Box : Third Quarter 2026 Box Q3 2026 Earnings Presentation

Third Quarter Fiscal FY26 Financial Results

December 2, 2025

Revenue growth driven by Suites momentum

$276 $280 $276

$294

$301

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Note: $ values are shown in millions. Box fiscal year ends January 31. 3

Customers increasingly adopting Suites

Strong demand for Box AI drives adoption for Enterprise Plus and Enterprise Advanced

% of total revenue from Suites

59%

60%

61%

63% 64%

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

4

Large customer growth demonstrates strength of business model

Steady growth in customers paying more than $100k annually

1,900 1,920 1,940

1,990 2,030

+7% YoY

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Customers >$100k in average contract value

Note: Figures are rounded. 5

RPO supports enduring growth and revenue visibility

Driven by strong contract durations

Total RPO up 18% YoY (up 19% in constant currency)

$737

$545

$1,282

$657

$651

$1,466 $1,469 $1,476

$680

$1,518

$664

Long-Term RPO ($M)

+25% YoY

$837

$812

$812

$815

Short-Term RPO ($M)

+14% YoY

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Note: $ values are shown in millions. Remaining performance obligations (RPO) represent, at a point in time, contracted revenue that has not yet been recognized. RPO consists

of deferred revenue and backlog, offset by contract assets. Box does not consider RPO to be a non-GAAP financial measure because it is calculated in accordance with GAAP. 6

Figures may not sum due to rounding.

Billings and deferred revenue

Billings up 12%* YoY

(up 12% in constant currency)

$399

Deferred revenue up 11%* YoY

(up 11% in constant currency)

$609

$265

$242

$265

$296

$491

$574 $547 $546

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Note: $ values are shown in millions. 7

*Reconciliations of billings to revenue, deferred revenue, and contract assets calculated in accordance with GAAP can be found in the Appendix of this presentation.

Stable net retention rate

Customer stickiness drives low full churn rate of 3%

Quarterly net retention rate

102% 102% 102% 103% 104%

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Note: Net retention rate is defined as the net percentage of Total Annual Recurring Revenue (Total ARR) retained from existing customers, including expansion. In calculating our

net retention rate, we include only Total ARR associated with those customers who have subscribed to Box for at least 12 months. We calculate our net retention rate by dividing 8

the current period total ARR of these customers by the prior period total ARR.

Delivering leverage through gross margin expansion

Cloud infrastructure strategy delivers long-term gross margin stability

Non-GAAP gross margin Down 20 bps YoY*

81.9% 81.0% 80.5% 81.4% 81.7%

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

*Excluding the tailwind from data center equipment sales in Q3'25, Q3'26 gross margin would have been up 50 bps year-over-year. 9

Note: A reconciliation of non-GAAP gross margin to the nearest GAAP financial measures can be found in the Appendix of this presentation.

Delivering strong operating margins

Making strategic investments in key GTM initiatives and our leading ICM platform in FY26

29.1%

Non-GAAP operating margin

Down 50 bps YoY

28.6% 28.6%

27.3%

25.3%

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Note: A reconciliation of non-GAAP operating margin to the nearest GAAP financial measures can be found in the Appendix of this presentation. 10

Cash, cash equivalents, restricted cash, and short-term investments

$ 760

$ 73

$ 7

$ 90 $ 5

$ 731

Q2'26 CFO CFI CFF Other Q3'26

Note: $ values are shown in millions. 11

Share repurchase program

• In Q3, the Company repurchased approximately 2.4 million shares of Box's Class A common

  stock for approximately $77 million.

• As of October 31, 2025, the Company had approximately $35 million of remaining Board-approved buyback capacity under the current plan.

• On December 1, 2025, the Board of Directors authorized an expansion of its stock repurchase program by $150 million.

12

Proven business model focused on driving growth and profitability

FY'23 FY'24 FY'25

Q1'26

Q2'26

Q3'26

Annual Revenue Growth + FCF Margin	37%	31%	33%
YoY Revenue Growth	13%	5%	5%
Non-GAAP Gross Margin	77%	77%	81%
Non-GAAP S&M as a % of Revenue	28%	27%	28%
Non-GAAP R&D as a % of Revenue	18%	17%	17%
Non-GAAP G&A as a % of Revenue	9%	8%	8%
Non-GAAP Operating Margin	23%	25%	28%

N/A	N/A
4%	9%
80%	81%
29%	28%
18%	17%
9%	8%
25%	29%

N/A

9%

82%

28%

18%

8%

29%

Note: Gross Margin, S&M as a % of revenue, R&D as a % of revenue, G&A as a % of revenue, Operating Margin, and Free Cash Flow Margin 13

are non-GAAP financial measures. A reconciliation to their nearest GAAP financial measures can be found in the Appendix of this presentation.

Guidance and Outlook

Q4 and fiscal year 2026 guidance

	Q4'26	Q4'26 (constant currency)	Non-cash deferred income tax expense (1)	FY26	FY26 (constant currency)	Non-cash deferred income tax expense(1)
Revenue	Approximately $304 million	--	--	Approximately $1.175 billion	--	--
Year-over-Year growth	+9%	+8%	--	+8%	+7%	--
GAAP operating margin	Approximately 11%	Approximately 11%	--	Approximately 7%	Approximately 7%	--
Non-GAAP operating margin	Approximately 30%	Approximately 30%	--	Approximately 28%	Approximately 28%	--
GAAP EPS (diluted)	Approximately $0.06	Approximately $0.05	9¢	Approximately $0.19	Approximately $0.17	21¢
Non-GAAP EPS (diluted)	Approximately $0.33	Approximately $0.32	19¢	Approximately $1.28	Approximately $1.26	61¢
Weighted-average shares, diluted	Approximately 147 million	--	--	Approximately 149 million		--

(1) As our business has become consistently profitable, we have released valuation allowances associated with certain deferred tax assets. Accordingly, in fiscal year 2026 we will be recognizing deferred tax expenses. This non-cash expense is reflected in our GAAP and non-GAAP diluted net income per share guidance for the fourth quarter of fiscal year 2026 and full fiscal year 2026. Within the impacts presented in this table, $0.19 and $0.61 represent the deferred tax expenses for fourth quarter of fiscal year 2026 and full fiscal year 2026, respectively.

15

Estimated Q4 and fiscal year 2026 preferred share impact summary

Q4 FY26 FY26

Amortization of preferred share issuance costs	$0.5M	$2.1M
Preferred stock dividend	$3.8M	$15.0M
Undistributed earnings attributable to preferred shareholders	$6.0M - $6.5M	$24.0M - $24.5M

The impact from the above items will appear below the net income line in our P&L, and in the Earnings Per Share Note

accompanying Box's financial statements.

16

Appendix

GAAP Revenue to Billings Reconciliation

($ in thousands)	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
GAAP revenue	$275,913	$279,520	$276,272	$293,999	$301,107
Deferred revenue, end of period	491,304	608,600	574,119	547,263	545,991
Less: Deferred revenue, beginning of period	(502,104)	(491,304)	(608,600)	(574,119)	(547,263)
Contract assets, beginning of period	5,481	5,909	4,160	3,662	5,931
Less: Contract assets, end of period	(5,909)	(4,160)	(3,662)	(5,931)	(9,734)
Billings	$264,685	$398,565	$242,289	$264,874	$296,032

GAAP to Non-GAAP Reconciliation - Gross Margin

($ in thousands)	Q3FY25	As a % of revenue	Q4FY25	As a % of revenue	Q1FY26	As a % of revenue	Q2FY26	As a % of revenue	Q3FY26	As a % of revenue
GAAP gross margin	$220,357	79.9%	$220,736	79.0%	$215,599	78.0%	$232,477	79.1%	$239,532	79.6%
Add: Stock-based compensation	4,640		4,664		4,832		5,666		5,602
Add: Acquired intangible assets amortization	1,073		1,008		994		993		994
Add: Workforce reorganization	-		-		894		45		2
Non-GAAP gross margin	$226,070	81.9%	$226,408	81.0%	$222,319	80.5%	$239,181	81.4%	$246,130	81.7%
($ in thousands)	FY23	As a % of revenue	FY24	As a % of revenue	FY25	As a % of revenue
GAAP gross margin	$738,318	75%	$777,129	75%	$862,025	79%
Add: Stock-based compensation	17,816		19,111		18,656
Add: Acquired intangible assets amortization	5,808		5,838		4,214
Add: Workforce reorganization	-		912		-
Non-GAAP gross margin	$761,942	77%	$802,990	77%	$884,895	81%

GAAP to Non-GAAP Reconciliation - Operating Expenses

($ in thousands)	FY23	As a % of revenue	FY24	As a % of revenue	FY25	As a % of revenue	Q1FY26	As a % of revenue	Q2FY26	As a % of revenue	As Q3FY26 r	a % of evenue
GAAP research and development	$243,529	25%	$248,767	24%	$264,853	24%	$72,301	26%	$71,717	24%	$73,947	25%
Less: Stock-based compensation	(68,900)		(70,240)		(77,557)		(18,806)		(21,380)		(20 316)
Less: Acquisition-related expenses	-		-		(102)		-		-		-
Less: Workforce reorganization	-		-		-		(3,847)		(417)		62
Non-GAAP research and development	$174,629	18%	$178,527	17%	$187,194	17%	$49,648	18%	$49,920	17%	$53,693	18%
GAAP sales and marketing	$331,400	33%	$348,638	34%	$380,154	35%	$99,099	36%	$102,198	35%	$103,066	34%
Less: Stock-based compensation	(58,448)		(65,886)		(75,281)		(17,867)		(19,679)		(20 095)
Less: Workforce reorganization	-		-		-		(2,008)		53		(15)
Non-GAAP sales and marketing	$272,952	28%	$282,752	27%	$304,873	28%	$79,224	29%	$82,572	28%	$82,956	28%
GAAP general and administrative	$126,549	13%	$128,971	12%	$137,384	13%	$37,861	14%	$37,984	13%	$37,456	12%
Less: Stock-based compensation	(40,468)		(43,546)		(47,509)		(13,389)		(14,033)		(13,295)
Less: Acquisition-related expenses	(53)		(120)		(276)		-		(270)		(119)
Less: Fees related to shareholder activism	77		-		-		-		-		-
Less: Expenses related to litigation	(722)		(361)		(419)		(421)		(334)		(470)
Less: Workforce reorganization	-		-		-		(374)		(643)		(195)
Non-GAAP general and administrative	$85,383	9%	$84,944	8%	$89,180	8%	$23,677	9%	$22,704	8%	$23,377	8%

GAAP to Non-GAAP Reconciliation - Operating Margin

($ in thousands)	Q3FY25	As a % of revenue	Q4FY25	As a % of revenue	Q1FY26	As a % of revenue	Q2FY26	As a % of revenue	Q3FY26	As a % of revenue
GAAP operating margin	$23,411	8.5%	$17,936	6.4%	$6,338	2.3%	$20,578	7.0%	$25,063	8.3%
Add: Stock-based compensation	55,584		57,146		54,894		60,758		59,308
Add: Acquired intangible assets amortization	1,073		1,008		994		993		994
Add: Acquisition-related expenses	50		35		-		270		119
Add: Expenses related to litigation	72		243		421		334		470
Add: Workforce reorganization	-		-		7,123		1,052		150
Non-GAAP operating margin	$80,190	29.1%	$76,368	27.3%	$69,770	25.3%	$83,985	28.6%	$86,104	28.6%
($ in thousands)	FY23	As a % of revenue	FY24	As a % of revenue	FY25		As a % of revenue
GAAP operating margin	$36,840	4%	$50,753	5%	$79,634		7%
Add: Stock-based compensation	185,632		198,783		219,003
Add: Acquired Intangible assets amortization	5,808		5,838		4,214
Add: Acquisition-related expenses	53		120		378
Add: Fees related to shareholder activism	(77)		-		-
Add: Expenses related to litigation	722		361		419
Add: Workforce reorganization	-		912		-
Non-GAAP operating margin	$228,978	23%	$256,767	25%	$303,648		28%

GAAP to Non-GAAP Reconciliation - Free Cash Flow

($ in thousands)	FY23	As a % of revenue	FY24	As a % of revenue	FY25	As a % of revenue
GAAP net cash provided by operating activities	$297,982	30%	$318,727	31%	$332,257	30%
Less: Purchases of property and equipment	(5,034)		(4,703)		(2,573)
Add: Proceeds from sales of property and equipment	601		2,860		8,395
Less: Principal payments of finance lease liabilities	(40,353)		(30,176)		(2,141)
Less: Capitalized software costs	(14,751)		(17,742)		(31,332)
Free cash flow	$238,445	24%	$268,966	26%	$304,606	28%

GAAP to Non-GAAP Reconciliation - EPS Outlook

	Three Months Ended	Fiscal Year Ended
	January 31, 2026	January 31, 2026
GAAP net income per share attributable to common stockholders, diluted	$0.06	$0.19
Stock-based compensation	0.38	1.55
Acquired intangible assets amortization	0.01	0.03
Expenses related to litigation	0.01	0.02
Amortization of debt issuance costs	0.01	0.02
Workforce reorganization	-	0.06
Income tax effects of non-GAAP adjustments (1)	(0.11)	(0.45)
Undistributed earnings attributable to preferred stockholders	(0.03)	(0.14)
Non-GAAP net income per share attributable to common stockholders, diluted	$0.33	$1.28
Weighted-average shares, diluted	147,000	149,000

(1) Non-GAAP tax provision uses a long-term projected tax rate of 26.8%, which reflects currently available information and could be subject to change.

GAAP to Non-GAAP Reconciliation - Operating Margin Outlook

	Three Months Ended	Fiscal Year Ended
	January 31, 2026	January 31, 2026
GAAP operating margin	11.0%	7.0%
Add: Stock-based compensation	18.0%	19.5%
Add: Acquired intangible assets amortization	0.5%	0.5%
Add: Other (1)	0.5%	1.0%
Non-GAAP operating margin	30.0%	28.0%

(1) Other includes workforce reorganization and expenses related to litigation.