Box, Inc. today announced preliminary financial results for the first quarter of fiscal year 2026, which ended April 30, 2025. The company reported revenue of $276.3 million, a 4% increase year-over-year (5% in constant currency), surpassing its guidance. Non-GAAP net income per share was $0.30, significantly above the average analyst estimate of $0.25.
Remaining Performance Obligations (RPO) grew 21% year-over-year to $1.469 billion (17% in constant currency), indicating strong future revenue visibility. Billings in Q1 FY26 were $242.3 million, up 27% year-over-year (17% in constant currency), exceeding expectations due to strong bookings and a tailwind from early renewals. The company repurchased approximately 1.6 million shares for $50 million during the quarter, with $152 million remaining under its current share repurchase plan.
Box raised its full fiscal year 2026 revenue guidance to a range of $1.165 billion to $1.170 billion, representing approximately 7% year-over-year growth (6% in constant currency). For Q2 FY26, revenue is projected between $290 million and $291 million, with non-GAAP operating margin at approximately 28% and non-GAAP EPS between $0.30 and $0.31. The company noted a $0.52 headwind from incremental non-cash deferred tax expenses for the full year.
The robust first-quarter results were attributed to the company's AI-first strategy and strong adoption of multi-product Suites, particularly Enterprise Plus and the newly launched Enterprise Advanced. The net retention rate was 102% as of April 30, 2025, up from 101% a year prior, driven by pricing improvements from Suites adoption.
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