BXP, Inc.

BXP · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Valuation
Market cap	$10,693	$11,757	$11,012	$10,593	$17,992	$14,766	$21,535	$17,581	$20,312	$19,648	$19,923	$19,701	$15,276	$15,884	$14,511	$12,006	$8,790	$6,599	$10,911	$12,835	$8,249	$6,885	$4,670	$3,433	$3,417	$3,107	$2,062	$1,854	$1,279
Enterprise value	$29,067	$30,311	$28,377	$26,796	$33,040	$28,888	$35,419	$30,348	$32,408	$31,209	$30,573	$30,211	$25,719	$24,280	$21,930	$19,896	$15,643	$12,618	$14,151	$16,884	$13,553	$12,443	$10,482	$9,264	$8,475	$7,112	$6,153	$6,009	$2,695
P/E (TTM) at period end	38.63×	823.79×	57.89×	12.48×	36.26×	17.13×	42.14×	30.72×	44.94×	39.12×	34.79×	45.49×	20.59×	54.84×	53.22×	75.47×	38.05×	62.69×	8.33×	14.69×	18.82×	24.24×	12.78×	7.73×	16.43×	20.31×	17.21×	19.91×	32.18×
P/S (TTM) at period end	3.07×	3.45×	3.36×	3.41×	6.23×	5.34×	7.27×	6.47×	7.81×	7.70×	8.00×	8.22×	7.15×	8.60×	8.42×	7.78×	5.79×	4.49×	7.36×	8.69×	5.74×	4.92×	3.57×	2.78×	3.31×	3.53×	2.62×	3.61×	4.64×
P/B at period end	2.08×	2.17×	1.87×	1.73×	3.08×	2.46×	3.79×	2.99×	3.49×	3.40×	3.49×	3.46×	2.66×	3.12×	2.98×	2.75×	1.98×	1.79×	2.97×	3.98×	2.83×	2.34×	1.95×	1.59×	1.95×	1.89×	1.95×	1.95×	7.31×
EV / EBITDA (TTM)	10.19×	15.88×	15.18×	14.79×	19.55×	18.16×	20.53×	19.46×	21.24×	20.53×	20.53×	21.12×	20.68×	22.19×	21.00×	21.00×	17.59×	14.31×	22.63×	28.59×	23.70×	22.21×	20.56×	19.17×	18.73×	19.65×	20.35×	27.82×	32.66×
EV / Sales (TTM)	8.35×	8.89×	8.67×	8.62×	11.44×	10.44×	11.96×	11.17×	12.45×	12.23×	12.27×	12.60×	12.04×	13.14×	12.73×	12.89×	10.30×	8.59×	9.55×	11.43×	9.43×	8.89×	8.00×	7.50×	8.20×	8.09×	7.82×	11.70×	9.78×
Returns
Return on equity	5.4%	0.3%	3.2%	13.8%	8.5%	14.4%	9.0%	9.7%	7.8%	8.7%	10.0%	7.6%	12.9%	5.7%	5.6%	3.6%	5.2%	2.9%	35.7%	27.1%	15.0%	9.7%	15.2%	20.6%	11.9%	9.3%	11.3%	9.8%	22.7%
Return on invested capital	8.2%	4.3%	4.5%	4.7%	4.7%	4.5%	5.3%	3.7%	0.8%	1.4%	3.3%	1.3%	4.2%	–	–	–	–	–	4.8%	4.3%	3.7%	–	1.3%	–	–	–	3.5%	2.8%	2.7%
Dividend yield	6.0%	5.9%	6.2%	6.5%	3.8%	4.7%	3.1%	3.3%	2.6%	3.4%	6.2%	4.3%	3.0%	2.3%	2.3%	2.7%	4.1%	18.7%	10.5%	3.1%	8.5%	5.0%	6.7%	8.7%	8.1%	6.7%	8.8%	6.9%	1.3%
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	4.90×	1.41×	10.74×	7.61×	144.11×	87.61×	5.51×	(10.26×)	0.13×	0.30×	0.03×	0.04×	2.64×
Debt / equity	–	–	–	–	0.59×	0.49×	0.52×	0.51×	0.53×	0.35×	0.59×	0.73×	0.74×	0.60×	0.64×	1.79×	1.51×	1.65×	1.14×	1.29×	1.63×	1.71×	2.09×	2.38×	2.46×	2.07×	3.14×	3.26×	7.61×
Effective tax rate	–	–	–	–	–	–	–	24.8%	85.0%	69.7%	37.0%	72.8%	–	163.7%	142.6%	259.9%	164.7%	171.6%	–	–	–	104.4%	64.3%	127.7%	165.4%	128.5%	–	–	–
Share count
Diluted shares outstanding	159	158	157	157	156	156	155	155	154	154	154	153	153	151	146	140	132	121	121	117	114	109	98	95	92	71	67	61	39

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Revenue and gross profit
Revenue	$3,512	$3,482	$3,408	$3,274	$3,109	$2,889	$2,766	$2,961	$2,717	$2,602	$2,551	$2,491	$2,397	$2,136	$1,847	$1,723	$1,543	$1,518	$1,469	$1,482	$1,478	$1,438	$1,400	$1,310	$1,235	$1,033	$879	$787	$514	$275
Cost of revenue	($1,388)	($1,371)	($1,322)	($1,216)	($1,136)	($1,034)	($1,030)	($1,084)	($1,013)	($962)	($921)	($904)	($865)	($771)	($667)	($599)	($523)	($526)	($516)	($484)	($497)	($490)	($475)	($453)	($417)	($312)	($265)	($249)	($150)	($90)
Gross profit	$2,124	$2,112	$2,086	$2,057	$1,973	$1,854	$1,735	$1,877	$1,704	$1,640	$1,630	$1,586	$1,532	$1,364	$1,180	$1,124	$1,020	$996	$973	$999	$980	$948	$926	$857	$818	$721	$615	$537	$363	$186
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($184)	($169)	($160)	($170)	($146)	($152)	($133)	($141)	($122)	($114)	($105)	($96)	($99)	($115)	($90)	($87)	($79)	($75)	($72)	($70)	($59)	($55)	($54)	($45)	($47)	($38)	($36)	($29)	($23)	($12)
Total operating expenses	($893)	($171)	($1,064)	($1,019)	($912)	($881)	($828)	($829)	($790)	($732)	($804)	($737)	($731)	($686)	($540)	($519)	($411)	($429)	($395)	($662)	($667)	($643)	($618)	($557)	($521)	($418)	($386)	($355)	($223)	($142)
Total costs and expenses	($2,281)	($1,542)	($2,386)	($2,235)	($2,047)	($1,916)	($1,859)	($1,913)	($1,803)	($1,694)	($1,725)	($1,641)	($1,595)	($1,457)	($1,207)	($1,118)	($934)	($951)	($892)	($1,146)	($1,164)	($1,133)	($1,093)	($1,010)	($938)	($731)	($651)	($604)	($373)	($232)
Operating income	$1,231	$1,940	$1,022	$1,039	$1,061	$973	$907	$1,048	$914	$908	$826	$849	$802	$678	$640	$605	$609	$568	$577	$336	$314	$304	$307	$299	$297	$302	$229	$182	$141	$44
Earnings
EBITDA	$2,164	$2,852	$1,909	$1,869	$1,811	$1,690	$1,591	$1,725	$1,559	$1,526	$1,520	$1,489	$1,430	$1,244	$1,094	$1,044	$947	$889	$882	$625	$590	$572	$560	$510	$483	$452	$362	$302	$216	$82
Interest income	$35	$36	$60	$70	$12	$6	$6	$19	$11	$6	$7	$7	$9	$8	$10	$5	$7	$4	$19	$90	–	–	–	–	–	–	–	–	–	–
Interest expense	($632)	($653)	($645)	($580)	($437)	($423)	($432)	($413)	($378)	($374)	($413)	($432)	($456)	($447)	($411)	($392)	($378)	($323)	($295)	($303)	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$413	$384	$84	$291	$1,021	$632	$1,019	$652	$713	$562	$570	$800	$526	$700	$285	$303	$189	$231	$168	–	–	–	$316	$365	$444	$208	$228	–	–	–
Income tax expense	–	–	–	–	–	–	–	–	($177)	($478)	($397)	($296)	($383)	–	($467)	($432)	($491)	($380)	($289)	$685	$262	($174)	($330)	($235)	($567)	($344)	($293)	($268)	($172)	($96)
Net income	$297	$277	$14	$190	$849	$505	$873	$522	$583	$462	$513	$583	$444	$750	$290	$273	$159	$231	$105	$1,310	$874	$438	$284	$365	$444	$208	$153	$120	$93	$40
Per share
Diluted EPS (GAAP)	$1.86	$1.74	$0.09	$1.21	$5.40	$3.17	$5.54	$3.30	$3.70	$2.93	$3.26	$3.72	$2.83	$4.86	$1.92	$1.86	$1.14	$1.76	$0.87	$10.80	$7.46	$3.86	$2.61	$3.65	$4.50	$2.19	$2.05	$1.71	$1.52	$0.90
Basic EPS (GAAP)	$1.86	$1.75	$0.09	$1.21	$5.42	$3.18	$5.55	$3.31	$3.71	$2.93	$3.27	$3.73	$2.83	$4.87	$1.93	$1.87	$1.14	$1.76	$0.88	$10.98	$7.62	$3.94	$2.67	$3.71	$4.57	$2.24	$2.05	$1.72	$1.53	$0.91
Basic shares outstanding	159	158	157	157	157	156	155	155	154	154	154	153	153	152	150	146	139	131	120	119	115	111	106	97	93	90	71	66	61	39
Margins
Gross margin	60.5%	60.6%	61.2%	62.8%	63.5%	64.2%	62.7%	63.4%	62.7%	63.0%	63.9%	63.7%	63.9%	63.9%	63.9%	65.2%	66.1%	65.6%	66.2%	67.4%	66.3%	65.9%	66.1%	65.4%	66.3%	69.8%	69.9%	68.3%	70.7%	67.5%
Operating margin	35.1%	55.7%	30.0%	31.7%	34.1%	33.7%	32.8%	35.4%	33.6%	34.9%	32.4%	34.1%	33.5%	31.8%	34.7%	35.1%	39.5%	37.4%	39.3%	22.7%	21.2%	21.2%	21.9%	22.9%	24.0%	29.3%	26.0%	23.2%	27.4%	15.9%
Net margin	8.5%	7.9%	0.4%	5.8%	27.3%	17.5%	31.6%	17.6%	21.5%	17.8%	20.1%	23.4%	18.5%	35.1%	15.7%	15.8%	10.3%	15.2%	7.2%	88.4%	59.1%	30.5%	20.3%	27.9%	36.0%	20.1%	17.4%	15.2%	18.1%	14.4%

Analyst consensus

Buy43 analysts

Bearish · 1 · Hold · 18 · Bullish · 24

Earnings history

	EPS	Estimate
Q3 2024	$0.53	$0.53	Match
Q4 2024	$-1.45	$0.49	Miss
Q1 2025	$0.39	$0.41	Miss
Q2 2025	$0.56	$0.41	Beat
Q3 2025	$-0.77	$0.51	Miss
Q4 2025	$1.57	$0.56	Beat
Q1 2026	$0.64	$0.43	Beat
Q2 2026	$0.43	$0.40	Beat

Peers

Company overview

IPO dateJun 18, 1997

CEOOwen D. Thomas

Employees826

SectorReal Estate

IndustryREIT - Office

CountryUS

ExchangeNew York Stock Exchange

Websitewww.bxp.com

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.

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