Box (BOX) Citi’s 2026 Global TMT Conference summary

Revenue growth and business drivers

• Achieved fifth consecutive quarter of accelerating revenue growth, driven by Enterprise Advanced, which offers a 30%-40% price uplift and new use cases fueling seat expansion.

• AI is a top-down initiative, positioning the platform as a key enabler for enterprise AI strategies by addressing data challenges.

• Significant seat expansion opportunity remains, with average potential 6x growth in existing customer base, especially through legacy system displacement.

• Focus on replacing legacy enterprise content management tools and expanding bespoke workflow capabilities.

• System integrator (SI) partnerships are extending sales reach and enabling complex, customized implementations, though still in early stages of impact.

AI and automation use cases

• Core AI workflows center on extracting structured data from unstructured content, such as contracts or onboarding documents.

• Automation follows data extraction, routing information to compliance, legal, or business owners, forming the foundation of customer use cases.

• Agentic workflows, both first- and third-party, are seen as synonymous with the broader AI opportunity, with monetization via AI Units based on token consumption.

• The platform aims to be the orchestration layer for content-centric workflows, but supports integration with other providers and LLMs.

Security and infrastructure positioning

• Security and compliance remain key differentiators, especially as agent-based automation increases the need for airtight permissions and threat detection.

• Security is elevating the platform in CIO and CEO conversations, though demand is still driven by specific use cases.

• The platform is positioned as both infrastructure and application layer, enabling AI initiatives and replacing legacy systems.