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BOX

Box, Inc.

BOX

Box, Inc. • NYSE
$29.54 ▼ -0.47% (-0.14)
Market Cap $4.28 B
52w High $38.80
52w Low $28.00
Dividend Yield 0%
P/E 23.44
Volume 1.27M
Outstanding Shares 144.88M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $293.999M ▲ $211.899M ▲ $8.097M ▼ 2.754% ▼ $0.06 ▲ $20.578M ▼
Q1-2026 $276.272M ▼ $209.261M ▲ $8.194M ▼ 2.966% ▼ $0.02 ▼ $22.736M ▼
Q4-2025 $279.52M ▲ $202.8M ▲ $194.01M ▲ 69.408% ▲ $1.17 ▲ $35.73M ▲
Q3-2025 $275.913M ▲ $196.946M ▲ $12.893M ▼ 4.673% ▼ $0.053 ▼ $29.337M ▲
Q2-2025 $270.039M $194.246M $20.496M 7.59% $0.1 $25.576M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $757.858M ▼ $1.625B ▼ $1.399B ▼ $225.923M ▲
Q1-2026 $790.405M ▲ $1.641B ▼ $1.427B ▼ $214.583M ▲
Q4-2025 $722.816M ▲ $1.668B ▲ $1.47B ▲ $197.276M ▲
Q3-2025 $697.915M ▲ $1.354B ▲ $1.341B ▲ $13.795M ▼
Q2-2025 $482.225M $1.121B $1.067B $53.746M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $13.445M ▲ $45.964M ▼ $-8.51M ▲ $-65.276M ▼ $-31.726M ▼ $43.894M ▼
Q1-2026 $8.194M ▼ $127.059M ▲ $-10.391M ▲ $-61.776M ▲ $65.169M ▲ $118.299M ▲
Q4-2025 $194.01M ▲ $102.173M ▲ $-17.392M ▲ $-67.356M ▼ $16.064M ▼ $92.943M ▲
Q3-2025 $12.893M ▼ $62.582M ▲ $-21.467M ▼ $162.096M ▲ $202.33M ▲ $62.311M ▲
Q2-2025 $20.496M $36.298M $38.818M $-121.407M $-42.669M $29.787M

Five-Year Company Overview

Income Statement

Income Statement Box’s income statement shows a steady and healthy shift from growth-at-all-costs to profitable growth. Revenue has climbed each year, while gross profit has grown even faster, suggesting better pricing, mix, or efficiency. Operating results have moved from small losses a few years ago to solid operating profits today, and net income has improved even more sharply. Earnings are now clearly positive and scaling, which points to better cost control, higher-margin products, and leverage on past investments. The main watchpoint is whether this profitability can be sustained as Box continues to invest heavily in AI and platform expansion amid competitive pressure.

Balance Sheet

Balance Sheet The balance sheet has improved but still carries some areas to watch. Total assets have grown again after a dip, and cash remains substantial, giving Box flexibility for investment and debt service. Debt, however, is still meaningful relative to the company’s equity base. Equity has moved from negative territory to a modest positive level, indicating the capital structure is healthier than a few years ago but not yet conservative. In simple terms, Box has enough financial resources, but its cushion against shocks is not especially thick, so continued earnings and cash discipline matter.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently positive and has trended upward over the past several years. Free cash flow is also solid and has grown steadily, helped by relatively light capital spending for a software business. This pattern suggests that Box’s subscription model converts well into cash and that the business does not need heavy ongoing investment in physical assets. Strong, recurring cash flow gives Box room to fund R&D, support the balance sheet, and navigate competitive shifts without relying heavily on external financing.

Competitive Edge

Competitive Edge Box competes in a tough neighborhood dominated by giants like Microsoft and Google, but it has carved out a distinctive enterprise niche. Its reputation centers on strong security, compliance, and governance, especially for regulated industries, and on being a neutral platform that works across multiple cloud and AI providers instead of locking customers into a single ecosystem. Deep integrations with thousands of business applications make Box a central content layer rather than a standalone storage tool. The flip side is that large suites can bundle similar features at attractive prices, which keeps pricing and customer retention pressure high. Box’s challenge is to keep proving that its specialized capabilities justify a dedicated place in the enterprise stack.

Innovation and R&D

Innovation and R&D Box is clearly betting its future on AI-powered “intelligent content management.” The company is moving well beyond file storage into tools that understand, protect, and automate work around content. Offerings like Box AI, Box AI Studio, Box Shield Pro, and Box Automate aim to let customers query documents, build AI agents, secure sensitive data, and automate workflows with minimal code. Additional products like Box Sign, Relay, Hubs, and advanced governance tools expand Box’s role across the full content lifecycle. This is a compelling strategic direction, but it comes with execution risk: Box must keep innovating fast enough, prove real productivity gains for customers, and differentiate its AI capabilities from those of much larger platform providers.

Summary

Overall, Box looks like a maturing software business that has moved from growth with losses to growth with rising profitability and reliable cash flow. The balance sheet has healed meaningfully, though leverage and a still-thin equity buffer leave less room for major missteps than at more conservatively financed peers. Strategically, the company is repositioning itself as an AI-first content platform with strong security, compliance, and ecosystem neutrality as key selling points. The main opportunities lie in deepening its role in enterprise workflows and monetizing advanced AI features; the main risks are intense competition from bundled productivity suites, the need to keep pace with rapid AI innovation, and maintaining its improved profitability while investing for the next phase of growth.

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