Box (BOX) Cash Flow: Operating & Free Cash Flow

Box (BOX) Cash Flow Statement

In fiscal 2026 (fiscal year ended Jan 31, 2026), Box generated $356.45M of operating cash flow and spent $6.07M on capital expenditures. That left free cash flow of $350.38M, up 6.3% from $329.68M a year earlier, or 29.8% of revenue. It returned $304.85M to shareholders through $15.00M in dividends and $289.85M in share buybacks.

Box Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Box, Inc. (BOX) - Annual data in millions USD
Breakdown	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Jan 2026	Jan 2025	Jan 2024	Jan 2023	Jan 2022	Jan 2021	Jan 2020	Jan 2019	Jan 2018	Jan 2017
Operating Activities
Net Income	115.38	244.62	129.03	26.78	-41.46	-43.43	-144.35	-134.61	-154.96	-151.79
Depreciation & Amortization	32.91	22.10	51.24	65.10	78.23	75.48	58.20	46.32	40.11	40.15
Deferred Income Tax	-31.54	-171.23	-75.29	1.65	-1.91	0.00	0.00	0.00	0.00	0.00
Stock Based Compensation	233.72	219.00	198.78	185.63	178.97	154.29	0.00	119.30	97.49	78.37
Change in Working Capital	-41.81	-42.84	-41.74	-37.90	-27.82	-26.63	-42.13	8.44	31.38	12.50
Change in Accounts Receivable	-31.22	-14.48	-21.88	-8.93	-27.22	-18.88	-34.30	-12.42	-42.02	-20.57
Change in Accounts Payable	6.81	6.39	-1.18	-1.90	17.61	-2.82	-0.10	1.66	6.90	-1.09
Change in Other Working Capital	-64.33	-62.50	-18.69	-65.08	-81.30	-46.69	-7.72	19.20	66.50	35.33
Other Operating Activities	16.25	-110.63	56.71	57.48	46.89	1.07	172.99	15.88	21.38	18.37
Net Cash from Operating Activities	356.45	332.26	318.73	297.98	234.82	196.83	44.71	55.32	35.39	-1.22
Investing Activities
Capital Expenditures	-6.07	-2.57	-1.84	-5.03	-4.70	-9.05	-5.45	-14.81	-11.82	-14.96
Acquisitions	0.31	8.40	-2.73	0.00	-59.40	0.00	0.01	0.00	0.11	0.09
Purchases of Investments	-104.36	-121.34	-169.42	-102.09	-170.00	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	102.60	123.46	107.95	240.00	-5.79	-7.44	0.00	0.00	0.00	7.30
Other Investing Activities	0.00	-3.53	-0.19	-0.82	0.51	0.11	0.11	1.42	0.00	0.00
Net Cash from Investing Activities	-42.70	-23.21	-82.79	120.60	-239.37	-16.38	-13.30	-16.15	-11.72	-7.57
Financing Activities
Debt Repayment	-205.00	-221.71	-30.18	-40.35	-51.04	238.58	-38.54	-23.93	-16.12	-8.78
Common Stock Issued	28.62	44.96	28.20	32.19	25.37	28.86	29.39	38.19	32.06	26.81
Common Stock Repurchased	-289.85	-211.06	-177.13	-274.17	-561.57	-48.76	0.00	0.00	0.00	0.00
Dividends Paid	-15.00	-15.00	-14.94	-15.06	-9.62	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-3.02	-25.95	-78.85	-5.19	-4.35	-27.77	-44.26	-43.82	-35.77	-17.55
Net Cash from Financing Activities	-569.52	-62.36	-272.90	-396.50	-172.86	218.68	-53.42	-29.57	-19.83	0.48
Summary
Effect of Forex Changes on Cash	4.79	-4.83	-7.25	-9.94	-1.21	20.37	-19.93	-0.16	26.84	-0.04
Net Change in Cash	-249.42	241.85	-44.21	12.15	-178.62	399.93	-41.93	9.44	30.69	-8.35
Cash at Beginning of Period	626.11	384.26	428.47	416.27	595.08	175.59	217.52	208.08	177.39	185.74
Cash at End of Period	375.13	626.11	384.26	428.47	416.27	595.08	175.59	217.52	208.08	177.39
Free Cash Flow	350.38	329.68	316.88	292.95	230.12	187.78	39.26	40.51	23.57	-16.17
Supplemental Disclosures
Interest Paid	-	-	-	-	4.69	7.48	-	-	-	-
Income Taxes Paid	-	13.65	8.45	7.04	2.01	1.47	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 31, 2026. Data sources and methodology

Frequently Asked Questions About Box Cash Flow

What is Box's free cash flow?

Box generated free cash flow of $350.38M in fiscal 2026 (fiscal year ended Jan 31, 2026), operating cash flow of $356.45M minus $6.07M of capital expenditures. That was up 6.3% from $329.68M a year earlier. Free cash flow equaled 29.8% of revenue.

How much does Box spend on capital expenditures?

Box spent $6.07M on capital expenditures in fiscal 2026, compared with $2.57M a year earlier. That equals 1.7% of operating cash flow.

Does Box pay dividends or buy back shares?

Yes. In fiscal 2026 Box returned $15.00M in dividends and $289.85M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition