Box, Inc. (Box): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la gestion du contenu cloud, Box, Inc. (Box) apparaît comme une force transformatrice, révolutionnant la façon dont les entreprises stockent en toute sécurité, collaborent et gèrent le contenu numérique. Avec un modèle commercial stratégique qui mélange de manière transparente une technologie de pointe, des protocoles de sécurité robustes et des outils de collaboration innovants, Box s'est positionné comme une solution critique pour les organisations à la recherche de plateformes de gestion de contenu intelligents et intelligents. Leur approche unique intègre une infrastructure cloud avancée, des partenariats stratégiques et des fonctionnalités de qualité d'entreprise qui traitent les défis complexes du lieu de travail numérique de l'écosystème commercial en évolution rapide d'aujourd'hui.

Box, Inc. (Box) - Modèle d'entreprise: partenariats clés

Microsoft Strategic Partnership for Cloud Content Management

Box et Microsoft ont un partenariat stratégique complet d'une valeur de 100 millions de dollars en 2024. La collaboration comprend une intégration profonde avec les plateformes cloud Microsoft 365 et Azure.

Détails du partenariat	Métrique
Valeur de partenariat	100 millions de dollars
Clients de l'entreprise conjointe	Plus de 3 500 organisations de niveau d'entreprise
Portée de l'intégration	Microsoft 365, équipes, Azure Active Directory

Intégration Salesforce pour la collaboration d'entreprise

Box maintient un partenariat d'intégration stratégique avec Salesforce, permettant une gestion de contenu transparente dans les flux de travail CRM.

• Partenariat établi en 2017
• Gestion intégrée de contenu sur les plateformes Salesforce
• Soutenir plus de 2 200 clients conjoints

Connectivité de l'écosystème de l'espace de travail Google

Box a développé des capacités d'intégration complètes avec Google Workspace, prenant en charge la gestion de contenu collaborative.

Métriques de partenariat Google	Points de données
Clientèle conjoint	Environ 1 800 clients d'entreprise
Capacités d'intégration	Partage de fichiers direct, collaboration en temps réel

Support d'infrastructure cloud d'Amazon Web Services (AWS)

Box exploite AWS Cloud Infrastructure pour prendre en charge sa plate-forme mondiale de gestion de contenu.

• Fournisseur d'infrastructures cloud primaire
• Prise en charge du stockage et du traitement du contenu global
• Stratégie de déploiement du cloud multi-régions

Métriques de partenariat AWS	Informations détaillées
Investissement dans les infrastructures cloud	Engagement annuel estimé à 50 millions de dollars
Centres de données mondiaux	Plusieurs régions AWS prenant en charge la livraison de contenu

Box, Inc. (Box) - Modèle d'entreprise: Activités clés

Développement de la plate-forme de gestion de contenu cloud

Box a investi 260,5 millions de dollars dans la recherche et le développement au cours de l'exercice 2023. La plate-forme prend en charge plus de 100 000 clients d'entreprise dans le monde.

Métrique de développement	Données quantitatives
Dépenses de R&D annuelles	260,5 millions de dollars
Capacité de stockage cloud	Plus de 50 pétaoctets
Fréquence de mise à jour de la plate-forme	Trimestriel

Création de logiciels de sécurité et de conformité d'entreprise

La boîte maintient SOC 2 Type II, ISO 27001, HIPAA et Certifications de conformité FedRamp.

• Caractéristiques de sécurité développées: authentification multi-facteurs
• Normes de chiffrement: cryptage AES 256 bits
• Cadres de conformité pris en charge: RGPD, CCPA, HIPAA

Amélioration des outils de collaboration de contenu alimenté par AI

Box a investi environ 45,2 millions de dollars dans le développement d'outils d'IA en 2023.

Métrique de développement de l'IA	Données quantitatives
Investissement d'outil d'IA	45,2 millions de dollars
Fonctionnalités améliorées	12 capacités distinctes

Services de support client et de mise en œuvre technique

Box fournit un support technique 24/7 dans plusieurs régions mondiales.

• Channeaux de support: téléphone, e-mail, chat en direct
• Temps de réponse moyen: 45 minutes
• Centres de soutien mondial: 4 emplacements

Box, Inc. (Box) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie de stockage cloud avancée

La boîte maintient une infrastructure cloud robuste avec les spécifications suivantes:

Centres de données totaux	7 centres distribués dans le monde entier
Investissement annuel sur les infrastructures	98,4 millions de dollars en 2023
Capacité de stockage cloud	Plus de 1,2 pétaoctets de stockage géré
Garantie de disponibilité	Fiabilité du service à 99,9%

Algorithmes de sécurité et de chiffrement propriétaires

L'infrastructure de sécurité de Box comprend:

• Encryption AES 256 bits pour les données au repos
• Encryption TLS 1.2+ pour les données en transit
• FIPS 140-2 Modules cryptographiques validés

Ingénierie logicielle qualifiée et talent de cybersécurité

Total des employés	2 487 au Q4 2023
Travail d'ingénierie	48% du total des employés
Salaire d'ingénierie moyen	185 000 $ par an
Investissement en R&D	341,2 millions de dollars en 2023

Portfolio de propriété intellectuelle étendue

• Brevets actifs totaux: 127
• Catégories de brevets: stockage cloud, protocoles de sécurité, technologies de collaboration
• Dépenses de développement de la propriété intellectuelle: 42,6 millions de dollars

Box, Inc. (Box) - Modèle d'entreprise: propositions de valeur

Secure des solutions de gestion de contenu d'entreprise

Box fournit une gestion de contenu de qualité d'entreprise avec les spécifications de sécurité suivantes:

Caractéristique de sécurité	Spécification
Normes de chiffrement	Encryption AES 256 bits au repos et en transit
Certifications de conformité	SOC 2 TYPE II, ISO 27001, HIPAA, RGPD
Contrôles d'accès	Autorisations granulaires pour plus de 250 000 clients d'entreprise

Collaboration de documents multiplateformes sans couture

Box permet des flux de travail collaboratifs sur plusieurs plates-formes:

• Édition de documents en temps réel pour plus de 100 types de fichiers
• Intégré à Microsoft Office, Google Workspace
• Accessibilité mobile sur les plateformes iOS et Android

Fonctionnalités avancées de gouvernance et de conformité des données

Capacité de gouvernance	Détails
Politiques de rétention	Rétention personnalisable pendant 7 à 99 ans
Tenue juridique	Soutient plus de 500 prises juridiques simultanées
Journaux d'audit	Suivi complet de la conformité réglementaire

Stockage cloud évolutif avec des protocoles de sécurité robustes

Métriques de stockage en nuage:

• Capacité de stockage: illimité pour les plans d'entreprise
• Centres de données: 11 régions mondiales
• Redondance: réplication de données 3x

Niveau de stockage	Prix	Limite de stockage
Entreprise	15 $ / utilisateur / mois	Illimité
Entreprise	25 $ / utilisateur / mois	Illimité

Box, Inc. (Box) - Modèle d'entreprise: Relations clients

Gestion de compte en ligne en libre-service

Box offre aux utilisateurs des fonctionnalités complètes de gestion des comptes en ligne sur plusieurs niveaux:

Niveau de compte	Caractéristiques en libre-service	Niveau d'accès aux utilisateurs
Niveau gratuit	Configuration du compte de base	10 Go de stockage
Niveau commercial	Autorisation des utilisateurs avancés	100 Go de stockage
Niveau d'entreprise	Contrôles administratifs complets	Stockage illimité

Équipes de réussite client dédiée à l'entreprise

Box offre un support client spécialisé structuré comme suit:

• Gestionnaires de compte dédiés pour les clients d'entreprise
• Assistance technique 24/7
• Temps de réponse: moins de 1 heure pour les problèmes critiques
• Stratégies de mise en œuvre personnalisées

Support personnalisé d'intégration et de mise en œuvre

Service d'intégration	Durée	Niveau de soutien
Embarquement standard	2-4 semaines	Configuration de base
Intégration de l'entreprise	4-8 semaines	Migration complète

Base de connaissances et forums axés sur la communauté

Box maintient un vaste écosystème de soutien communautaire:

• Plus de 500 000 membres de la communauté enregistrés
• Plus de 10 000 fils de discussion actifs
• Plates-formes de résolution de problèmes entre pairs
• Documentation technique régulièrement mise à jour

Box, Inc. (Box) - Modèle d'entreprise: canaux

Équipe de vente directe d'entreprise

Depuis le quatrième trimestre 2023, l'équipe de vente directe de Box en entreprise était composée de 639 représentants des ventes. La valeur annuelle moyenne du contrat pour les clients d'entreprise était de 108 000 $. La couverture de l'équipe de vente s'étend sur 11 régions mondiales en mettant l'accent sur l'Amérique du Nord, qui représente 68% du pipeline de vente total.

Métrique des ventes	Valeur quantitative
Représentants des ventes totales	639
Valeur du contrat d'entreprise moyen	$108,000
Couverture commerciale nord-américaine	68%

Plateformes de marketing numérique en ligne

Box alloue 24,3 millions de dollars par an aux canaux de marketing numériques. Les dépenses du marketing numérique se décomposent sur plusieurs plateformes:

• Annonces Google: 8,7 millions de dollars
• Publicité LinkedIn: 5,2 millions de dollars
• Publicité d'affichage programmatique: 4,6 millions de dollars
• Reciblage campagnes: 3,8 millions de dollars
• Publicité des médias sociaux: 2 millions de dollars

Références de partenaires technologiques stratégiques

Catégorie de partenaire	Nombre de partenaires	Revenus de référence
Fournisseurs de services cloud	47	16,5 millions de dollars
Intégrateurs de systèmes	92	22,3 millions de dollars
Consultants en technologie	63	11,7 millions de dollars

Plate-forme de démonstration et d'essai sur les produits basés sur le Web

Box propose des plateformes d'essai gratuites et payantes avec les mesures suivantes:

• Visiteurs mensuels du site Web: 1,2 million
• Conversions d'essai gratuites: 14,6%
• Durée moyenne de l'essai: 14 jours
• Taux de conversion payé: 37,2%

Métrique de la plate-forme d'essai	Valeur
Trafic mensuel du site Web	1,200,000
Taux de conversion d'essai gratuit	14.6%
Taux de conversion payé	37.2%

Box, Inc. (Box) - Modèle d'entreprise: segments de clientèle

Grandes entreprises d'entreprise

Box dessert 97% des sociétés du Fortune 500 en 2023. Le segment de clientèle d'entreprise représente 68,3% de la source de revenus totale de Box.

Métriques du segment d'entreprise	Valeur
Total des clients d'entreprise	97% de la Fortune 500
Valeur du contrat annuel moyen	$116,000
Contribution des revenus	68.3%

Entreprises intermédiaires

Les entreprises du marché moyen représentent 22,5% de la clientèle de Box, avec une valeur de contrat annuelle moyenne de 42 500 $.

• Total des clients du marché intermédiaire: 6 300
• Industries verticales servies: technologie, soins de santé, services financiers
• Dépenses annuelles moyennes: 42 500 $ par client

Gouvernement et établissements d'enseignement

Les segments gouvernementaux et éducatifs représentent 9,2% de la clientèle totale de Box, avec des fonctionnalités spécialisées de conformité et de sécurité.

Segment du gouvernement / de l'éducation	Valeur
Total des clients	1 200 institutions
Contribution des revenus	9.2%
Certifications de conformité	Fedramp, Hipaa, Ferpa

Technologies de technologie et de services professionnels

La technologie et les sociétés de services professionnels représentent 15,7% des segments de clientèle de Box, avec une adoption élevée de solutions de gestion de contenu cloud.

• Total des clients dans le segment: 4 500
• Valeur du contrat moyen: 65 000 $
• Industries clés: logiciels, conseil, services professionnels

Box, Inc. (Box) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2024, Box, Inc. a alloué 188,3 millions de dollars aux frais de recherche et de développement, représentant 31,2% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2024	188,3 millions de dollars	31.2%

Maintenance des infrastructures cloud

Les coûts de maintenance des infrastructures cloud de Box pour 2024 ont été estimés à 95,6 millions de dollars, ce qui comprend:

• Coûts d'hébergement des services Web d'Amazon (AWS): 62,4 millions de dollars
• Dépenses de réseau et de centre de données: 33,2 millions de dollars

Dépenses de vente et de marketing

Les frais de vente et de marketing de Box, Inc. au cours de l'exercice 2024 ont totalisé 267,5 millions de dollars, avec la ventilation suivante:

Catégorie	Dépenses
Compensation de l'équipe de vente	142,3 millions de dollars
Campagnes marketing	86,7 millions de dollars
Publicité numérique	38,5 millions de dollars

Acquisition et rétention mondiales de talents

Les coûts totaux de gestion des ressources humaines et des talents de Box pour 2024 étaient de 223,9 millions de dollars, notamment:

• Salaires des employés: 178,6 millions de dollars
• Frais de recrutement: 22,4 millions de dollars
• Avantages et formation des employés: 22,9 millions de dollars

Structure totale des coûts opérationnels pour 2024: 775,3 millions de dollars

Box, Inc. (Box) - Modèle d'entreprise: Strots de revenus

Licence d'entreprise basée sur l'abonnement

La boîte génère des revenus via des modèles d'abonnement en entreprise à plusieurs niveaux avec la structure de tarification suivante:

Étage	Prix ​​mensuel par utilisateur	Valeur du contrat annuel
Entrée en boîte	$5	$60
Boîte de boîte	$15	$180
Boîte en boîte	$25	$300

Prix ​​de stockage cloud par utilisateur

Box propose des prix basés sur le stockage avec l'allocation suivante:

• 100 Go par utilisateur au niveau des affaires
• Stockage illimité au niveau d'entreprise
• Stockage supplémentaire au prix de 0,75 $ par Go par mois

Mises à niveau des fonctionnalités de sécurité avancées

La boîte génère des revenus supplémentaires via des modules complémentaires de sécurité:

Caractéristique de sécurité	Coût mensuel
Protection avancée des menaces	5 $ par utilisateur
Gestion des clés de l'entreprise	10 $ par utilisateur
Package de conformité HIPAA	15 $ par utilisateur

Services professionnels et frais de conseil

La boîte génère des revenus de services professionnels avec les tarifs suivants:

• Conseil d'implémentation: 250 $ l'heure
• Services d'intégration personnalisés: 350 $ l'heure
• Assistance à la migration de l'entreprise: 500 $ l'heure

Box, Inc. (BOX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why enterprises are choosing Box, Inc. over alternatives as of late 2025. The value proposition centers on moving beyond simple storage to becoming the central, intelligent platform for all unstructured data.

AI-powered content insights and workflow automation (Box AI, Box Apps)

The push here is enabling actionable insights directly from content. This is primarily being monetized through the Enterprise Advanced tier. The momentum from these AI solutions is directly impacting customer expansion metrics.

• Net Retention Rate (NRR) improved to 104% as of Q3 Fiscal Year 2026.
• This NRR improvement is being driven by strong Box AI and Enterprise Advanced momentum.
• New AI-driven products like Box Extract and Box Automate are being announced and adopted.

Enterprise-grade security, governance, and compliance for unstructured data

This is the foundational trust layer. The platform is designed to handle the most sensitive information, which is critical as AI agents are deployed across content. The platform maintains a vast array of compliance standards.

• More than 100,000 organizations use Box to secure their most valuable and highly sensitive data.
• Box maintains FedRAMP High authorization, strengthening its position in the federal market.
• Data is encrypted using AES 256-bit encryption both at rest and in transit.
• The architecture supports zero-trust security controls, including SSO and MFA support.

Single platform for the entire content lifecycle, reducing vendor sprawl

The strategy is to be the secure, neutral AI content platform, acting as the single source of truth to prevent the security risks and inefficiencies associated with disparate, do-it-yourself (DIY) solutions. This consolidation effort is showing up clearly in the revenue mix.

Here's the quick math on the suite adoption driving this consolidation:

Metric	Value (Q2 FY26)	Comparison Point
Suite-based Revenue Contribution	63% of total revenue	Up from 58% a year ago
Net Retention Rate (NRR)	104% (Q3 FY26)	Up from 102% in the year-ago period
Remaining Performance Obligations (RPO)	$1.5 billion (Q3 FY26)	Up 18% Year-over-Year

Modernizing legacy Enterprise Content Management (ECM) systems

Box offers a modern, cloud-based alternative to legacy, on-premises ECM tools that are often cited as having outdated technology and high complexity. The value here is eliminating limitations and positioning organizations for AI adoption.

A leading international law firm, an early adopter of Enterprise Advanced in Q4 of Fiscal Year 2025, expanded its use of Box by hundreds of seats in Q3 Fiscal Year 2026, driven by the need for secure, AI-driven workflows supporting government client projects requiring FedRAMP High compliance. This is a concrete example of migrating a high-compliance workload from a legacy environment.

Driving pricing improvements of 20% to 40% with Enterprise Advanced deals

The premium tier, Enterprise Advanced, is the key lever for increasing price per seat. The company is successfully driving customers from Enterprise Plus to this higher tier.

• Pricing improvements for Enterprise Advanced over Enterprise Plus are consistently seen at the higher end of the stated 20% to 40% target.
• Sequential Enterprise Advanced deal volume nearly doubled in Q2 Fiscal Year 2026.

Finance: draft 13-week cash view by Friday.

Box, Inc. (BOX) - Canvas Business Model: Customer Relationships

You're looking at how Box, Inc. keeps its enterprise customers locked in and growing their spend, which is the heart of any successful SaaS model. It's all about high-touch service married to high-value product upgrades, especially now with the heavy push into artificial intelligence.

Dedicated, high-touch enterprise sales for large-scale deployments remain critical. This isn't about self-service sign-ups; it's about securing massive, multi-year commitments. The stickiness of the platform is evident in the low attrition. Box has maintained an annualized full churn rate at a best-in-class level of just 3% as of their Q4 Fiscal 2025 remarks. That low number tells you the platform is deeply embedded in mission-critical workflows.

The primary lever for expansion is driving customers up the value chain into higher-tier Suites, particularly the Enterprise Advanced offering. This strategy is showing real results:

• Suites customers accounted for 64% of total revenue in the third quarter of fiscal 2026.
• In Q4 Fiscal 2025, Suites represented 87% of deals valued over $100,000, an increase from 81% the prior year.
• The base of large customers continues to expand, with the count of customers holding an Annual Contract Value (ACV) of $100,000 or more reaching 1,940, an 8% year-over-year increase.

This upsell motion is directly tied to the new AI capabilities. Management confirmed in Q3 Fiscal 2026 that they continue to see strong customer upgrades from Enterprise Plus to Enterprise Advanced, fueled by the need for advanced AI workflow automation. They are actively targeting pricing improvements for Enterprise Advanced over Enterprise Plus in the upper range of their stated 20% to 40% target. Here's a snapshot of the key customer health metrics as of late 2025:

Metric	Value (Late 2025 Data)	Context/Period
Annualized Full Churn Rate	3%	Best-in-class, FY2025
Net Retention Rate (NRR)	104%	Q3 Fiscal 2026
Customers with ACV $\ge$ $100,000	1,940	Q3 Fiscal 2026
Suites Revenue Contribution	64%	Q3 Fiscal 2026

The role of Customer Success teams is shifting from simple support to driving AI-driven workflow transformation. This is a proactive engagement model. For instance, by deploying Box AI agents internally, their own Customer Success Managers are reportedly saving about five hours a week on preparatory tasks like research for prospect meetings. This efficiency gain is the model they are pushing to customers-using new tools like Box Extract for data extraction and Box Automate for orchestrating agent-driven workflows to streamline complex processes. The ultimate goal is to move customers along the AI maturity curve, ensuring they see tangible productivity gains that justify the upgrade to the higher-tier Suites.

Finance: draft the Q4 FY2026 NRR forecast based on Q3 momentum by next Tuesday.

Box, Inc. (BOX) - Canvas Business Model: Channels

You're looking at how Box, Inc. gets its platform-the Intelligent Content Cloud-into the hands of customers as of late 2025. The strategy is clearly weighted toward the big enterprise deals, which makes sense given the focus on AI and compliance features.

Direct sales force targeting large and mid-market enterprises

The direct sales engine is clearly the primary vehicle for landing the high-value, complex deals, especially those involving the newer, stickier offerings. Box announced the hiring of a new Chief Revenue Officer in August 2025, Jeff Newsome, who came from Google Cloud, bringing over two decades of enterprise software sales leadership experience. This move signals a continued, heavy investment in direct sales execution. The success of this channel is reflected in the adoption of the premium tiers; for instance, in Q2 of fiscal year 2026 (reported in August 2025), suite-based revenue contribution, which includes Enterprise Advanced, hit 63% of total revenue, up from 58% a year prior. This channel is responsible for driving those significant seat-based pricing increases, which helped the Net Retention Rate (NRR) reach 103% in that same quarter.

Global partner ecosystem (resellers, system integrators, solution providers)

The partner channel is critical for scaling reach, particularly into verticals and geographies where Box may not have deep direct coverage. While specific revenue attribution isn't broken out publicly, the effectiveness of the overall sales motion is clear from the overall customer expansion metrics. Analysts are watching the effectiveness of the expanded partner channel in the coming quarters as a key driver for growth. The focus here is definitely on driving adoption of AI-powered workflow solutions like Box Extract and Box Automate through these partners.

Cloud marketplaces, notably Google Cloud Marketplace and AWS

For Box, the cloud marketplaces serve as an increasingly important procurement path, especially for existing cloud customers looking to simplify vendor management and leverage committed spend. The integration and ease of purchase through these marketplaces help reduce friction for enterprise procurement teams. While Box does not publish specific revenue figures from these marketplaces, their strategic importance is implied by the continued focus on interoperability and integration with major cloud providers.

Self-service and online channels for smaller business and individual plans

The self-service route is the entry point for individuals and smaller businesses, but the financial narrative is overwhelmingly about the large enterprise. The company's fiscal year 2025 total revenue was $1.09 billion, with a Q3 CY2025 revenue of $301.1 million. The growth story is powered by high-ACV (Annual Contract Value) enterprise deals, meaning the self-service segment, while important for volume and product seeding, contributes a smaller, though still present, portion of the overall revenue base. The NRR of 104% reported in Q3 CY2025 is a strong indicator that the focus is on expanding existing, larger accounts rather than relying on high-volume, low-touch individual plan sign-ups for top-line acceleration.

Here's a quick look at the key performance indicators that reflect the success of these channels as of late 2025:

Metric	Value (Latest Reported/Guidance)	Period Reference
Total Fiscal Year 2025 Revenue	$1.09 billion	FYE January 31, 2025
Q3 CY2025 Revenue	$301.1 million	Period ending October 31, 2025
Q3 CY2025 Billings	$296 million	Period ending October 31, 2025
Net Retention Rate (NRR)	104%	Q3 CY2025
Suite-Based Revenue Contribution (Enterprise Focus)	63%	Q2 FY2026 (Reported Aug 2025)
New CRO Hired From	Google Cloud	August 2025

The NRR of 104% shows that even with a strong direct/partner focus, the existing customer base is still expanding its usage. Finance: draft 13-week cash view by Friday.

Box, Inc. (BOX) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Box, Inc. as of late 2025. The focus is clearly on landing and expanding within the largest organizations, which drives the majority of their subscription and premier service revenue.

Large enterprises and Fortune 500 companies globally form the bedrock of Box, Inc.'s revenue. These are the customers adopting the more advanced, higher-value offerings like the Intelligent Content Management platform and its associated suites. As of the third quarter of fiscal year 2025, customers subscribing to Box Suites accounted for 64% of total revenue, an increase from 59% a year prior. Furthermore, the company tracks its largest accounts closely; Box, Inc. reported having more than 2,000 customers paying at least $100,000 annually in Q3 FY2025, which represented a 7% year-over-year increase in that cohort. The full fiscal year 2025 revenue for Box, Inc. closed at $1.09 billion.

The platform's security and compliance features naturally draw in highly regulated industries. While specific revenue breakdowns for Financial Services, Healthcare, and Government are not explicitly detailed in the latest filings, the heavy concentration of revenue from Suite customers-who require the most robust security and governance-is a strong indicator of this segment's importance. The company's focus on Box AI and Enterprise Advanced is specifically designed to deepen penetration within these complex environments.

Box, Inc. operates as a global organization, but its revenue concentration is heavily weighted toward two primary markets. This geographic split is a critical financial data point for understanding their near-term currency risk exposure.

Geographic Segment	Revenue Share (3 Months Ended Oct 31, 2025)	Revenue Share (9 Months Ended Oct 31, 2025)
United States	62%	63%
Japan	26%	25%
Rest of World (International)	Approx. 12%	Approx. 12%

To be defintely clear, approximately one third of Box, Inc.'s total revenue is generated outside of the U.S., and of that international portion, roughly 65% is denominated in Japanese Yen, which you need to track for FX impact. The Q3 FY2025 revenue was $301 million.

The remaining customer base falls into the mid-market and small-to-medium businesses (SMBs) utilizing standard plans. This segment represents the customers not classified in the high-spending Suite category. The revenue from these customers, combined with professional services, makes up the balance of the total revenue not attributed to Suite customers.

• Suite Customers Revenue Share (Q3 FY2025): 64%
• Non-Suite Customer Revenue Share (Implied): Approx. 36%
• Total Global Customers (Historical Context): 100,000 (as of mid-2020, used for scale context only)

Finance: draft 13-week cash view by Friday.

Box, Inc. (BOX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Box, Inc. (BOX) and wondering where the money goes to keep the Intelligent Content Management (ICM) platform running and evolving. The structure is typical for a mature Software-as-a-Service (SaaS) business, meaning a high upfront investment in technology that then scales efficiently. The key takeaway here is that operational leverage is kicking in hard, as evidenced by the margin expansion.

The foundation of the cost structure involves significant, relatively fixed expenses tied to running a global cloud service. This means high fixed costs for cloud infrastructure and data center operations. While Box, Inc. doesn't break out the exact dollar amount for pure infrastructure hosting in the public summaries, the high gross margin confirms the efficiency of delivery once the infrastructure is in place. For the full fiscal year 2025 (FY2025), which ended January 31, 2025, the company delivered a GAAP Gross Profit Margin of 79.1%.

To stay ahead, especially with the focus on AI, there's a significant investment in Research and Development (R&D) for AI and platform innovation. This spending is crucial to maintain the value proposition against competitors. We see this investment reflected in the overall operating expenses, even as the company drives down the cost relative to revenue. For instance, in the second quarter of fiscal 2026, stock-based compensation-a major component of R&D and S&M-was reported at $60.8 million. This shows the ongoing commitment to engineering talent.

Next up is the push for new business and upselling existing customers to the higher-tier Suites, which requires substantial Sales and Marketing (S&M) expenses to drive enterprise adoption of Suites. This function is necessary to convert the platform's technical capabilities into committed, long-term revenue. The success of this strategy is visible in the growth of Remaining Performance Obligations (RPO), which hit $1.466 billion, a 12% jump year-over-year for FY2025.

The most concrete evidence of cost management is the bottom line. The company has been executing a rigorous cost discipline driving non-GAAP operating margin to 27.9% in FY2025. This margin expansion of 320 basis points year-over-year in FY2025 shows that revenue growth, even at a modest 5% year-over-year to $1.090 billion, is flowing efficiently to operating income. The non-GAAP operating income for the full year FY2025 reached $303.6 million.

Here is a snapshot of the key profitability metrics for Box, Inc. for the full fiscal year 2025:

Metric	Amount / Percentage	Context
Total Revenue (FY2025)	$1.090 billion	Year-over-year growth of 5%
GAAP Gross Profit Margin (FY2025)	79.1%	Translates to $862.0 million in gross profit
Non-GAAP Operating Margin (FY2025)	27.9%	Up 320 basis points year-over-year
Non-GAAP Operating Income (FY2025)	$303.6 million	Direct result of cost discipline
Non-GAAP Free Cash Flow (FY2025)	$304.6 million	Up 13% from the prior year

You can see the operating leverage clearly when comparing the Q3 FY2026 non-GAAP operating margin of 28.6% on revenue of $301.1 million to the full-year FY2025 margin of 27.9%. The cost structure is designed to allow these margins to climb as revenue scales, especially as higher-value Suites contribute more to the top line.

Finance: draft 13-week cash view by Friday.

Box, Inc. (BOX) - Canvas Business Model: Revenue Streams

You're looking at Box, Inc. (BOX) and need to map out exactly where the money is coming from, especially as they push hard into the Intelligent Content Management (ICM) space with AI. Honestly, the revenue story is less about massive top-line acceleration and more about shifting customers to higher-value, stickier offerings.

The foundation is definitely the recurring subscription revenue from the software-as-a-service (SaaS) model. This is the bread and butter, built on seat licenses that scale with your organization's headcount and usage. While I don't have the exact dollar split for pure subscription versus other streams for FY2025, the entire structure relies on this recurring base. The company's success here is measured by how well they can expand those existing contracts.

The big story in revenue composition is the revenue from bundled product Suites, especially Enterprise Advanced. This is where they are driving meaningful price realization and improving customer stickiness. For instance, when customers upgrade from the Enterprise Plus plan to the new Enterprise Advanced suite, management noted price increases ranging from 20% to 40%. This shift is working; in the fourth quarter of fiscal 2025, 60% of Box, Inc.'s revenue was attributable to these Suites customers, up from 55% a year prior. By the second quarter of fiscal 2026, that suite-based contribution had accelerated further to 63% of total revenue.

For the full picture, Total revenue for fiscal year 2025 was $1.090 billion, representing a 5% increase year-over-year, or 7% growth when you look at it on a constant currency basis. That constant currency figure is important because it strips out the impact of foreign exchange headwinds that were present during that period.

The revenue is primarily driven by seat licenses and premium feature add-ons (e.g., Box AI Units). The focus on AI, specifically through the Enterprise Advanced plan which bundles capabilities like Box AI Studio, is designed to increase the value per seat. This strategy aims to improve the net retention rate (NRR) by getting existing customers to pay more for advanced functionality, rather than relying solely on adding new seats or new logos. The momentum in the long-term portion of Remaining Performance Obligations (RPO) growing by 21% year-over-year at the end of Q4 FY2025 strongly suggests customers are committing to these longer-term, higher-value contracts.

Here are some key financial metrics from the fiscal year 2025 period and the most recent reported quarter to give you context on the scale of these revenue streams:

Metric	Fiscal Year 2025 (Ended Jan 31, 2025)	Q4 Fiscal 2025	Q2 Fiscal 2026
Total Revenue	$1.090 billion	$280 million	$294 million
Revenue Growth (YoY)	5%	6%	9%
GAAP Gross Margin	79.1%	N/A	N/A
Non-GAAP Operating Margin	27.9%	27.3%	28.6%

To see the operational impact of the suite strategy on the revenue base, look at these points:

• Suite-based revenue contribution reached 60% of total revenue in Q4 FY2025.
• Suite-based revenue contribution increased to 63% of total revenue by Q2 FY2026.
• Upgrade pricing uplift from Enterprise Plus to Enterprise Advanced is in the 20% to 40% range.
• Remaining Performance Obligations (RPO) ended FY2025 at $1.466 billion.
• The long-term portion of Q4 FY2025 RPO grew by 21% year-over-year.

Finance: draft Q3 FY2026 revenue forecast based on Q2 momentum by next Tuesday.