Q4 23 EPS
$0.37
BEAT +8.82%
Est. $0.34
Q4 23 Revenue
$256.5M
BEAT +0.16%
Est. $256.1M
vs S&P Since Q4 23
-99.2%
TRAILING MARKET
BOX -14.8% vs S&P +84.3%
Full Year 2023 Results
FY 23 EPS
$1.20
FY 23 Revenue
$990.9M
Market Reaction
Did BOX Beat Earnings? Q4 2023 Results
Box closed out fiscal 2023 on a strong note, posting fourth-quarter revenue of $256.48 million, up 9.9% year over year, and non-GAAP diluted EPS of $0.37, beating the $0.34 consensus estimate by 8.82%, as aggressive cost restructuring helped lift non… Read more Box closed out fiscal 2023 on a strong note, posting fourth-quarter revenue of $256.48 million, up 9.9% year over year, and non-GAAP diluted EPS of $0.37, beating the $0.34 consensus estimate by 8.82%, as aggressive cost restructuring helped lift non-GAAP operating margin to a record 26.0% from 20.8% a year earlier. The profitability gains were especially evident in cash generation, with quarterly operating cash flow surging 87% to $92.19 million, while GAAP operating income swung to a positive $19.71 million compared to a slim loss in Q4 FY2022. Full-year revenue approached the $1.00 billion threshold at $990.87 million, and remaining performance obligations grew 16% to $1.25 billion, providing meaningful forward visibility. Looking ahead, Box guided full-year FY24 revenue of $1.05 billion to $1.06 billion with non-GAAP EPS of $1.42 to $1.48, signaling continued confidence in sustaining the balance between top-line growth and expanding margins despite a projected $0.14 per share foreign exchange headwind.
Key Takeaways
- • Enterprise demand for cloud content management to drive productivity and simplify IT stacks
- • Non-GAAP operating margin expansion to 26% in Q4 from 20.8% a year ago
- • Constant currency revenue growth of 15% in Q4 masking FX headwinds
- • Operating cash flow growth of 87% year-over-year in Q4
- • Multi-year cost structure optimization driving improved profitability
BOX YoY Financials
Q4 2023 vs Q4 2022, source: SEC Filings
“Fiscal 2023 was another strong year for Box, as we achieved a $1 billion annual revenue run rate on a quarterly basis and significantly expanded our operating margins.”
— Aaron Levie, Q4 2023 Earnings Press Release
BOX Earnings Trends
BOX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BOX EPS Trend
Earnings per share: estimate vs actual
BOX Revenue Trend
Quarterly revenue: estimate vs actual
BOX Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 BEAT | $0.36 | $0.37 | +2.01% | $305.9M | +0.61% |
| Q4 26 BEAT FY | $0.34 | $0.49 | +45.92% | $305.9M | +0.08% |
| FY Full Year | — | $1.44 | — | $1.18B | — |
| Q3 26 MISS | $0.31 | $0.31 | -1.21% | $301.1M | +0.73% |
| Q2 26 BEAT | $0.31 | $0.33 | +6.38% | $294.0M | +1.31% |
| Q1 26 BEAT | $0.26 | $0.30 | +17.19% | $276.3M | +0.55% |
| Q4 25 MISS FY | $0.42 | $0.42 | -0.59% | $279.5M | +0.12% |
| FY Full Year | — | $1.71 | — | $1.09B | — |
| Q3 25 BEAT | $0.42 | $0.45 | +6.46% | $275.9M | +0.30% |
| Q2 25 BEAT | $0.40 | $0.44 | +10.00% | $270.0M | +0.32% |
| Q2 24 BEAT | $0.35 | $0.36 | +2.86% | $261.4M | +0.12% |
| Q4 23 BEAT FY | $0.34 | $0.37 | +8.82% | $256.5M | +0.16% |
| FY Full Year | — | $1.20 | — | $990.9M | — |
| Q2 22 BEAT | $0.19 | $0.21 | +10.53% | $214.5M | +0.96% |
| Q1 22 BEAT | $0.17 | $0.18 | +5.88% | $202.4M | +0.98% |