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BXP (BXP) Financials

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$59.62 +1.09 (+1.85%)
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Annual Income Statements for BXP

Annual Income Statements for BXP

This table shows BXP's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 573 502 452 572 511 862 496 849 190 27 225
Consolidated Net Income / (Loss)		 800 570 562 713 652 1,019 632 1,021 291 84 384
Net Income / (Loss) Continuing Operations		 800 570 562 713 652 1,019 632 1,021 291 97 332
Total Pre-Tax Income 		800 562 551 713 652 1,019 632 1,021 291 97 332
Total Operating Income		 849 826 908 1,096 1,046 905 968 1,059 1,034 1,020 960
Total Gross Profit		 2,459 2,519 1,640 1,694 1,911 1,724 1,842 1,958 2,040 2,069 2,043
Total Revenue		 2,491 2,551 2,602 2,717 2,961 2,766 2,889 3,109 3,274 3,408 3,482
Total Cost of Revenue		 32 31 962 1,023 1,050 1,042 1,047 1,151 1,234 1,339 1,439
Operating Cost of Revenue		 32 31 962 1,023 1,050 1,042 1,047 1,151 1,234 1,339 1,439
Total Operating Expenses		 1,609 1,694 732 598 865 818 874 899 1,005 1,049 1,084
Selling, General & Admin Expense		 96 105 114 123 143 135 157 149 174 162 171
Depreciation Expense		 640 694 618 646 678 684 717 750 831 887 912
Other Operating Expenses / (Income)		 874 892 - - 44 - - - - - 0.00
Total Other Income / (Expense), net		 -49 -264 -357 -383 -394 113 -336 -38 -743 -923 -627
Interest Expense		 454 413 374 395 442 432 469 437 580 645 653
Interest & Investment Income		 29 9.50 9.46 11 25 -74 8.76 -54 -164 -279 -62
Other Income / (Expense), net		 376 138 7.66 - 23 619 124 454 0.52 0.60 88
Net Income / (Loss) Attributable to Noncontrolling Interest		 217 57 100 130 130 146 127 172 101 70 107
Weighted Average Basic Shares Outstanding		 153.47M 153.72M 154.19M 154.43M 154.58M 155.43M 156.12M 156.73M 156.86M 157.47M 158.33M
Diluted Earnings per Share		 $3.72 $3.26 $2.93 $3.70 $3.30 $5.54 $3.17 $5.40 $1.21 $0.09 $1.74
Weighted Average Diluted Shares Outstanding		 153.84M 153.98M 154.39M 154.68M 154.88M 155.52M 156.38M 157.14M 157.20M 157.79M 158.87M
Weighted Average Basic & Diluted Shares Outstanding		 153.59M 153.84M 154.34M 154.51M 155.12M 311.61M 313.35M 313.65M 314.02M 158.21M 158.63M

Quarterly Income Statements for BXP

This table shows BXP's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 104 -112 120 93 80 84 -229 61 89 -53 128
Consolidated Net Income / (Loss)		 136 -104 153 107 107 108 -238 87 119 -117 295
Net Income / (Loss) Continuing Operations		 136 -104 153 120 107 108 -238 87 119 -48 174
Total Pre-Tax Income 		136 -104 153 120 107 108 -238 87 119 -48 174
Total Operating Income		 266 272 262 246 251 261 262 248 256 253 202
Total Gross Profit		 513 511 515 515 515 518 521 522 523 526 472
Total Revenue		 817 824 829 839 850 859 859 865 868 872 877
Total Cost of Revenue		 304 313 314 324 335 341 337 344 346 345 405
Operating Cost of Revenue		 304 313 314 324 335 341 337 344 346 345 405
Total Operating Expenses		 247 240 253 269 264 256 259 273 267 274 270
Selling, General & Admin Expense		 44 32 41 51 44 34 33 53 43 38 38
Depreciation Expense		 203 207 212 219 220 223 226 220 224 236 232
Total Other Income / (Expense), net		 -130 -375 -109 -126 -144 -153 -500 -162 -137 -301 -28
Interest Expense		 142 148 155 162 150 163 170 164 163 164 163
Interest & Investment Income		 12 -228 46 36 5.30 9.62 -329 5.25 7.34 -138 63
Other Income / (Expense), net		 0.12 0.47 -0.09 0.40 0.06 0.52 0.08 -2.97 18 1.93 71
Net Income / (Loss) Attributable to Noncontrolling Interest		 32 8.28 33 27 27 25 -8.96 26 30 4.87 46
Weighted Average Basic Shares Outstanding		 156.83M 156.88M 156.86M 156.98M 157.04M 157.73M 157.47M 158.20M 158.31M 158.35M 158.33M
Diluted Earnings per Share		 $0.66 ($0.71) $0.76 $0.51 $0.51 $0.53 ($1.46) $0.39 $0.56 ($0.77) $1.56
Weighted Average Diluted Shares Outstanding		 157.22M 156.88M 157.20M 157.13M 157.29M 158.21M 157.79M 158.63M 158.80M 158.35M 158.87M
Weighted Average Basic & Diluted Shares Outstanding		 313.73M 313.88M 314.02M 314.12M 315.87M 158.11M 158.21M 158.32M 158.38M 158.47M 158.63M

Annual Cash Flow Statements for BXP

This table details how cash moves in and out of BXP's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -1,039 -377 85 134 53 1,027 -77 666 876 1,113 1,336
Net Cash From Operating Activities		 799 1,035 912 1,150 1,181 1,157 1,133 1,282 1,302 1,235 1,245
Net Cash From Continuing Operating Activities		 799 1,035 912 1,150 1,181 1,156 1,277 1,713 1,508 2,625 2,359
Net Income / (Loss) Continuing Operations		 800 570 562 713 652 1,019 632 1,021 291 84 384
Consolidated Net Income / (Loss)		 800 570 562 713 652 1,019 632 1,021 291 84 384
Depreciation Expense		 640 694 618 646 678 684 717 750 831 887 912
Amortization Expense		 - - 0.00 - 2.41 2.23 3.52 2.43 1.94 1.27 -0.73
Non-Cash Adjustments To Reconcile Net Income		 -545 -250 -22 -261 23 -438 -41 -119 340 1,519 903
Changes in Operating Assets and Liabilities, net		 -95 20 -246 53 -174 -110 -35 59 44 133 160
Net Cash From Investing Activities		 -280 -1,337 -882 -1,099 -1,015 -614 -1,040 -1,603 -1,194 -1,237 -645
Net Cash From Continuing Investing Activities		 -280 -1,337 -882 -1,099 -1,022 -619 -1,040 -1,603 -1,195 -1,237 -645
Purchase of Property, Plant & Equipment		 -487 -729 -847 -1,095 -876 -781 -1,151 -1,998 -1,008 -876 -956
Acquisitions		 -38 -576 -109 -346 -87 -172 -98 -278 -206 -126 -259
Purchase of Investments		 -669 -1.16 -1.67 -0.90 -2.13 2.55 0.00 2.50 0.00 0.14 0.56
Sale and/or Maturity of Investments		 25 20 251 455 137 55 181 37 33 28 173
Other Investing Activities, net		 287 -230 -205 -113 -285 -238 10 -209 -14 -263 397
Net Cash From Financing Activities		 -1,559 -75 55 82 -113 484 -1,311 556 768 -274 -379
Net Cash From Continuing Financing Activities		 -1,559 -75 55 82 -113 484 -314 556 768 -274 -379
Repayment of Debt		 -57 -1,369 -3,141 -1,534 -1,167 -293 -2,879 -1,138 -1,249 -6,080 -10,909
Payment of Dividends		 -1,399 -715 -581 -670 -923 -748 -944 -771 -758 -768 -726
Issuance of Debt		 0.00 2,015 3,751 2,241 1,928 1,513 3,667 2,465 2,548 6,213 11,221
Issuance of Common Equity		 0.80 -0.27 52 47 50 11 42 0.50 0.37 -1.73 -0.44
Other Financing Activities, net		 5.60 -5.26 -26 -0.96 -0.50 0.00 -1.25 0.00 227 362 36
Cash Interest Paid		 516 473 660 416 494 487 465 502 597 718 728

Quarterly Cash Flow Statements for BXP

This table details how cash moves in and out of BXP's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 664 279 -294 -846 2,981 -1,780 599 -856 49 411 1,732
Net Cash From Operating Activities		 379 301 387 198 367 286 384 210 353 274 408
Net Cash From Continuing Operating Activities		 403 1,165 -365 258 654 503 1,120 245 412 334 1,367
Net Income / (Loss) Continuing Operations		 136 -104 153 107 107 108 -238 87 119 -117 295
Consolidated Net Income / (Loss)		 136 -104 153 107 107 108 -238 87 119 -117 295
Depreciation Expense		 203 207 212 219 220 223 226 220 224 236 232
Amortization Expense		 0.28 0.57 0.44 1.44 -2.60 -1.36 4.79 0.20 0.09 -0.74 -0.28
Non-Cash Adjustments To Reconcile Net Income		 33 975 -813 31 280 178 975 55 -40 213 676
Changes in Operating Assets and Liabilities, net		 6.69 181 82 -100 50 -5.38 152 -152 144 2.48 165
Net Cash From Investing Activities		 -269 -321 -318 -287 -267 -297 -387 -309 -303 -376 344
Net Cash From Continuing Investing Activities		 -269 -321 -318 -287 -267 -297 -387 -309 -304 -375 344
Purchase of Property, Plant & Equipment		 -155 -165 -218 -267 -167 -208 -288 -196 -351 -125 -284
Acquisitions		 -43 -45 -57 -20 -34 -27 -45 -53 -32 -34 -140
Purchase of Investments		 0.19 -1.51 -0.48 1.43 -0.88 -1.02 -1.89 0.60 -2.03 2.15 -0.16
Sale and/or Maturity of Investments		 7.35 - 25 0.00 - - 28 0.00 22 7.37 143
Other Investing Activities, net		 -79 -109 -68 -0.57 -65 -62 -81 -61 59 -226 625
Net Cash From Financing Activities		 554 -679 613 -757 -129 745 -133 -757 -1.25 512 -133
Net Cash From Continuing Financing Activities		 554 -661 613 -755 2,595 -1,985 -133 -757 -1.25 512 -133
Repayment of Debt		 -6.13 -500 -6.78 -701 855 -4,424 -1,811 -1,625 -4,024 -2,282 -2,978
Payment of Dividends		 -187 -184 -194 -192 -190 -188 -198 -193 -192 -199 -143
Issuance of Debt		 748 - 600 0.00 1,859 2,546 1,808 1,060 4,157 3,030 2,974
Issuance of Common Equity		 -0.63 23 214 141 67 96 70 4.33 60 -65 -0.00
Other Financing Activities, net		 - - - -3.16 2.84 -15 -3.30 -3.34 -3.39 29 14
Cash Interest Paid		 158 143 159 190 172 175 181 186 179 184 178

Annual Balance Sheets for BXP

This table presents BXP's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 18,351 18,852 19,372 20,256 21,285 22,858 22,365 24,208 26,026 26,085 26,166
Total Current Assets		 1,101 666 634 739 883 1,819 101 76 101 111 153
Short-Term Investments		 20 24 29 28 37 39 44 32 36 40 45
Prepaid Expenses		 185 130 78 81 42 34 58 44 64 71 108
Plant, Property, & Equipment, net		 15,556 15,925 -4,590 -4,898 17,622 17,819 -5,646 -6,298 20,192 -7,528 -8,040
Accumulated Depreciation		 3,926 4,222 4,590 4,898 5,267 5,534 5,884 6,298 6,882 7,528 8,040
Total Noncurrent Assets		 1,695 2,260 23,328 24,415 2,780 3,220 27,910 30,101 5,230 33,021 33,628
Long-Term Investments		 235 775 620 956 956 1,310 1,483 1,716 1,377 1,094 999
Other Noncurrent Operating Assets		 1,460 1,485 22,708 23,359 1,728 1,813 26,339 28,385 3,851 31,928 32,629
Total Liabilities & Shareholders' Equity		 18,351 18,852 19,372 20,256 21,285 22,858 22,365 24,208 26,026 26,085 26,166
Total Liabilities		 10,465 10,920 11,270 12,043 13,262 14,512 14,322 15,837 17,834 18,137 18,474
Total Current Liabilities		 792 673 554 531 638 614 491 588 763 574 604
Accounts Payable		 275 299 332 277 378 336 321 418 458 402 480
Dividends Payable		 327 130 139 165 171 171 170 171 171 172 124
Total Noncurrent Liabilities		 9,672 10,247 10,716 11,511 12,624 13,898 13,832 15,249 17,071 17,063 16,144
Long-Term Debt		 9,189 9,796 10,272 11,008 11,812 13,048 12,897 14,240 15,856 15,720 14,883
Other Noncurrent Operating Liabilities		 484 451 444 504 812 850 935 1,009 1,214 1,342 1,261
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 0.00 0.00 0.00 8.37 6.90 9.57 6.61 8.38 9.54 7.54
Total Equity & Noncontrolling Interests		 7,887 7,932 8,102 8,214 8,014 8,340 8,033 8,364 8,184 7,938 7,685
Total Preferred & Common Equity		 5,709 5,786 5,814 5,883 5,685 5,996 5,834 6,133 5,877 5,413 5,147
Preferred Stock		 200 200 200 200 200 200 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 5,509 5,586 5,614 5,683 5,485 5,796 5,834 6,133 5,877 5,413 5,147
Common Stock		 6,307 6,335 6,379 6,409 6,296 6,358 6,499 6,541 6,717 6,838 6,838
Retained Earnings		 -781 -694 -712 -676 -761 -510 -626 -391 -816 -1,420 -1,675
Treasury Stock		 -2.72 -2.72 -2.72 -2.72 -2.72 -2.72 -2.72 -2.72 -2.72 -2.72 -2.72
Accumulated Other Comprehensive Income / (Loss)		 -14 -52 -50 -48 -48 -50 -37 -14 -21 -2.07 -13
Noncontrolling Interest		 2,177 2,146 2,288 2,331 2,330 2,344 2,199 2,231 2,307 2,525 2,538

Quarterly Balance Sheets for BXP

This table presents BXP's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets		 24,625 25,342 24,739 26,026 25,526 25,474 26,406 26,085 25,437 25,621 25,999
Total Current Assets		 174 111 154 101 183 891 1,742 111 177 131 181
Short-Term Investments		 32 33 33 36 37 37 39 40 38 41 44
Prepaid Expenses		 142 77 121 64 146 86 132 71 139 90 138
Plant, Property, & Equipment, net		 -6,187 -6,331 -6,486 20,192 -7,041 20,419 20,528 20,677 20,746 20,890 20,922
Plant, Property & Equipment, gross		 238 238 238 27,074 - 27,618 27,898 28,205 28,446 28,754 28,931
Accumulated Depreciation		 6,425 6,569 6,724 6,882 7,041 7,199 7,370 7,528 7,699 7,864 8,009
Total Noncurrent Assets		 30,625 31,549 30,969 5,230 31,879 3,689 3,659 4,821 4,036 4,117 4,410
Long-Term Investments		 1,753 1,781 1,537 1,377 1,400 1,419 1,422 1,094 1,138 1,161 1,000
Other Noncurrent Operating Assets		 28,794 29,679 29,432 3,851 30,477 2,267 2,233 3,722 2,893 2,956 3,411
Total Liabilities & Shareholders' Equity		 24,625 25,342 24,739 26,026 25,526 25,474 26,406 26,085 25,437 25,621 25,999
Total Liabilities		 16,313 17,049 16,699 17,834 17,240 17,184 18,123 18,137 17,578 17,767 18,483
Total Current Liabilities		 569 606 634 763 547 657 738 702 992 959 728
Short-Term Debt		 - - - 0.00 - 0.00 0.00 0.00 300 185 0.00
Accounts Payable		 398 435 462 458 375 372 444 402 399 480 485
Dividends Payable		 171 171 172 171 172 172 172 172 173 173 123
Other Current Nonoperating Liabilities		 - - - 134 - 112 121 128 120 121 120
Total Noncurrent Liabilities		 15,744 16,443 16,065 17,071 16,693 16,027 16,885 16,935 16,086 16,058 16,029
Long-Term Debt		 14,709 15,456 14,962 15,856 15,362 14,867 15,715 15,720 14,872 14,876 14,880
Other Noncurrent Operating Liabilities		 1,035 987 1,103 1,214 1,331 1,160 1,170 1,214 1,214 1,182 1,150
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 5.60 6.29 6.79 8.38 8.14 7.92 11 9.54 8.94 6.98 8.01
Total Equity & Noncontrolling Interests		 8,306 8,287 8,034 8,184 8,278 8,282 8,272 7,938 7,850 7,847 7,509
Total Preferred & Common Equity		 6,063 6,040 5,788 5,877 5,858 5,803 5,759 5,413 5,320 5,259 5,000
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 6,063 6,040 5,788 5,877 5,858 5,803 5,759 5,413 5,320 5,259 5,000
Common Stock		 6,551 6,563 6,570 6,717 6,754 6,770 6,824 6,838 6,848 6,856 6,829
Retained Earnings		 -467 -517 -782 -816 -890 -965 -1,036 -1,420 -1,514 -1,580 -1,812
Treasury Stock		 -2.72 -2.72 -2.72 -2.72 -2.72 -2.72 -2.72 -2.72 -2.72 -2.72 -2.72
Accumulated Other Comprehensive Income / (Loss)		 -18 -3.41 2.87 -21 -3.62 -0.16 -26 -2.07 -11 -15 -15
Noncontrolling Interest		 2,244 2,246 2,245 2,307 2,420 2,479 2,512 2,525 2,530 2,589 2,509

Annual Metrics And Ratios for BXP

This table displays calculated financial ratios and metrics derived from BXP's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.91% 2.41% 2.01% 4.42% 8.96% -6.58% 4.45% 7.61% 5.31% 4.10% 2.19%
EBITDA Growth		 16.66% -11.08% -7.53% 13.59% 0.42% 26.37% -17.99% 24.92% -17.51% 2.31% 2.62%
EBIT Growth		 26.33% -21.34% -4.99% 19.68% -2.48% 42.60% -28.38% 38.51% -31.54% -1.32% 2.66%
NOPAT Growth		 5.93% -2.78% 9.97% 20.69% -4.60% -13.42% 6.93% 9.35% -2.28% -1.35% -5.94%
Net Income Growth		 52.06% -28.75% -1.32% 26.68% -8.50% 56.24% -37.97% 61.50% -71.45% -71.11% 356.12%
EPS Growth		 31.45% -12.37% -10.12% 26.28% -10.81% 67.88% -42.78% 70.35% -77.59% -92.56% 1,833.33%
Operating Cash Flow Growth		 14.93% 29.41% -11.85% 26.13% 2.69% -2.06% -2.04% 13.16% 1.49% -5.15% 0.86%
Free Cash Flow Firm Growth		 0.46% -51.11% -42.32% 137.31% -11.76% 13.76% -94.22% -264.64% -1,003.50% 185.64% 0.01%
Invested Capital Growth		 -0.83% 2.07% 3.73% 2.49% 2.58% 1.32% 4.98% 5.73% 8.36% 1.89% 1.01%
Revenue Q/Q Growth		 -1.68% 3.82% 0.98% 2.50% 11.31% -11.32% 2.43% 1.93% 1.21% 0.88% 0.53%
EBITDA Q/Q Growth		 12.79% -57.71% -3.58% 6.88% -0.08% -5.02% 10.05% -0.75% -2.14% 0.99% 0.82%
EBIT Q/Q Growth		 20.62% -62.35% -3.49% 10.14% -0.76% -7.01% 16.72% -2.47% -5.00% 0.04% 1.11%
NOPAT Q/Q Growth		 0.19% -1.29% 3.39% 10.14% -2.92% -25.33% 36.90% 0.75% 0.13% 0.00% 34.52%
Net Income Q/Q Growth		 -5.29% -0.32% -5.49% 8.04% -1.40% -12.92% 45.76% -6.21% -0.87% -82.28% 358.39%
EPS Q/Q Growth		 -6.53% 1.88% -8.72% 8.50% -1.49% -13.44% 55.39% -6.90% -1.63% -96.10% 235.94%
Operating Cash Flow Q/Q Growth		 -4.23% 10.73% 4.14% 4.79% -1.52% 1.14% -2.42% 1.88% 1.34% -0.27% 1.97%
Free Cash Flow Firm Q/Q Growth		 -30.67% 101.56% -98.29% 161.36% 62.28% -51.69% -33.34% 85.90% -324.20% -47.64% 198.70%
Invested Capital Q/Q Growth		 0.35% -48.47% 1.04% -0.70% -2.03% 0.11% 1.56% -0.36% 4.34% 6.91% 0.53%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 98.71% 98.77% 63.03% 62.36% 64.53% 62.33% 63.77% 62.97% 62.31% 60.72% 58.68%
EBITDA Margin		 74.87% 65.01% 58.93% 64.10% 59.08% 79.92% 62.75% 72.84% 57.06% 56.08% 56.27%
Operating Margin		 34.10% 32.37% 34.90% 40.34% 35.32% 32.73% 33.51% 34.05% 31.60% 29.94% 27.56%
EBIT Margin		 49.19% 37.79% 35.19% 40.34% 36.10% 55.11% 37.79% 48.64% 31.62% 29.98% 30.10%
Profit (Net Income) Margin		 32.11% 22.34% 21.62% 26.23% 22.02% 36.83% 21.88% 32.83% 8.90% 2.47% 11.03%
Tax Burden Percent		 100.00% 101.44% 102.04% 100.00% 100.00% 100.00% 100.00% 100.00% 99.97% 86.08% 115.54%
Interest Burden Percent		 65.29% 58.30% 60.19% 65.01% 61.00% 66.83% 57.89% 67.50% 28.16% 9.57% 31.71%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 5.11% 4.94% 5.28% 6.18% 5.75% 4.89% 5.06% 5.25% 4.80% 4.51% 4.20%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.54% 2.04% 1.52% 2.18% 1.84% 5.98% 1.99% 4.94% -0.80% -1.92% 0.37%
Return on Net Nonoperating Assets (RNNOA)		 4.95% 2.26% 1.74% 2.55% 2.28% 7.56% 2.65% 7.18% -1.28% -3.46% 0.71%
Return on Equity (ROE)		 10.06% 7.21% 7.02% 8.73% 8.03% 12.45% 7.71% 12.44% 3.52% 1.04% 4.91%
Cash Return on Invested Capital (CROIC)		 5.94% 2.89% 1.62% 3.73% 3.21% 3.58% 0.20% -0.31% -3.23% 2.64% 3.20%
Operating Return on Assets (OROA)		 6.41% 5.18% 4.79% 5.53% 5.15% 6.91% 4.83% 6.49% 4.12% 3.92% 4.01%
Return on Assets (ROA)		 4.18% 3.06% 2.94% 3.60% 3.14% 4.62% 2.79% 4.38% 1.16% 0.32% 1.47%
Return on Common Equity (ROCE)		 6.97% 5.05% 4.90% 6.05% 5.52% 8.58% 5.47% 9.07% 2.55% 0.73% 3.32%
Return on Equity Simple (ROE_SIMPLE)		 14.01% 9.85% 9.67% 12.11% 11.47% 16.99% 10.83% 16.64% 4.96% 1.56% 0.00%
Net Operating Profit after Tax (NOPAT)		 849 826 908 1,096 1,046 905 968 1,059 1,034 1,020 960
NOPAT Margin		 34.10% 32.37% 34.90% 40.34% 35.32% 32.73% 33.51% 34.05% 31.60% 29.94% 27.56%
Net Nonoperating Expense Percent (NNEP)		 0.57% 2.91% 3.76% 4.01% 3.91% -1.10% 3.08% 0.32% 5.59% 6.42% 3.83%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 4.68% 4.30% 4.31% 4.25%
Cost of Revenue to Revenue		 1.29% 1.23% 36.97% 37.64% 35.47% 37.67% 36.23% 37.03% 37.69% 39.28% 41.32%
SG&A Expenses to Revenue		 3.87% 4.13% 4.40% 4.54% 4.82% 4.87% 5.42% 4.80% 5.33% 4.74% 4.92%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 64.61% 66.39% 28.13% 22.02% 29.21% 29.59% 30.25% 28.92% 30.71% 30.78% 31.12%
Earnings before Interest and Taxes (EBIT)		 1,225 964 916 1,096 1,069 1,524 1,092 1,512 1,035 1,021 1,048
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,865 1,658 1,533 1,742 1,749 2,210 1,813 2,264 1,868 1,911 1,959
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.56 2.55 2.69 2.37 3.11 2.12 2.67 1.53 1.77 2.17 2.08
Price to Tangible Book Value (P/TBV)		 2.56 2.55 2.69 2.37 3.11 2.12 2.67 1.53 1.77 2.17 2.08
Price to Revenue (P/Rev)		 5.66 5.58 5.81 4.97 5.75 4.44 5.39 3.01 3.18 3.45 3.07
Price to Earnings (P/E)		 24.64 28.33 33.47 23.57 33.33 14.25 31.37 11.02 54.64 823.79 47.49
Dividend Yield		 3.48% 2.92% 3.11% 4.01% 3.48% 4.97% 3.93% 6.57% 5.92% 5.27% 4.98%
Earnings Yield		 4.06% 3.53% 2.99% 4.24% 3.00% 7.02% 3.19% 9.08% 1.83% 0.12% 2.11%
Enterprise Value to Invested Capital (EV/IC)		 1.49 1.49 1.53 1.42 1.61 1.33 1.49 1.16 1.21 1.26 1.18
Enterprise Value to Revenue (EV/Rev)		 9.89 9.86 10.30 9.39 10.03 8.99 10.09 7.75 8.29 8.47 7.78
Enterprise Value to EBITDA (EV/EBITDA)		 13.20 15.17 17.48 14.64 16.98 11.25 16.08 10.64 14.54 15.11 13.82
Enterprise Value to EBIT (EV/EBIT)		 20.10 26.10 29.27 23.27 27.78 16.32 26.70 15.93 26.23 28.27 25.83
Enterprise Value to NOPAT (EV/NOPAT)		 28.99 30.46 29.51 23.27 28.40 27.47 30.11 22.75 26.25 28.30 28.22
Enterprise Value to Operating Cash Flow (EV/OCF)		 30.80 24.31 29.39 22.17 25.14 21.50 25.72 18.78 20.86 23.39 21.75
Enterprise Value to Free Cash Flow (EV/FCFF)		 24.94 52.11 96.26 38.60 50.94 37.50 759.66 0.00 0.00 48.38 37.09
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.17 1.24 1.27 1.34 1.47 1.56 1.60 1.70 1.94 1.98 1.93
Long-Term Debt to Equity		 1.17 1.24 1.27 1.34 1.47 1.56 1.60 1.70 1.94 1.98 1.93
Financial Leverage		 1.09 1.11 1.15 1.17 1.24 1.26 1.33 1.45 1.60 1.81 1.92
Leverage Ratio		 2.41 2.35 2.38 2.43 2.56 2.70 2.76 2.84 3.03 3.23 3.34
Compound Leverage Factor		 1.57 1.37 1.44 1.58 1.56 1.80 1.60 1.92 0.85 0.31 1.06
Debt to Total Capital		 53.81% 55.26% 55.90% 57.27% 59.55% 60.99% 61.59% 62.98% 65.93% 66.42% 65.93%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 53.81% 55.26% 55.90% 57.27% 59.55% 60.99% 61.59% 62.98% 65.93% 66.42% 65.93%
Preferred Equity to Total Capital		 1.17% 1.13% 1.09% 1.04% 1.01% 0.93% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 12.75% 12.10% 12.46% 12.13% 11.79% 10.99% 10.55% 9.90% 9.63% 10.71% 11.27%
Common Equity to Total Capital		 32.27% 31.51% 30.55% 29.57% 27.65% 27.09% 27.86% 27.12% 24.44% 22.87% 22.80%
Debt to EBITDA		 4.93 5.91 6.70 6.32 6.75 5.90 7.12 6.29 8.49 8.23 7.60
Net Debt to EBITDA		 4.36 5.17 5.99 5.44 5.79 4.54 6.27 5.52 7.73 7.63 7.06
Long-Term Debt to EBITDA		 4.93 5.91 6.70 6.32 6.75 5.90 7.12 6.29 8.49 8.23 7.60
Debt to NOPAT		 10.82 11.86 11.31 10.04 11.30 14.41 13.32 13.45 15.33 15.41 15.51
Net Debt to NOPAT		 9.58 10.39 10.12 8.65 9.69 11.08 11.75 11.80 13.96 14.30 14.42
Long-Term Debt to NOPAT		 10.82 11.86 11.31 10.04 11.30 14.41 13.32 13.45 15.33 15.41 15.51
Altman Z-Score		 1.13 1.03 1.05 0.95 1.04 0.88 0.88 0.64 0.53 0.55 0.50
Noncontrolling Interest Sharing Ratio		 30.75% 29.86% 30.15% 30.76% 31.22% 31.08% 29.04% 27.09% 27.49% 30.05% 32.48%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.39 0.99 1.14 1.39 1.38 2.97 0.21 0.13 0.13 0.16 0.25
Quick Ratio		 1.06 0.70 1.00 1.24 1.24 2.91 0.09 0.05 0.05 0.06 0.07
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 987 483 278 661 583 663 38 -63 -697 597 730
Operating Cash Flow to CapEx		 0.00% 170.65% 111.62% 105.08% 150.50% 442.71% 98.45% 110.29% 186.77% 140.96% 130.21%
Free Cash Flow to Firm to Interest Expense		 2.17 1.17 0.74 1.67 1.32 1.54 0.08 -0.14 -1.20 0.93 1.12
Operating Cash Flow to Interest Expense		 1.76 2.50 2.44 2.91 2.67 2.68 2.42 2.93 2.25 1.91 1.91
Operating Cash Flow Less CapEx to Interest Expense		 2.01 1.04 0.25 0.14 0.90 2.07 -0.04 0.27 1.04 0.56 0.44
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.13 0.14 0.14 0.14 0.14 0.13 0.13 0.13 0.13 0.13 0.13
Accounts Receivable Turnover		 34.48 26.79 28.17 30.39 29.69 29.08 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.16 0.16 0.00 0.00 0.00 0.16 0.00 0.00 0.00 0.17 0.00
Accounts Payable Turnover		 0.12 0.11 3.05 3.36 3.21 2.92 3.19 3.12 2.82 3.11 3.26
Days Sales Outstanding (DSO)		 10.58 13.62 12.96 12.01 12.29 12.55 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 2,946.33 3,324.70 119.52 108.53 113.70 125.02 114.57 117.07 129.54 117.28 111.84
Cash Conversion Cycle (CCC)		 -2,935.74 -3,311.08 -106.56 -96.52 -101.41 -112.47 -114.57 -117.07 -129.54 -117.28 -111.84
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 16,540 16,883 17,513 17,948 18,411 18,653 19,583 20,704 22,436 22,859 22,956
Invested Capital Turnover		 0.15 0.15 0.15 0.15 0.16 0.15 0.15 0.15 0.15 0.15 0.15
Increase / (Decrease) in Invested Capital		 -138 343 630 435 463 242 930 1,122 1,731 423 230
Enterprise Value (EV)		 24,622 25,153 26,801 25,503 29,698 24,869 29,144 24,084 27,152 28,879 27,078
Market Capitalization		 14,110 14,230 15,125 13,493 17,032 12,290 15,566 9,354 10,394 11,757 10,693
Book Value per Share		 $35.87 $36.33 $36.38 $36.80 $35.47 $37.24 $37.35 $39.12 $37.45 $34.24 $32.48
Tangible Book Value per Share		 $35.87 $36.33 $36.38 $36.80 $35.47 $37.24 $37.35 $39.12 $37.45 $34.24 $32.48
Total Capital		 17,075 17,728 18,374 19,222 19,834 21,394 20,939 22,611 24,049 23,668 22,575
Total Debt		 9,189 9,796 10,272 11,008 11,812 13,048 12,897 14,240 15,856 15,720 14,883
Total Long-Term Debt		 9,189 9,796 10,272 11,008 11,812 13,048 12,897 14,240 15,856 15,720 14,883
Net Debt		 8,135 8,577 9,188 9,480 10,128 10,029 11,370 12,492 14,443 14,587 13,839
Capital Expenditures (CapEx)		 -115 606 817 1,095 785 261 1,151 1,163 697 876 956
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -509 -451 -384 -363 -484 -502 -433 -545 -699 -632 -496
Debt-free Net Working Capital (DFNWC)		 308 -6.65 80 208 245 1,206 -389 -512 -663 -592 -451
Net Working Capital (NWC)		 308 -6.65 80 208 245 1,206 -389 -512 -663 -592 -451
Net Nonoperating Expense (NNE)		 49 256 346 383 394 -113 336 38 743 936 576
Net Nonoperating Obligations (NNO)		 8,653 8,951 9,410 9,734 10,388 10,306 11,540 12,334 14,243 14,911 15,263
Total Depreciation and Amortization (D&A)		 640 694 618 646 680 686 721 752 833 889 911
Debt-free, Cash-free Net Working Capital to Revenue		 -20.45% -17.66% -14.76% -13.38% -16.34% -18.16% -14.98% -17.52% -21.35% -18.53% -14.23%
Debt-free Net Working Capital to Revenue		 12.38% -0.26% 3.07% 7.66% 8.27% 43.60% -13.47% -16.48% -20.24% -17.37% -12.95%
Net Working Capital to Revenue		 12.38% -0.26% 3.07% 7.66% 8.27% 43.60% -13.47% -16.48% -20.24% -17.37% -12.95%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.73 $3.27 $2.93 $3.71 $3.31 $5.55 $0.00 $5.41 $1.21 $0.09 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 153.47M 153.72M 154.19M 154.43M 154.58M 155.43M 156.12M 156.73M 156.86M 157.47M 158.33M
Adjusted Diluted Earnings per Share		 $3.72 $3.26 $2.93 $3.70 $3.30 $5.54 $3.17 $5.40 $1.21 $0.09 $1.74
Adjusted Weighted Average Diluted Shares Outstanding		 153.84M 153.98M 154.39M 154.68M 154.88M 155.52M 156.38M 157.14M 157.20M 157.79M 158.87M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 153.59M 153.84M 154.34M 154.51M 155.12M 311.61M 313.35M 313.65M 314.02M 158.21M 158.63M
Normalized Net Operating Profit after Tax (NOPAT)		 595 578 636 648 732 634 678 741 724 714 672
Normalized NOPAT Margin		 23.87% 22.66% 24.43% 23.84% 24.72% 22.91% 23.46% 23.84% 22.12% 20.96% 19.29%
Pre Tax Income Margin		 32.11% 22.03% 21.19% 26.23% 22.02% 36.83% 21.88% 32.83% 8.90% 2.87% 9.54%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.70 2.33 2.45 2.78 2.42 3.53 2.33 3.46 1.79 1.58 1.60
NOPAT to Interest Expense		 1.87 2.00 2.43 2.78 2.36 2.10 2.07 2.42 1.78 1.58 1.47
EBIT Less CapEx to Interest Expense		 2.95 0.87 0.26 0.00 0.64 2.93 -0.13 0.80 0.58 0.23 0.14
NOPAT Less CapEx to Interest Expense		 2.12 0.53 0.24 0.00 0.59 1.49 -0.39 -0.24 0.58 0.22 0.01
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 174.91% 125.47% 103.28% 94.04% 141.59% 73.40% 149.31% 75.50% 260.03% 911.74% 189.13%
Augmented Payout Ratio		 188.48% 125.47% 103.28% 94.15% 141.59% 73.40% 149.31% 75.50% 260.03% 911.74% 189.13%

Quarterly Metrics And Ratios for BXP

This table displays calculated financial ratios and metrics derived from BXP's official financial filings.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.59% 4.27% 4.95% 4.51% 4.08% 4.24% 3.58% 3.07% 2.11% 1.43% 2.16%
EBITDA Growth		 -16.05% -33.79% -9.67% 4.97% -0.22% 0.73% 3.90% -0.11% 5.80% 1.21% 3.57%
EBIT Growth		 -28.95% -49.05% -19.73% 4.82% -5.68% -3.68% 0.07% -0.28% 9.27% -2.84% 4.60%
NOPAT Growth		 -2.13% -29.99% 0.53% 4.77% -5.65% 37.52% -30.00% 1.09% 1.99% -32.37% 10.42%
Net Income Growth		 -49.04% -124.61% -1.65% 0.92% -21.47% 204.74% -255.28% -18.48% 11.40% -207.73% 223.96%
EPS Growth		 -53.52% -131.00% -2.56% 2.00% -22.73% 174.65% -292.11% -23.53% 9.80% -245.28% 206.85%
Operating Cash Flow Growth		 -4.53% 1.83% 4.64% -15.56% -3.19% -5.01% -0.88% 6.30% -3.79% -4.15% 6.26%
Free Cash Flow Firm Growth		 -29.84% 56.65% -70.64% 83.93% 170.83% 171.63% 83.67% 81.71% -167.93% -434.93% 74.61%
Invested Capital Growth		 8.36% 3.47% 8.36% 2.26% -3.47% -0.56% 1.89% 1.33% 4.45% 6.80% 1.01%
Revenue Q/Q Growth		 1.74% 0.87% 0.56% 1.27% 1.32% 1.03% -0.08% 0.77% 0.37% 0.35% 0.64%
EBITDA Q/Q Growth		 5.65% 2.30% -1.18% -1.65% 0.42% 3.27% 1.93% -5.50% 7.03% -1.72% 3.15%
EBIT Q/Q Growth		 13.46% 2.11% -3.74% -5.92% 2.10% 4.27% 0.01% -6.34% 11.87% -7.32% 7.51%
NOPAT Q/Q Growth		 13.54% -28.61% 37.80% -6.19% 2.24% 4.06% -29.85% 35.47% 3.15% -31.00% 14.53%
Net Income Q/Q Growth		 28.93% -176.03% 247.91% -30.39% 0.32% 1.41% -319.28% 136.54% 37.09% -198.07% 352.30%
EPS Q/Q Growth		 32.00% -207.58% 207.04% -32.89% 0.00% 3.92% -375.47% 126.71% 43.59% -237.50% 302.60%
Operating Cash Flow Q/Q Growth		 62.03% -20.57% 28.54% -36.41% 85.77% -22.06% 34.13% -45.27% 68.14% -22.35% 48.69%
Free Cash Flow Firm Q/Q Growth		 2.90% 63.02% -176.22% -483.63% 528.06% -62.60% -162.99% 81.86% -1,489.67% -84.41% 97.87%
Invested Capital Q/Q Growth		 3.26% -2.67% 4.34% 4.66% -2.53% 0.27% 6.91% -3.01% 0.46% 2.52% 0.53%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 62.82% 62.01% 62.14% 61.35% 60.56% 60.27% 60.71% 60.28% 60.21% 60.39% 53.86%
EBITDA Margin		 57.43% 58.24% 57.23% 55.55% 55.05% 56.28% 57.41% 53.83% 57.40% 56.21% 57.62%
Operating Margin		 32.59% 32.95% 31.60% 29.27% 29.54% 30.42% 30.51% 28.71% 29.50% 28.98% 23.09%
EBIT Margin		 32.60% 33.00% 31.59% 29.32% 29.55% 30.50% 30.52% 28.37% 31.62% 29.20% 31.20%
Profit (Net Income) Margin		 16.67% -12.56% 18.48% 12.70% 12.58% 12.62% -27.70% 10.04% 13.72% -13.41% 33.61%
Tax Burden Percent		 100.00% 100.00% 99.95% 88.67% 100.00% 100.00% 100.00% 100.00% 100.00% 242.82% 169.00%
Interest Burden Percent		 51.12% -38.06% 58.52% 48.85% 42.56% 41.39% -90.76% 35.41% 43.39% -18.91% 63.75%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 4.91% 3.53% 4.80% 4.48% 4.55% 4.79% 3.21% 4.48% 4.67% 3.18% 3.52%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.91% 1.26% 3.98% 3.43% 3.47% 3.64% 0.32% 3.32% 3.67% 1.11% 4.13%
Return on Net Nonoperating Assets (RNNOA)		 6.19% 1.97% 6.38% 5.52% 5.62% 5.93% 0.59% 5.74% 6.25% 2.00% 7.94%
Return on Equity (ROE)		 11.10% 5.50% 11.18% 10.00% 10.17% 10.72% 3.80% 10.21% 10.92% 5.18% 11.46%
Cash Return on Invested Capital (CROIC)		 -3.16% 1.47% -3.23% 2.60% 8.28% 5.32% 2.64% 3.32% 0.37% -3.35% 3.20%
Operating Return on Assets (OROA)		 4.29% 4.41% 4.12% 3.87% 3.89% 4.03% 3.99% 3.82% 4.27% 3.86% 4.16%
Return on Assets (ROA)		 2.19% -1.68% 2.41% 1.68% 1.65% 1.67% -3.62% 1.35% 1.85% -1.77% 4.48%
Return on Common Equity (ROCE)		 8.08% 4.00% 8.10% 7.18% 7.26% 7.58% 2.66% 7.07% 7.48% 3.53% 7.74%
Return on Equity Simple (ROE_SIMPLE)		 13.55% 5.08% 0.00% 4.99% 4.54% 8.25% 0.00% 1.21% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 266 190 262 246 251 261 183 248 256 177 202
NOPAT Margin		 32.59% 23.06% 31.60% 29.27% 29.54% 30.42% 21.36% 28.71% 29.50% 20.29% 23.09%
Net Nonoperating Expense Percent (NNEP)		 1.00% 2.27% 0.82% 1.04% 1.08% 1.15% 2.89% 1.16% 1.00% 2.07% -0.61%
Return On Investment Capital (ROIC_SIMPLE)		 - - 1.09% - - - 0.78% 1.08% 1.12% 0.79% 0.90%
Cost of Revenue to Revenue		 37.18% 37.99% 37.86% 38.65% 39.44% 39.73% 39.29% 39.72% 39.79% 39.61% 46.14%
SG&A Expenses to Revenue		 5.44% 3.90% 4.96% 6.02% 5.21% 3.90% 3.87% 6.13% 4.94% 4.32% 4.32%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 30.23% 29.07% 30.54% 32.07% 31.02% 29.84% 30.20% 31.57% 30.71% 31.41% 30.78%
Earnings before Interest and Taxes (EBIT)		 266 272 262 246 251 262 262 245 275 254 274
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 469 480 474 466 468 484 493 466 498 490 505
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.40 1.52 1.77 1.72 1.67 2.21 2.17 2.00 2.03 2.35 2.08
Price to Tangible Book Value (P/TBV)		 1.40 1.52 1.77 1.72 1.67 2.21 2.17 2.00 2.03 2.35 2.08
Price to Revenue (P/Rev)		 2.65 2.72 3.18 3.05 2.89 3.76 3.45 3.10 3.10 3.40 3.07
Price to Earnings (P/E)		 12.75 45.77 54.64 52.47 57.71 35.01 823.79 0.00 0.00 0.00 47.49
Dividend Yield		 7.25% 6.99% 5.92% 6.10% 6.37% 4.87% 5.27% 5.83% 5.81% 4.90% 4.98%
Earnings Yield		 7.84% 2.18% 1.83% 1.91% 1.73% 2.86% 0.12% 0.00% 0.00% 0.00% 2.11%
Enterprise Value to Invested Capital (EV/IC)		 1.10 1.14 1.21 1.21 1.17 1.31 1.26 1.23 1.22 1.23 1.18
Enterprise Value to Revenue (EV/Rev)		 7.62 7.56 8.29 7.99 7.44 8.29 8.47 7.91 7.86 8.12 7.78
Enterprise Value to EBITDA (EV/EBITDA)		 11.32 12.81 14.54 13.99 13.17 14.80 15.11 14.22 14.00 14.47 13.82
Enterprise Value to EBIT (EV/EBIT)		 18.04 22.44 26.23 25.27 24.13 27.44 28.27 26.61 25.99 27.13 25.83
Enterprise Value to NOPAT (EV/NOPAT)		 23.60 23.67 26.25 25.29 24.15 27.46 28.30 26.55 26.40 39.43 28.22
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.06 19.03 20.86 20.90 19.86 22.63 23.39 21.79 22.01 23.03 21.75
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 78.63 0.00 47.06 13.84 24.57 48.38 37.16 340.63 0.00 37.09
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.86 1.86 1.94 1.85 1.79 1.90 1.98 1.93 1.92 1.98 1.93
Long-Term Debt to Equity		 1.86 1.86 1.94 1.85 1.79 1.90 1.98 1.89 1.89 1.98 1.93
Financial Leverage		 1.58 1.57 1.60 1.61 1.62 1.63 1.81 1.73 1.70 1.80 1.92
Leverage Ratio		 2.96 2.95 3.03 3.02 3.06 3.13 3.23 3.16 3.16 3.32 3.34
Compound Leverage Factor		 1.51 -1.12 1.77 1.48 1.30 1.30 -2.93 1.12 1.37 -0.63 2.13
Debt to Total Capital		 65.08% 65.05% 65.93% 64.96% 64.20% 65.49% 66.42% 65.88% 65.72% 66.44% 65.93%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.30% 0.81% 0.00% 0.00%
Long-Term Debt to Total Capital		 65.08% 65.05% 65.93% 64.96% 64.20% 65.49% 66.42% 64.57% 64.92% 66.44% 65.93%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 9.49% 9.79% 9.63% 10.27% 10.74% 10.51% 10.71% 11.02% 11.33% 11.24% 11.27%
Common Equity to Total Capital		 25.43% 25.16% 24.44% 24.77% 25.06% 24.00% 22.87% 23.10% 22.95% 22.32% 22.80%
Debt to EBITDA		 7.18 7.84 8.49 8.13 7.87 8.31 8.23 7.94 7.77 7.66 7.60
Net Debt to EBITDA		 6.33 7.02 7.73 7.37 6.74 6.76 7.63 7.33 7.15 7.12 7.06
Long-Term Debt to EBITDA		 7.18 7.84 8.49 8.13 7.87 8.31 8.23 7.78 7.68 7.66 7.60
Debt to NOPAT		 14.96 14.48 15.33 14.69 14.43 15.40 15.41 14.83 14.65 20.86 15.51
Net Debt to NOPAT		 13.21 12.96 13.96 13.32 12.35 12.53 14.30 13.68 13.48 19.39 14.42
Long-Term Debt to NOPAT		 14.96 14.48 15.33 14.69 14.43 15.40 15.41 14.54 14.47 20.86 15.51
Altman Z-Score		 0.41 0.42 0.43 0.45 0.46 0.57 0.45 0.41 0.41 0.42 0.40
Noncontrolling Interest Sharing Ratio		 27.21% 27.35% 27.49% 28.18% 28.58% 29.26% 30.05% 30.77% 31.48% 31.90% 32.48%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.18 0.24 0.13 0.34 1.36 2.36 0.16 0.18 0.14 0.25 0.25
Quick Ratio		 0.06 0.05 0.05 0.07 1.22 2.11 0.06 0.04 0.04 0.06 0.07
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,439 -532 -1,469 -238 1,019 381 -240 -44 -692 -1,276 -27
Operating Cash Flow to CapEx		 244.80% 182.73% 177.29% 92.45% 220.22% 137.92% 133.28% 107.06% 100.54% 219.82% 143.52%
Free Cash Flow to Firm to Interest Expense		 -10.10 -3.60 -9.48 -1.47 6.81 2.34 -1.41 -0.27 -4.25 -7.77 -0.17
Operating Cash Flow to Interest Expense		 2.66 2.04 2.50 1.22 2.45 1.75 2.25 1.28 2.17 1.67 2.51
Operating Cash Flow Less CapEx to Interest Expense		 1.57 0.92 1.09 -0.10 1.34 0.48 0.56 0.08 0.01 0.91 0.76
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.14 0.13 0.13
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.17 0.00 0.17 0.17 0.00
Accounts Payable Turnover		 3.08 2.95 2.82 3.25 3.19 2.90 3.11 3.51 3.21 2.95 3.26
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 118.64 123.66 129.54 112.32 114.46 125.81 117.28 103.96 113.76 123.61 111.84
Cash Conversion Cycle (CCC)		 -118.64 -123.66 -129.54 -112.32 -114.46 -125.81 -117.28 -103.96 -113.76 -123.61 -111.84
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 22,093 21,502 22,436 21,879 21,325 21,382 22,859 22,171 22,273 22,836 22,956
Invested Capital Turnover		 0.15 0.15 0.15 0.15 0.15 0.16 0.15 0.16 0.16 0.16 0.15
Increase / (Decrease) in Invested Capital		 1,705 722 1,731 484 -768 -120 423 292 948 1,453 230
Enterprise Value (EV)		 24,376 24,446 27,152 26,439 24,882 28,013 28,879 27,165 27,137 28,127 27,078
Market Capitalization		 8,482 8,802 10,394 10,086 9,669 12,707 11,757 10,630 10,682 11,774 10,693
Book Value per Share		 $38.51 $36.90 $37.45 $37.31 $36.95 $36.47 $34.24 $33.63 $33.22 $31.57 $32.48
Tangible Book Value per Share		 $38.51 $36.90 $37.45 $37.31 $36.95 $36.47 $34.24 $33.63 $33.22 $31.57 $32.48
Total Capital		 23,749 23,002 24,049 23,648 23,158 23,998 23,668 23,030 22,915 22,396 22,575
Total Debt		 15,456 14,962 15,856 15,362 14,867 15,715 15,720 15,172 15,061 14,880 14,883
Total Long-Term Debt		 15,456 14,962 15,856 15,362 14,867 15,715 15,720 14,872 14,876 14,880 14,883
Net Debt		 13,642 13,392 14,443 13,925 12,726 12,783 14,587 13,996 13,859 13,836 13,839
Capital Expenditures (CapEx)		 155 165 218 214 167 207 288 196 351 125 284
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -529 -513 -699 -401 -488 -506 -632 -553 -684 -591 -496
Debt-free Net Working Capital (DFNWC)		 -495 -480 -663 -363 234 1,005 -592 -515 -643 -547 -451
Net Working Capital (NWC)		 -495 -480 -663 -363 234 1,005 -592 -815 -828 -547 -451
Net Nonoperating Expense (NNE)		 130 294 109 139 144 153 421 162 137 294 -92
Net Nonoperating Obligations (NNO)		 13,800 13,462 14,243 13,593 13,035 13,100 14,911 14,312 14,419 15,319 15,263
Total Depreciation and Amortization (D&A)		 203 208 213 220 217 222 231 220 224 235 232
Debt-free, Cash-free Net Working Capital to Revenue		 -16.51% -15.85% -21.35% -12.10% -14.61% -14.98% -18.53% -16.11% -19.82% -17.05% -14.23%
Debt-free Net Working Capital to Revenue		 -15.47% -14.84% -20.24% -10.98% 6.99% 29.74% -17.37% -14.99% -18.63% -15.79% -12.95%
Net Working Capital to Revenue		 -15.47% -14.84% -20.24% -10.98% 6.99% 29.74% -17.37% -23.73% -24.00% -15.79% -12.95%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.67 ($0.71) $0.75 $0.51 $0.51 $0.53 ($1.46) $0.39 $0.56 ($0.77) $0.00
Adjusted Weighted Average Basic Shares Outstanding		 156.83M 156.88M 156.86M 156.98M 157.04M 157.73M 157.47M 158.20M 158.31M 158.35M 158.33M
Adjusted Diluted Earnings per Share		 $0.66 ($0.71) $0.76 $0.51 $0.51 $0.53 ($1.46) $0.39 $0.56 ($0.77) $1.56
Adjusted Weighted Average Diluted Shares Outstanding		 157.22M 156.88M 157.20M 157.13M 157.29M 158.21M 157.79M 158.63M 158.80M 158.35M 158.87M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 313.73M 313.88M 314.02M 314.12M 315.87M 158.11M 158.21M 158.32M 158.38M 158.47M 158.63M
Normalized Net Operating Profit after Tax (NOPAT)		 186 190 183 172 176 183 183 174 179 177 142
Normalized NOPAT Margin		 22.81% 23.06% 22.12% 20.49% 20.68% 21.30% 21.36% 20.10% 20.65% 20.29% 16.16%
Pre Tax Income Margin		 16.67% -12.56% 18.49% 14.32% 12.58% 12.62% -27.70% 10.04% 13.72% -5.52% 19.89%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.87 1.84 1.69 1.52 1.68 1.61 1.54 1.50 1.69 1.55 1.68
NOPAT to Interest Expense		 1.87 1.29 1.69 1.52 1.68 1.60 1.08 1.52 1.57 1.08 1.25
EBIT Less CapEx to Interest Expense		 0.78 0.73 0.28 0.20 0.57 0.33 -0.15 0.30 -0.47 0.79 -0.06
NOPAT Less CapEx to Interest Expense		 0.78 0.17 0.28 0.20 0.57 0.33 -0.61 0.32 -0.58 0.32 -0.50
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 93.75% 258.23% 260.03% 258.80% 288.90% 160.82% 911.74% 1,191.52% 1,004.11% -525.62% 189.13%
Augmented Payout Ratio		 93.75% 258.23% 260.03% 258.80% 288.90% 160.82% 911.74% 1,191.52% 1,004.11% -525.62% 189.13%

Financials Breakdown Chart

Key Financial Trends

Here are the notable trends for BXP (NYSE:BXP) drawn from its quarterly statements over the last four years, focusing on revenue, profitability, and cash flow dynamics. The data below uses the latest four quarters to illustrate recent momentum and potential risks for investors.

  • Q4 2025 Diluted EPS of $1.56 and net income attributable to common shareholders of about $128.0 million, marking a solid quarterly bottom-line improvement after the prior quarter’s softness.
  • Q4 2025 cash flow from continuing operating activities (CFO) of about $1.37 billion, up from year-ago levels and prior quarters, signaling robust cash generation.
  • Total revenue in Q4 2025 was $877.1 million, a modest year-over-year rise that underscores revenue resilience for the portfolio.
  • Operating margin remained strong in Q4 2025, with operating income of about $202.5 million on $877.1 million of revenue (roughly 23% margin).
  • Net change in cash and equivalents for the quarter was +$1.733 billion, reflecting strong liquidity and cash-position progression driven by operating performance.
  • Consolidated net income for Q4 2025 reached about $294.8 million, with net income attributable to common shareholders around $128.0 million, indicating a healthy quarterly profitability level.
  • Capex activity in Q4 2025 included approximately $284.1 million in purchases of property, plant & equipment, indicating ongoing capital investment in assets.
  • Revenue growth in Q4 2025 was modest, up roughly 2% year over year versus Q4 2024, reflecting continued but cautious top-line expansion.
  • Interest income (~$63.4 million) and other income (~$71.1 million) contribute modestly to the bottom line, indicating a balanced but not dominant non-rental income mix in the quarter.
  • Q3 2025 showed a negative quarter for earnings, with Net Income / (Loss) attributable to Common Shareholders of about -$52.99 million and a Diluted EPS of -$0.77, highlighting quarterly earnings volatility.
  • Financing activity in Q4 2025 was negative, with Net Cash From Financing Activities of about -$132.9 million, reflecting net debt service and dividend-related outflows.
  • The balance sheet remains highly leveraged: long-term debt around $14.88 billion and total liabilities near $18.48 billion, with total equity around $7.51 billion, signaling a high leverage profile typical of a large office REIT but one to monitor in a rising-rate environment.
05/06/26 10:36 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About BXP's Financials

When does BXP's financial year end?

According to the most recent income statement we have on file, BXP's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has BXP's net income changed over the last 10 years?

BXP's net income appears to be on a downward trend, with a most recent value of $384.00 million in 2025, falling from $799.92 million in 2015. The previous period was $84.19 million in 2024. See where experts think BXP is headed by visiting BXP's forecast page.

What is BXP's operating income?
BXP's total operating income in 2025 was $959.69 million, based on the following breakdown:
  • Total Gross Profit: $2.04 billion
  • Total Operating Expenses: $1.08 billion
How has BXP's revenue changed over the last 10 years?

Over the last 10 years, BXP's total revenue changed from $2.49 billion in 2015 to $3.48 billion in 2025, a change of 39.8%.

How much debt does BXP have?

BXP's total liabilities were at $18.47 billion at the end of 2025, a 1.9% increase from 2024, and a 76.5% increase since 2015.

How has BXP's book value per share changed over the last 10 years?

Over the last 10 years, BXP's book value per share changed from 35.87 in 2015 to 32.48 in 2025, a change of -9.5%.


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Financial statements for NYSE:BXP last updated on 3/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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