Box net income falls 53% on $143M tax drag despite 8% revenue growth and AI product launches

Filed March 9, 2026 · Period ending January 31, 2026 · Compared to 10-K Mar 10, 2025 · ~2 min read

Key Changes

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  Net income fell 52.8% to $115.4M (from $244.6M) while operating income rose 4.5% to $83.2M — the $129.2M divergence came from a $142.8M income tax drag (prior year had a one-time $177.6M valuation allowance release) partially offset by $10.0M in non-operating gains.

  MD&A: Income Tax Benefit verify on EDGAR →
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  Revenue grew 8% to $1.18B (7% constant-currency) with RPO up 17% to $1.71B and net retention improving 200bp to 104%, driven by Suites adoption, longer contract terms, and customer expansion; backlog rose 23% to $1.06B.

  MD&A: Revenue & Backlog verify on EDGAR →
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  Launched Box Shield Pro (AI-powered ransomware/threat detection), Box Extract (AI metadata extraction), Box Automate (agentic workflows), and Box Archive (long-term compliant storage); added API/AI unit entitlements to subscription pricing.

  Business: New Products verify on EDGAR →