BXP, Inc. BXP

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

BXP, a Delaware corporation, is a fully integrated, self-administered and self-managed REIT, and it is one of the largest publicly-traded office REITs (based on total market capitalization as of December 31, 2025) in the United States that develops, owns and manages primarily premier workplaces. BXP was formed in 1997 to succeed the real estate development, redevelopment, acquisition, management, operating and leasing businesses associated with the predecessor company founded by Mortimer B. Zuckerman and Edward H. Linde in 1970.

Our properties are concentrated in six dynamic gateway markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. At December 31, 2025, we owned or had joint venture interests in a portfolio of 179 commercial real estate properties, aggregating approximately 52.6 million net rentable square feet of primarily premier workplaces, including eight properties under construction/redevelopment totaling approximately 3.5 million net rentable square feet. As of December 31, 2025, our properties consisted of:

Last close 62.10 2026-10-23
Market cap $9.91B 2026-07-31 share count
52-week range 49.72 - 74.94

Valuation FY2026 figures against the last close

P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS—

Annual financial statements

Income statement

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Revenue —$3.48B$3.41B$3.27B$3.11B$2.89B$2.77B$2.96B$2.72B$2.60B
Gross profit —$2.06B$2.04B$2.00B$1.93B$1.81B$1.69B$1.83B$1.65B$1.61B
SG&A —$168.8M$160.0M$170.2M$146.4M$151.6M$133.1M$140.8M$121.7M$113.7M
Total operating expenses —$2.47B$2.39B$2.24B$2.05B$1.92B$1.86B$1.91B$1.79B$1.69B
Operating income —————————$908.1M
Interest expense —$653.1M$645.1M$579.6M$437.1M$423.3M$431.7M$412.7M$378.2M$374.5M
Net income —$276.8M$14.3M$190.2M$848.9M$496.2M$872.7M$521.5M$582.8M$462.4M
EPS, basic —1.750.091.215.423.185.553.313.712.93
EPS, diluted —1.740.091.215.403.175.543.303.702.93
Shares, diluted (wtd. avg.) —158.9M157.8M157.2M157.1M156.4M155.5M154.9M154.7M154.4M

Balance sheet

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Cash and equivalents $493.9M$447.0M$1.25B$1.53B$690.3M$452.7M$1.67B$645.0M$543.4M$434.8M
Total assets $25.17B$26.17B$26.08B$26.03B$24.21B$22.37B$22.86B$21.28B$20.26B$19.37B
Long-term debt —————$3.30B$2.93B$2.95B$3.00B$3.01B
Total liabilities $17.44B$18.47B$18.14B$17.83B$15.84B$14.32B$14.51B$13.26B$12.04B$11.27B
Retained earnings -$1.73B-$1.67B-$1.42B-$816.2M-$391.4M-$625.9M-$509.7M-$760.5M-$675.5M-$712.3M
Total equity $5.16B$5.15B$7.94B$8.18B$8.36B$8.03B$8.34B$8.01B$8.21B$8.10B

Cash flow

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Operating cash flow —$1.25B$1.23B$1.30B$1.28B$1.13B$1.16B$1.18B$1.15B$912.0M
Depreciation and amortisation —$912.1M$887.2M$830.8M$749.8M$717.3M$683.8M$677.8M$645.6M$617.5M
Stock-based compensation —$44.3M$43.9M$51.5M$52.0M$50.9M$44.1M$41.0M$40.1M$35.4M
Capital expenditure —$216.7M$189.7M$171.4M$177.0M$151.0M$160.1M$180.6M$189.8M$222.5M
Investing cash flow —-$644.5M-$1.24B-$1.19B-$1.60B-$1.04B-$613.7M-$1.02B-$1.10B-$882.0M
Financing cash flow —-$378.6M-$274.5M$767.9M$556.1M-$1.31B$484.3M-$113.4M$82.5M$55.3M
Dividends paid —$643.1M$689.9M$687.8M$685.0M$683.8M$688.9M$666.3M$587.6M$526.6M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001037540-26-000034.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B 4B Revenue, FY2017: 2.6B Gross profit, FY2017: 1.6B Net income, FY2017: 462.4M Revenue, FY2018: 2.7B Gross profit, FY2018: 1.6B Net income, FY2018: 582.8M Revenue, FY2019: 3B Gross profit, FY2019: 1.8B Net income, FY2019: 521.5M Revenue, FY2020: 2.8B Gross profit, FY2020: 1.7B Net income, FY2020: 872.7M Revenue, FY2021: 2.9B Gross profit, FY2021: 1.8B Net income, FY2021: 496.2M Revenue, FY2022: 3.1B Gross profit, FY2022: 1.9B Net income, FY2022: 848.9M Revenue, FY2023: 3.3B Gross profit, FY2023: 2B Net income, FY2023: 190.2M Revenue, FY2024: 3.4B Gross profit, FY2024: 2B Net income, FY2024: 14.3M Revenue, FY2025: 3.5B Gross profit, FY2025: 2.1B Net income, FY2025: 276.8M FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
Fiscal year FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue $2.60B $2.72B $2.96B $2.77B $2.89B $3.11B $3.27B $3.41B $3.48B —
Gross profit $1.61B $1.65B $1.83B $1.69B $1.81B $1.93B $2.00B $2.04B $2.06B —
Net income $462.4M $582.8M $521.5M $872.7M $496.2M $848.9M $190.2M $14.3M $276.8M —

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material impairment The company has written down the carrying value of an asset - often goodwill from an acquisition that did not work out. Item 2.06
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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