Box Growth From Large Deals, Partner Expansion, And New Pricing Lifts Wall Street Outlook

Box BOX stock surged 17% on Wednesday after the company reported better-than-expected first-quarter financial results on Tuesday.

Box reported quarterly earnings of 30 cents per share, which beat the Street estimate of 26 cents. Quarterly revenue came in at $276 million, which beat the consensus estimate of $274.8 million and is an increase over revenue of $264.66 million from the same period last year.

Wall Street analysts rerated the stock, including raising their price targets.

• DA Davidson analyst Lucky Schreiner maintained Box with a Buy and raised the price target from $40 to $45.
• Raymond James analyst Brian Peterson reiterated Box with an Outperform and raised the price target from $38 to $42.
• RBC Capital analyst Rishi Jaluria maintained Box with an Underperform and raised the price target from $21 to $24.

DA Davidson

DA Davidson analyst Schreiner remarked in the analyst notes that Box reported a good quarter, beating revenue by $1.8 million, above its average beat of $1.3 million over the last four quarters, due to elevated customer interest in Enterprise Advanced despite first-quarter being a seasonally lighter quarter.

The analyst said pricing improvements with Enterprise Advanced customers are in line with initial targets for an increase of 20%-40% so far. Management noted seeing no material impact yet from macro uncertainty but accounted for the potentially tighter IT spending environment in its outlook, he added.

Schreiner said that Box’s position as the trusted platform for unstructured data, combined with its interoperability and partnerships with leading model providers, is helping customers benefit from all the rapid innovation in the space.

Recent investments in growing the partner-led motion are starting to show early signs of success, driving large deals in the quarter, as per the analyst. He also noted that Enterprise Plus adoption remains a significant opportunity for Box, with ~39% of revenue still from non-Enterprise Plus customers.

Fiscal 2026 revenue guidance was raised by ~$10 million to $1.17 billion at the midpoint, above consensus expectations, but it included forex tailwind and implied 6% Y/Y growth in CC, essentially in line with its previous guide, Schreiner wrote.

Guidance for first-quarter revenue of $290.5 million at the midpoint was also in line with consensus expectations after adjusting for forex tailwind, the analyst noted.

Schreiner projected second-quarter revenue of $290.3 million and adjusted EPS of $0.31.

Raymond James

Raymond James Peterson rerated Box after the first-quarter results, which showed a healthy ramp of the enterprise’s advanced plan, as evidenced by the impressive acceleration in billings/RPO.

While the analyst noted the 13% growth in cRPO as the best measure of actual “bookings,” he said this opens up a bull case growth profile in the double digits, which many had thought was off the table.

It will require continued adoption and execution of new pricing plans, although Peterson liked the setup against that backdrop with a de-risked constant currency growth profile. The analyst noted new pricing and a ramping SI channel could offer mid-term catalysts for the stock.

Peterson projected second-quarter revenue of $290.4 million and adjusted EPS of $0.31.

RBC Capital

RBC Capital Jaluria noted that Box reported good first-quarter results, leading shares up 10% after-hours. The analyst said the quarterly revenue was slightly above consensus, with stronger billings (driven by early renewals) and better-than-expected guidance.

He stated that the management called out a 1% lower fiscal 2026 billings guide from incremental prudence, given the macro backdrop.

For the fourth quarter in a row, NRR was stable sequentially and appears to have troughed, Jaluria said. Growth acceleration continues to rest on EA SKU upgrades, which could be significant (management sees potential for a 20-40% uplift). However, the analyst believes the timing for impacts to reach estimates remains unclear.

Jaluria projected second-quarter revenue of $290.5 million and adjusted EPS of $0.31.

Price Action: BOX stock closed higher by 17.20% to $36.87 on Wednesday.

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