Slide 1: Fourth Quarter Fiscal FY26 Financial Results
Fourth Quarter Fiscal FY26 Financial Results March 3, 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 $301 $294 $280 $276 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Note: $ values are shown in millions. Box fiscal year ends January 31. 3
Slide 4: Customers increasingly adopting Suites
Customers increasingly adopting Suites Strong demand for Box AI drives adoption for Enterprise Plus and Enterprise Advanced % of total revenue from Suites 66% 64% 63% 61% 60% Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 4
Slide 5: 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 2,090 2,030 1,990 1,920 1,940 +9% YoY Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Customers >$100k in average contract value Note: Figures are rounded. 5
Slide 6: RPO supports enduring growth and revenue visibility
RPO supports enduring growth and revenue visibility Driven by strong contract durations Total RPO up 17% YoY (up 16% in constant currency) $1,711 $1,469 $1,476 $1,518 $1,466 Long-Term RPO ($M) +22% YoY $797 $651 $657 $664 $680 Short-Term RPO ($M) $815 $812 $812 $837 $914 +12% YoY Q4'25 Q1'26 Q2'26 Q
Slide 7: Billings and deferred revenue
Billings and deferred revenue Billings up 5%* YoY Deferred revenue up 8%* YoY (up 4% in constant currency) (up 7% in constant currency) $420 $657 $399 $609 $574 $547 $546 $296 $265 $242 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Note: $ values are shown in millions. 7 *Reconciliatio
Slide 8: 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% 102% 103% 104% 104% Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Note: Net retention rate is defined as the net percentage of Total Annual Recurring Revenue (Total ARR) retained
Slide 9: 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 130 bps YoY 81.7% 82.3% 81.0% 81.4% 80.5% Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Note: A reconciliation of non-GAAP gross margin to the nearest GAAP financial me
Slide 10: 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 Up 330 bps YoY 30.6% 28.6% 28.6% 27.3% 25.3% Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Note: A reconciliation of non-GAAP operating margin to the nearest GAAP fi
Slide 11: Cash, cash equivalents, restricted cash, and short-term investments
Cash, cash equivalents, restricted cash, and short-term investments $ 110 $ 16 $ 731 $8 $ 480 $ 353 Q3'26 CFO CFI CFF* Other Q4'26 Note: $ values are shown in millions. 11 * Net cash used in financing activities (CFF) includes the cash settlement of $205 million debt principal related to our convert
Slide 12: Share repurchase program
Share repurchase program • In Q4, the Company repurchased approximately 4.4 million shares of Box’s Class A common stock for approximately $126 million. • For the full year of FY26, we repurchased approximately 9.7 million shares for approximately $293 million dollars • As of January 31, 2026, the C
Slide 13: Proven business model focused on driving growth and profitability
Proven business model focused on driving growth and profitability FY’24 FY’25 FY’26 Q1’26 Q2’26 Q3’26 Q4’26 Annual Revenue Growth + FCF 35% N/A N/A N/A N/A 31% 33% Margin YoY Revenue Growth 5% 5% 8% 4% 9% 9% 9% 81% 80% 81% 82% 82% Gross Margin 77% 81% 28% 29% 28% 28% 26% S&M as a % of Revenue 27% 28
Slide 14: Guidance and Outlook
Guidance and Outlook
Slide 15: Q1 and fiscal year 2027 guidance
Q1 and fiscal year 2027 guidance Impact of recurring net Impact of recurring net tax Q1’27 FY’27 Q1’27 tax benefits FY27 benefits (constant currency) (constant currency) Q1’27(1) FY’27(1) Approximately $304 Approximately $1.275 Revenue -- -- -- -- million billion Year-over-Year growth 10% 9% -- 8% 9
Slide 16: Estimated Q1 and fiscal year 2027 preferred share impact summary
Estimated Q1 and fiscal year 2027 preferred share impact summary Q1 FY27 FY27 Amortization of preferred share issuance costs $0.5M $2.1M Preferred stock dividend $3.7M $15.0M Undistributed earnings attributable to preferred $7.0M - $7.5M $30.0M - $31.0M shareholders The impact from the above items w
Slide 17: Appendix
Appendix
Slide 18: GAAP Revenue to Billings Reconciliation
GAAP Revenue to Billings Reconciliation ($ in thousands) Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 GAAP revenue $279,520 $276,272 $293,999 $301,107 $305,875 Deferred revenue, end of period 608,600 574,119 547,263 545,991 656,697 Less: Deferred revenue, beginning of period (491,304) (608,600) (574,119) (547
Slide 19: GAAP to Non-GAAP Reconciliation – Gross Margin
GAAP to Non-GAAP Reconciliation – Gross Margin As a % of As a % of As a % of As a % of As a % of ($ in thousands) Q4FY25 revenue Q1FY26 revenue Q2FY26 revenue Q3FY26 revenue Q4FY26 revenue GAAP gross margin $220,736 79.0% $215,599 78.0% $232,477 79.1% $239,532 79.6% $244,998 80.1% Add: Stock-based c
Slide 20: GAAP to Non-GAAP Reconciliation — Operating Expenses
GAAP to Non-GAAP Reconciliation — Operating Expenses As a % of As a % of As a % of As a % of ($ in thousands) Q1FY26 revenue Q2FY26 revenue Q3FY26 revenue Q4FY26 revenue GAAP research and development $72,301 26% $71,717 24% $73,947 25% $76,577 25% Less: Stock-based compensation (18,806) (21,380) (20
Slide 21: GAAP to Non-GAAP Reconciliation — Operating Expenses
GAAP to Non-GAAP Reconciliation — Operating Expenses As a % of As a % of As a % of ($ in thousands)FY24 revenue FY25 revenue FY26 revenue GAAP research and development $248,767 24% $264,853 24% $294,542 25% Less: Stock-based compensation (70,240) (77,557) (81,364) Less: Acquisition-related expenses
Slide 22: GAAP to Non-GAAP Reconciliation — Operating Margin
GAAP to Non-GAAP Reconciliation — Operating Margin As a % of As a % of As a % of As a % of As a % of ($ in thousands) Q4FY25 revenue Q1FY26 revenue Q2FY26 revenue Q3FY26 revenue Q4FY26 revenue GAAP operating margin $17,936 6.4% $6,338 2.3% $20,578 7.0% $25,063 8.3% $31,210 10.2% Add: Stock-based com
Slide 23: GAAP to Non-GAAP Reconciliation — Free Cash Flow
GAAP to Non-GAAP Reconciliation — Free Cash Flow As a % of As a % of As a % of ($ in thousands) FY24 revenue FY25 revenue FY26 revenue GAAP net cash provided by operating activities $318,727 31% $332,257 30% $356,450 30% Less: Purchases of property and equipment (4,703) (2,573) (6,074) Add: Proceeds
Slide 24: GAAP to Non-GAAP Reconciliation — EPS Outlook
GAAP to Non-GAAP Reconciliation — EPS Outlook Three Months Ended Fiscal Year Ended April 30, 2026 January 31, 2027 GAAP net income per share attributable to common stockholders, diluted $0.09 $0.45 Stock-based compensation 0.40 1.61 Acquired intangible assets amortization - 0.01 Expenses related to
Slide 25: GAAP to Non-GAAP Reconciliation — Operating Margin Outlook
GAAP to Non-GAAP Reconciliation — Operating Margin Outlook Three Months Ended Fiscal Year Ended April 30, 2026 January 31, 2027 GAAP operating margin 8.5% 9.5% Add: Stock-based compensation 18.5% 18.0% Add: Other (1) 0.5% 0.5% Non-GAAP operating margin 27.5% 28.0% (1) Other includes acquired intangi