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Apr 28, 2026·SEC
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BXP, Inc.(BXP)Earnings, Financials & Key Ratios
BXP•NYSE•REIT / Real Estate
36.2× P/E·Price updated Jun 17, 2026
AboutBoston Properties (NYSE:BXP) is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. The Company's portfolio totals 51.2 million square feet and 196 properties, including six properties under construction/redevelopment.Show more
- Revenue$3.48B+2.2%
- FFO$1.18B+31.0%
- FFO/Share7.45+30.1%
- FFO Payout54.34%-28.8%
- FFO per Share7.45+30.1%
- NOI Margin60.56%-1.0%
- FFO Margin33.99%+28.2%
- ROE3.54%+1902.0%
- ROA1.06%+1833.4%
BXP Key Insights
BXP, Inc. (BXP) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓FFO growing 31.9% TTM
- ✓Sustainable FFO payout ratio of 54.3%
- ✓High NOI margin of 60.6%
- ✓Trading at only 1.3x book value
✗Weaknesses
- ✗High debt to equity ratio of 2.3x
- ✗Weak 3Y average ROE of 2.0%
- ✗Profits declining 20.5% over 5 years
- ✗Dividend payout exceeds 100% of earnings
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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BXP Price & Volume
BXP, Inc. (BXP) stock price & volume — 10-year historical chart
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BXP Growth Metrics
BXP, Inc. (BXP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years3.41%
5 Years4.72%
3 Years3.86%
TTM2.19%
Profit CAGR
10 Years-7.18%
5 Years-20.52%
3 Years-31.17%
TTM1840.36%
EPS CAGR
10 Years-7.32%
5 Years-20.68%
3 Years-31.44%
TTM1640%
Return on Capital
10 Years4.9%
5 Years5.06%
3 Years5.39%
Last Year7.83%
BXP Recent Earnings
BXP, Inc. (BXP) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
Apr 28, 2026Metric
Actual
Est
EPS
$1.59+0.6%
$1.58
Rev
$872M+2.9%
$847M
Q1 2026
Jan 27, 2026Metric
Actual
Est
EPS
$1.76-2.2%
$1.80
Rev
$877M+1.8%
$861M
Q4 2025
Oct 28, 2025Metric
Actual
Est
EPS
$1.74+1.2%
$1.72
Rev
$872M-1.1%
$881M
Q3 2025
Jul 29, 2025Metric
Actual
Est
EPS
$1.71+2.4%
$1.67
Rev
$868M+1.1%
$859M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $1.59vs $1.58+0.6% | $872Mvs $847M+2.9% |
| Q1 2026 | Jan 27, 2026 | $1.76vs $1.80-2.2% | $877Mvs $861M+1.8% |
| Q4 2025 | Oct 28, 2025 | $1.74vs $1.72+1.2% | $872Mvs $881M-1.1% |
| Q3 2025 | Jul 29, 2025 | $1.71vs $1.67+2.4% | $868Mvs $859M+1.1% |
Based on last 12 quarters of dataView full earnings history →
BXP Peer Comparison
BXP, Inc. (BXP) competitors in Gateway CBD Office REITs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 SLG | 3.53B | 48.90 | -41.44 | 41.96% | -15.25% | -3.47% | 1.83 | |
 VNO | 6.86B | 36.46 | 8.68 | 1.27% | 43.99% | 11.77% | 1.16 | |
 HIW | 3.16B | 28.62 | 19.74 | -2.39% | 11.4% | 3.76% | 1.49 | |
 PDM | 1.09B | 8.73 | -13.03 | -0.93% | -20.46% | -5.7% | 1.52 | |
 DEA | 1.07B | 22.99 | 79.28 | 11.27% | 4.27% | 1.07% | 1.23 | |
 KRC | 4.28B | 36.15 | 15.58 | -2.02% | 24.81% | 4.91% | 0.86 | |
 ARE | 8.52B | 49.21 | -5.83 | -2.59% | -35.3% | -5.03% | 0.67 | |
 CUZ | 4.56B | 27.71 | 115.46 | 16% | -0.52% | -0.11% | 0.78 |
Compare BXP vs Peers
BXP, Inc. (BXP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
BXP Income Statement
BXP, Inc. (BXP) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | 2.6B | 2.72B | 2.96B | 2.77B | 2.89B | 3.11B | 3.27B | 3.41B | 3.48B |
Revenue Growth % | 2.01% | 4.42% | 8.96% | -6.58% | 4.45% | 7.61% | 5.31% | 4.1% | 2.19% |
Property Operating Expenses | 962.04M | 1.02B | 1.08B | 1.03B | 1.03B | 1.14B | 1.22B | 1.32B | 1.37B |
Net Operating Income (NOI) | 1.64B▲ 0% | 1.69B▲ 3.3% | 1.88B▲ 10.7% | 1.74B▼ 7.5% | 1.85B▲ 6.9% | 1.97B▲ 6.4% | 2.06B▲ 4.3% | 2.09B▲ 1.4% | 2.11B▲ 1.1% |
NOI Margin % | 63.03% | 62.36% | 63.38% | 62.75% | 64.2% | 63.47% | 62.85% | 61.2% | 60.56% |
Operating Expenses | 731.26M | 767.37M | 828.93M | 828.49M | 881.4M | 911.6M | 1.02B | 1.06B | 168.79M |
G&A Expenses | 113.72M | 121.72M | 151.16M | 133.11M | 164.06M | 161.83M | 187.93M | 176.47M | 168.79M |
EBITDA | 2.6B | 2.71B | 1.73B | 1.59B | 1.69B | 1.81B | 1.87B | 1.91B | 2.85B |
EBITDA Margin % | 100% | 99.57% | 58.36% | 57.59% | 58.64% | 58.34% | 57.17% | 56.09% | 81.75% |
Depreciation & Amortization | 1.69B | 1.79B | 680.18M | 685.99M | 720.85M | 752.2M | 832.75M | 889.45M | 906.76M |
D&A / Revenue % | 65.1% | 65.94% | 22.97% | 24.8% | 24.95% | 24.2% | 25.44% | 26.1% | 26.04% |
Operating Income | 908.11M▲ 0% | 913.68M▲ 0.6% | 1.05B▲ 14.7% | 906.85M▼ 13.4% | 973.08M▲ 7.3% | 1.06B▲ 9.1% | 1.04B▼ 2.1% | 1.02B▼ 1.6% | 1.94B▲ 89.9% |
Operating Margin % | 34.9% | 33.63% | 35.39% | 32.79% | 33.69% | 34.15% | 31.73% | 29.99% | 55.71% |
Interest Expense | 374.48M | 378.17M | 412.72M | 431.72M | 423.35M | 437.14M | 572.87M | 645.12M | 647.66M |
Interest Coverage | 2.50x | 2.88x | 2.58x | 3.36x | 2.49x | 3.33x | 1.52x | 1.13x | 1.59x |
Non-Operating Income | -28.85M | -163.63M | -17.09M | -543.55M | -82.2M | -396.29M | 167.66M | 292.63M | 908.49M |
Pretax Income | 554.82M▲ 0% | 597.87M▲ 7.8% | 652M▲ 9.1% | 1.02B▲ 56.2% | 631.93M▼ 38.0% | 1.02B▲ 61.5% | 291.42M▼ 71.4% | 84.19M▼ 71.1% | 384M▲ 356.1% |
Pretax Margin % | 21.32% | 22% | 22.02% | 36.83% | 21.88% | 32.83% | 8.9% | 2.47% | 11.03% |
Income Tax | 478.09M | 177.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Effective Tax Rate % | 86.17% | 29.61% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Net Income | 462.44M▲ 0% | 582.85M▲ 26.0% | 521.53M▼ 10.5% | 872.73M▲ 67.3% | 505.19M▼ 42.1% | 848.95M▲ 68.0% | 190.22M▼ 77.6% | 14.27M▼ 92.5% | 276.8M▲ 1839.5% |
Net Margin % | 17.77% | 21.45% | 17.62% | 31.56% | 17.49% | 27.31% | 5.81% | 0.42% | 7.95% |
Net Income Growth % | -9.52% | 26.04% | -10.52% | 67.34% | -42.11% | 68.04% | -77.59% | -92.5% | 1839.46% |
Funds From Operations (FFO) | 2.16B▲ 0% | 2.37B▲ 10.1% | 1.2B▼ 49.4% | 1.56B▲ 29.7% | 1.23B▼ 21.3% | 1.6B▲ 30.6% | 1.02B▼ 36.1% | 903.73M▼ 11.7% | 1.18B▲ 31.0% |
FFO Margin % | 82.87% | 87.39% | 40.59% | 56.36% | 42.44% | 51.51% | 31.25% | 26.52% | 33.99% |
FFO Growth % | -3.49% | 10.11% | -49.39% | 29.71% | -21.34% | 30.59% | -36.11% | -11.66% | 30.96% |
FFO per Share | 13.97 | 15.35 | 7.76 | 10.02 | 7.84 | 10.19 | 6.51 | 5.73 | 7.45 |
FFO Payout Ratio % | 24.42% | 24.75% | 55.45% | 44.2% | 55.77% | 42.78% | 67.24% | 76.34% | 54.34% |
EPS (Diluted) | 2.93▲ 0% | 3.77▲ 28.7% | 0.40▼ 89.4% | 5.54▲ 1285.0% | 3.17▼ 42.8% | 5.40▲ 70.3% | 1.21▼ 77.6% | 0.09▼ 92.6% | 1.74▲ 1833.3% |
EPS Growth % | -10.12% | 28.67% | -89.39% | 1285% | -42.78% | 70.35% | -77.59% | -92.56% | 1833.33% |
EPS (Basic) | 2.93 | 3.77 | 0.40 | 5.54 | 3.18 | 5.42 | 1.21 | 0.09 | 1.75 |
Diluted Shares Outstanding | 154.39M | 154.68M | 154.88M | 155.52M | 156.38M | 157.14M | 157.2M | 157.79M | 158.87M |
BXP Balance Sheet
BXP, Inc. (BXP) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Total Assets | 19.37B | 20.26B | 21.28B | 22.86B | 22.37B | 24.21B | 26.03B | 26.08B | 26.17B |
Asset Growth % | 2.77% | 4.56% | 5.08% | 7.39% | -2.16% | 8.24% | 7.51% | 0.23% | 0.31% |
Real Estate & Other Assets | 17.26B | 17.51B | 944.04M | 1.09B | 18.95B | 19.87B | 21.42B | 21.16B | 1.37B |
PP&E (Net) | 16.3B | 16.55B | 17.37B | 17.37B | 0 | 404.86M | 0 | 707.69M | 20.38B |
Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Total Current Assets | 1.46B | 1.76B | 1.98B | 3.05B | 1.89B | 2.19B | 3.19B | 3.08B | 3.37B |
Cash & Equivalents | 434.77M | 543.36M | 644.95M | 1.67B | 452.69M | 690.33M | 1.53B | 1.25B | 1.48B |
Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Other Current Assets | 0 | 176.78M | 184.54M | 180.71M | -9.35M | 46.48M | 81.09M | 144.05M | 249.65M |
Intangible Assets | 0 | 0 | 0 | 0 | 0 | 713.97M | 0 | 0 | 0 |
Total Liabilities | 11.27B | 12.04B | 13.27B | 14.52B | 14.32B | 15.84B | 17.83B | 18.14B | 18.48B |
Total Debt | 10.27B | 11.01B | 12.24B | 13.49B | 13.35B | 14.69B | 16.62B | 17.32B | 17.36B |
Net Debt | 9.84B | 10.46B | 11.59B | 11.82B | 12.89B | 14B | 15.09B | 16.07B | 15.88B |
Long-Term Debt | 9.96B | 11.01B | 11.81B | 13.05B | 12.75B | 14.24B | 15.86B | 15.72B | 15.86B |
Short-Term Borrowings | 45M | 0 | 0 | 0 | 145M | 0 | 0 | 500M | 750M |
Capital Lease Obligations | 0 | 0 | 424.22M | 438.2M | 448.98M | 485.74M | 768.35M | 1.1B | 749.25M |
Total Current Liabilities | 599.19M | 531.03M | 638.28M | 644.62M | 730.43M | 691.96M | 763.19M | 1.2B | 1.48B |
Accounts Payable | 331.5M | 276.64M | 377.55M | 336.26M | 320.77M | 417.55M | 458.33M | 401.87M | 480.02M |
Deferred Revenue | 11.27B | -10.68B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Liabilities | 706.16M | 503.73M | 396.36M | 418.98M | 391.44M | 450.92M | 445.95M | 181.96M | 393.61M |
Total Equity | 8.1B▲ 0% | 8.21B▲ 1.4% | 8.01B▼ 2.4% | 8.34B▲ 4.1% | 8.04B▼ 3.6% | 8.37B▲ 4.1% | 8.19B▼ 2.1% | 7.94B▼ 3.1% | 7.68B▼ 3.2% |
Equity Growth % | 2.17% | 1.38% | -2.43% | 4.06% | -3.56% | 4.07% | -2.13% | -3.1% | -3.19% |
Shareholders Equity | 5.81B | 5.88B | 5.68B | 6B | 5.84B | 6.13B | 5.89B | 5.41B | 5.15B |
Minority Interest | 2.29B | 2.33B | 2.33B | 2.34B | 2.2B | 2.24B | 2.31B | 2.52B | 2.54B |
Common Stock | 1.54M | 1.54M | 1.55M | 1.56M | 1.56M | 1.57M | 1.57M | 1.58M | 1.58M |
Additional Paid-in Capital | 6.38B | 6.41B | 6.29B | 6.36B | 6.5B | 6.54B | 6.72B | 6.84B | 6.84B |
Retained Earnings | -712.34M | -675.53M | 0 | 0 | -625.89M | -391.36M | -816.15M | -1.42B | 0 |
Preferred Stock | 200M | 200M | 200M | 200M | 0 | 0 | 0 | 0 | 0 |
Return on Assets (ROA) | 2.42% | 2.94% | 2.51% | 3.95% | 2.23% | 3.65% | 0.76% | 0.05% | 1.06% |
Return on Equity (ROE) | 5.77% | 7.14% | 6.43% | 10.67% | 6.17% | 10.34% | 2.3% | 0.18% | 3.54% |
Debt / Assets | 53.02% | 54.34% | 57.49% | 59% | 59.67% | 60.7% | 63.88% | 66.41% | 66.34% |
Debt / Equity | 1.27x | 1.34x | 1.53x | 1.62x | 1.66x | 1.76x | 2.03x | 2.18x | 2.26x |
Net Debt / EBITDA | 3.78x | 3.87x | 6.71x | 7.42x | 7.61x | 7.72x | 8.07x | 8.41x | 5.58x |
Book Value per Share | 52.48 | 53.10 | 51.74 | 53.63 | 51.43 | 53.27 | 52.11 | 50.31 | 48.37 |
BXP Cash Flow Statement
BXP, Inc. (BXP) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 907.45M | 1.15B | 1.18B | 1.16B | 1.13B | 1.28B | 1.3B | 1.23B | 1.25B |
Operating CF Growth % | -12.48% | 26.76% | 2.69% | -2.06% | -2.04% | 13.16% | 1.49% | -5.15% | 0.86% |
Operating CF / Revenue % | 34.87% | 42.33% | 39.9% | 41.83% | 39.23% | 41.25% | 39.76% | 36.23% | 35.76% |
Net Income | 562.48M | 712.56M | 652M | 1.02B | 631.93M | 1.02B | 291.42M | 84.19M | 276.8M |
Depreciation & Amortization | 617.55M | 645.65M | 680.18M | 685.99M | 720.85M | 752.2M | 832.75M | 889.45M | 912.09M |
Stock-Based Compensation | 35.36M | 40.12M | 40.96M | 44.14M | 50.86M | 52.03M | 51.48M | 43.95M | 0 |
Other Non-Cash Items | -1.28M | 21.3M | 22.25M | 23.38M | 23.37M | -334.82M | 288.76M | 421.32M | 250.67M |
Working Capital Changes | -295.69M | -121.2M | -230.47M | -109.97M | -224.09M | -207.59M | -162.9M | -204.41M | -194.4M |
Cash from Investing | -897.81M | -1.05B | -1.02B | -613.72M | -1.04B | -1.6B | -1.19B | -1.24B | -603.86M |
Acquisitions (Net) | -109.02M | 46.7M | -87.39M | -172.44M | -80.36M | -277.58M | -192.65M | -132.1M | 40.66M |
Purchase of Investments | -1.67M | -1.15B | -2.13M | 2.55M | -4.17M | -2.4M | -2.19M | -2.5M | -1.02B |
Sale of Investments | 319.85M | 455.41M | 231.18M | 2.55M | 17.79M | 4.9M | 1.5M | 136K | 935.73M |
Other Investing | -787.13M | 0 | -724.36M | -443.83M | -959.59M | -929.63M | -1B | -1.1B | 0 |
Cash from Financing | 55.35M | 35.75M | -113.38M | 484.32M | -1.31B | 556.06M | 767.92M | -274.48M | -419.23M |
Dividends Paid | -526.58M | -587.63M | -666.29M | -688.9M | -683.75M | -685.02M | -687.81M | -689.87M | -643.11M |
Common Dividends | -526.58M | -587.63M | -666.29M | -688.9M | -683.75M | -685.02M | -687.81M | -689.87M | -643.11M |
Debt Issuance (Net) | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
Share Repurchases | 0 | -730K | 0 | 0 | -200M | 0 | 0 | -1.73M | 0 |
Other Financing | -65.82M | -82.5M | -262.99M | -61.01M | -284.8M | -85.87M | 137.63M | 284.78M | -118.56M |
Net Change in Cash | 77.85M▲ 0% | 133.82M▲ 71.9% | 52.7M▼ 60.6% | 1.03B▲ 1849.8% | -1.22B▼ 218.6% | 235.65M▲ 119.3% | 875.75M▲ 271.6% | -277.37M▼ 131.7% | 222.07M▲ 180.1% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 356.91M | 505.37M | 639.19M | 691.89M | 1.72B | 501.16M | 736.81M | 1.61B | 1.34B |
Cash at End | 434.77M | 639.19M | 691.89M | 1.72B | 501.16M | 736.81M | 1.61B | 1.34B | 1.56B |
Free Cash Flow | 479.63M▲ 0% | 750.44M▲ 56.5% | 748.78M▼ 0.2% | 1.15B▲ 54.2% | 1.12B▼ 3.0% | 884.31M▼ 21.0% | 819.17M▼ 7.4% | 786.52M▼ 4.0% | 689.66M▼ 12.3% |
FCF Growth % | 113.7% | 56.46% | -0.22% | 54.16% | -3% | -21.02% | -7.37% | -3.99% | -12.31% |
FCF / Revenue % | 18.43% | 27.62% | 25.29% | 41.74% | 38.76% | 28.45% | 25.02% | 23.08% | 19.8% |
BXP Key Ratios
BXP, Inc. (BXP) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
FFO per Share | 14.51 | 13.97 | 15.35 | 7.76 | 10.02 | 7.84 | 10.19 | 6.51 | 5.73 | 7.45 |
FFO Payout Ratio | 30.06% | 24.42% | 24.75% | 55.45% | 44.2% | 55.77% | 42.78% | 67.24% | 76.34% | 54.34% |
NOI Margin | 63.88% | 63.03% | 62.36% | 63.38% | 62.75% | 64.2% | 63.47% | 62.85% | 61.2% | 60.56% |
Net Debt / EBITDA | 3.71x | 3.78x | 3.87x | 6.71x | 7.42x | 7.61x | 7.72x | 8.07x | 8.41x | 5.58x |
Debt / Assets | 51.97% | 53.02% | 54.34% | 57.49% | 59% | 59.67% | 60.7% | 63.88% | 66.41% | 66.34% |
Interest Coverage | 2.38x | 2.50x | 2.88x | 2.58x | 3.36x | 2.49x | 3.33x | 1.52x | 1.13x | 1.59x |
Book Value / Share | 51.5 | 52.48 | 53.1 | 51.74 | 53.63 | 51.43 | 53.27 | 52.11 | 50.31 | 48.37 |
Revenue Growth | 2.41% | 2.01% | 4.42% | 8.96% | -6.58% | 4.45% | 7.61% | 5.31% | 4.1% | 2.19% |
Related:BXP Dividend History·BXP Revenue History·BXP Price History·BXP P/E History·BXP Financial Ratios·BXP Institutional Holders
BXP SEC Filings & Documents
BXP, Inc. (BXP) SEC filings — annual & quarterly reports (10-K, 10-Q)
BXP Frequently Asked Questions
BXP, Inc. (BXP) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
BXP, Inc. (BXP) reported $3.48B in revenue for fiscal year 2025. This represents a 1164% increase from $275.5M in 1997.
BXP, Inc. (BXP) grew revenue by 2.2% over the past year. Growth has been modest.
Yes, BXP, Inc. (BXP) is profitable, generating $276.9M in net income for fiscal year 2025 (7.9% net margin).
Dividend & Returns
Yes, BXP, Inc. (BXP) pays a dividend with a yield of 6.42%. This makes it attractive for income-focused investors.
BXP, Inc. (BXP) has a return on equity (ROE) of 3.5%. This is below average, suggesting room for improvement.
Industry Metrics
BXP, Inc. (BXP) generated Funds From Operations (FFO) of $1.19B in the trailing twelve months. FFO is the primary profitability metric for REITs.
BXP, Inc. (BXP) offers a 6.42% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.