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BXP

BXP NYSE Office REITs Financials FY2016–FY2025

BXP's revenue rose 2.2% to $3.5 billion in fiscal 2025. Its net margin was 8.0%, up from 0.4% a year earlier. It paid out $643 million in dividends and buybacks. The diluted share count rose 0.7%.

Last close · Oct 23, 2026

$62.10

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$3.5B
2.2% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$277M
1,835.7%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$9.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
33.4x
On $1.86 EPS (TTM)

About these figures. BXP's filings tag only its mortgage debt in the SEC's structured data, not its unsecured notes and other borrowings, so debt and the ratios built on it are left blank. BXP's cash flow statement splits its spending on its properties across several lines (construction, building improvements and tenant improvements) with no total, so capital spending and free cash flow are left blank.

What BXP does

No business description yet.

Legal name
BXP, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001037540-26-000006
0001037540

Revenue and margins

BXP had $3.5B of revenue in fiscal 2025, up 2.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −6.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

BXP returned $643M to shareholders in fiscal 2025. The diluted share count rose 0.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value BXP yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 158.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 33.4x · peers — · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably BXP can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $453M$690M$1.5B$1.3B$1.5B
Total assets $22.4B$24.2B$26.0B$26.1B$26.2B
Total liabilities $14.3B$15.8B$17.8B$18.1B$18.5B
Shareholders' equity $5.8B$6.1B$5.9B$5.4B$5.1B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$7.7M

7 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 9, 2026 Michael E LabelleEVP and CFO Sold 26,113 $66.35 $1.7M Form 4
May 22, 2026 Eric G KevorkianSVP, CLO and Secretary Sold 2,000 $59.85 $0.1M Form 4
May 21, 2026 Eric G KevorkianSVP, CLO and Secretary Sold 200 $60.23 $0.0M Form 4
May 20, 2026 Peter Otteni VExecutive Vice President Sold 4,863 $59.06 $0.3M Form 4
Feb 27, 2026 Hilary J. SpannExecutive Vice President Sold 5,495 $59.69 $0.3M Form 4
Feb 13, 2026 Owen D ThomasChief Executive Officer, Director Sold 1,198 $61.22 $0.1M Form 4
Feb 5, 2026 Hilary J. SpannExecutive Vice President Sold 1,194 $63.31 $0.1M Form 4
Dec 1, 2025 Raymond A RitcheySenior EVP Sold 36,314 $72.18 $2.6M Form 4
Nov 25, 2025 Peter Otteni VExecutive Vice President Sold 4,136 $72.65 $0.3M Form 4
Nov 12, 2025 John J StromanExecutive Vice President Sold 16,838 $72.17 $1.2M Form 4
Nov 7, 2025 Michael E LabelleEVP and CFO Sold 13,422 $72.34 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio −4.4%−4.7%−3.7%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
BXP BXP $9.9B 2.2% — — — 33.4x —
Alexandria Real Estate Equities ARE $7.3B −2.9% — −15.1% — — — Compare →
Vornado Realty Trust VNO $6.8B 1.3% — 53.1% 17.4% — — Compare →
Kilroy Realty KRC $4.4B −2.0% — 40.5% — 20.4x — Compare →
Cousins Properties CUZ $4.8B 16.0% 67.8% 13.6% 6.7% — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.6B $2.6B $2.7B $3.0B $2.8B $2.9B $3.1B $3.3B $3.4B $3.5B
Gross profit — $1.6B $1.6B $1.8B $1.7B $1.8B $1.9B $2.0B $2.0B $2.1B
Operating income $826M $908M — — — — — — — —
Interest expense $413M $375M $378M $413M $432M $423M $437M $580M $645M $653M
Net income $513M $462M $583M $522M $873M $505M $849M $190M $14.3M $277M
Diluted EPS $3.26 $2.93 $3.70 $3.30 $5.54 $3.17 $5.40 $1.21 $0.09 $1.74
Diluted shares 0.15B 0.15B 0.15B 0.15B 0.16B 0.16B 0.16B 0.16B 0.16B 0.16B
Cash flow
Cash from operations $1.0B $912M $1.2B $1.2B $1.2B $1.1B $1.3B $1.3B $1.2B $1.2B
Depreciation and amortization $694M $618M $646M $678M $684M $717M $750M $831M $887M $912M
Stock-based compensation $32.9M $35.4M $40.1M $41.0M $44.1M $50.9M $52.0M $51.5M $43.9M $44.3M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $13.2M $6.1M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $672M $527M $588M $666M $689M $684M $685M $688M $690M $643M
Dividends and buybacks $672M $527M $588M $666M $689M $684M $685M $688M $690M $643M
Balance sheet
Cash and short-term investments $357M $435M $543M $645M $1.7B $453M $690M $1.5B $1.3B $1.5B
Finance lease liabilities $0.0M $0.0M $0.0M $224M $237M $244M $249M $418M $371M $360M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $18.9B $19.4B $20.3B $21.3B $22.9B $22.4B $24.2B $26.0B $26.1B $26.2B
Total liabilities $10.9B $11.3B $12.0B $13.3B $14.5B $14.3B $15.8B $17.8B $18.1B $18.5B
Shareholders' equity $5.8B $5.8B $5.9B $5.7B $6.0B $5.8B $6.1B $5.9B $5.4B $5.1B
Margins
Gross margin — 61.7% 60.7% 61.7% 61.3% 62.8% 62.1% 61.1% 59.9% 59.1%
Operating margin 32.4% 34.9% — — — — — — — —
EBITDA margin 59.6% 58.6% — — — — — — — —
Net margin 20.1% 17.8% 21.5% 17.6% 31.6% 17.5% 27.3% 5.8% 0.4% 8.0%
Returns
Return on equity 8.9% 8.0% 10.0% 9.0% 14.9% 8.5% 14.2% 3.2% 0.3% 5.2%
Return on assets 2.8% 2.4% 2.9% 2.5% 4.0% 2.2% 3.7% 0.8% 0.1% 1.1%
Growth
Revenue growth 2.4% 2.0% 4.4% 9.0% −6.6% 4.5% 7.6% 5.3% 4.1% 2.2%
Net income growth −12.1% −9.8% 26.0% −10.5% 67.3% −42.1% 68.0% −77.6% −92.5% 1,839.5%
EPS growth −12.4% −10.1% 26.3% −10.8% 67.9% −42.8% 70.4% −77.6% −92.6% 1,833.3%
Share count change 0.1% 0.3% 0.2% 0.1% 0.4% 0.6% 0.5% 0.0% 0.4% 0.7%
Financial health
Interest coverage 2.0x 2.4x — — — — — — — —
Capital allocation
Stock comp / revenue 1.3% 1.4% 1.5% 1.4% 1.6% 1.8% 1.7% 1.6% 1.3% 1.3%
Quality scores
Accruals ratio −2.8% −2.4% −2.9% −3.2% −1.3% −2.8% −1.9% −4.4% −4.7% −3.7%

Source: SEC EDGAR XBRL filings (CIK 0001037540). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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