Operational cash generation is strong, with OCF/NI ratios frequently exceeding 6.0x, though management's decision to deploy $123.4M in buybacks during 2026Q4 highlights a focus on capital returns over balance sheet deleveraging.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 |
|---|
| Cash from Operations | 369.58M | 356.45M | 332.26M | 318.73M | 297.98M | 234.82M | 196.83M | 44.71M | 55.32M | 35.39M | -1.22M | -66.32M | -84.9M | -91.77M | -81.75M |
| Operating CF Margin % | - | 30.28% | 30.48% | 30.71% | 30.07% | 26.86% | 25.54% | 6.42% | 9.09% | 6.99% | -0.31% | -21.91% | -39.23% | -73.89% | -139.04% |
| Operating CF Growth % | 61.72% | 7.28% | 4.25% | 6.96% | 26.9% | 19.3% | 340.22% | -19.18% | 56.31% | 3005.66% | 98.16% | 21.88% | 7.49% | -12.25% | - |
| Net Income | 110.84M | 115.38M | 244.62M | 129.03M | 26.78M | -41.46M | -43.43M | -144.35M | -134.61M | -154.96M | -151.79M | -202.95M | -168.23M | -168.9M | -112.79M |
| Depreciation & Amortization | 35.27M | 32.91M | 22.1M | 51.24M | 65.99M | 78.23M | 75.48M | 59.42M | 46.32M | 40.11M | 40.15M | 40.39M | 29.02M | 17.87M | 8.62M |
| Stock-Based Compensation | 176.38M | 233.72M | 219M | 198.78M | 185.63M | 178.97M | 154.29M | 145.99M | 119.3M | 97.48M | 78.37M | 59.5M | 31.93M | 11.75M | 7.54M |
| Deferred Taxes | -33.57M | -31.54M | -171.22M | -75.29M | 1.65M | -1.91M | 0 | 0 | 0 | 0 | 0 | 0 | -1.12M | -2.59M | 0 |
| Other Non-Cash Items | 120.52M | 47.79M | 60.6M | 56.7M | 55.83M | 48.8M | 37.12M | 25.77M | 15.88M | 21.38M | 18.37M | 16.91M | 12.23M | 22.19M | 9.38M |
| Working Capital Changes | -45.05M | -41.8M | -42.84M | -41.74M | -37.9M | -27.82M | -26.63M | -42.13M | 8.44M | 31.38M | 12.5M | 19.82M | 11.27M | 27.57M | 5.28M |
| Change in Receivables | -20.71M | -31.21M | -14.48M | -21.88M | -8.93M | -27.22M | -18.88M | -34.3M | -12.41M | -42.02M | -20.57M | -45.37M | -11.49M | -25.16M | -11.5M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -6.23M | 6.8M | 6.39M | -1.18M | -1.9M | 17.61M | -12.3M | -100K | 1.66M | 6.9M | -1.09M | -4.02M | 3.23M | -3.18M | 2.05M |
| Cash from Investing | -38.46M | -42.7M | -23.21M | -82.79M | 120.6M | -239.37M | -16.38M | -13.3M | -16.15M | -11.71M | -7.57M | -80.86M | -38.88M | -32.19M | 314K |
| Capital Expenditures | -43.6M | -41.25M | -30.21M | -18.4M | -16.5M | -10.49M | -16.49M | -13.41M | -17.57M | -11.82M | -14.96M | -72.94M | -38.88M | -24.42M | -19.5M |
| CapEx % of Revenue | 3.61% | 3.5% | 2.77% | 1.77% | 1.66% | 1.2% | 2.14% | 1.93% | 2.89% | 2.34% | 3.75% | 24.1% | 17.96% | 19.67% | 33.16% |
| Acquisitions | 271K | 309K | 8.39M | -2.73M | 0 | -59.4M | 0 | 8K | 2K | 107K | 87K | -198K | 0 | -7.76M | -62K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -3.52M | -190K | -815K | 514K | 107K | 105K | 1.42M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -633.58M | -569.52M | -62.36M | -272.9M | -396.5M | -172.86M | 218.68M | -53.42M | -29.57M | -19.83M | 479K | 2.51M | 345.44M | 105.17M | 172.8M |
| Debt Issued (Net) | -205M | -205M | 201.77M | -30.18M | -40.35M | -51.04M | 238.58M | -38.54M | -23.93M | -16.12M | -8.78M | -2.18M | 5.93M | 1.77M | 19.78M |
| Equity Issued (Net) | -349.36M | -261.22M | -166.1M | -148.93M | -242.09M | -51.12M | 28.86M | 29.39M | 38.19M | 32.06M | 26.81M | 17.3M | 339.87M | 103.39M | 153.02M |
| Dividends Paid | -15M | -15M | -15M | -14.94M | -15.06M | -9.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -356.59M | -289.85M | -211.06M | -177.13M | -274.17M | -561.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -64.22M | -88.3M | -83.03M | -78.85M | -99M | -61.08M | -48.76M | -44.26M | -43.82M | -35.77M | -17.55M | -12.61M | -359K | 0 | 0 |
| Net Change in Cash | -310.83M | -250.98M | 241.85M | -44.21M | 12.19M | -178.81M | 419.5M | -41.93M | 9.44M | 30.68M | -8.35M | -144.69M | 221.59M | -20.27M | 90.12M |
| Free Cash Flow | 352.75M | 350.38M | 329.68M | 316.88M | 293.55M | 230.12M | 187.78M | 39.26M | 40.51M | 23.57M | -16.17M | -139.26M | -123.58M | -116.19M | -101.25M |
| FCF Margin % | 29.23% | 29.76% | 30.24% | 30.54% | 29.63% | 26.32% | 24.36% | 5.64% | 6.66% | 4.66% | -4.06% | -46.01% | -57.1% | -93.56% | -172.2% |
| FCF Growth % | 8.05% | 6.28% | 4.04% | 7.95% | 27.57% | 22.54% | 378.29% | -3.09% | 71.89% | 245.72% | 88.39% | -12.69% | -6.36% | -14.76% | - |
| FCF per Share | 2.52 | 2.39 | 2.22 | 2.13 | 1.95 | 1.48 | 1.20 | 0.27 | 0.29 | 0.18 | -0.13 | -1.15 | -1.03 | -1.21 | -1.06 |
| FCF Conversion (FCF/Net Income) | 3.18x | 3.52x | 1.36x | 2.47x | 11.13x | -5.66x | -4.53x | -0.31x | -0.41x | -0.23x | 0.01x | 0.33x | 0.50x | 0.54x | 0.73x |
| Interest Paid | 0 | 0 | 0 | 1.68M | 2.75M | 4.69M | 7.48M | 5.55M | 2.58M | 1.94M | 1.24M | 1.18M | 1.1M | 3.46M | 1.97M |
| Taxes Paid | 0 | 0 | 13.65M | 8.45M | 7.04M | 2.01M | 1.47M | 2.83M | 1.6M | 1.26M | 239K | 832K | 157K | 86K | 60K |
Intensifying hyperscaler platform competition
Based on reported financial data, Box exhibits a significant and persistent divergence between net income and operating cash flow, with OCF/NI ratios frequently exceeding 6.0x, which suggests that GAAP earnings are heavily impacted by non-cash charges and timing differences in revenue recognition rather than actual cash generation.
The substantial gap between net income and operating cash flow indicates that the company's reported profitability is not yet reflective of its underlying cash-generating capacity. Investors should monitor this relationship closely, as the reliance on non-cash adjustments suggests that the business remains in a phase where accounting earnings are secondary to the cash-based performance of its subscription model.
As reported in recent quarterly filings, Box has demonstrated a robust free cash flow margin profile, peaking at 49.1% in 2025Q1, which suggests that the company is successfully transitioning toward a more efficient cash-generative model despite the ongoing competitive pressures within the enterprise software sector.
The volatility in FCF margins appears tied to the timing of large enterprise renewals and working capital fluctuations rather than structural operational weakness. This trend suggests that while the company is maturing, its ability to convert revenue into free cash flow remains highly sensitive to the cyclical nature of its multi-year contract renewals.
According to the provided cash flow statements, working capital changes have been a primary driver of quarterly cash flow variance, with swings ranging from a $59.4M outflow in 2025Q2 to a $46.0M inflow in 2026Q1, indicating significant sensitivity to the timing of customer collections and deferred revenue.
The erratic nature of these working capital shifts suggests that Box's cash flow is heavily influenced by the seasonality of enterprise billing cycles. This volatility warrants further investigation into whether these fluctuations are becoming more pronounced as the company shifts its product mix toward higher-tier, more complex suite offerings.
Based on the reported figures, Box has consistently utilized cash for share repurchases, with quarterly buybacks reaching as high as $123.4M in 2026Q4, which suggests that management is prioritizing shareholder returns over aggressive reinvestment in new growth initiatives or large-scale acquisitions at this stage of the business cycle.
The commitment to share repurchases, despite the ongoing need for R&D investment to compete with hyperscalers, may indicate that management perceives limited high-return internal investment opportunities. Investors should monitor whether this capital allocation strategy potentially limits the company's ability to innovate in the rapidly evolving generative AI landscape.
Quick answers to the most common questions about buying BOX stock.
Box, Inc. (BOX) generated $356.4M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Box, Inc. (BOX) generated $350.4M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Box, Inc. (BOX) spent $41.2M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Box, Inc. (BOX) returned $15.0M to shareholders via cash dividends and spent $289.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.