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Jan 31
Box Q4 2025 Earnings Report
Box reported revenue growth and strong cash flow performance in Q4 2025.
Key Takeaways
Box delivered revenue growth of 6% year-over-year in Q4 2025, reaching $279.5 million. The company reported a non-GAAP operating margin of 27.3% and generated $91.3 million in free cash flow. However, GAAP operating margin declined slightly to 6.4%.
Revenue reached $279.5 million, growing 6% year-over-year.
GAAP EPS surged to $1.12 due to a tax benefit, while non-GAAP EPS remained flat at $0.42.
Free cash flow hit a record $91.3 million, increasing 12% year-over-year.
Billings rose to $398.6 million, a 5% increase.
Box
Box
Forward Guidance
Box expects modest revenue growth in Q1 FY26, with a GAAP EPS range of $0.00 to $0.01 and a non-GAAP EPS range of $0.25 to $0.26.
Positive Outlook
- Revenue expected to grow by 4-5% year-over-year.
- GAAP operating margin projected at 4.0%.
- Non-GAAP operating margin estimated at 25.0%.
- Continued investment in AI and Enterprise Advanced solutions.
- Stock repurchase program expanded by $150 million.
Challenges Ahead
- GAAP EPS impacted by non-cash deferred tax expenses.
- Foreign exchange rates present headwinds to revenue growth.
- Billings growth may be tempered by macroeconomic factors.
- Leap year adjustment will reduce reported growth rates.
- Operating margin may see near-term compression.