BXP, Inc.(BXP)Earnings, Financials & Key Ratios

BXP•NYSE•REIT / Real Estate

$58.53

$9.29B mkt cap·33.6× P/E·Price updated May 6, 2026

SectorReal Estate IndustryOffice REITs Sub-IndustryGateway CBD Office REITs

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%
Debt/Assets66.34%-0.1%
Net Debt/EBITDA5.58-33.6%
Book Value/Share48.37-3.8%

Technical→

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 1.2x 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.

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

Full history →

●Beat EPS 7/12 qtrs (58%)●Beat Revenue 11/12 qtrs (92%)

Q2 2026Latest

Apr 28, 2026

EPS

$0.64

Est $0.28

+131.8%

Revenue

$872M

Est $843M

+3.4%

Q1 2026

Jan 27, 2026

EPS

$1.76

Est $1.80

-2.2%

Revenue

$877M

Est $861M

+1.8%

Q4 2025

Oct 28, 2025

EPS

$1.74

Est $1.72

+1.2%

Revenue

$872M

Est $881M

-1.1%

Q3 2025

Jul 29, 2025

EPS

$1.71

Est $1.67

+2.4%

Revenue

$868M

Est $859M

+1.1%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 28, 2026	$0.64vs $0.28+131.8%	$872Mvs $843M+3.4%
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 →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	FCF Yield	Debt / Equity
SLGSL Green Realty Corp.Direct Competitor	3.11B	43.74	-27.51	41.96%	-8.99%	-2.03%		1.82
VNOVornado Realty TrustDirect Competitor	5.71B	30.26	7.20	1.27%	43.13%	11.54%	22.06%	1.16
HIWHighwoods Properties, Inc.Direct Competitor	2.77B	25.10	17.31	-2.39%	11.4%	3.76%	6.02%	1.49
PDMPiedmont Office Realty Trust, Inc.Direct Competitor	1.05B	8.41	-12.55	-0.93%	-20.46%	-5.7%		1.52
DEAEasterly Government Properties, Inc.Direct Competitor	1.08B	23.25	80.17	11.27%	4.27%	1.07%	24.05%	1.23
KRCKilroy Realty CorporationProduct Competitor	3.98B	33.55	14.46	-2.02%	24.81%	4.91%		0.86
AREAlexandria Real Estate Equities, Inc.Product Competitor	7.58B	43.80	-5.19	-2.59%	-35.3%	-5.03%	18.65%	0.67
CUZCousins Properties IncorporatedProduct Competitor	4.29B	26.05	108.54	16%	-0.52%	-0.11%	3.15%	0.78

Compare BXP vs Peers

BXP, Inc. (BXP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SLG

Most directly comparable listed peer for BXP.

Scale Benchmark

vs WELL

Larger-name benchmark to compare BXP against a more recognizable public peer.

Peer Set

Compare Top 5

vs SLG, VNO, HIW, PDM

BXP Income Statement

BXP, Inc. (BXP) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	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

Line item	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

Line item	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%

BXP SEC Filings & Documents

BXP, Inc. (BXP) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 28, 2026·SEC

Material company update

Mar 6, 2026·SEC

Material company update

Jan 28, 2026·SEC

10-K Annual Reports

FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 27, 2025·SEC

10-Q Quarterly Reports

FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 6, 2025·SEC

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 6.92%. 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 6.92% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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BXP, Inc. (BXP) financial analysis — history, returns, DCA and operating performance tools

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