Box Inc - Class A
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.12%.
Did BOX Beat Earnings? Q1 2026 Results
Box delivered a convincing fiscal first-quarter 2026 earnings beat, extending its consensus EPS win streak to five consecutive quarters as the cloud content management company posted non-GAAP diluted EPS of $0.30, clearing the $0.26 analyst estimate by 17.19%. Revenue came in at $276.27 million, ahead of the $274.77 million consensus by 0.55% and up 4.4% year-over-year, with the outperformance driven in large part by explosive booking momentum; billings surged 27% to $242.29 million and remaining performance obligations jumped 21% to $1.47 billion, signaling that demand for Box's AI-driven Intelligent Content Management platform is accelerating well ahead of reported revenue. The company also announced a wave of AI agent integrations with partners including IBM, Google, Salesforce, and ServiceNow, reinforcing its strategic positioning. Looking ahead, management guided Q2 revenue of $290 to $291 million, representing 8% year-over-year growth, with full-year fiscal 2026 revenue expected in the range of $1.17 to $1.17 billion and non-GAAP EPS of $1.22 to $1.26.
- RPO grew 21% year-over-year to $1.469 billion, with short-term RPO up 13% and long-term RPO up 32%
- Billings grew 27% year-over-year (17% in constant currency) to $242.3 million
- Revenue growth of 4% year-over-year (5% in constant currency)
- Non-GAAP gross margin improved to 80.5% from 80.2% year-over-year
“We are at a pivotal moment in history where AI is revolutionizing work and business. In this AI-first era, organizations are embracing this shift to stay competitive. At Box, we help businesses unlock value from their unstructured data with our Intelligent Content Management platform. Earlier this month, we unveiled our largest set of AI innovation yet, including new AI Agents that integrate with the leading models and software platforms to accelerate decision-making, automate workflows, and boost productivity.”
Box CEO, on the earnings call
Forward Guidance & Outlook
For Q2 FY26, Box expects revenue of $290–$291 million (up 8% YoY, or 6% in constant currency), GAAP operating margin of approximately 6.0%, non-GAAP operating margin of approximately 28%, GAAP EPS of $0.01–$0.02, and non-GAAP EPS of $0.30–$0.31. For full-year FY26, revenue is expected to be $1.165–$1.170 billion (up 7% YoY), GAAP operating margin of approximately 7.0%, non-GAAP operating margin of approximately 28%, GAAP EPS of $0.16–$0.20, and non-GAAP EPS of $1.22–$1.26. Guidance includes expected FX headwinds and the impact of non-cash deferred tax expense recognition throughout fiscal 2026. Approximately one-third of revenue is generated outside the U.S., with ~65% of international revenue in Japanese Yen.
BOX YoY Financials
Figures from SEC filings and company reports. Not investment advice.