Box says Q2 revenue rose 9% year over year, 2027 guidance

On Tuesday, Box (NYSE: BOX ) discussed second-quarter financial results during its earnings call.

The full transcript is provided below.

This transcript is brought to you APIs.

For real-time access to our entire catalog, please visit for a consultation.

View the webcast at Summary Box Inc. reported a 9% year-over-year increase in Q2 revenue, exceeding guidance, with a net retention rate of 106% driven by product upgrades and seat expansions.

Strategic investments in AI and enterprise content management led to significant customer wins, including migrations from legacy systems and partnerships with major tech companies like Salesforce and Google.

Box announced new AI capabilities for enterprise content management and security, enhancing agentic workflows and integrating with platforms such as Databricks and Anthropic.

Future guidance for FY 2027 anticipates approximately $1.29 billion in revenue, reflecting a 10% growth with expectations of continued strong AI and Enterprise Advanced adoption.

Management highlighted the importance of Box's platform in the context of AI-driven enterprise transformations, emphasizing security and governance features.

Full Transcript Cynthia Hiponia, Vice President, Investor Relations I'm Cynthia Hiponia, Vice President, Investor Relations.

On the call today we have Aaron Levie, Box's co-founder and CEO, and Dylan Smith, Box's co-founder and CFO.

Following our prepared remarks, we will take your questions.

Today's call is being webcast and will also be available for replay on our IR website.

Supplemental slides are now available on the website.

On this call we will be making forward-looking statements including our third quarter and full fiscal year 2027 financial guidance and our expectations regarding our financial performance for fiscal 2027 and future periods, including gross margins, operating margins, operating leverage, future profitability, net retention rates, remaining performance obligations, revenue and billings and the impact of foreign currency exchange rates and our expectations regarding the size of our market opportunity, including the growing opportunity driven by the increasing role of unstructured data and AI agents in the enterprise our planned investments, future product offerings go to market initiatives and growth strategies the timing and market adoption of and benefits from our new products, solutions and pricing models our ability to address enterprise challenges, including enabling organizations to automate critical workflows and deliver value for our customers the benefits from our deepening partnerships with leading AI labs, hyperscalers and systems integrators and our capital allocation strategies, including potential repurchase of our common stock and future share count reductions.

These statements reflect our best judgment based on factors currently known to us and actual events or results may differ materially.

Please refer to our earnings press release filed today and the risk factors and documents that we file with the SEC, including our most recent quarterly report on Form 10-Q, for information on risks and uncertainties that may cause actual results to differ materially from statements made on this earnings call.

These forward-looking statements are being made as of today, August 25, 2026, and we disclaim any obligation to update or revise them should they change or cease to be up to date.

In addition, during today's call we will discuss non-GAAP financial measures.

These non-GAAP financial measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results.

You will find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release and in the supplemental slides which can be found on the Investor Relations page of our website.

Unless otherwise indicated, all references to financial measures are on a non-GAAP basis.

Finally, please see our earnings deck posted on our IR website for a more detailed look at our Q3 and full year 27 guidance.

Thank you.

With that, let me turn the call over to Aaron.

Aaron Levie, Co-founder and CEO Thanks, Cynthia, and thank you all for joining the call today.

Box delivered exceptional second quarter results, continuing the strong momentum we saw in Q1 and led by the rapid customer adoption of Enterprise Advanced.

Second quarter revenue exceeded our guidance, growing 9% year over year, or 11% in constant currency, and produced operating margins of 29%.

We drove a net retention rate of 106%, ahead of our expectations of 105%, driven by both price-per-seat increases and seat expansion.

Our Q2 billings growth of 17% year over year and RPO growth of 15% year over year reflect the success of our strategic investments in both go-to-market and product roadmap in delivering solutions to customers that address their most critical challenges in AI.

Some examples of our Enterprise Advanced wins in the quarter included a leading multinational investment bank that upgraded from Enterprise Plus to Enterprise Advanced, transitioning its legacy file servers to the Box platform.

This deployment will expand its license to a wall-to-wall agreement to deliver unstructured data insights across its global banking teams.

Next, a major federal agency upgraded from Enterprise Plus to Enterprise Advanced with a 4x seat expansion to replace its legacy contract lifecycle management and collaboration platforms.

In partnership with Salesforce, Box will power secure cloud-based CLM and document management across key legal and research divisions, replacing multiple SaaS vendors.

This agency-wide modernization is enabled by Box's FedRAMP High compliance, our secure identity-verified e-signatures, and Enterprise Advanced capabilities with record Q2 bookings.

These wins and many others make it clear that our role in enabling enterprises to