Box Provides Long-Term Financial Model at FY23 Financial Analyst Day

Anticipates Combined Revenue Growth Rate Plus Free Cash Flow Margin will be 43-44% for FY25

Announces New Share Repurchase Authorization of up to $150 Million

REDWOOD CITY, Calif.–(BUSINESS WIRE)–Box, Inc. (NYSE:BOX), the leading Content Cloud provider, today hosted its virtual fiscal year 2023 Financial Analyst Day during which it provided its long-term financial model for the fiscal year ending January 31, 2025, and announced a new share repurchase authorization of up to $150 million.

“The profitable growth we delivered in FY22 demonstrates the strength of our underlying business model. Going forward, we expect to continue improving both our revenue growth rate and free cash flow margin, and anticipate generating a combined outcome of 43-44% in FY25,” said Dylan Smith, co-founder and CFO of Box. “We have built the operational engine to deliver long-term profitable growth and, with our disciplined capital allocation strategy, we are well positioned to create significant shareholder value for years to come. The future of work is here, and we have never been more excited about the opportunity ahead.”

Long-Term Financial Model

Box provided financial targets for its fiscal year ending January 31, 2025:

  • Combined revenue growth plus free cash flow margin is expected to be 43%-44%.
  • Revenue growth is expected to be in the range of 15%-17% year-over-year.
  • Non-GAAP gross margin* is expected to be approximately 77%.
  • Non-GAAP operating margin* is expected to be in the range of 25%-28%.

New Share Repurchase Authorization

Box also announced that its Board of Directors authorized a new share repurchase program under which Box may repurchase up to $150 million of its outstanding Class A common stock over the next twelve months. The timing and total amount of share repurchases, if any, will depend upon market conditions and other factors, and may be made from time to time in open market purchases.

* A reconciliation of these non-GAAP financial targets to the most directly comparable GAAP financial measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability of, the amounts of stock-based compensation expense, amortization of intangible assets, and non-recurring expenses that may be incurred in the future. Stock-based compensation expense is impacted by Box’s future hiring and retention needs, as well as the future fair market value of Box common stock, all of which are difficult to predict and subject to constant change. The actual amount of stock-based compensation expense in the year ending January 31, 2025 will have a significant impact on Box’s GAAP operating margin and net loss per share attributable to common stockholders. Further, amortization of intangible assets, as well as other non-recurring expenses, if any, will also impact results. Accordingly, a reconciliation of the non-GAAP financial targets to the most directly comparable GAAP financial measures for future periods is not available without unreasonable effort.

About Box

Box (NYSE:BOX) is the leading Content Cloud that enables organizations to accelerate business processes, power workplace collaboration, and protect their most valuable information, all while working with a best-of-breed enterprise IT stack. Founded in 2005, Box simplifies work for leading organizations globally, including AstraZeneca, JLL, and Morgan Stanley. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. To learn more about Box, visit To learn more about how Box powers nonprofits to fulfill their missions, visit

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties, and assumptions, including Box’s financial targets for the fiscal year ending January 31, 2025 relating to combined revenue growth plus free cash flow margin, revenue growth, non-GAAP gross margin, and non-GAAP operating margin. There are a significant number of factors that could cause actual results to differ materially from these forward-looking statements, including: (1) adverse changes in general economic or market conditions, including those caused by the COVID-19 pandemic or the Russian invasion of Ukraine; (2) delays or reductions in information technology spending; (3) factors related to Box’s highly competitive market, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by Box’s current or future competitors; (4) the development of the cloud content management market; (5) the risk that Box’s customers do not renew their subscriptions, expand their use of Box’s services, or adopt new products offered by Box on a timely basis, or at all; (6) Box’s ability to provide timely and successful enhancements, integrations, new features and modifications to its platform and services; (7) actual or perceived security vulnerabilities in Box’s services or any breaches of Box’s security controls; (8) Box’s ability to realize the expected benefits of its third-party partnerships; and (9) Box’s ability to successfully integrate acquired businesses and achieve the expected benefits from those acquisitions. Additional information on potential factors that could affect Box’s financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings Box makes with the Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K filed for the fiscal year ended January 31, 2022. These documents are available on the SEC Filings section of Box’s Investor Relations website located at Box does not assume any obligation to update the forward-looking statements contained in this press release to reflect events that occur or circumstances that exist after the date on which they were made.



Cynthia Hiponia / Elaine Gaudioso

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