Box, Inc. Company Analysis & Research
Box, Inc. provides a cloud content management platform that enables organizations to manage and share content from anywhere on any device, with a SaaS platform enabling secure external collaboration, e-signature processes, and content workflows that improve productivity and accelerate business processes. In January 2026, Box launched Box Extract, a generative-AI powered feature that turns unstructured content into metadata to automate workflows and speed decision-making.
Box's fast-cycle AI integrations and cross-platform partnerships build competitive advantage as enterprise customers seek secure, extensible content management in the fragmented generative AI ecosystem. Expanded customer migration to Enterprise Plus and Enterprise Advanced drove suite-based revenue contribution to 63% of total revenue, with seat-based pricing increases of 20%-40% on upgrades to Enterprise Advanced, elevating net retention rate to 103%.
Company Overview
Founded: 2005. Headquarters: Redwood City, US. Revenue: $1.175B. Employees: 2,810. Ticker: BOX (NASDAQ).
Industry
Cloud Content Management & Enterprise SaaS
Cyborg Score: 7/10 — Strong
Enterprise AI adoption and strong customer retention metrics position Box for steady SaaS growth, though moderating billings growth and earnings headwinds require monitoring.
Net retention rate in Q3 fiscal 2026 was 104%, driven by price per seat increases and seat expansion. Investments in go-to-market initiatives and product improvements are driving billings growth of 12% year over year in Q3 fiscal 2026. However, earnings guidance misses and moderating growth temper the outlook.
Key Strategic Insights for Box, Inc.
- Remaining performance obligation (RPO) grew 18% year over year to $1.5 billion, providing strong revenue visibility
- Multi-year strategic collaboration with AWS announced November 2025 to build agentic AI integrations that surface insights from enterprise content
- Gross margin expected to be 82% with operating margin of 30% for Q4 FY26, demonstrating operational leverage
- Fiscal 2026 revenues expected to be $1.175 billion, indicating 8% year-over-year growth
Recent Developments
- (January 2026) General availability of Box Extract, generative-AI powered feature for workflow automation
- (November 2025) Multi-year strategic collaboration agreement with AWS for agentic AI integrations
- (Q3 FY26) Net retention rate of 104%, billings growth of 12% year-over-year
Competitors & Competitive Landscape
- Microsoft Corporation — Enterprise content management and collaboration platform
- Salesforce Inc. — CRM-integrated content management
- Microsoft Corporation — Cloud file storage and sync
Box competes in the intelligent content management and enterprise cloud storage space against vendors like Microsoft SharePoint, Salesforce, and emerging AI-native competitors. Box's differentiation centers on secure enterprise content management, AI-powered automation, and strong customer retention (104% NRR), positioning it as the control plane for enterprise content in the AI era.
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