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Box vs Smartsheet - NRR head-to-head

Side-by-side Net Revenue Retention comparison sourced from SEC filings and earnings releases. Both compete in Collaboration Software. Both at Public stage.

Smartsheet leads by +6pp on latest NRR (111% vs 105%).

NRR over time

97%104%112%119%126% FY2021-Q1FY2022-Q1FY2024-Q4FY2025-Q3FY2026-Q1FY2026-Q4FY2024-Q3 NRR Box Smartsheet Box - FY2021-Q1: 103% Box - FY2021-Q3: 100% Box - FY2021-Q4: 103% Box - FY2022-Q1: 108% Box - FY2023-Q1: 100% Box - FY2024-Q1: 100% Box - FY2024-Q4: 101% Box - FY2025-Q1: 104% Box - FY2025-Q2: 102% Box - FY2025-Q3: 102% Box - FY-2025: 102% Box - FY2025-Q4: 102% Box - FY2026-Q1: 102% Box - FY2026-Q2: 103% Box - FY2026-Q3: 104% Box - FY2026-Q4: 104% Box - FY2027-Q1: 105% Smartsheet - FY2024-Q1: 123% Smartsheet - FY2025-Q1: 114% Smartsheet - FY2025-Q2: 113% Smartsheet - FY2025-Q3: 111% Smartsheet - FY2024-Q2: 121% Smartsheet - FY2024-Q3: 118%

Smartsheet hit a higher all-time peak (123% in FY2024-Q1).

Stat-by-stat

Metric Box Smartsheet
Latest NRR 105% 111%
All-time peak NRR 108% 123%
All-time low NRR 100% 111%
QoQ change +1pp -2pp
YoY change +3pp -10pp
3-year change +2pp -
Disclosures tracked 17 6

Customer cohorts

MetricBoxSmartsheet
Total customers 118,000 -
Over $100K ARR 2,000 2,137
Over $1M ARR - -
Top-10 concentration - -
Average ACV - $10,708
US revenue mix 62% 85%

Commercial structure

MetricBoxSmartsheet
Total RPO $1.6B $792M
Current RPO (12mo) $935M $649M
Multi-year contracts - -
Avg contract length - -
Subscription rev mix 95% 95%
New customers added - -

Post-sales motion

MetricBoxSmartsheet
CS team size - -
Customers per CSM - -
Pricing model subscription subscription
Renewal cadence multi-year annual
CSM coverage model hybrid -
Top customer exec - -

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