BXP, Inc. (BXP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.43	$0.5	+16.3%	—	$895.7M	—
Q1 26	$0.28	$0.55	+96.4%	—	$872.1M	—
Q4 25	$1.36	$1.52	+11.8%	—	$877.1M	—
Q2 25	$0.42	$0.56	+33.3%	—	$868.5M	—
Q1 25	$0.33	$0.4	+21.2%	—	$865.2M	—
Q4 24	$0.44	$0.71	+61.4%	—	$858.6M	—
Q3 24	$0.48	$0.51	+6.3%	—	$859.2M	—
Q2 24	$0.45	$0.5	+11.1%	—	$850.5M	—
Q1 24	$0.47	$0.44	-6.4%	—	$839.4M	—
Q4 23	$0.62	$0.57	-8.1%	—	$828.9M	—
Q3 23	$0.67	$0.65	-3.0%	—	$824.3M	—
Q2 23	$0.59	$0.66	+11.9%	—	$817.2M	—
Q1 23	$0.52	$0.5	-3.8%	—	$803.2M	—
Q4 22	$0.65	$0.78	+20.0%	—	$789.8M	—
Q3 22	$0.75	$2.29	+205.3%	—	$790.5M	—
Q2 22	$0.78	$1.42	+82.1%	—	$773.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.75	—	—	$3.5B	—
FY24	—	$0.09	—	—	$3.4B	—
FY23	—	$1.21	—	—	$3.3B	—
FY22	—	$5.42	—	—	$3.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.6B	$2.6B	$2.7B	$3B	$2.8B	$2.9B	$3.1B	$3.3B	$3.4B	$3.5B
YoY change	+2.41%	+2.01%	+4.42%	+8.96%	-6.58%	+4.45%	+7.61%	+5.31%	+4.1%	+2.19%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.6B	2.6B	2.7B	3B	2.8B	2.9B	3.1B	3.3B	3.4B	3.5B
Cost of revenue	921.2M	962M	1B	1.1B	1B	1B	1.1B	1.2B	1.3B	1.4B
Gross profit	1.6B	1.6B	1.7B	1.9B	1.7B	1.9B	2B	2.1B	2.1B	2.1B
Gross margin	63.9%	63%	62.7%	63.4%	62.7%	64.2%	63.5%	62.8%	61.2%	60.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	105.2M	113.7M	131.3M	151.2M	144.7M	164.1M	161.8M	187.9M	176.5M	185.2M
Operating expenses	105.2M	113.7M	131.3M	151.2M	144.7M	164.1M	161.8M	187.9M	176.5M	185.2M
Operating income	830M	908.8M	927.1M	1B	906.9M	973.1M	1.1B	1B	1B	1B
Operating margin	32.5%	34.9%	34.1%	35.4%	32.8%	33.7%	34.1%	31.7%	30%	29.1%
Non-operating income, net	145.6M	22.4M	152.8M	-1.8M	537.6M	76.5M	384.4M	-237.6M	-352.8M	-13M
Pretax income	570M	562.5M	712.6M	652M	1B	631.9M	1B	291.4M	84.2M	384M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	570M	562.5M	712.6M	652M	1B	631.9M	1B	291.4M	84.2M	384M
Net margin	22.3%	21.6%	26.2%	22%	36.8%	21.9%	32.8%	8.9%	2.47%	11%
EBITDA	1.5B	1.5B	1.6B	1.8B	1.5B	1.7B	1.8B	1.7B	1.6B	1.9B
EPS	3.25	2.93	3.71	3.31	5.54	3.18	5.42	1.21	0.09	1.75
Diluted EPS	3.25	2.93	3.7	3.3	5.54	3.17	5.4	1.21	0.09	1.74

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	824.3M	828.9M	839.4M	850.5M	859.2M	858.6M	865.2M	868.5M	871.5M	877.1M	872.1M	895.7M
Cost of revenue	309.2M	309.8M	320.2M	331.3M	337.7M	333M	339.1M	341.4M	341.4M	348.7M	352.1M	345.5M
Gross profit	515.1M	519.1M	519.3M	519.2M	521.5M	525.6M	526.1M	527M	530.1M	528.4M	520.1M	550.2M
Gross margin	62.5%	62.6%	61.9%	61%	60.7%	61.2%	60.8%	60.7%	60.8%	60.2%	59.6%	61.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	35.3M	42.8M	54.3M	48.3M	37M	36.9M	56.8M	46.6M	40M	41.8M	64.2M	54.3M
Operating expenses	35.3M	42.8M	54.3M	48.3M	37M	36.9M	56.8M	46.6M	40M	41.8M	64.2M	54.3M
Operating income	272.3M	264.3M	246.2M	251.4M	261.6M	262.7M	249.2M	256.6M	254M	254.6M	227.9M	258.9M
Operating margin	33%	31.9%	29.3%	29.6%	30.4%	30.6%	28.8%	29.5%	29.1%	29%	26.1%	28.9%
Non-operating income, net	-248.8M	23M	7.7M	-5.6M	-4.4M	-350.5M	-6.6M	17.3M	-214.2M	190.5M	48.3M	-9.1M
Pretax income	-103.5M	153.2M	106.6M	106.9M	108.5M	-237.8M	86.9M	119.1M	-116.8M	294.8M	133M	102.5M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	-103.5M	153.2M	106.6M	106.9M	108.5M	-237.8M	86.9M	119.1M	-116.8M	294.8M	133M	102.5M
Net margin	-12.6%	18.5%	12.7%	12.6%	12.6%	-27.7%	10%	13.7%	-13.4%	33.6%	15.3%	11.4%
EBITDA	253.5M	520M	500.1M	475.9M	491.9M	164.4M	475.1M	485.2M	349.4M	549.2M	500.2M	499.6M
EPS	-0.71	0.76	0.51	0.51	0.53	-1.45	0.39	0.56	-0.77	1.56	0.64	0.43
Diluted EPS	-0.71	0.76	0.51	0.51	0.53	-1.45	0.39	0.56	-0.77	1.56	0.64	0.43

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	19.3B	20B	17.4B	21.3B	14.7B	18B	10.6B	11B	11.7B	10.7B	11.3B
Enterprise value	28.8B	29.9B	27.8B	32.9B	26.5B	30.9B	24.6B	26.1B	27.4B	26.6B	28.6B
Shares outstanding	153.7M	154.2M	154.4M	154.6M	155.4M	156.1M	156.7M	156.9M	157.5M	158.3M	158.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	33.9	35.6	24.4	32.7	14.4	28.5	10.4	37.8	139.1	27.8	33.5
P/S	7.58	7.71	6.4	7.2	5.31	6.23	3.41	3.36	3.44	3.07	3.53
P/B	2.44	2.47	2.12	2.66	1.76	2.24	1.27	1.34	1.47	1.39	1.93
EV/EBITDA	18.7	19.4	17.6	18.3	17.5	18.2	13.9	15.3	16.8	14.3	17.7
EV/Sales	11.3	11.5	10.2	11.1	9.59	10.7	7.91	7.97	8.05	7.63	8.95
Earnings yield	2.95%	2.81%	4.1%	3.06%	6.93%	3.51%	9.64%	2.65%	0.72%	3.59%	2.99%
FCF yield	5.35%	4.55%	6.62%	5.54%	7.87%	6.3%	12.1%	11.8%	10.5%	11.7%	7.8%
PEG	—	—	—	—	—	—	—	—	—	—	-1.44

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	63.9%	63%	62.7%	63.4%	62.7%	64.2%	63.5%	62.8%	61.2%	60.6%	61.4%
Operating margin	32.5%	34.9%	34.1%	35.4%	32.8%	33.7%	34.1%	31.7%	30%	29.1%	28.8%
Net margin	22.3%	21.6%	26.2%	22%	36.8%	21.9%	32.8%	8.9%	2.47%	11%	9.3%
ROE	7.19%	6.94%	8.68%	8.13%	12.2%	7.86%	12.2%	3.56%	1.06%	4.99%	5.31%
ROA	3.02%	2.9%	3.52%	3.06%	4.46%	2.83%	4.22%	1.12%	0.32%	1.47%	1.68%
Return on tangible assets	3.02%	2.9%	3.52%	3.06%	4.46%	2.83%	4.22%	1.12%	0.32%	1.47%	1.64%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.95	2.44	3.31	3.04	4.91	2.58	3.16	4.19	2.51	2.21	0.51
Quick ratio	1.95	2.44	3.31	3.04	4.91	2.58	3.16	4.19	2.51	2.21	1.6
Debt / equity	1.24	1.27	1.34	1.53	1.62	1.66	1.76	2.03	2.14	2.26	2.12
Debt / assets	0.52	0.53	0.54	0.57	0.59	0.6	0.61	0.64	0.65	0.66	0.65
Net debt / EBITDA	6.13	6.37	6.6	6.46	7.81	7.6	7.9	8.87	9.66	8.54	8.36
Interest coverage	2.38	2.5	2.88	2.58	3.36	2.49	3.33	1.5	1.13	1.59	1.65

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	16.6	16.9	17.6	19.2	17.8	18.5	19.8	20.9	21.6	22	20.1
EPS (basic)	3.25	2.93	3.71	3.31	5.54	3.18	5.42	1.21	0.09	1.75	1.75
EPS (diluted)	3.25	2.93	3.7	3.3	5.54	3.17	5.4	1.21	0.09	1.74	1.86
Book value per share	51.6	52.5	53.2	51.9	53.7	51.5	53.4	52.2	50.5	48.6	32.3
FCF per share	6.73	5.91	7.45	7.64	7.44	7.26	8.18	8.3	7.84	7.86	8.05
Cash per share	2.32	2.82	3.52	4.17	10.7	2.9	4.4	9.76	7.97	9.34	3.1

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	117.8%	93.6%	82.5%	102.2%	67.6%	108.2%	67.1%	236%	819.4%	167.5%	150.5%
Dividend yield	3.47%	2.63%	3.38%	3.13%	4.69%	3.8%	6.47%	6.25%	5.89%	6.02%	4.48%

Yield

4.48%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.70

ex-dividend Jun 30, 2026

Payout ratio

151%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.70
Mar 31, 2026	$0.70
Dec 31, 2025	$0.70

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$824.3M	$828.9M	$839.4M	$850.5M	$859.2M	$858.6M	$865.2M	$868.5M	$871.5M	$877.1M	$872.1M	$895.7M
YoY change	+4.27%	+4.95%	+4.51%	+4.08%	+4.24%	+3.58%	+3.07%	+2.11%	+1.43%	+2.16%	+0.8%	+3.14%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	356.9M	434.8M	543.4M	645M	1.7B	452.7M	690.3M	1.5B	1.3B	1.5B
Receivables	92.5M	92.2M	86.6M	112.8M	77.4M	70.2M	81.4M	122.4M	107.5M	92.6M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.3B	1.5B	1.8B	1.9B	3B	1.9B	2.2B	3.2B	3B	3.3B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	18.9B	19.4B	20.3B	21.3B	22.9B	22.4B	24.2B	26B	26.1B	26.2B
Accounts payable	298.5M	331.5M	276.6M	377.6M	336.3M	320.8M	417.5M	458.3M	401.9M	480M
Short-term debt	—	45M	—	—	—	145M	—	—	500M	750M
Total current liabilities	672.8M	599.2M	531M	638.3M	613.6M	730.4M	692M	763.2M	1.2B	1.5B
Long-term debt	9.8B	10.2B	11B	12.2B	13.5B	13.2B	14.7B	16.6B	16.5B	16.6B
Total liabilities	10.9B	11.3B	12B	13.3B	14.5B	14.3B	15.8B	17.8B	18.1B	18.5B
Shareholders' equity	7.9B	8.1B	8.2B	8B	8.3B	8B	8.4B	8.2B	7.9B	7.7B
Total debt	9.8B	10.3B	11B	12.2B	13.5B	13.3B	14.7B	16.6B	17B	17.4B
Net debt	9.4B	9.8B	10.5B	11.6B	11.8B	12.9B	14B	15.1B	15.7B	15.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	882.6M	1.5B	701.7M	685.4M	1.4B	1.3B	398.1M	447M	861.1M	1.5B	512.8M	493.9M
Receivables	123.1M	122.4M	94.1M	82.1M	99.7M	107.5M	117.4M	109.7M	136.7M	92.6M	90.1M	90.7M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	2.5B	3.2B	2.4B	2.3B	3.1B	3B	2.2B	2.3B	2.7B	3.3B	2.3B	2.3B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	24.7B	26B	25.5B	25.5B	26.4B	26.1B	25.4B	25.6B	26B	26.2B	25.1B	25.2B
Accounts payable	462.2M	458.3M	374.7M	372.5M	444.3M	401.9M	398.8M	480.2M	484.8M	480M	418.4M	474.1M
Short-term debt	—	—	—	500M	500M	500M	800M	935M	750M	750M	750M	750M
Total current liabilities	762.6M	763.2M	666.4M	1.2B	1.2B	1.2B	1.5B	1.7B	1.5B	1.5B	1.4B	1.5B
Long-term debt	15.6B	16.6B	16.2B	15.6B	16.5B	16.5B	15.6B	15.6B	16.6B	16.6B	15.6B	15.6B
Total liabilities	16.7B	17.8B	17.2B	17.2B	18.1B	18.1B	17.6B	17.8B	18.5B	18.5B	17.4B	17.4B
Shareholders' equity	8B	8.2B	8.3B	8.3B	8.3B	7.9B	7.9B	7.9B	7.5B	7.7B	7.7B	7.7B
Total debt	15.6B	16.6B	16.2B	16.1B	17B	17B	16.4B	16.6B	17.3B	17.4B	16.4B	16.4B
Net debt	14.7B	15.1B	15.5B	15.4B	15.6B	15.7B	16B	16.1B	16.5B	15.9B	15.8B	15.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	570M	562.5M	712.6M	652M	1B	631.9M	1B	291.4M	84.2M	384M
Depreciation & amortization	694.4M	617.5M	645.6M	680.2M	686M	720.9M	752.2M	832.8M	889.5M	912.4M
Stock-based compensation	32.9M	35.4M	40.1M	41M	44.1M	50.9M	52M	51.5M	43.9M	44.3M
Change in working capital	-210.9M	-194.8M	-138.9M	-234.3M	-138.7M	-192.4M	-236.7M	-185.5M	-193.4M	-187.5M
Operating cash flow	1.1B	1B	1.3B	1.2B	1.6B	1.2B	1.6B	1B	860.4M	1.2B
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-513M	-126.5M	-446.1M	-110.1M	-173.3M	-68.9M	-258.5M	-205.5M	-137.7M	-204.6M
Dividends paid	-671.6M	-526.6M	-587.6M	-666.3M	-688.9M	-683.8M	-685M	-687.8M	-689.9M	-643.1M
Share repurchases	-271K	0	-730K	0	0	-200M	0	0	—	—
Financing cash flow	-99.6M	-479.7M	-707.5M	-493.4M	222.6M	-1.9B	-573.9M	767.9M	-5.1B	-8.8B
Net change in cash	438.7M	413.2M	127.1M	557.6M	1.7B	-746.5M	774.9M	1.6B	-4.4B	-7.7B
Free cash flow	1B	912M	1.2B	1.2B	1.2B	1.1B	1.3B	1.3B	1.2B	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-103.5M	153.2M	106.6M	106.9M	108.5M	-237.8M	86.9M	119.1M	-116.8M	294.8M	133M	102.5M
Depreciation & amortization	208M	212.5M	220.2M	216.9M	218.6M	230.8M	220.3M	223.9M	236.2M	232M	227.8M	237.1M
Stock-based compensation	5.2M	4.8M	18.9M	16.3M	4.4M	4.4M	22.9M	11.9M	4.7M	4.8M	25.3M	15.7M
Change in working capital	-40M	-43.3M	-71.7M	-42.9M	-17.6M	-55.9M	-70.3M	-52.7M	-39.2M	-25.3M	-119M	-26.1M
Operating cash flow	77.2M	335.2M	286.1M	298.8M	325M	-47.2M	268.8M	312.3M	274.2M	407.8M	156.5M	446.1M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-46.8M	-45.9M	-25.6M	-35.7M	-28.9M	-47.5M	-52.6M	-34.2M	-37.1M	-80.7M	169.3M	-32.5M
Dividends paid	-171.6M	-172.8M	-171.8M	-172.8M	-172.8M	-172.5M	-173.1M	-173.3M	-173.3M	-123.4M	-124.1M	-124.5M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-678.6M	613.1M	-756.9M	-129.3M	-2.8B	-1.9B	-2B	1.3B	-5.2B	-3.1B	-4.1B	2.8B
Net change in cash	-648.1M	902.4M	-496.5M	133.8M	-2.5B	-2B	-1.8B	1.6B	-4.9B	-2.8B	-3.7B	3.2B
Free cash flow	301.2M	387.1M	197.6M	367.1M	286.1M	383.7M	210M	353.1M	274.2M	407.8M	156.5M	446.1M

BXP, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement