Box Inc - Class A
Q2 2024 Earnings
Did BOX Beat Earnings? Q2 2024 Results
Box delivered a clean beat to close out its fiscal second quarter, with the enterprise content management company posting adjusted earnings of $0.36 per share against a Wall Street consensus of $0.35 — a 2.86% beat — while revenue of $261.43 million edged past estimates of $261.12 million and grew 6.3% year-over-year. For investors <a href="https://247wallst.com/investing/2025/08/26/live-will-box-inc-box-beat-q2-earnings-estimates/">watching Box's Q2 closely</a>, the headline figures were supported by a more meaningful margin story: GAAP operating margin expanded to 3.8% from just 1.3% a year ago, marking the company's fourth consecutive quarter of GAAP profitability. CEO Aaron Levie credited Box AI — which securely connects enterprise content with leading AI models — as a key differentiator driving customer wins including Block, Sony Music Entertainment, and the U.S. Department of Energy. Despite CFO Dylan Smith flagging ongoing IT budget pressure from macro conditions, Box guided Q3 revenue of $261 million to $263 million and raised the low end of its full-year non-GAAP EPS outlook to $1.46–$1.50, signaling measured confidence heading into the back half of fiscal 2024.
- 6% revenue growth YoY (9% constant currency)
- Non-GAAP operating margin expanded to 24.8% from 21.7% YoY
- Fourth consecutive quarter of GAAP profitability
- Operating cash flow grew 15% YoY
- Non-GAAP free cash flow grew 15% YoY
- RPO grew 8% YoY (11% constant currency) to $1.138 billion
- Operational discipline driving margin expansion
“As enterprises continue to make IT decisions around strategic imperatives and the role of AI, they are turning to Box's Content Cloud to help transform how they work and get even more value out of their data. The Box platform enables enterprises to drive productivity across the business, simplifies IT and optimizes spend, and protects their most important data. With Box AI, we will be able to securely connect customer's enterprise content with the world's leading AI models, uniquely positioning Box at the center of the future of work.”
Box CEO, on the earnings call
Forward Guidance & Outlook
Q3 FY24: Revenue expected $261M–$263M (up 5% YoY at high end, 7% constant currency). GAAP operating margin ~4.5%, non-GAAP operating margin ~25.5%. GAAP EPS $0.03–$0.04. Non-GAAP EPS $0.37–$0.38. Full Year FY24: Revenue expected $1.040B–$1.044B (up 5% YoY at high end, 8% constant currency). GAAP operating margin ~4.5%, non-GAAP operating margin ~25.5%. GAAP EPS $0.17–$0.21. Non-GAAP EPS $1.46–$1.50 (low end raised from prior $1.44). FX headwinds expected to negatively impact FY24 EPS by $0.17. Approximately one-third of revenue generated outside the U.S., primarily in Japanese Yen.
BOX YoY Financials
Figures from SEC filings and company reports. Not investment advice.