BOX vs NOW

Box is actively commercializing AI across its Intelligent Content Management platform. Key product launches include Enterprise Advanced (now representing 10% of revenue), Box Extract (GA), Box Shield Pro (GA), Box AI Studio (with support for Anthropic, Google and OpenAI models), and Box AI Agents (available in ServiceNow Marketplace). The company emphasized developer enablement (documentation site, MCP server, interactive API playground) and multiple ecosystem integrations (Anthropic MCP Apps, Atlassian MCP Gallery, Figma Make, ServiceNow). Financially, Box reported Q4 revenue of $305.9M (+9% YoY), strong non-GAAP gross margin (82.3%) and non-GAAP operating income of $93.7M, with non-GAAP free cash flow of $97.5M. Guidance targets Q1 FY27 revenue of ~$304M and FY27 revenue of ~$1.275B, with non-GAAP EPS guidance of $0.36 (Q1) and $1.55 (FY). Overall tone is bullish driven by product execution and strategic model/marketplace partnerships, with moderate attention to FX and macro risks.

ServiceNow presents a bullish AI-forward narrative: positioning itself as an "AI control tower" and highlighting product momentum (Now Assist, Workflow Data Fabric, Raptor, CPQ, Build Agent) and strategic moves (acquisitions of Moveworks, intent to acquire Armis and Veza). The company announced multiple partner integrations (Anthropic/Claude, OpenAI, Microsoft Agent 365, Figma) to bring foundation/frontier models and agent orchestration into its platform and announced programs (Build Program, Now Next AI, ServiceNow Store) to accelerate partner-built AI agents. Financially, Q4 2025 total revenue was $3,568M (20.5% YoY), non-GAAP gross margin 80.5%, non-GAAP operating income $1,101M, GAAP net income $401M, and non-GAAP free cash flow $2,032M. Guidance includes Q1 2026 subscription revenue of $3,650–3,655M and full-year 2026 subscription revenue $15,530–15,570M, and management links AI product adoption (Now Assist, Moveworks) to near-term guidance and long-term market opportunity.