Highlights

• Box, the cloud content-management company, has not published a newer primary document than its second-quarter fiscal 2027 results in the sources reviewed.

• Revenue was US$321.1 million, up 9% year on year, or 11% in constant currency.

• Non-GAAP free cash flow was US$59.7 million, up 67%, equal to about 18.6% of quarterly revenue on a simple calculation.

• Management guided to third-quarter revenue of about US$329 million, up 9% (11% in constant currency).

Box (NYSE:BOX), the cloud content-management company, has not published a newer primary document than its second-quarter fiscal 2027 results in the sources reviewed. The results, for the quarter ended 31 July 2026, were released on 25 August. With no later verified announcement found, this article is based on that release and on the most recent price data available. This is the second quarter of the company's fiscal year, which ends 31 January 2027.

Second-Quarter Results

Revenue was US$321.1 million, up 9% year on year, or 11% in constant currency. Remaining performance obligations, which measure contracted revenue yet to be recognised, were US$1.7 billion, up 15% (17% in constant currency). On a GAAP basis, operating income was US$32.6 million, a 10.2% margin, and diluted earnings per share were US$0.09. Non-GAAP operating income was US$94.5 million, a 29.4% margin, with non-GAAP diluted earnings per share of US$0.40.

Non-GAAP free cash flow was US$59.7 million, up 67%, equal to about 18.6% of quarterly revenue on a simple calculation. The gap between GAAP and non-GAAP profit is large, and investors usually examine the adjustments, which typically include share-based compensation, before relying on the non-GAAP figures. Readers should compare these with the company's own filings for definitions of non-GAAP measures. Chief financial officer Dylan Smith said revenue, billings and operating margin all exceeded the company's expectations.

Guidance

Management guided to third-quarter revenue of about US$329 million, up 9% (11% in constant currency), with a GAAP operating margin of about 10.0% and a non-GAAP margin of about 28.0%. It expects third-quarter GAAP earnings per share of about US$0.12 and non-GAAP earnings per share of about US$0.39.

For fiscal 2027 as a whole, the company forecast revenue of about US$1.290 billion, up 10% (11% in constant currency), a GAAP operating margin of about 9.5% and a non-GAAP margin of about 28.0%. GAAP earnings per share are expected at about US$0.38 and non-GAAP at about US$1.54. All of these are forecasts and may differ from final results.

What The Numbers Suggest

Growth of 9% in reported terms is modest by software standards, but the remaining performance obligations figure is growing faster than revenue, which can indicate contracts signed ahead of recognition. The guided non-GAAP margin of 28.0% for the third quarter is below the 29.4% achieved in the second quarter, so margin expansion is not assumed in the outlook. The currency gap between reported and constant-currency growth also shows that exchange rates are currently reducing reported revenue. Guided third-quarter non-GAAP earnings per share of about US$0.39 are slightly below the US$0.40 reported for the second quarter, even though revenue is guided to rise from US$321.1 million to about US$329 million.

What To Watch

The date of the third-quarter fiscal 2027 results was not found in the sources reviewed, and none is asserted. Matters readers may follow include whether revenue growth tracks the guided 9% to 10% range, the conversion of remaining performance obligations into revenue, whether the non-GAAP operating margin holds near 28%, the sustainability of free cash flow growth after a 67% increase, and the effect of currency on reported results. Management's full-year guidance provides a benchmark against which later quarters can be judged.

SEC EDGAR / Box Inc | Box Q2 fiscal 2027 results (Form 8-K, Exhibit 99.1) | published 2026-08-25 | https://www.sec.gov/Archives/edgar/data/0001372612/000119312526365121/box-ex99_1.htm