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Box (BOX) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Aug 26, 2026 · Box (BOX) Q2 FY27 earnings results →

Q2 FY27 Revenue up 9% year over year to $321M · 6¢ of every $1 of revenue kept as net profit · operating margin 10.2%

Box made $321M in Q2 FY27 (+9% Y/Y). Operating margin 10.2%, net earnings $19.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 26, 2026.

Revenue$321M
Year over year+9%
Operating margin10.2%
Net earnings$19.2M
Operating cash flow$70.8M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $321.1M in Q2 FY27, up 9% year over year and up 5% from the previous quarter.

Gross margin was 79.1%, unchanged from Q2 FY26. Operating profit was $32.6M, a 10.2% margin (up 3.2 points year over year). Of the extra revenue versus Q2 FY26, 44% reached operating profit, above the 7% margin then. Operating expenses grew 4% against revenue growth of 9%. Net earnings were $19.2M, up 43% year over year. The effective tax rate was 39.7%.

Operating cash flow was $70.8M (up 54% year over year), 369% of net earnings. Non-cash charges added back $9.9M of depreciation and amortization and $61.4M of share-based compensation. Working capital and other items used $19.7M. Capital expenditures of $121K left free cash flow of $70.7M.

Quarterly history

Box revenue by quarterBox revenue by quarter$280MQ4 FY25$276MQ1 FY26$294MQ2 FY26$301MQ3 FY26$306MQ4 FY26$306MQ1 FY27$321MQ2 FY27
Box net earnings by quarterBox net earnings by quarter$194MQ4 FY25$8.2MQ1 FY26$13.4MQ2 FY26$12.1MQ3 FY26$81.7MQ4 FY26$17.7MQ1 FY27$19.2MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QAug 26, 2026$321M+9%10.2%$19.2M$70.8M
Q1 FY2710-QMay 27, 2026$306M+11%9.0%$17.7M$140M
Q4 FY2610-KMar 9, 2026$306M+9%10.2%$81.7M$110M
Q3 FY2610-QDec 3, 2025$301M+9%8.3%$12.1M$73.0M
Q2 FY2610-QAug 27, 2025$294M+9%7.0%$13.4M$46.0M
Q1 FY2610-QMay 29, 2025$276M+4%2.3%$8.2M$127M
Q4 FY2510-KMar 10, 2025$280M+6%6.4%$194M$102M

Charts

Box: revenue growth, year over year and quarter over quarterBox: revenue growth, year over year and quarter over quarterY/YQ/Q+6%Q4 FY25+4%-1%Q1 FY26+9%+6%Q2 FY26+9%+2%Q3 FY26+9%+2%Q4 FY26+11%+0%Q1 FY27+9%+5%Q2 FY27
Latest (Q2 FY27): Y/Y +9%, Q/Q +5%.
Box: where the cash came from (+) and went (−), TTM to Q2 FY27Box: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$394MBuybacks−$386MCash drawn (+) / kept (−)$315MOther financing−$225MTaxes on employees’ shares−$74.8MOther investing−$38.7MShares issued$26.4MExchange rates−$6.9MCapital spending−$5.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Box: profit against cash, quarter by quarterBox: profit against cash, quarter by quarterNet incomeOperating cash flow$12.9M$62.6MQ3 FY25$194M$102MQ4 FY25$8.2M$127MQ1 FY26$13.4M$46.0MQ2 FY26$12.1M$73.0MQ3 FY26$81.7M$110MQ4 FY26$17.7M$140MQ1 FY27$19.2M$70.8MQ2 FY27
Latest (Q2 FY27): Net income $19.2M, Operating cash flow $70.8M.
Box: diluted shares by fiscal yearBox: diluted shares by fiscal year0MFY21156MFY22150MFY23149MFY24149MFY25149MFY26
+95604.8% since FY21: more shares outstanding (issuance, stock pay).
Box in its industry: growth against margin (192 companies, SIC 7372)Box in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYBOX (+9%, 10%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Box

Box is the leading Intelligent Content Management (ICM) provider. Box gives organizations a single platform for their unstructured data – which typically represents about 90% of all data within an organization. This data is content – from blueprints to wireframes, videos to documents, proprietary formats to PDFs – and it is the source of an organization’s unique value. The Box ICM platform enables our customers to securely manage the entire content lifecycle, from the moment a file is created or ingested to when it is shared, edited, published, approved, signed, classified, and retained. Box keeps content secure and compliant, while also allowing easy access and sharing of this content from anywhere, on any device – both within the organization and with external partners.

In its own words, from its 10-K, filed Mar 9, 2026.

Box against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +14%. Operating margin: 10.2% against the peers' median 15.2%.

CompanyQuarterRevenueY/YOp. margin
BOX BoxQ2 FY27$321M+9%10.2%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: Box 10-Q on SEC EDGAR · CIK 1372612 · Services-Prepackaged Software

Guidance and outlook

Box Revenue: guidance against what was reportedBox Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 FY26$294MQ3 FY26$301MFY26$1.2BQ4 FY26$306MFY27Q1 FY27$306MQ2 FY27$321MQ3 FY27
Met or beat 9 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Box GAAP operating margin: guidance against what was reportedBox GAAP operating margin: guidance against what was reportedguided rangereported (above / within / below)Q2 FY267.0%Q3 FY268.3%FY267.1%Q4 FY2610.2%FY27Q1 FY279.0%Q2 FY2710.2%Q3 FY27
Met or beat 6 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns BOX and who is buying

Largest holders of BOX (13F)Largest holders of BOX (13F)BlackRock$675MVanguard Group$552MVanguard Portfolio Management LLC$296MEarnest Partners LLC$189MVanguard Capital Management LLC$160MState Street$157MAcadian Asset Management LLC$132MArrowstreet Capital, Limited Part…$114MCitadel Advisors LLC$98.8MGeode Capital Management, LLC$96.3M
Funds' net buying of BOX by quarter (13F)Funds' net buying of BOX by quarter (13F)−$59.2M2024-09−$59.4M2024-12$2.5M2025-03$236M2025-06−$149M2025-09−$215M2025-12$46.3M2026-03−$10.3M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BOX

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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