margin $6,338 2.3% $20,578 7.0% $25,063 8.3% $31,210 10.2% $27,442 9.0% Add: Stock-based com
Slide 17: GAAP to Non-GAAP Reconciliation — Free Cash Flow
GAAP to Non-GAAP Reconciliation — Free Cash Flow ($ in thousands) Q1’27 GAAP net cash provided by operating activities $140,191 Less: Purchases of property and equipment (1,273) Add: Proceeds from sales of property and equipment - Less: Principal payments of finance lease liabilities - Less: Capital
Slide 18: GAAP to Non-GAAP Reconciliation — EPS Outlook
GAAP to Non-GAAP Reconciliation — EPS Outlook Three Months Ended Fiscal Year Ended July 31, 2026 January 31, 2027 GAAP net income per share attributable to common stockholders, diluted $0.11 $0.40 Stock-based compensation 0.43 1.69 Acquired intangible assets amortization - 0.01 Amortization of debt
Slide 19: GAAP to Non-GAAP Reconciliation — Operating Margin Outlook
GAAP to Non-GAAP Reconciliation — Operating Margin Outlook Three Months Ended Fiscal Year Ended July 31, 2026 January 31, 2027 GAAP operating margin 10.0% 9.0% Add: Stock-based compensation 18.5 18.5 Add: Other (1) - 0.5 Non-GAAP operating margin 28.5% 28.0% (1) Other includes acquired intangible as