| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.48B | $3.41B | $3.27B | $3.11B | $2.89B | $2.77B | $2.96B | $2.72B |
| Cost of Revenue | $1.37B | $1.32B | $1.22B | $1.14B | $1.03B | $1.03B | $1.08B | $1.02B |
| Gross Profit | $2.11B | $2.09B | $2.06B | $1.97B | $1.85B | $1.74B | $1.88B | $1.69B |
| Gross Margin | 60.56% | 61.20% | 62.85% | 63.47% | 64.20% | 62.75% | 63.38% | 62.36% |
| Operating Expenses | $168.79M | $1.06B | $1.02B | $911.60M | $881.40M | $828.49M | $828.93M | $780.79M |
| Operating Income | $1.94B | $1.02B | $1.04B | $1.06B | $973.08M | $906.85M | $1.05B | $913.68M |
| Operating Margin | 55.71% | 29.99% | 31.73% | 34.15% | 33.69% | 32.79% | 35.39% | 33.63% |
| Net Income | $276.80M | $14.27M | $190.22M | $848.95M | $505.19M | $872.73M | $521.53M | $582.85M |
| Net Margin | 7.95% | 0.42% | 5.81% | 27.31% | 17.49% | 31.56% | 17.62% | 21.45% |
| EPS (Basic) | $1.75 | $0.09 | $1.21 | $5.42 | $3.18 | $5.54 | $0.40 | $3.77 |
| EBITDA | N/A | $1.62B | $1.70B | $2.21B | $1.78B | $2.14B | $1.74B | $2.03B |
| Stock Option Compensation Expense | N/A | $43.95M | $51.48M | $52.03M | $50.86M | $44.14M | $40.96M | $40.12M |
| Price To Earnings Ratio | N/A | 820.44 | 57.99 | 12.48 | 35.59 | 16.84 | 40.86 | 29.82 |
| Price To Sales Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Shares Outstanding | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Market Capitalization | N/A | $11.71B | $11.03B | $10.59B | $17.98B | $14.69B | $21.31B | $17.38B |
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Short Term Receivables | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventories | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Property, Plant & Equipment | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Investments and Advances | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Note Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Intangible Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Assets | $26.17B | $26.08B | $26.03B | $24.21B | $22.37B | $22.86B | $21.28B | $20.26B |
| Short Term Debt Incl. Current Port. of LT Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Provision for Risks Charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $18.48B | $18.14B | $17.83B | $15.84B | $14.32B | $14.52B | $13.27B | $12.04B |
| Non-Equity Reserves | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Preferred Stock - Carrying Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Common Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Shareholders Equity | $5.15B | $5.41B | $5.89B | $6.13B | $5.84B | $6.00B | $5.68B | $5.88B |
| Accumulated Minority Interest | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $5.15B | $5.41B | $5.89B | $6.13B | $5.84B | $6.00B | $5.68B | $5.88B |
| Total Liabilities & Stockholders Equity | $26.17B | $26.08B | $26.03B | $24.21B | $22.37B | $22.86B | $21.28B | $20.26B |
| Book Value Per Share | N/A | $50.47 | $52.11 | $53.41 | $51.52 | $53.65 | $51.84 | $53.19 |
| Tangible Book Value Per Share | N/A | $50.47 | $52.11 | $48.85 | $51.52 | $53.65 | $51.84 | $291.54 |
| Full-Time Employees | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Book Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | N/A | 0.05% | 0.73% | 3.51% | 2.26% | 3.82% | 2.45% | 2.88% |
| Return on Equity | N/A | 0.26% | 3.23% | 13.84% | 8.65% | 14.55% | 9.17% | 9.91% |
| Return on Invested Capital | N/A | 4.01% | 4.11% | 4.51% | 4.47% | 4.08% | 5.07% | 3.26% |
| Quick Ratio | N/A | 2.56 | 4.19 | 3.16 | 2.58 | 4.73 | 3.10 | 3.47 |
| Current Ratio | N/A | 2.56 | 4.19 | 3.16 | 2.58 | 4.73 | 3.10 | 3.31 |
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Net Income | $276.80M | $14.27M | $190.22M | $848.95M | $505.19M | $872.73M | $521.53M | $582.85M |
| Depreciation | N/A | $889.45M | $832.75M | $752.20M | $720.85M | $685.99M | $680.18M | $1.79B |
| Other Funds (Non Cash) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Funds from Operations | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Extraordinary Item | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Changes in Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Taxes Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Operating Activities | $0.00 | $1.23B | $1.30B | $1.28B | $1.13B | $1.16B | $1.18B | $1.15B |
| Capital Expenditures | N/A | $447.98M | $482.35M | $398.09M | $13.61M | $2.55M | $432.39M | $399.81M |
| Net Assets From Acquisitions | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale of Fixed Assets and Businesses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase or Sale of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale Or Maturity of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Sources | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Investing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Dividends Paid | N/A | $689.87M | $687.81M | $685.02M | $683.75M | $688.90M | $666.29M | $587.63M |
| Change in Capital Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Repurchase of Common Pref Stock | N/A | $1.73M | $0.00 | $0.00 | $200.00M | $0.00 | $0.00 | $730.00K |
| Sale of Common Pref Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Proceeds from Stock Options | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance or Reduction of Debt, Net | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Change in Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Reduction of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Financing Active Other Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Financing Activities Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Financing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Exchange Rate Effect | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Change in Cash | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | $786.52M | $819.17M | $884.31M | $1.12B | $1.15B | $748.78M | $750.44M |
| Preferred Dividends (Cash Flow) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Company coverage
BXP, trading on the NYSE, is the leading publicly listed company engaged in the development and ownership of premier Class A office properties across the United States. Its operations are strategically concentrated in five major urban centers: Boston, Los Angeles, New York, San Francisco, and Washington, D.C. Structured as a Real Estate Investment Trust (REIT), the company operates as a comprehensive real estate entity, involved in the full spectrum of activities from developing and acquiring to managing and operating a diverse collection of primarily Class A office assets. Its current property holdings consist of 196 assets, collectively spanning 51.2 million square feet, which includes six properties actively undergoing construction or significant redevelopment.
Why it moved over time
BXP reported Q2 results above guidance with stronger leasing and occupancy and raised its 2026 FFO midpoint by $0.05 to a $6.99–$7.05 range, boosting outlook for cash flow.
Key fact: Raised full-year 2026 FFO midpoint by $0.05 to a $6.99–$7.05 range.
defenseworld.net: BXP, Inc. $BXP Shares Sold by Allspring Global Investments Holdings LLC