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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently the company runs and where it’s prioritizing investment.Box is clearly prioritizing go‑to‑market and product investment: Sales & Marketing has grown fastest and now dominates OpEx, with meaningful increases in R&D reflecting the AI/agent platform push. Management’s call confirms these are deliberate growth investments—enterprise upgrades, AI product launches and partner integrations—while margins and free cash flow have nonetheless improved, suggesting productive spend. Key risks remain FX volatility, early‑stage AI monetization and customer migration friction that could delay payback on the increased S&M and R&D outlays.
Date | Sales and Marketing | Research and Development | General and Administrative |
|---|---|---|---|
Jun 30, 2026 | $106.72M | $78.40M | $36.21M |
Mar 31, 2026 | $101.87M | $75.91M | $37.98M |
Dec 31, 2025 | $99.63M | $76.58M | $37.58M |
Sep 30, 2025 | $103.07M | $73.95M | $37.46M |
Jun 30, 2025 | $102.20M | $71.72M | $37.98M |
Mar 31, 2025 | $99.10M | $72.30M | $37.86M |
Dec 31, 2024 | $96.84M | $68.87M | $37.09M |
Sep 30, 2024 | $95.41M | $67.86M | $33.67M |
Jun 30, 2024 | $95.23M | $65.44M | $33.57M |
Mar 31, 2024 | $92.67M | $62.67M | $33.05M |