Box maintains structural resilience with gross margins consistently near 79.5% as of 2027Q1, though high R&D and SG&A spending continue to limit operating income to 9.0% of revenue.
| 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 |
|---|
| Sales/Revenue | 1.21B | 1.18B | 1.09B | 1.04B | 990.87M | 874.33M | 770.77M | 696.26M | 608.39M | 506.14M | 398.61M | 302.7M | 216.44M | 124.19M | 58.8M |
| Revenue Growth % | 9.55% | 7.99% | 5.05% | 4.73% | 13.33% | 13.44% | 10.7% | 14.44% | 20.2% | 26.98% | 31.68% | 39.86% | 74.28% | 111.22% | - |
| Cost of Goods Sold | 246.71M | 244.65M | 228.1M | 260.61M | 252.56M | 249.48M | 224.74M | 215.58M | 173.59M | 135.25M | 112.13M | 87.1M | 47.27M | 25.97M | 14.28M |
| COGS % of Revenue | - | 20.78% | 20.92% | 25.11% | 25.49% | 28.53% | 29.16% | 30.96% | 28.53% | 26.72% | 28.13% | 28.77% | 21.84% | 20.91% | 24.29% |
| Gross Profit | 960.21M | 932.61M | 862.02M | 777.13M | 738.32M | 624.85M | 546.03M | 480.69M | 434.79M | 370.89M | 286.48M | 215.6M | 169.17M | 98.22M | 44.52M |
| Gross Margin % | 79.56% | 79.22% | 79.08% | 74.89% | 74.51% | 71.47% | 70.84% | 69.04% | 71.47% | 73.28% | 71.87% | 71.23% | 78.16% | 79.09% | 75.71% |
| Gross Profit Growth % | - | 8.19% | 10.92% | 5.26% | 18.16% | 14.43% | 13.59% | 10.56% | 17.23% | 29.47% | 32.87% | 27.45% | 72.24% | 120.63% | - |
| Operating Expenses | 855.92M | 849.42M | 782.39M | 726.38M | 701.48M | 652.47M | 583.67M | 620.16M | 569.03M | 524.91M | 437.13M | 416.61M | 335.82M | 257M | 153.65M |
| OpEx % of Revenue | - | 72.15% | 71.77% | 70% | 70.79% | 74.63% | 75.73% | 89.07% | 93.53% | 103.71% | 109.66% | 137.63% | 155.16% | 206.94% | 261.32% |
| Selling, General & Admin | 557.77M | 554.88M | 517.54M | 477.61M | 457.95M | 433.95M | 382.41M | 420.41M | 405.28M | 388.12M | 321.2M | 314.11M | 269.42M | 211.03M | 124.65M |
| SG&A % of Revenue | - | 47.13% | 47.47% | 46.02% | 46.22% | 49.63% | 49.61% | 60.38% | 66.62% | 76.68% | 80.58% | 103.77% | 124.48% | 169.92% | 212% |
| Research & Development | 298.15M | 294.54M | 264.85M | 248.77M | 243.53M | 218.52M | 201.26M | 199.75M | 163.75M | 136.79M | 115.93M | 102.5M | 66.4M | 45.97M | 29M |
| R&D % of Revenue | - | 25.02% | 24.3% | 23.97% | 24.58% | 24.99% | 26.11% | 28.69% | 26.92% | 27.03% | 29.08% | 33.86% | 30.68% | 37.01% | 49.32% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 2.43M | -1.13M | 1.34M | 789K | 678K | -98K | -257K | -26K | 116K |
| Operating Income | 104.29M | 83.19M | 79.63M | 50.75M | 36.84M | -27.63M | -37.64M | -139.47M | -134.24M | -154.02M | -150.66M | -201M | -166.66M | -158.78M | -109.13M |
| Operating Margin % | 8.64% | 7.07% | 7.31% | 4.89% | 3.72% | -3.16% | -4.88% | -20.03% | -22.06% | -30.43% | -37.8% | -66.4% | -77% | -127.85% | -185.6% |
| Operating Income Growth % | - | 4.46% | 56.9% | 37.77% | 233.35% | 26.61% | 73.01% | -3.9% | 12.85% | -2.23% | 25.05% | -20.61% | -4.96% | -45.5% | - |
| EBITDA | 134.99M | 120.3M | 101.74M | 101.99M | 102.83M | 53.62M | 37.84M | -81.27M | -87.92M | -113.91M | -110.5M | -144.79M | -137.64M | -140.91M | -100.51M |
| EBITDA Margin % | 11.18% | 10.22% | 9.33% | 9.83% | 10.38% | 6.13% | 4.91% | -11.67% | -14.45% | -22.51% | -27.72% | -47.83% | -63.59% | -113.46% | -170.95% |
| EBITDA Growth % | 46.29% | 18.24% | -0.25% | -0.81% | 91.76% | 41.72% | 146.55% | 7.56% | 22.82% | -3.08% | 23.68% | -5.2% | 2.32% | -40.19% | - |
| D&A (Non-Cash Add-back) | 30.21M | 37.11M | 22.1M | 51.24M | 65.99M | 81.25M | 75.48M | 58.2M | 46.32M | 40.11M | 40.15M | 56.21M | 29.02M | 17.87M | 8.62M |
| EBIT | 115.64M | 103.56M | 91.23M | 50.75M | 36.84M | -27.63M | -37.64M | -139.47M | -132.9M | -153.23M | -149.98M | -201.1M | -166.79M | -167.28M | -110.74M |
| Net Interest Income | 10.63M | 14.04M | 17.63M | 11.83M | 1.03M | -9.84M | -4.58M | -2.34M | -316K | -1.01M | -896K | -1.16M | -2.01M | -3.71M | -1.76M |
| Interest Income | 21.03M | 24.74M | 23.71M | 11.83M | 5.9M | 0 | 2.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.4M | 10.7M | 6.08M | 0 | 4.87M | 9.84M | 7.01M | 2.34M | 316K | 1.01M | 896K | 1.16M | 2.01M | 3.71M | 1.76M |
| Other Income/Expense | 8.8M | 15.54M | 5.53M | 11.83M | -2.43M | -9.84M | -4.58M | -3.47M | 1.02M | -224K | -218K | -1.25M | -2.14M | -12.21M | -3.38M |
| Pretax Income | 113.09M | 98.73M | 85.16M | 62.59M | 34.41M | -37.46M | -42.23M | -142.94M | -133.21M | -154.25M | -150.87M | -202.26M | -168.8M | -170.99M | -112.5M |
| Pretax Margin % | 9.37% | 8.39% | 7.81% | 6.03% | 3.47% | -4.28% | -5.48% | -20.53% | -21.9% | -30.47% | -37.85% | -66.82% | -77.99% | -137.68% | -191.34% |
| Income Tax | -11.82M | -16.65M | -159.46M | -66.45M | 7.62M | 4M | 1.21M | 1.41M | 1.4M | 715K | 914K | 690K | -569K | -2.43M | 59K |
| Effective Tax Rate % | -10.45% | -16.87% | -187.25% | -106.17% | 22.16% | -10.66% | -2.86% | -0.99% | -1.05% | -0.46% | -0.61% | -0.34% | 0.34% | 1.42% | -0.05% |
| Net Income | 110.84M | 101.31M | 244.62M | 129.03M | 26.78M | -41.46M | -43.43M | -144.35M | -134.61M | -154.96M | -151.79M | -202.95M | -168.23M | -168.56M | -112.56M |
| Net Margin % | 9.18% | 8.61% | 22.44% | 12.43% | 2.7% | -4.74% | -5.63% | -20.73% | -22.13% | -30.62% | -38.08% | -67.05% | -77.72% | -135.72% | -191.44% |
| Net Income Growth % | -52.95% | -58.59% | 89.58% | 381.77% | 164.6% | 4.54% | 69.91% | -7.23% | 13.13% | -2.09% | 25.21% | -20.64% | 0.2% | -49.74% | - |
| Net Income (Continuing) | 124.92M | 115.38M | 244.62M | 129.03M | 26.78M | -41.46M | -43.43M | -144.35M | -134.61M | -154.96M | -151.79M | -202.95M | -168.23M | -168.56M | -112.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.79 | 0.59 | 1.36 | 0.67 | 0.18 | -0.27 | -0.28 | -0.98 | -0.95 | -1.16 | -1.19 | -1.67 | -1.41 | -1.76 | -1.18 |
| EPS Growth % | -49.55% | -56.62% | 102.99% | 272.22% | 166.67% | 3.57% | 71.43% | -3.16% | 18.1% | 2.52% | 28.74% | -18.44% | 19.89% | -49.15% | - |
| EPS (Basic) | - | 0.60 | 1.40 | 0.69 | 0.19 | -0.27 | -0.28 | -0.98 | -0.95 | -1.16 | -1.19 | -1.67 | -1.41 | -1.76 | -1.18 |
| Diluted Shares Outstanding | 140.14M | 146.42M | 148.64M | 148.59M | 150.19M | 155.6M | 155.85M | 147.76M | 141.35M | 133.93M | 127.47M | 121.24M | 119.43M | 95.67M | 95.67M |
| Basic Shares Outstanding | 139.15M | 143.07M | 144.23M | 144.2M | 143.59M | 155.6M | 155.85M | 147.76M | 141.35M | 133.93M | 127.47M | 121.24M | 119.43M | 95.67M | 95.67M |
| Dividend Payout Ratio | - | - | 6.13% | 11.58% | 56.22% | - | - | - | - | - | - | - | - | - | - |
Hyper-scale competition margin pressure
According to the provided quarterly data, Box has maintained a consistent revenue growth trajectory, with the most recent period showing a 10.7% year-over-year increase, suggesting that the company's transition toward a suite-based subscription model is successfully offsetting the natural deceleration inherent in a mature SaaS business.
The steady climb in quarterly revenue from $262.9M to $305.9M over the last ten quarters indicates that the platform's stickiness remains intact despite broader enterprise IT spending headwinds. Investors should monitor whether the recent integration of AI features can accelerate this growth rate or if the company is destined to remain a low-double-digit grower in a competitive landscape.
As reported in financial statements, Box has sustained gross margins near the 79% level, a figure that underscores the company's ability to maintain pricing power for its core content management services even as it navigates a hybrid infrastructure model that balances private and public cloud hosting costs.
The stability of these margins suggests that the company has successfully optimized its hosting expenses, preventing the erosion often seen in cloud-native software providers. Maintaining this level of profitability is critical, as it provides the necessary cushion to fund ongoing R&D investments required to differentiate from hyperscale competitors.
Based on the reported figures, Box's net income exhibits significant volatility, with quarterly stock-based compensation consistently exceeding $50M, which suggests that GAAP earnings metrics may not fully reflect the underlying economic dilution faced by shareholders when evaluating the company's true operational profitability and cash-generating capacity.
The stark contrast between GAAP net income and the substantial SBC expense warrants caution, as it implies that a significant portion of the company's operating income is effectively being redirected to equity-based incentives. Analysts should focus on adjusted earnings metrics to determine if the business is generating genuine value for shareholders beyond the dilution of their ownership stakes.
Data from the income statement indicates that R&D and SG&A expenses continue to consume the vast majority of gross profit, with combined quarterly spending frequently exceeding $200M, which suggests that the company remains in a high-investment phase to defend its market position against well-capitalized enterprise software incumbents.
The persistent level of SG&A spending relative to revenue suggests that customer acquisition and retention remain costly endeavors in the current competitive environment. Management's ability to scale these costs more efficiently will be the primary determinant of whether the company can achieve meaningful operating margin expansion in the coming fiscal years.
Quick answers to the most common questions about buying BOX stock.
For fiscal year 2026, Box, Inc. (BOX) reported total revenue of $1.18B. This represents a 1902.2% increase compared to $58.8M in 2013.
Box, Inc. (BOX) is profitable, generating $101.3M in net income for the fiscal year ending 2026 with a net profit margin of 8.6%.
Box, Inc. (BOX) reported an operating income of $83.2M, resulting in an operating profit margin of 7.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Box, Inc. (BOX) generated $932.6M in gross profit for the year, representing a gross profit margin of 79.2%. This demonstrates the company's core pricing power and production efficiency.