Box (BOX) Q2 2025 Earnings
How Did BOX Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +2.77%.
Did BOX Beat Earnings? Q2 2025 Results
Yes. Box reported Q2 2025 earnings of $0.44 a share on Aug 27, 2024, beating the $0.40 consensus estimate by 10.0%. Revenue was $270.0M against a $269.2M estimate.
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.
- 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
What Was Box's Outlook in Q2 2025?
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
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $270.0M | $261.4M | +3.3% |
| Gross Profit | $214.5M | $194.4M | +10.3% |
| Operating Income | $20.3M | $9.9M | +105.4% |
| Net Income | $20.5M | $10.8M | +89.9% |
Figures from SEC filings and company reports. Not investment advice.