NYSE$BOX
Box Inc · Q1 2025 earnings
Q1 2025 earnings · · Investor relations
Briefing
Box's Q1 2025 financial results were reported, with revenue exceeding guidance and demonstrating year-over-year growth. Operating margin and EPS were also strongly above guidance, with record non-GAAP gross margin and free cash flow growth.
Box reported a record revenue of $264.7 million for Q1 2025, a 5% increase year-over-year, with an 8% growth on a constant currency basis. The company's GAAP operating margin was 6.8%, and the non-GAAP operating margin was 26.6%, both exceeding guidance. GAAP net income per share was $0.08, and non-GAAP net income per share was $0.39, also exceeding guidance. Cash from operations increased by 5% year-over-year to $131 million, and non-GAAP free cash flow grew by 14% year-over-year to $123 million.
- Revenue reached a record $264.7 million, up 5% year-over-year (8% in constant currency), surpassing expectations.
- GAAP operating margin was 6.8%, and non-GAAP operating margin was 26.6%, both exceeding guidance.
- GAAP net income per share was $0.08, and non-GAAP net income per share was $0.39, both exceeding guidance.
- Non-GAAP free cash flow grew 14% year-over-year to $123.2 million.
Headline financials
Revenue & EPS history
Box · Revenue · Quarterly
$265M
Forward guidance
Box expects Q2 FY25 revenue to be in the range of $268 million to $270 million, representing a 3% year-over-year increase at the high end (6% in constant currency). GAAP operating margin is expected to be approximately 6.0%, and non-GAAP operating margin is expected to be approximately 27%. GAAP net income per share is projected to be between $0.06 and $0.07, while non-GAAP diluted net income per share is expected to be in the range of $0.40 to $0.41.
Tailwinds
- Revenue is expected to grow 3% year-over-year at the high end.
- Revenue is expected to grow 6% on a constant currency basis.
- GAAP operating margin is expected to be approximately 6.0%.
- Non-GAAP operating margin is expected to be approximately 27%.
- Weighted-average diluted shares outstanding are expected to be approximately 148 million.
Headwinds
- GAAP EPS guidance includes an expected negative impact of $0.04 from unfavorable exchange rates.
- GAAP EPS guidance includes an expected negative impact of $0.01 from the recognition of deferred tax expenses in international countries.
- Non-GAAP EPS guidance includes an expected negative impact of $0.04 from unfavorable exchange rates.
- Non-GAAP EPS guidance includes an expected negative impact of $0.01 from the recognition of deferred tax expenses in international countries.
- Approximately one third of Box’s revenue is generated outside of the U.S., of which approximately 60% is in Japanese Yen, this creates FX headwinds.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2025
+0.1%
Avg return
Earnings day
-0.5%
Avg return
5 days after
-1.6%
Avg return
30 days after
52%
23 / 44 earnings
Positive
+17.1%
Q1 2026
Best reaction
-23.2%
Q4 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | — | — | — | |
| Q4 2026 | +10.0% | +6.4% | +0.4% | |
| Q3 2026 | +6.6% | +3.6% | -4.4% | |
| Q2 2026 | +4.4% | +4.7% | +3.9% | |
| Q1 2026 | +17.1% | +21.2% | +8.1% | |
| Q4 2025 | -3.2% | -3.9% | -10.9% | |
| Q2 2025 | +11.4% | -0.2% | -0.6% | |
| Q1 2025 | +7.6% | +2.8% | -2.8% | |
| Q4 2024 | +6.2% | +6.3% | -0.9% | |
| Q3 2024 | -9.5% | -9.5% | -8.0% | |
| Q2 2024 | -11.5% | -12.9% | -20.2% | |
| Q1 2024 | +1.6% | +4.7% | +5.9% | |
| Q4 2023 | -12.3% | -14.9% | -19.7% | |
| Q3 2023 | +7.3% | +3.4% | +14.3% | |
| Q2 2023 | -3.8% | -9.6% | -16.8% | |
| Q1 2023 | +8.1% | +5.4% | +5.0% | |
| Q4 2022 | +4.9% | +4.6% | +13.8% | |
| Q3 2022 | +6.8% | +6.7% | +10.8% | |
| Q2 2022 | -2.8% | -1.0% | -2.4% | |
| Q1 2022 | +0.6% | +3.5% | +8.8% | |
| Q4 2021 | -1.6% | -2.2% | +26.4% | |
| Q3 2021 | -9.5% | -9.4% | -3.4% | |
| Q2 2021 | +12.3% | +8.9% | -3.4% | |
| Q1 2021 | -0.2% | -0.8% | +10.0% | |
| Q4 2020 | +1.6% | +12.3% | -10.8% | |
| Q3 2020 | +13.1% | +10.7% | +4.7% | |
| Q2 2020 | +3.3% | +6.9% | +16.7% | |
| Q1 2020 | -7.1% | -5.8% | -4.9% | |
| Q4 2019 | -16.8% | -19.8% | -20.6% | |
| Q3 2019 | +4.1% | +10.3% | -2.9% | |
| Q2 2019 | -8.8% | -5.5% | -9.3% | |
| Q1 2019 | -5.8% | -4.2% | -8.3% | |
| Q4 2018 | -23.2% | -21.7% | -14.4% | |
| Q3 2018 | -7.7% | -13.3% | -7.3% | |
| Q2 2018 | +1.8% | -1.1% | +0.2% | |
| Q1 2018 | +10.3% | +3.1% | -1.8% | |
| Q4 2017 | -4.7% | -5.2% | -7.4% | |
| Q3 2017 | -1.5% | -3.7% | -9.4% | |
| Q2 2017 | +5.0% | +6.2% | +18.3% | |
| Q1 2017 | -9.7% | -6.7% | -17.8% | |
| Q4 2016 | +5.5% | — | — | |
| Q3 2016 | -3.6% | — | — | |
| Q2 2016 | -0.3% | — | — | |
| Q1 2016 | +8.1% | — | — | |
| Q4 2015 | -7.3% | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — |
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