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BXPBXP, Inc.

Real estate · REIT · NYSE
BXP quote by TradingView
Headquarters
Boston, MA
CEO
Owen D. Thomas.
Next results
around Jan 27, 2027
Compare with peers → Embed
All key numbers (31, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)1.86Sales (ttm)3.5BNet income (ttm)296.8MSales growth+2.2%EPS growthn/mSales Q/Q+3.1%
Free cash flow-Gross margin59.1%Oper. margin-Net margin8.4%FCF margin-ROE5.8%
ROA1.2%R&D / sales-Dividend-Debt/Eq0.15Curr. ratio-Cash493.9M
Op. cash flow (ttm)1.3BNet debt256.1MStock pay / sales1.3%Shares out.159.7MShares Y/Y+0.7%Book / share32.29
Cash / share3.09Sales / share22.02Asset turnover0.14Sales 3Y CAGR+3.9%Sales 5Y CAGR+4.7%EPS 3Y CAGR-31.4%
EPS 5Y CAGR-20.7%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 50%$500.0M → $750.0M · Short-term + long-term debt at year end
What management wrote about it → · Every company →

BXP against Real estate peers

Ten years, side by side → · All 30 →
GrowthProfitBalanceCleanInsiders
BXPPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth
+2.2%24th of 29 · median +5.1%
Net margin
8.4%23rd of 29 · median 21.7%
Return on equity
5.8%20th of 27 · median 7.8%
Debt / equity (less is better)
0.153rd of 24 · median 0.84
BXP and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
BXP BXP, Inc.$3.5B +2.2%59.1%8.4%5.8%-0.15
CCI Crown Castle$4.1B -4.4%-20.1%-42.2%-
CSGP CoStar Group$3.7B +18.7%78.3%4.9%2.2%11.5%0.13
EXR Extra Space Storage$3.5B +3.7%-29.9%8.1%44.7%-
DOC Healthpeak Properties$3.1B +4.5%-12.3%4.8%12.3%1.19
INVH Invitation Homes$2.9B +4.2%-23.5%7.7%-0.99

From $2.9B of sales to $505.2M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.8BRevenue to Cost of revenue: $1.1BGross profit to Net profit: $505.2MGross profit to Costs, tax, other: $1.3B Revenue: $2.9B Revenue$2.9B +4% Y/Y Gross profit: $1.8B · 63% margin Gross profit$1.8B63% margin +7% Y/Y Cost of revenue: $1.1B · 37% of revenue Cost of revenue$1.1B37% of revenue Net profit: $505.2M · 17% margin Net profit$505.2M17% margin −42% Y/Y Costs, tax, other: $1.3B · 45% of revenue Costs, tax, other$1.3B45% of revenue

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From $3.1B of sales to $848.9M of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $1.9BRevenue to Cost of revenue: $1.2BGross profit to Net profit: $848.9MGross profit to Costs, tax, other: $1.1B Revenue: $3.1B Revenue$3.1B +8% Y/Y Gross profit: $1.9B · 62% margin Gross profit$1.9B62% margin +6% Y/Y Cost of revenue: $1.2B · 38% of revenue Cost of revenue$1.2B38% of revenue Net profit: $848.9M · 27% margin Net profit$848.9M27% margin +68% Y/Y Costs, tax, other: $1.1B · 35% of revenue Costs, tax, other$1.1B35% of revenue

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From $3.3B of sales to $190.2M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $2.0BRevenue to Cost of revenue: $1.3BGross profit to Net profit: $190.2MGross profit to Costs, tax, other: $1.8B Revenue: $3.3B Revenue$3.3B +5% Y/Y Gross profit: $2.0B · 61% margin Gross profit$2.0B61% margin +4% Y/Y Cost of revenue: $1.3B · 39% of revenue Cost of revenue$1.3B39% of revenue Net profit: $190.2M · 6% margin Net profit$190.2M6% margin −78% Y/Y Costs, tax, other: $1.8B · 55% of revenue Costs, tax, other$1.8B55% of revenue

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From $3.4B of sales to $14.3M of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $2.0BRevenue to Cost of revenue: $1.4BGross profit to Net profit: $14.3MGross profit to Costs, tax, other: $2.0B Revenue: $3.4B Revenue$3.4B +4% Y/Y Gross profit: $2.0B · 60% margin Gross profit$2.0B60% margin +2% Y/Y Cost of revenue: $1.4B · 40% of revenue Cost of revenue$1.4B40% of revenue Net profit: $14.3M · 0% margin Net profit$14.3M0% margin −92% Y/Y Costs, tax, other: $2.0B · 59% of revenue Costs, tax, other$2.0B59% of revenue

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From $3.5B of sales to $276.8M of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $2.1BRevenue to Cost of revenue: $1.4BGross profit to Net profit: $276.8MGross profit to Costs, tax, other: $1.8B Revenue: $3.5B Revenue$3.5B +2% Y/Y Gross profit: $2.1B · 59% margin Gross profit$2.1B59% margin +1% Y/Y Cost of revenue: $1.4B · 41% of revenue Cost of revenue$1.4B41% of revenue Net profit: $276.8M · 8% margin Net profit$276.8M8% margin +1839% Y/Y Costs, tax, other: $1.8B · 51% of revenue Costs, tax, other$1.8B51% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Costs, tax, other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 4
  • !
    Net margin below the peer median8.4% vs 21.7%
  • !
    Gross margin down over 5 years61.3% → 59.1%
  • !
    Return on equity below 15%5.8%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 20.1% → 7.9%

Cash and shareholders

1 of 2
  • !
    Share count up over 5 years+2.2%
  • ✓
    Cash from operations above net income$1.2B vs $276.8M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 3.5B Net income 276.8M
FY2016 revenue 2.6B · Revenues, 0001656423-19-000006 FY2016 net income 512.8M · NetIncomeLoss, 0001656423-19-000006 2.6B FY2016 FY2017 revenue 2.6B · Revenues, 0001656423-20-000007 FY2017 net income 462.4M · NetIncomeLoss, 0001656423-20-000007 2.6B FY2017 FY2018 revenue 2.7B · Revenues, 0001656423-21-000006 FY2018 net income 582.8M · NetIncomeLoss, 0001656423-21-000006 2.7B FY2018 FY2019 revenue 3.0B · Revenues, 0001656423-22-000013 FY2019 net income 521.5M · NetIncomeLoss, 0001656423-22-000013 3.0B FY2019 FY2020 revenue 2.8B · Revenues, 0001656423-23-000013 FY2020 net income 872.7M · NetIncomeLoss, 0001656423-23-000013 2.8B FY2020 FY2021 revenue 2.9B · Revenues, 0001656423-24-000007 FY2021 net income 505.2M · NetIncomeLoss, 0001656423-24-000007 2.9B FY2021 FY2022 revenue 3.1B · Revenues, 0001656423-25-000009 FY2022 net income 848.9M · NetIncomeLoss, 0001656423-25-000009 3.1B FY2022 FY2023 revenue 3.3B · Revenues, 0001037540-26-000006 FY2023 net income 190.2M · NetIncomeLoss, 0001037540-26-000006 3.3B FY2023 FY2024 revenue 3.4B · Revenues, 0001037540-26-000006 FY2024 net income 14.3M · NetIncomeLoss, 0001037540-26-000006 3.4B FY2024 FY2025 revenue 3.5B · Revenues, 0001037540-26-000006 FY2025 net income 276.8M · NetIncomeLoss, 0001037540-26-000006 3.5B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

BXP's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue3.5B
FY2016: 2.6BFY2017: 2.6BFY2018: 2.7BFY2019: 3.0BFY2020: 2.8BFY2021: 2.9BFY2022: 3.1BFY2023: 3.3BFY2024: 3.4BFY2025: 3.5B FY2017FY2019FY2021FY2023FY2025
Net income276.8M
FY2016: 512.8MFY2017: 462.4MFY2018: 582.8MFY2019: 521.5MFY2020: 872.7MFY2021: 505.2MFY2022: 848.9MFY2023: 190.2MFY2024: 14.3MFY2025: 276.8M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)1.74
FY2016: 3.26FY2017: 2.93FY2018: 3.70FY2019: 3.30FY2020: 5.54FY2021: 3.17FY2022: 5.40FY2023: 1.21FY2024: 0.09FY2025: 1.74 FY2017FY2019FY2021FY2023FY2025
Dividend per share3.05
FY2016: 2.70FY2017: 3.05FY2018: -FY2019: -FY2020: -FY2021: -FY2022: -FY2023: -FY2024: -FY2025: - FY2017FY2019FY2021FY2023FY2025
Diluted shares158.9M
FY2016: 154.0MFY2017: 154.4MFY2018: 154.7MFY2019: 154.9MFY2020: 155.5MFY2021: 156.4MFY2022: 157.1MFY2023: 157.2MFY2024: 157.8MFY2025: 158.9M FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Parking and Other 143.3M4.1% +6.0%
Hotel 50.0M1.4% -2.4%
Management Service 36.6M1.1% +30.4%
Real Estate, Other 16.4M0.5% -0.6%

10-K 0001037540-26-000006, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue2.6B2.6B2.7B3.0B2.8B2.9B3.1B3.3B3.4B3.5B
Gross profit-1.6B1.6B1.8B1.7B1.8B1.9B2.0B2.0B2.1B
SG&A105.2M113.7M121.7M140.8M133.1M151.6M146.4M170.2M160.0M168.8M
Operating income825.8M908.1M--------
Interest expense412.8M374.5M378.2M412.7M431.7M423.3M437.1M579.6M645.1M653.1M
Net income512.8M462.4M582.8M521.5M872.7M505.2M848.9M190.2M14.3M276.8M
EPS (diluted)3.262.933.703.305.543.175.401.210.091.74
Diluted shares154.0M154.4M154.7M154.9M155.5M156.4M157.1M157.2M157.8M158.9M
Depreciation & amortization694.4M617.5M645.6M677.8M683.8M717.3M749.8M830.8M887.2M912.1M
EBITDA1.5B1.5B--------
Gross margin-61.7%60.7%61.7%61.3%62.8%62.1%61.1%59.9%59.1%
Operating margin32.4%34.9%--------
Net margin20.1%17.8%21.5%17.6%31.6%17.5%27.3%5.8%0.4%7.9%
Revenue growth-+2.0%+4.4%+9.0%-6.6%+4.4%+7.6%+5.3%+4.1%+2.2%
EPS growth--10.1%+26.3%-10.8%+67.9%-42.8%+70.3%-77.6%-92.6%+1833%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash356.9M434.8M543.4M645.0M1.7B452.7M690.3M1.5B1.3B1.5B
Total assets18.9B19.4B20.3B21.3B22.9B22.4B24.2B26.0B26.1B26.2B
Total debt2.0B3.0B3.0B2.9B2.9B3.3B-0500.0M750.0M
Total liabilities10.9B11.3B12.0B13.3B14.5B14.3B15.8B17.8B18.1B18.5B
Shareholders' equity5.8B5.8B5.9B5.7B6.0B5.8B6.1B5.9B5.4B5.1B
Retained earnings-693.7M-712.3M-675.5M-760.5M-509.7M-625.9M-391.4M-816.2M-1.4B-1.7B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.0B912.0M1.2B1.2B1.2B1.1B1.3B1.3B1.2B1.2B
Stock-based pay (added back)32.9M35.4M40.1M41.0M44.1M50.9M52.0M51.5M43.9M44.3M
Dividends paid671.6M526.6M587.6M666.3M688.9M683.8M685.0M687.8M689.9M643.1M
Acquisitions-----0013.2M-6.1M0
Investing cash flow-1.3B-882.0M-1.1B-1.0B-613.7M-1.0B-1.6B-1.2B-1.2B-644.5M
Financing cash flow-74.6M55.3M82.5M-113.4M484.3M-1.3B556.1M767.9M-274.5M-378.6M
Dividend per share2.703.05--------

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)32.9M35.4M40.1M41.0M44.1M50.9M52.0M51.5M43.9M44.3M
Stock-based pay / revenue1.3%1.4%1.5%1.4%1.6%1.8%1.7%1.6%1.3%1.3%
Operating lease cost---14.6M13.9M13.2M12.7M14.5M14.6M14.6M
Operating lease cash paid--0-1.6M-1.5M23.6M-125K121K202K-
Finance lease principal paid-00502K01.2M0012.5M13.7M
Right-of-use assets--0148.6M146.4M169.8M167.4M324.3M334.8M325.8M
Operating lease liabilities--0200.2M201.7M204.6M204.7M350.4M392.7M389.2M
Finance lease liabilities--0224.0M236.5M244.4M249.3M418.0M370.9M360.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on BXP in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/BXP/export.csv") into a cell.