Box delivered a solid start to FY2026 (Q1) with revenue of $276.3 million, up 4% year over year and 5% in constant currency, supported by strong RPO expansion (+21% YoY to $1.5 billion) and billings growth (+27% YoY to $242 million). Gross margin expanded modestly to 80.5% while non-GAAP operating margin stood at 25.3% (GAAP margin substantially lower at ~2.3% given operating income of $6.34 million). Management highlighted a secular AI-first upgrade cycle, with Enterprise Advanced momentum, broader adoption of Box AI Agents, and a growing partner ecosystem as primary drivers of future growth. The quarter featured meaningful AI-related product announcements, FedRAMP High authorization for government use, and strategic partnerships (Microsoft Copilot, IBM watsonx, Google Agentspace, Salesforce Agentforce, Slack AI, ServiceNow AI, Zoom). Free cash flow reached $118 million, cash and equivalents plus short-term investments totaled ~$792 million, and Box repurchased ~$50 million of stock. For FY2026, Box raised revenue guidance to $1.165–$1.17 billion (roughly +7% YoY and ~6% in constant currency) with ~9% billings growth and an ~81% gross margin. Non-GAAP diluted EPS guidance is $1.22–$1.26 for the year, and Q2 guidance implies continued solid top-line progression with expected FX tailwinds and some early-renewal timing effects. Box remains focused on leveraging AI to drive higher value per seat, expand Enterprise Advanced deals, and scale an open AI model ecosystem around Box content.