Box Inc. delivered a solid QQ2 2025 performance anchored by continued demand for Box AI within the Enterprise Plus multi-product suite. Revenue of $270.0 million rose 3% year over year (3% YoY) and was up 6% in constant currency (CC), with a record gross margin of 81.6% and a record operating margin of 28.4% after a 360 basis point expansion vs. a year ago. Non-GAAP earnings per share (EPS) for the quarter were highlighted at $0.41â$0.42 per share for the full year guidance, while GAAP diluted EPS stood at $0.10 for the quarter. Management underscored that AI-driven upgrades and larger Enterprise Plus deals are accelerating the upgrade cycle, supported by a robust RPO of $1.3 billion, up 12% YoY and 14% CC. Box also highlighted strong net retention (102%) and a high suite contribution (57% of revenue from suites; 87% of deals over $100k included suites), signaling durable pricing power and stickiness.
Looking ahead, Box raised its full-year guidance for FY25: revenue of $1.086â$1.09 billion (about 5% YoY, 7% CC) with gross margin around 81% and non-GAAP operating margin near 27.5%. Non-GAAP EPS is guided to $1.64â$1.66 (mid-to-high single-digit growth implied), aided by a durable margin expansion trajectory as data-center asset sales near completion (a ~60 bps tailwind in Q2 and Q3), and ongoing Box AI-driven leverage. FX is expected to remain a headwind but is expected to moderate later in the year. The company also signaled ongoing capital returns and a strategic emphasis on expanding Enterprise Plus adoption through Box AI, Box Sign, and broader integrations. Investors should monitor Box AI consumption dynamics (including the shift to unlimited end-user queries for Enterprise Plus), RPO progression, international mix (Japan especially), and the pace of Suite-based upsells as near-term catalysts for revenue acceleration beyond Q4.â