BXP's top-line growth has decelerated to 0.8% year-over-year as of 2026Q1, though property-level profitability remains resilient with a 59.1% NOI margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Revenue | 3.49B | 3.48B | 3.41B | 3.27B | 3.11B | 2.89B | 2.77B | 2.96B | 2.72B | 2.6B | 2.55B | 2.49B | 2.4B | 2.14B | 1.88B | 1.76B | 1.55B | 1.52B | 1.49B | 1.48B | 1.48B | 1.44B | 1.4B | 1.31B | 1.23B | 1.03B | 879.35M | 786.56M | 513.85M | 275.46M |
| Revenue Growth % | 1.62% | 2.19% | 4.1% | 5.31% | 7.61% | 4.45% | -6.58% | 8.96% | 4.42% | 2.01% | 2.41% | 3.91% | 12.24% | 13.82% | 6.63% | 13.46% | 1.88% | 2.27% | 0.41% | 0.32% | 2.78% | 2.65% | 6.94% | 6.06% | 19.54% | 17.47% | 11.8% | 53.07% | 86.54% | - |
| Property Operating Expenses | 1.39B | 1.37B | 1.32B | 1.22B | 1.14B | 1.03B | 1.03B | 1.08B | 1.02B | 962.04M | 921.23M | 904.34M | 864.53M | 771.4M | 685.48M | 620.11M | 526.85M | 525.76M | 515.54M | 483.61M | 497.35M | 490.02M | 474.75M | 452.89M | 416.58M | 312.29M | 264.7M | 249.27M | 150.49M | 89.58M |
| Net Operating Income (NOI) | 2.1B | 2.11B | 2.09B | 2.06B | 1.97B | 1.85B | 1.74B | 1.88B | 1.69B | 1.64B | 1.63B | 1.59B | 1.53B | 1.36B | 1.19B | 1.14B | 1.02B | 996.48M | 972.86M | 998.68M | 980.23M | 947.61M | 925.72M | 856.74M | 818.25M | 720.68M | 614.65M | 537.3M | 363.36M | 185.88M |
| NOI Margin % | 60.2% | 60.56% | 61.2% | 62.85% | 63.47% | 64.2% | 62.75% | 63.38% | 62.36% | 63.03% | 63.88% | 63.69% | 63.93% | 63.88% | 63.47% | 64.76% | 66.03% | 65.46% | 65.36% | 67.37% | 66.34% | 65.91% | 66.1% | 65.42% | 66.26% | 69.77% | 69.9% | 68.31% | 70.71% | 67.48% |
| Operating Expenses | 871.83M | 168.79M | 1.06B | 1.02B | 911.6M | 881.4M | 828.49M | 828.93M | 767.37M | 731.26M | 801.51M | 735.86M | 727.51M | 675.97M | 535.45M | 520.63M | 410.83M | 397.13M | 376.51M | 359.33M | 368.28M | 335.2M | 312.15M | 256.47M | 249.64M | 168.49M | 168.47M | 149.51M | 97.92M | 50.58M |
| G&A Expenses | 183.77M | 168.79M | 176.47M | 187.93M | 161.83M | 164.06M | 133.11M | 151.16M | 121.72M | 113.72M | 105.23M | 96.32M | 98.94M | 115.33M | 82.38M | 81.44M | 79.66M | 75.45M | 72.36M | 69.88M | 59.38M | 55.47M | 53.64M | 45.36M | 47.29M | 38.31M | 35.66M | 29.45M | 22.5M | 11.8M |
| EBITDA | 2.15B | 2.85B | 1.91B | 1.87B | 1.81B | 1.69B | 1.59B | 1.73B | 2.71B | 2.6B | 2.55B | 1.49B | 1.43B | 1.24B | 1.1B | 1.06B | 948.88M | 598.2M | 628.52M | 642.45M | 590.46M | 571.97M | 560.34M | 509.84M | 483.35M | 452.48M | 361.93M | 302.43M | 215.99M | 82.49M |
| EBITDA Margin % | 61.7% | 81.75% | 56.09% | 57.17% | 58.34% | 58.64% | 57.59% | 58.36% | 99.57% | 100% | 99.86% | 59.78% | 59.67% | 58.01% | 58.88% | 60.12% | 61.19% | 39.3% | 42.23% | 43.34% | 39.96% | 39.79% | 40.01% | 38.93% | 39.14% | 43.8% | 41.16% | 38.45% | 42.03% | 29.95% |
| Depreciation & Amortization | 924.18M | 906.76M | 889.45M | 832.75M | 752.2M | 720.85M | 685.99M | 680.18M | 1.79B | 1.69B | 1.72B | 639.54M | 628.57M | 560.64M | 453.07M | 439.18M | 338.37M | 321.68M | 304.15M | 288.98M | 276.76M | 267.64M | 252.94M | 210.48M | 186.43M | 150.16M | 133.15M | 120.06M | 75.42M | 38.77M |
| D&A / Revenue % | 26.49% | 26.04% | 26.1% | 25.44% | 24.2% | 24.95% | 24.8% | 22.97% | 65.94% | 65.1% | 67.56% | 25.68% | 26.22% | 26.25% | 24.15% | 24.96% | 21.82% | 21.13% | 20.43% | 19.5% | 18.73% | 18.62% | 18.06% | 16.07% | 15.1% | 14.54% | 15.14% | 15.26% | 14.68% | 14.08% |
| Operating Income | 1.23B | 1.94B | 1.02B | 1.04B | 1.06B | 973.08M | 906.85M | 1.05B | 913.68M | 908.11M | 823.91M | 849.37M | 801.82M | 678.12M | 651.68M | 618.64M | 610.51M | 276.52M | 324.38M | 353.47M | 313.7M | 304.32M | 307.4M | 299.36M | 296.92M | 302.32M | 228.78M | 182.37M | 140.57M | 43.72M |
| Operating Margin % | 35.22% | 55.71% | 29.99% | 31.73% | 34.15% | 33.69% | 32.79% | 35.39% | 33.63% | 34.9% | 32.3% | 34.1% | 33.45% | 31.75% | 34.73% | 35.16% | 39.37% | 18.17% | 21.79% | 23.85% | 21.23% | 21.17% | 21.95% | 22.86% | 24.05% | 29.27% | 26.02% | 23.19% | 27.36% | 15.87% |
| Interest Expense | 4M | 647.66M | 645.12M | 572.87M | 437.14M | 423.35M | 431.72M | 412.72M | 378.17M | 374.48M | 412.85M | 432.2M | 455.74M | 446.88M | 413.56M | 394.13M | 378.08M | 322.83M | 271.97M | 285.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.59x | 1.13x | 1.52x | 3.33x | 2.49x | 3.36x | 2.58x | 2.88x | 2.50x | 2.38x | 1.98x | 1.79x | 1.54x | 1.68x | 1.76x | 1.49x | 1.81x | 2.19x | 1.25x | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 275.02M | 908.49M | 292.63M | 167.66M | -396.29M | -82.2M | -543.55M | -17.09M | -163.63M | -28.85M | -157.04M | -6.85M | -11.94M | -11.22M | -4.26M | -75.84M | 46.28M | -18.04M | -271.97M | 0 | -279.18M | -97.2M | -1.5B | -688.15M | -1.28B | -1.01B | -442.86M | -205.41M | -124.86M | -91.59M |
| Pretax Income | 430.1M | 384M | 84.19M | 291.42M | 1.02B | 631.93M | 1.02B | 652M | 597.87M | 554.82M | 487.5M | 424.02M | 358.02M | 703.65M | 294.22M | 313.83M | 159.07M | 231.01M | 168.48M | 0 | 0 | 0 | 315.55M | 365.32M | 444.38M | 208.03M | 228.21M | 0 | 0 | 0 |
| Pretax Margin % | 12.33% | 11.03% | 2.47% | 8.9% | 32.83% | 21.88% | 36.83% | 22.02% | 22% | 21.32% | 19.11% | 17.02% | 14.94% | 32.95% | 15.68% | 17.84% | 10.26% | 15.18% | 11.32% | 0% | 0% | 0% | 22.53% | 27.9% | 35.99% | 20.14% | 25.95% | 0% | 0% | 0% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 177.05M | 478.09M | 397.32M | 295.88M | 382.92M | 0 | 467.21M | 432.01M | 490.83M | 380.4M | 289.1M | -685.34M | -261.68M | 174.12M | 329.55M | 234.95M | 567.47M | 344.17M | 293.18M | 268.01M | 172.32M | 95.55M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 29.61% | 86.17% | 81.5% | 69.78% | 106.96% | 0% | 158.8% | 137.66% | 308.56% | 164.67% | 171.59% | - | - | - | 104.44% | 64.31% | 127.7% | 165.44% | 128.47% | - | - | - |
| Net Income | 317.33M | 276.8M | 14.27M | 190.22M | 848.95M | 505.19M | 872.73M | 521.53M | 582.85M | 462.44M | 511.1M | 583.11M | 443.61M | 749.81M | 289.65M | 272.68M | 159.07M | 231.01M | 125.23M | 1.32B | 873.63M | 438.29M | 284.02M | 365.32M | 444.38M | 208.03M | 153M | 119.78M | 93.11M | 39.76M |
| Net Margin % | 9.09% | 7.95% | 0.42% | 5.81% | 27.31% | 17.49% | 31.56% | 17.62% | 21.45% | 17.77% | 20.04% | 23.41% | 18.51% | 35.11% | 15.44% | 15.5% | 10.26% | 15.18% | 8.41% | 89.37% | 59.13% | 30.49% | 20.28% | 27.9% | 35.99% | 20.14% | 17.4% | 15.23% | 18.12% | 14.43% |
| Net Income Growth % | 7256.68% | 1839.46% | -92.5% | -77.59% | 68.04% | -42.11% | 67.34% | -10.52% | 26.04% | -9.52% | -12.35% | 31.45% | -40.84% | 158.87% | 6.22% | 71.42% | -31.14% | 84.47% | -90.55% | 51.63% | 99.33% | 54.32% | -22.26% | -17.79% | 113.61% | 35.97% | 27.74% | 28.64% | 134.21% | - |
| Funds From Operations (FFO) | 1.24B | 1.18B | 903.73M | 1.02B | 1.6B | 1.23B | 1.56B | 1.2B | 2.37B | 2.16B | 2.23B | 1.22B | 1.07B | 1.31B | 742.72M | 711.86M | 497.44M | 552.7M | 429.38M | 1.61B | 1.15B | 705.93M | 536.96M | 575.8M | 630.81M | 358.19M | 286.15M | 239.84M | 168.53M | 78.53M |
| FFO Margin % | 35.58% | 33.99% | 26.52% | 31.25% | 51.51% | 42.44% | 56.36% | 40.59% | 87.39% | 82.87% | 87.6% | 49.09% | 44.73% | 61.36% | 39.58% | 40.46% | 32.08% | 36.31% | 28.85% | 108.86% | 77.86% | 49.1% | 38.34% | 43.97% | 51.09% | 34.68% | 32.54% | 30.49% | 32.8% | 28.51% |
| FFO Growth % | 27985.66% | 30.96% | -11.66% | -36.11% | 30.59% | -21.34% | 29.71% | -49.39% | 10.11% | -3.49% | 82.76% | 14.03% | -18.18% | 76.44% | 4.33% | 43.1% | -10% | 28.72% | -73.39% | 40.27% | 62.96% | 31.47% | -6.75% | -8.72% | 76.11% | 25.18% | 19.31% | 42.31% | 114.61% | - |
| FFO per Share | 7.82 | 7.45 | 5.73 | 6.51 | 10.19 | 7.84 | 10.02 | 7.76 | 15.35 | 13.97 | 14.51 | 7.95 | 6.99 | 8.59 | 4.93 | 4.87 | 3.55 | 4.20 | 3.54 | 13.36 | 9.83 | 6.22 | 4.94 | 5.85 | 6.67 | 3.89 | 4.01 | 3.59 | 2.75 | 2.01 |
| FFO Payout Ratio % | 47.85% | 54.34% | 76.34% | 67.24% | 42.78% | 55.77% | 44.2% | 55.45% | 24.75% | 24.42% | 30.06% | 100.29% | 78.37% | 34.42% | 50.21% | 46.72% | 65.27% | 64.65% | 287.8% | 70.86% | 34.04% | 99.58% | 63.84% | 54.5% | 47.13% | 77.2% | 73.29% | 75.67% | 75.54% | 21.68% |
| EPS (Diluted) | 2.00 | 1.74 | 0.09 | 1.21 | 5.40 | 3.17 | 5.54 | 0.40 | 3.77 | 2.93 | 3.26 | 3.72 | 2.83 | 4.86 | 1.92 | 1.86 | 1.14 | 1.76 | 0.87 | 10.94 | 7.46 | 3.86 | 2.61 | 3.65 | 4.50 | 2.19 | 2.05 | 1.71 | 1.52 | 0.90 |
| EPS Growth % | 10050% | 1833.33% | -92.56% | -77.59% | 70.35% | -42.78% | 1285% | -89.39% | 28.67% | -10.12% | -12.37% | 31.45% | -41.77% | 153.13% | 3.23% | 63.16% | -35.23% | 102.3% | -92.05% | 46.65% | 93.26% | 47.89% | -28.49% | -18.89% | 105.48% | 6.83% | 19.88% | 12.5% | 68.89% | - |
| EPS (Basic) | - | 1.75 | 0.09 | 1.21 | 5.42 | 3.18 | 5.54 | 0.40 | 3.77 | 2.93 | 3.27 | 3.73 | 2.83 | 4.87 | 1.93 | 1.87 | 1.14 | 1.76 | 0.88 | 11.11 | 7.62 | 3.94 | 2.67 | 3.71 | 4.57 | 2.24 | 2.05 | 1.72 | 1.53 | 0.91 |
| Diluted Shares Outstanding | 158.71M | 158.87M | 157.79M | 157.2M | 157.14M | 156.38M | 155.52M | 154.88M | 154.68M | 154.39M | 153.98M | 153.84M | 153.31M | 152.52M | 150.71M | 146.22M | 140.06M | 131.51M | 121.3M | 120.78M | 117.08M | 113.56M | 108.76M | 98.49M | 94.61M | 91.98M | 71.43M | 66.78M | 61.31M | 39.11M |
Office demand recovery uncertainty
As reported in recent financial statements, BXP's revenue growth has decelerated to 0.8% year-over-year as of 2026Q1, indicating that the company's trophy asset strategy is struggling to generate meaningful top-line expansion in the current macroeconomic environment despite its focus on high-barrier-to-entry coastal markets.
The consistent decline in revenue growth from 5.0% in 2023Q4 to current levels suggests that the company's core office portfolio is facing significant pressure from tenant consolidation and hybrid work trends. Investors should monitor whether this stagnation reflects a permanent shift in demand for premium office space or merely a temporary cyclical trough.
Based on the provided income statement data, BXP maintained a 59.1% NOI margin in 2026Q1, demonstrating that the company's premium urban assets continue to command sufficient rental rates to absorb operating expenses despite the broader challenges facing the traditional office sector.
While margins have fluctuated slightly from the 60% range, the ability to sustain these levels suggests that BXP's operational management remains efficient. However, the potential for rising insurance premiums and increased tenant improvement requirements in coastal markets warrants further investigation into future margin sustainability.
According to the quarterly earnings data, BXP's FFO per share has exhibited extreme volatility, ranging from $0.01 in 2024Q4 to $3.05 in 2025Q4, which suggests that headline FFO figures may be significantly impacted by non-recurring items or accounting adjustments rather than pure operational performance.
The erratic nature of FFO growth makes it difficult to assess the underlying health of the company's cash-generating capabilities. Investors should look past these headline swings and focus on the stability of property-level NOI to gauge the true long-term earnings power of the portfolio.
As indicated by the reported figures, BXP experienced negative AFFO in both 2025Q3 and 2024Q4, which suggests that the company's recurring capital expenditures and leasing costs may be outpacing its cash flow generation during these specific periods of portfolio maintenance and development.
The discrepancy between FFO and AFFO highlights the heavy burden of capital-intensive tenant improvements required to retain high-quality occupants. This trend may indicate that the company's dividend safety could be pressured if these capital requirements remain elevated relative to cash flow.
Quick answers to the most common questions about buying BXP stock.
For fiscal year 2025, BXP, Inc. (BXP) reported total revenue of $3.48B. This represents a 1164.2% increase compared to $275.5M in 1997.
BXP, Inc. (BXP) is profitable, generating $276.8M in net income for the fiscal year ending 2025 with a net profit margin of 7.9%.
BXP, Inc. (BXP) reported an operating income of $1.94B, resulting in an operating profit margin of 55.7%. This margin reflects the operational efficiency of the business before interest and taxes.
BXP, Inc. (BXP) generated $2.11B in gross profit for the year, representing a gross profit margin of 60.6%. This demonstrates the company's core pricing power and production efficiency.