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Arphra AIPlain-English read on Box, Inc.’s valuationIncome statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $874.33M | $990.87M | $1.04B | $1.09B | $1.18B | $1.28B | $1.38B | $1.5B |
| Cost of revenue | $249.48M | $252.56M | $260.61M | $228.11M | $244.65M | $284.9M | $301.89M | $325.12M |
| Gross profit | $624.85M | $738.32M | $777.13M | $862.03M | $932.61M | $1.02B | $1.08B | $1.16B |
| Gross margin | +71.47% | +74.51% | +74.89% | +79.08% | +79.22% | +79.39% | +78.25% | +77.40% |
| Operating | ||||||||
| Research & development | $218.52M | $243.53M | $248.77M | $264.85M | $294.54M | $319.88M | $333.85M | $376.39M |
| Selling, general & administrative | $433.95M | $457.95M | $477.61M | $517.54M | $554.88M | $589.84M | $650.16M | $700.08M |
| Total operating expenses | $652.47M | $701.48M | $726.38M | $782.39M | $849.42M | $903.34M | $976.35M | $1.07B |
| Operating income | -$27.63M | $36.84M | $50.75M | $79.63M | $83.19M | $80.89M | $87.46M | $95.93M |
| Operating margin | -3.16% | +3.72% | +4.89% | +7.31% | +7.07% | +6.32% | +6.32% | +6.40% |
| EBITDA | $53.62M | $102.83M | $101.99M | $113.34M | $140.67M | $136.6M | $147.29M | $158.26M |
| EBIT | -$27.63M | $36.84M | $50.75M | $91.24M | $103.56M | $94.23M | $103.07M | $107.38M |
| Below the line | ||||||||
| Interest expense | $9.84M | $4.87M | $0 | $6.08M | $10.7M | $6.1M | $6.96M | $7.32M |
| Interest income | $0 | $5.9M | $11.83M | $23.71M | $24.74M | $23.21M | $25.02M | $26.71M |
| Other income / expense | -$9.84M | -$2.43M | $11.83M | $5.53M | $15.54M | — | — | — |
| Pre-tax income | -$37.46M | $34.41M | $62.59M | $85.16M | $98.73M | $95.77M | $101.29M | $109.12M |
| Income tax expense | $4M | $7.62M | -$66.45M | -$159.46M | -$16.65M | — | — | — |
| Earnings | ||||||||
| Net income | -$41.46M | $26.78M | $129.03M | $244.62M | $101.31M | $82.28M | $89.92M | $95.91M |
| Net income · continuing ops | -$41.46M | $26.78M | $129.03M | $244.62M | $115.38M | $188.9M | $209.95M | $228.55M |
| Net margin | -4.74% | +2.70% | +12.43% | +22.44% | +8.61% | +6.42% | +6.50% | +6.40% |
| EPS · basic | $-0.27 | $0.19 | $0.69 | $1.40 | $0.60 | $1.62 | $1.85 | $2.25 |
| EPS · diluted | $-0.27 | $0.18 | $0.67 | $1.36 | $0.59 | $1.58 | $1.80 | $2.19 |
| EPS · low estimate | — | — | — | — | — | $1.57 | $1.72 | $-4.38 |
| EPS · high estimate | — | — | — | — | — | $1.62 | $1.96 | $8.76 |
| Shares · basic | 155.6M | 143.59M | 144.2M | 144.23M | 143.08M | 144.2M | 143.48M | 142.73M |
| Shares · diluted | 155.6M | 150.19M | 148.59M | 148.64M | 146.42M | 146.27M | 145.86M | 147.38M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 7 | 2 |
| Analysts (EPS) | — | — | — | — | — | 5 | 6 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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