Short answer
BOX INC (BOX) filed its fiscal 2026 10-K annual report with the SEC on Mar 9, 2026. It reported revenue of $1.2B (+8.0% year over year) and net income of $115M.
- Top risk flagged: Regulatory/legal risk: Compliance challenges from EU AI Act adopted May 2024 imposing significant AI system obligations in EU
FY2026 key financial metrics · XBRL
- Revenue
- $1.2B
- +8.0% YoY
- Net income
- $115M
- −52.8% YoY
- Operating margin
- 7.1%
- −0.2 pp YoY
- Gross margin
- 79.2%
- +0.1 pp YoY
- EPS (diluted)
- $0.58
- −57.4% YoY
- ROE
- -38.6%
- +43.8 pp YoY
- Operating cash flow
- $356M
- +7.3% YoY
Source: XBRL data from the BOX INC (BOX) FY2026 10-K on SEC EDGAR. USD.
BOX INC FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core SaaS platform for Intelligent Content Management across unstructured data lifecycle with advanced security, compliance, and global scalability
- Launched Box Shield Pro (Dec 2025) with AI Classification Agent, enhanced ransomware detection, and AI Threat Analysis Agent for security
- Emphasized expansion of AI integration: introduced Box AI Studio, Box Extract (Jan 2026), and Box AI API enabling custom AI agents and metadata extraction
- Over 100,000 paying organizations, solution offered in 25 languages, serving broad enterprise use cases with partner ecosystem and 1,500+ integrations
- Noteworthy AI partnerships include Microsoft Azure OpenAI, Google Cloud Vertex AI, Anthropic Claude, and Amazon Titan via Bedrock for model neutrality
Management Discussion & Analysis
- Revenue $1,177.3M, up 8% YoY from $1,090.1M, driven by seat growth and multi-product Suites attach rates
- Gross margin 79.2% vs 79.1%, cost of revenue 20.8% vs 20.9%, small margin improvement despite $16.5M cost increase
- Best segment: Subscription and premier services growth; worst: professional services immaterial
- Operating cash flow $356.5M up from $332.3M; used $42.7M investing, $569.5M financing driven by convertible notes repayment and stock buybacks
- Management expects R&D, sales and marketing, G&A to increase in dollars but decline as % revenue; expects net retention >100%, notes budget scrutiny pressure
Risk Factors
- Regulatory/legal risk: Compliance challenges from EU AI Act adopted May 2024 imposing significant AI system obligations in EU
- Geopolitical/macroeconomic threat: Russia-Ukraine conflict and Middle East conflicts causing economic uncertainty impacting customer IT budgets
- Operational/supply chain vulnerability: Service outages and performance issues requiring costly service credits have occurred and may impact revenue
- Competitive disruption risk: Competition from Microsoft (SharePoint, OneDrive), Google (Drive), Dropbox; accelerating AI adoption by competitors could reduce demand
- Financial/structural risk: Dependence on customer subscription renewals with net retention rate ~104% in FY 2026, fluctuations could materially impact revenue
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