Box named the gross-margin cost of shipping AI: about 20 basis points.

Q2 FY27 reported August 25: revenue of $321.1 million up 9%, billings up 17%, non-GAAP operating margin 29.4% up 90bps, gross margin 81.2%, full-year guidance raised $10 million to about $1.29 billion, net retention improving to 106% exiting FY27 (SaaStr). Box attributes the retention improvement to Enterprise Advanced customers running governed AI workflows, legacy migrations and agent integrations. The 20 basis points is the first concrete figure from a mid-cap SaaS vendor on what AI features actually cost at the margin line. Everyone assumed it was worse.