Companies /Technology

Box Inc - Class A

NYSE: BOX Software - Infrastructure
$33.75
▼ $0.37 (−1.08%) today
Markets closed · 12:34am ET

Q2 2025 Earnings

Reported Aug 27, 2024, 4:05pm ET · SEC source
$0.44
Beat +10.00%
EPS · est. $0.40
$270.0M
Beat +0.32%
Revenue · est. $269.2M
−0.3%
Trailing market
BOX vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%+6%Aug 27Aug 28report 4:05pm ETearnings−1.3%+5.8%
−3%0+3%+6%Aug 27Aug 28earnings−1.3%+5.8%
BOX +5.8%S&P 500 −1.3%
−3%0+3%+6%Aug 27Aug 28report 4:05pm ETearnings−2.4%+5.8%
−3%0+3%+6%Aug 27Aug 28earnings−2.4%+5.8%
BOX +5.8%NASDAQ −2.4%
−5%0+5%+10%Aug 26Sep 4report 4:05pm ETearnings−1.9%+9.2%
−5%0+5%+10%Aug 26Sep 4earnings−1.9%+9.2%
BOX +9.2%S&P 500 −1.9%
−5%0+5%+10%Aug 26Sep 4report 4:05pm ETearnings−3.3%+9.2%
−5%0+5%+10%Aug 26Sep 4earnings−3.3%+9.2%
BOX +9.2%NASDAQ −3.3%
+10.83%
Day of report
+3.13%
Next session
+2.50%
One week
+2.47%
30 days

S&P 500 over the same 30 days: +2.77%.

Did BOX Beat Earnings? Q2 2025 Results

Box delivered a clean beat across the board in fiscal Q2 2025, posting adjusted EPS of $0.44 against a consensus estimate of $0.40, a 10% beat that marked the fourth consecutive quarter the company has topped Wall Street's EPS expectations. Revenue came in at $270.04 million, edging past the $269.18 million estimate and rising 3.3% year-over-year, though the underlying demand picture looked stronger at 6% growth on a constant currency basis, as a weakening yen created a meaningful $0.05 per-share headwind. The real story was margin expansion, with non-GAAP operating margin climbing to 28.4% from 24.8% a year ago, fueled by infrastructure efficiencies and cost discipline. Billings jumped 10% to $256.44 million, signaling strengthening demand, while remaining performance obligations grew 12% to $1.27 billion. Looking ahead, Box guided Q3 revenue to $274 to $276 million and full-year FY25 revenue to approximately $1.09 to $1.09 billion, with some observers noting that Box's AI-driven product expansion into intelligent content management will be a key test of whether that growth trajectory can accelerate further.

Key Takeaways
  • Accelerated billings growth of 10% year-over-year
  • RPO growth of 12% year-over-year to $1.272 billion
  • Record non-GAAP gross margin of 81.6% and non-GAAP operating margin of 28.4%
  • Constant currency revenue growth of 6%

“As we enter the era of Intelligent Content Management, Box is delivering a singular platform that can power the lifecycle of content with intelligence built right in.”

Box CEO, on the earnings call

Forward Guidance & Outlook

For Q3 FY25, Box expects revenue of $274–$276 million (up 5% YoY, 6% constant currency), GAAP operating margin of approximately 7.5%, non-GAAP operating margin of approximately 28%, GAAP EPS of $0.07–$0.08, and non-GAAP EPS of $0.41–$0.42 on approximately 148 million diluted shares. For full-year FY25, Box expects revenue of $1.086–$1.09 billion (up 5% YoY, 7% constant currency), GAAP operating margin of approximately 7.0%, non-GAAP operating margin of approximately 27.5%, GAAP EPS of $0.31–$0.33, and non-GAAP EPS of $1.64–$1.66. FX is expected to be a 170 basis point headwind to full-year revenue growth. Constant currency guidance was raised by $2 million from prior expectations. Non-cash deferred tax expense in the U.K. is expected to negatively impact both GAAP and non-GAAP EPS by $0.05 for the full year.

BOX YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$80.0M$160.0M$240.0M$261.4M$270.0MRevenue$194.4M$214.5MGross Profit$9.9M$20.3MOperating Income$10.8M$20.5MNet Income
$0$80.0M$160.0M$240.0MRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.