Slide 1: Second Quarter Fiscal FY26 Financial Results
Second Quarter Fiscal FY26 Financial Results August 26, 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 $294 $280 $276 $276 $270 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 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 16% YoY (up 16% in constant currency) $1,466 $1,469 $1,476 $1,272 $1,282 Long-Term RPO ($M) $651 $657 $664 +21% YoY $549 $545 Short-Term RPO ($M) $723 $737 $815 $812 $812 +12% YoY Q2'25 Q3'25 Q4'25 Q
Slide 5: Billings and deferred revenue
Billings and deferred revenue Billings up 3%* YoY Deferred revenue up 9%* YoY (up 6% in constant currency) (up 9% in constant currency) $399 $609 $574 $547 $502 $491 $256 $265 $265 $242 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Note: $ values are shown in millions. 5 *Reconciliatio
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 Down 20 bps YoY* 81.6% 81.9% 81.4% 81.0% 80.5% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 *Excluding the tailwind from data center equipment sales in Q2’25, Q2’26 gross
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 Up 20 bps YoY 29.1% 28.6% 28.4% 27.3% 25.3% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Note: A reconciliation of non-GAAP operating margin to the nearest GAAP fin
Slide 8: Cash, cash equivalents, restricted cash, and short-term investments
Cash, cash equivalents, restricted cash, and short-term investments $ 46 $ 792 $9 $ 760 $ 65 $4 Q1'26 CFO CFI CFF FX Q2'26 8 Note: $ values are shown in millions.
Slide 9: Share repurchase program
Share repurchase program • In Q2, the Company repurchased approximately 1.2 million shares of Box’s Class A common stock for approximately $40 million. • As of July 31, 2025, the Company had approximately $112 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 Q2’26 Annual Revenue Growth + FCF Margin 37% 31% 33% N/A N/A YoY Revenue Growth 13% 5% 5% 4% 9% Non-GAAP Gross Margin 77% 77% 81% 80% 81% Non-GAAP S&M as a % of Revenue 28% 27% 28% 29% 28% Non-GAAP R&D as a % o
Slide 11: Guidance and Outlook
Guidance and Outlook
Slide 12: Q3 and fiscal year 2026 guidance
Q3 and fiscal year 2026 guidance Q3’26 Non-cash deferred FY26 Non-cash deferred Q3’26 FY26 (constant currency) income tax expense (1) (constant currency) income tax expense(1) Revenue $298 to $299 million -- -- $1.170 to $1.175 billion -- -- Year-over-Year growth +8% +7% -- +8% +7% -- GAAP operating
Slide 13: Estimated Q3 and fiscal year 2026 preferred share impact summary
Estimated Q3 and fiscal year 2026 preferred share impact summary Q3 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 $24.5M - $25.0M shareholders The impact from the above items w
Slide 14: Key Customer Metrics
Key Customer Metrics
Slide 15: Stable net retention rate
Stable net retention rate Customer stickiness drives low full churn rate of 3% Quarterly net retention rate 102% 102% 102% 102% 103% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Note: Net retention rate is defined as the net percentage of Total Annual Recurring Revenue (Total ARR) retained from existing customers,
Slide 16: 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 63% 61% 60% 59% 58% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 16
Slide 17: 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 1,990 1,920 1,940 1,900 1,850 +8% YoY Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Customers >$100k in average contract value Note: Figures are rounded. 17
Slide 18: Appendix
Appendix
Slide 19: GAAP Revenue to Billings Reconciliation
GAAP Revenue to Billings Reconciliation ($ in thousands) Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 GAAP revenue $270,039 $275,913 $279,520 $276,272 $293,999 Deferred revenue, end of period 502,104 491,304 608,600 574,119 547,263 Less: Deferred revenue, beginning of period (513,572) (502,104) (491,304) (608
Slide 20: GAAP to Non-GAAP Reconciliation – Gross Margin
GAAP to Non-GAAP Reconciliation – Gross Margin As a % of As a % of As a % of As a % of As a % of ($ in thousands) Q2FY25 revenue Q3FY25 revenue Q4FY25 revenue Q1FY26 revenue Q2FY26 revenue GAAP gross margin $214,526 79.4% $220,357 79.9% $220,736 79.0% $215,599 78.0% $232,477 79.1% Add: Stock-based c
Slide 21: GAAP to Non-GAAP Reconciliation — Operating Expenses
GAAP to Non-GAAP Reconciliation — Operating Expenses As a % of As a % of As a % of As a % of As a % of ($ in thousands) FY23 revenue FY24 revenue FY25 revenue Q1FY26 revenue Q2FY26 revenue GAAP research and development $243,529 25% $248,767 24% $264,853 24% $72,301 26% $71,717 24% Less: Stock-based
Slide 22: GAAP to Non-GAAP Reconciliation — Operating Margin
GAAP to Non-GAAP Reconciliation — Operating Margin As a % of As a % of As a % of As a % of As a % of ($ in thousands) Q2FY25 revenue Q3FY25 revenue Q4FY25 revenue Q1FY26 revenue Q2FY26 revenue GAAP operating margin $20,280 7.5% $23,411 8.5% $17,936 6.4% $6,338 2.3% $20,578 7.0% Add: Stock-based comp
Slide 23: GAAP to Non-GAAP Reconciliation — Free Cash Flow
GAAP to Non-GAAP Reconciliation — Free Cash Flow As a % of As a % of As a % of ($ in thousands) 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 24: GAAP to Non-GAAP Reconciliation — EPS Outlook
GAAP to Non-GAAP Reconciliation — EPS Outlook Three Months Ended Fiscal Year Ended October 31, 2025 January 31, 2026 GAAP net income per share attributable to common stockholders, diluted $0.05 - $0.06 $0.18 - $0.20 Stock-based compensation 0.38 1.53 Acquired intangible assets amortization 0.01 0.03
Slide 25: GAAP to Non-GAAP Reconciliation — Operating Margin Outlook
GAAP to Non-GAAP Reconciliation — Operating Margin Outlook Three Months Ended Fiscal Year Ended October 31, 2025 January 31, 2026 GAAP operating margin 8.0% 7.0% Add: Stock-based compensation 19.5% 19.5% Add: Acquired intangible assets amortization 0.5% 0.5% Add: Other (1) - 1.0% Non-GAAP operating