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Box (BOX) investor relations material
Box Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary2 Dec, 2025
Executive summary
Q3 revenue grew 9% year-over-year to $301.1 million, driven by strong demand for AI-powered solutions, Suites, and Enterprise Advanced, with operating margin at 28.6% (non-GAAP) and 8.3% (GAAP).
Net retention rate improved to 104%, supported by seat expansion, price increases, and low churn, with over 2,000 customers paying at least $100,000 annually.
Billings grew 12% year-over-year to $296.0 million, and remaining performance obligations (RPO) rose 18% to $1.5 billion, supporting future revenue visibility.
Launched new AI-driven products and expanded platform capabilities, including Box Extract, Box Automate, Box Shield Pro, and integrations with leading AI platforms.
Repurchased 2.4 million shares for $77 million in Q3; board authorized an additional $150 million for buybacks.
Financial highlights
Q3 gross margin was 81.7% (non-GAAP) and 79.6% (GAAP); operating margin was 28.6% (non-GAAP) and 8.3% (GAAP).
Q3 non-GAAP operating income was $86.1 million; GAAP operating income was $25.1 million.
EPS was $0.31 (non-GAAP) and $0.05 (GAAP), both impacted by non-cash deferred tax expenses and FX.
Free cash flow was $61.4 million, and cash from operations was $73 million, up 7% and 17% year-over-year, respectively.
Ended Q3 with $731 million in cash and equivalents.
Outlook and guidance
Q4 revenue expected at $304 million (9% year-over-year growth), with gross margin at 82% (non-GAAP) and operating margin at 30% (non-GAAP).
Q4 non-GAAP EPS expected at $0.33; full-year revenue expected at $1.175 billion (8% year-over-year growth).
FY26 non-GAAP operating margin projected at 28%; non-GAAP EPS expected at $1.28; GAAP EPS at $0.19.
Convertible notes of $205 million maturing January 2026 to be settled in cash.
Management expects net retention rate to remain above 100% for the foreseeable future.
Detail Box AI's impact on price per seat growth
Impact of convertible note settlement on cash?
What drove the Q3 net retention rate improvement?
AI's impact on content management TAM?
Primary NRR driver for Enterprise Advanced?
Future GTM investment priorities and rationale
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Q4 20263 Mar, 2026
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Frequently asked questions
Cloud Collaboration
Box Inc. is an American company with multinational operations that provides various cloud content management and file-sharing services for businesses. The company's core product, Box, allows users to securely store, share, and manage files in the cloud, which in turn enables collaboration for teams that might be geographically dispersed. With a focus on enterprise customers, Box offers features like advanced security controls, compliance capabilities, and administrative tools, built to meet the needs of businesses in various sectors such as healthcare, finance, education, and government. The company is headquartered in Redwood City, California, and its shares are listed on the NYSE.
Shifting the Focus
Box was founded in 2005 with the initial concept of creating a more user-friendly and scalable cloud storage service than existing options. The idea of the founders was to offer a better alternative to the alternatives at the times for users to store, share, and manage digital content. Initially, the focus was on providing a B2C service, but Box realized that many of its users utilized the product primarily in professional settings. Due to this, the company went through a strategic pivot during 2009 and 2010 when it began focusing more on enterprise clients rather than private individuals. This was a move that quickly paid dividends, leading to significant growth and attracting major clients.
The Platform
Box specializes in cloud-based content management and file-sharing services, primarily targeting businesses and enterprises. At its core, Box provides a secure platform for storing, sharing, and managing digital files. A significant aspect of Box's service is its collaboration features. These enable users to edit documents simultaneously, track changes, and leave comments, a feature that is particularly beneficial for teams that operate remotely or across different time zones. The platform also offers advanced security measures such as customizable access permissions and robust encryption, as well as workflow automation that helps streamline repetitive tasks and processes.
Third-Party Functionality
Another selling point for the company is its integration with various third-party applications. Box’s platform seamlessly integrates with programs such as Zoom, Microsoft 365, Salesforce, and many, many more. This allows businesses to integrate Box into their day-to-day operations without needing to change their current workflow, while in turn also getting more out of the third-party applications than what would otherwise be possible.
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