Box, Inc. Q2 2027 Earnings Recap

Box reported a mixed but generally in-line quarter, with revenue above its guidance and retention ahead of expectations, while the stock rose 1.2% after earnings. The modest move suggests investors saw solid execution but no major positive surprise in the results presented.

Key Takeaways

• Q2 revenue grew 9% year over year, or 11% in constant currency, and exceeded company guidance.
• Non-GAAP operating margin was 29%.
• Net retention was 106%, versus management’s 105% expectation, with contributions from price-per-seat increases and seat expansion.
• Billings grew 17% and remaining performance obligations grew 15% year over year.
• Management cited record Q2 bookings and customer expansions tied to Enterprise Advanced, including a federal agency deal with a 4x seat expansion.