BXP (BXP) Financials

$60.74 +0.45 (+0.75%)

As of 03:58 PM Eastern

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

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-112	120	93	80	84	-229	61	89	-53	128	102
Consolidated Net Income / (Loss)	-104	153	107	107	108	-238	87	119	-117	295	133
Net Income / (Loss) Continuing Operations	-104	153	120	107	108	-238	87	119	-48	174	133
Total Pre-Tax Income	-104	153	120	107	108	-238	87	119	-48	174	133
Total Operating Income	272	262	246	251	261	262	248	256	253	202	228
Total Gross Profit	511	515	515	515	518	521	522	523	526	472	515
Total Revenue	824	829	839	850	859	859	865	868	872	877	872
Operating Revenue	767	769	789	791	799	798	811	806	810	-	818
Other Revenue	57	60	51	60	60	60	54	63	62	-	54
Total Cost of Revenue	313	314	324	335	341	337	344	346	345	405	357
Operating Cost of Revenue	313	314	324	335	341	337	344	346	345	405	357
Total Operating Expenses	240	253	269	264	256	259	273	267	274	270	287
Selling, General & Admin Expense	32	41	51	44	34	33	53	43	38	38	59
Depreciation Expense	207	212	219	220	223	226	220	224	236	232	228
Total Other Income / (Expense), net	-375	-109	-126	-144	-153	-500	-161	-137	-301	-28	-95
Interest Expense	148	155	162	150	163	170	164	163	164	163	152
Interest & Investment Income	-228	46	36	5.30	9.62	-329	5.25	7.34	-138	63	44
Other Income / (Expense), net	0.47	-0.09	0.40	0.06	0.52	0.08	-2.49	18	1.93	71	13
Net Income / (Loss) Attributable to Noncontrolling Interest	8.28	33	27	27	25	-8.96	26	30	4.87	46	31
Basic Earnings per Share	($0.71)	$0.75	$0.51	$0.51	$0.53	($1.46)	$0.39	$0.56	($0.77)	-	$0.64
Weighted Average Basic Shares Outstanding	156.88M	156.86M	156.98M	157.04M	157.73M	157.47M	158.20M	158.31M	158.35M	158.33M	158.56M
Diluted Earnings per Share	($0.71)	$0.76	$0.51	$0.51	$0.53	($1.46)	$0.39	$0.56	($0.77)	$1.56	$0.64
Weighted Average Diluted Shares Outstanding	156.88M	157.20M	157.13M	157.29M	158.21M	157.79M	158.63M	158.80M	158.35M	158.87M	159.06M
Weighted Average Basic & Diluted Shares Outstanding	313.88M	314.02M	314.12M	315.87M	158.11M	158.21M	158.32M	158.38M	158.47M	158.63M	159.48M

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
Net Change in Cash & Equivalents	279	-294	-846	2,981	-1,780	599	-856	49	411	1,732	-976
Net Cash From Operating Activities	301	387	198	367	286	384	210	353	274	408	156
Net Cash From Continuing Operating Activities	1,165	-365	258	654	503	1,120	245	412	334	1,367	233
Net Income / (Loss) Continuing Operations	-104	153	107	107	108	-238	87	119	-117	295	133
Consolidated Net Income / (Loss)	-104	153	107	107	108	-238	87	119	-117	295	133
Depreciation Expense	207	212	219	220	223	226	220	224	236	232	228
Amortization Expense	0.57	0.44	1.44	-2.60	-1.36	4.79	-0.08	0.09	-0.74	-0.28	-0.37
Non-Cash Adjustments To Reconcile Net Income	975	-813	31	280	178	975	27	-40	213	676	-25
Changes in Operating Assets and Liabilities, net	181	82	-100	50	-5.38	152	-89	144	2.48	165	-102
Net Cash From Investing Activities	-321	-318	-287	-267	-297	-387	-309	-303	-376	344	5.83
Net Cash From Continuing Investing Activities	-321	-318	-287	-267	-297	-387	-309	-304	-375	344	5.83
Purchase of Property, Plant & Equipment	-165	-218	-267	-167	-208	-288	-196	-351	-125	-284	-221
Acquisitions	-45	-57	-20	-34	-27	-45	-53	-32	-34	-140	-43
Purchase of Investments	-1.51	-0.48	1.43	-0.88	-1.02	-1.89	1.03	-2.03	2.15	-0.16	1.98
Sale of Property, Plant & Equipment	0.52	-	-	-	0.52	0.09	0.00	-	-	-	125
Divestitures	-	-	0.00	-	-	-	0.00	-	-	-	215
Sale and/or Maturity of Investments	-	25	0.00	-	-	28	0.00	22	7.37	143	0.18
Other Investing Activities, net	-109	-68	-0.57	-65	-62	-81	-61	59	-226	625	-71
Net Cash From Financing Activities	-679	613	-757	-129	745	-133	-757	-1.25	512	-133	-1,138
Net Cash From Continuing Financing Activities	-661	613	-755	2,595	-1,985	-133	-757	-1.25	512	-133	-1,138
Repayment of Debt	-500	-6.78	-701	855	-4,424	-1,811	-2,913	-4,024	-2,282	-2,978	-3,924
Payment of Dividends	-184	-194	-192	-190	-188	-198	-193	-192	-199	-143	-147
Issuance of Debt	-	600	0.00	1,859	2,546	1,808	2,348	4,157	3,030	2,974	2,923
Issuance of Common Equity	23	214	141	67	96	70	-0.82	60	-65	-0.00	-0.90
Other Financing Activities, net	-	-	-3.16	2.84	-15	-3.30	1.81	-3.39	29	14	10
Cash Interest Paid	143	159	190	172	175	181	186	179	184	178	178

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	1,724
Cash & Equivalents	724	357	435	543	645	1,669	-	-	-	-	1,478
Short-Term Investments	20	24	29	28	37	39	44	32	36	40	45
Accounts Receivable	98	93	92	87	113	77	-	-	-	-	93
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	32,057
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	31,058
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	729
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
Other Current Nonoperating Liabilities	190	244	84	89	90	106	-	-	134	-	125
Total Noncurrent Liabilities	9,672	10,247	10,716	11,511	12,624	13,898	13,832	15,249	17,071	17,063	16,019
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
Capital Lease Obligations	-	-	-	0.00	-	-	-	-	-	-	749
Other Noncurrent Operating Liabilities	484	451	444	504	812	850	935	1,009	1,214	1,342	386
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
Other Equity Adjustments	-	-	0.00	0.00	-	0.16	-	-	-	-	0.00
Noncontrolling Interest	2,177	2,146	2,288	2,331	2,330	2,344	2,199	2,231	2,307	2,525	2,538

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
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	3/31/2026
Total Assets	25,342	24,739	26,026	25,526	25,474	26,406	26,085	25,437	25,621	25,999	25,102
Total Current Assets	111	154	101	183	891	1,742	111	177	131	181	834
Cash & Equivalents	-	-	-	-	685	1,420	-	-	-	-	513
Short-Term Investments	33	33	36	37	37	39	40	38	41	44	42
Accounts Receivable	-	-	-	-	82	100	-	-	-	-	90
Prepaid Expenses	77	121	64	146	86	132	71	139	90	138	189
Plant, Property, & Equipment, net	-6,331	-6,486	20,192	-7,041	20,419	20,528	20,677	20,746	20,890	20,922	-8,170
Accumulated Depreciation	6,569	6,724	6,882	7,041	7,199	7,370	7,528	7,699	7,864	8,009	8,170
Total Noncurrent Assets	31,549	30,969	5,230	31,879	3,689	3,659	4,821	4,036	4,117	4,410	32,009
Long-Term Investments	1,781	1,537	1,377	1,400	1,419	1,422	1,094	1,138	1,161	1,000	855
Other Noncurrent Operating Assets	29,679	29,432	3,851	30,477	2,267	2,233	3,722	2,893	2,956	3,411	31,154
Total Liabilities & Shareholders' Equity	25,342	24,739	26,026	25,526	25,474	26,406	26,085	25,437	25,621	25,999	25,102
Total Liabilities	17,049	16,699	17,834	17,240	17,184	18,123	18,137	17,578	17,767	18,483	17,378
Total Current Liabilities	606	634	763	547	657	738	702	992	959	728	667
Accounts Payable	435	462	458	375	372	444	402	399	480	485	418
Dividends Payable	171	172	171	172	172	172	172	173	173	123	124
Other Current Nonoperating Liabilities	-	-	134	-	112	121	128	120	121	120	124
Total Noncurrent Liabilities	16,443	16,065	17,071	16,693	16,027	16,885	16,935	16,086	16,058	16,029	14,984
Long-Term Debt	15,456	14,962	15,856	15,362	14,867	15,715	15,720	14,872	14,876	14,880	13,887
Capital Lease Obligations	-	-	-	-	-	-	-	-	-	-	745
Other Noncurrent Operating Liabilities	987	1,103	1,214	1,331	1,160	1,170	1,214	1,214	1,182	1,150	353
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	6.29	6.79	8.38	8.14	7.92	11	9.54	8.94	6.98	8.01	6.06
Total Equity & Noncontrolling Interests	8,287	8,034	8,184	8,278	8,282	8,272	7,938	7,850	7,847	7,509	7,718
Total Preferred & Common Equity	6,040	5,788	5,877	5,858	5,803	5,759	5,413	5,320	5,259	5,000	5,152
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	6,040	5,788	5,877	5,858	5,803	5,759	5,413	5,320	5,259	5,000	5,152
Common Stock	6,563	6,570	6,717	6,754	6,770	6,824	6,838	6,848	6,856	6,829	6,845
Retained Earnings	-517	-782	-816	-890	-965	-1,036	-1,420	-1,514	-1,580	-1,812	-1,684
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)	-3.41	2.87	-21	-3.62	-0.16	-26	-2.07	-11	-15	-15	-6.08
Other Equity Adjustments	-	-	-	-	-	-	-	-	-	-	0.00
Noncontrolling Interest	2,246	2,245	2,307	2,420	2,479	2,512	2,525	2,530	2,589	2,509	2,566

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	158,629,124.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	158,629,124.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.64
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.27%	4.95%	4.51%	4.08%	4.24%	3.58%	3.07%	2.11%	1.43%	2.16%	0.80%
EBITDA Growth	-33.79%	-9.67%	4.97%	-0.22%	0.73%	3.90%	-0.11%	5.80%	1.21%	3.57%	0.61%
EBIT Growth	-49.05%	-19.73%	4.82%	-5.68%	-3.68%	0.07%	-0.28%	9.27%	-2.84%	4.60%	-1.93%
NOPAT Growth	-29.99%	0.53%	4.77%	-5.65%	37.52%	-30.00%	1.09%	1.99%	-32.37%	10.42%	-8.31%
Net Income Growth	-124.61%	-1.65%	0.92%	-21.47%	204.74%	-255.28%	-18.48%	11.40%	-207.73%	223.96%	53.05%
EPS Growth	-131.00%	-2.56%	2.00%	-22.73%	174.65%	-292.11%	-23.53%	9.80%	-245.28%	206.85%	64.10%
Operating Cash Flow Growth	1.83%	4.64%	-15.56%	-3.19%	-5.01%	-0.88%	6.30%	-3.79%	-4.15%	6.26%	-25.51%
Free Cash Flow Firm Growth	56.65%	-70.64%	83.93%	170.83%	171.63%	83.67%	81.71%	-167.93%	-434.93%	74.61%	-113.16%
Invested Capital Growth	3.47%	8.36%	2.26%	-3.47%	-0.56%	1.89%	1.33%	4.45%	6.80%	1.01%	1.45%
Revenue Q/Q Growth	0.87%	0.56%	1.27%	1.32%	1.03%	-0.08%	0.77%	0.37%	0.35%	0.64%	-0.56%
EBITDA Q/Q Growth	2.30%	-1.18%	-1.65%	0.42%	3.27%	1.93%	-5.50%	7.03%	-1.72%	3.15%	-7.24%
EBIT Q/Q Growth	2.11%	-3.74%	-5.92%	2.10%	4.27%	0.01%	-6.34%	11.87%	-7.32%	7.51%	-11.85%
NOPAT Q/Q Growth	-28.61%	37.80%	-6.19%	2.24%	4.06%	-29.85%	35.47%	3.15%	-31.00%	14.53%	12.49%
Net Income Q/Q Growth	-176.03%	247.91%	-30.39%	0.32%	1.41%	-319.28%	136.54%	37.09%	-198.07%	352.30%	-54.88%
EPS Q/Q Growth	-207.58%	207.04%	-32.89%	0.00%	3.92%	-375.47%	126.71%	43.59%	-237.50%	302.60%	-58.97%
Operating Cash Flow Q/Q Growth	-20.57%	28.54%	-36.41%	85.77%	-22.06%	34.13%	-45.27%	68.14%	-22.35%	48.69%	-61.63%
Free Cash Flow Firm Q/Q Growth	63.02%	-176.22%	-483.63%	528.06%	-62.60%	-162.99%	81.86%	-1,489.67%	-84.41%	97.87%	-241.69%
Invested Capital Q/Q Growth	-2.67%	4.34%	4.66%	-2.53%	0.27%	6.91%	-3.01%	0.46%	2.52%	0.53%	-2.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.01%	62.14%	61.35%	60.56%	60.27%	60.71%	60.28%	60.21%	60.39%	53.86%	59.07%
EBITDA Margin	58.24%	57.23%	55.55%	55.05%	56.28%	57.41%	53.83%	57.40%	56.21%	57.62%	53.75%
Operating Margin	32.95%	31.60%	29.27%	29.54%	30.42%	30.51%	28.71%	29.50%	28.98%	23.09%	26.12%
EBIT Margin	33.00%	31.59%	29.32%	29.55%	30.50%	30.52%	28.37%	31.62%	29.20%	31.20%	27.65%
Profit (Net Income) Margin	-12.56%	18.48%	12.70%	12.58%	12.62%	-27.70%	10.04%	13.72%	-13.41%	33.61%	15.25%
Tax Burden Percent	100.00%	99.95%	88.67%	100.00%	100.00%	100.00%	100.00%	100.00%	242.82%	169.00%	100.14%
Interest Burden Percent	-38.06%	58.52%	48.85%	42.56%	41.39%	-90.76%	35.41%	43.39%	-18.91%	63.75%	55.07%
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)	3.53%	4.80%	4.48%	4.55%	4.79%	3.21%	4.48%	4.67%	3.18%	3.52%	4.08%
ROIC Less NNEP Spread (ROIC-NNEP)	1.26%	3.98%	3.43%	3.47%	3.64%	0.32%	3.32%	3.67%	1.11%	4.13%	3.43%
Return on Net Nonoperating Assets (RNNOA)	1.97%	6.38%	5.52%	5.62%	5.93%	0.59%	5.74%	6.25%	2.00%	7.94%	6.40%
Return on Equity (ROE)	5.50%	11.18%	10.00%	10.17%	10.72%	3.80%	10.21%	10.92%	5.18%	11.46%	10.48%
Cash Return on Invested Capital (CROIC)	1.47%	-3.23%	2.60%	8.28%	5.32%	2.64%	3.32%	0.37%	-3.35%	3.20%	2.77%
Operating Return on Assets (OROA)	4.41%	4.12%	3.87%	3.89%	4.03%	3.99%	3.82%	4.27%	3.86%	4.16%	3.82%
Return on Assets (ROA)	-1.68%	2.41%	1.68%	1.65%	1.67%	-3.62%	1.35%	1.85%	-1.77%	4.48%	2.11%
Return on Common Equity (ROCE)	4.00%	8.10%	7.18%	7.26%	7.58%	2.66%	7.07%	7.48%	3.53%	7.74%	7.04%
Return on Equity Simple (ROE_SIMPLE)	5.08%	0.00%	4.99%	4.54%	8.25%	0.00%	1.21%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	190	262	246	251	261	183	248	256	177	202	228
NOPAT Margin	23.06%	31.60%	29.27%	29.54%	30.42%	21.36%	28.71%	29.50%	20.29%	23.09%	26.12%
Net Nonoperating Expense Percent (NNEP)	2.27%	0.82%	1.04%	1.08%	1.15%	2.89%	1.16%	1.00%	2.07%	-0.61%	0.65%
Return On Investment Capital (ROIC_SIMPLE)	-	1.09%	-	-	-	0.78%	1.08%	1.12%	0.79%	0.90%	1.02%
Cost of Revenue to Revenue	37.99%	37.86%	38.65%	39.44%	39.73%	39.29%	39.72%	39.79%	39.61%	46.14%	40.93%
SG&A Expenses to Revenue	3.90%	4.96%	6.02%	5.21%	3.90%	3.87%	6.13%	4.94%	4.32%	4.32%	6.82%
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	29.07%	30.54%	32.07%	31.02%	29.84%	30.20%	31.57%	30.71%	31.41%	30.78%	32.96%
Earnings before Interest and Taxes (EBIT)	272	262	246	251	262	262	245	275	254	274	241
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	480	474	466	468	484	493	466	498	490	505	469
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.52	1.77	1.72	1.67	2.21	2.17	2.00	2.03	2.35	2.08	1.60
Price to Tangible Book Value (P/TBV)	1.52	1.77	1.72	1.67	2.21	2.17	2.00	2.03	2.35	2.08	1.60
Price to Revenue (P/Rev)	2.72	3.18	3.05	2.89	3.76	3.45	3.10	3.10	3.40	3.07	2.36
Price to Earnings (P/E)	45.77	54.64	52.47	57.71	35.01	823.79	0.00	0.00	0.00	47.49	31.00
Dividend Yield	6.99%	5.92%	6.10%	6.37%	4.87%	5.27%	5.83%	5.81%	4.90%	4.98%	5.93%
Earnings Yield	2.18%	1.83%	1.91%	1.73%	2.86%	0.12%	0.00%	0.00%	0.00%	2.11%	3.23%
Enterprise Value to Invested Capital (EV/IC)	1.14	1.21	1.21	1.17	1.31	1.26	1.23	1.22	1.23	1.18	1.07
Enterprise Value to Revenue (EV/Rev)	7.56	8.29	7.99	7.44	8.29	8.47	7.91	7.86	8.12	7.78	6.89
Enterprise Value to EBITDA (EV/EBITDA)	12.81	14.54	13.99	13.17	14.80	15.11	14.22	14.00	14.47	13.82	12.24
Enterprise Value to EBIT (EV/EBIT)	22.44	26.23	25.27	24.13	27.44	28.27	26.61	25.99	27.13	25.83	23.03
Enterprise Value to NOPAT (EV/NOPAT)	23.67	26.25	25.29	24.15	27.46	28.30	26.55	26.40	39.43	28.22	25.59
Enterprise Value to Operating Cash Flow (EV/OCF)	19.03	20.86	20.90	19.86	22.63	23.39	21.79	22.01	23.03	21.75	20.16
Enterprise Value to Free Cash Flow (EV/FCFF)	78.63	0.00	47.06	13.84	24.57	48.38	37.16	340.63	0.00	37.09	38.85
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.86	1.94	1.85	1.79	1.90	1.98	1.93	1.92	1.98	1.93	1.89
Long-Term Debt to Equity	1.86	1.94	1.85	1.79	1.90	1.98	1.89	1.89	1.98	1.93	1.89
Financial Leverage	1.57	1.60	1.61	1.62	1.63	1.81	1.73	1.70	1.80	1.92	1.87
Leverage Ratio	2.95	3.03	3.02	3.06	3.13	3.23	3.16	3.16	3.32	3.34	3.24
Compound Leverage Factor	-1.12	1.77	1.48	1.30	1.30	-2.93	1.12	1.37	-0.63	2.13	1.79
Debt to Total Capital	65.05%	65.93%	64.96%	64.20%	65.49%	66.42%	65.88%	65.72%	66.44%	65.93%	65.45%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.30%	0.81%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	65.05%	65.93%	64.96%	64.20%	65.49%	66.42%	64.57%	64.92%	66.44%	65.93%	65.45%
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	9.79%	9.63%	10.27%	10.74%	10.51%	10.71%	11.02%	11.33%	11.24%	11.27%	11.51%
Common Equity to Total Capital	25.16%	24.44%	24.77%	25.06%	24.00%	22.87%	23.10%	22.95%	22.32%	22.80%	23.05%
Debt to EBITDA	7.84	8.49	8.13	7.87	8.31	8.23	7.94	7.77	7.66	7.60	7.46
Net Debt to EBITDA	7.02	7.73	7.37	6.74	6.76	7.63	7.33	7.15	7.12	7.06	6.74
Long-Term Debt to EBITDA	7.84	8.49	8.13	7.87	8.31	8.23	7.78	7.68	7.66	7.60	7.46
Debt to NOPAT	14.48	15.33	14.69	14.43	15.40	15.41	14.83	14.65	20.86	15.51	15.58
Net Debt to NOPAT	12.96	13.96	13.32	12.35	12.53	14.30	13.68	13.48	19.39	14.42	14.08
Long-Term Debt to NOPAT	14.48	15.33	14.69	14.43	15.40	15.41	14.54	14.47	20.86	15.51	15.58
Altman Z-Score	0.42	0.43	0.45	0.46	0.57	0.45	0.41	0.41	0.42	0.40	0.37
Noncontrolling Interest Sharing Ratio	27.35%	27.49%	28.18%	28.58%	29.26%	30.05%	30.77%	31.48%	31.90%	32.48%	32.80%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.24	0.13	0.34	1.36	2.36	0.16	0.18	0.14	0.25	0.25	1.25
Quick Ratio	0.05	0.05	0.07	1.22	2.11	0.06	0.04	0.04	0.06	0.07	0.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-532	-1,469	-238	1,019	381	-240	-44	-692	-1,276	-27	-93
Operating Cash Flow to CapEx	182.73%	177.29%	92.45%	220.22%	137.92%	133.28%	107.06%	100.54%	219.82%	143.52%	162.07%
Free Cash Flow to Firm to Interest Expense	-3.60	-9.48	-1.47	6.81	2.34	-1.41	-0.27	-4.25	-7.77	-0.17	-0.61
Operating Cash Flow to Interest Expense	2.04	2.50	1.22	2.45	1.75	2.25	1.28	2.17	1.67	2.51	1.03
Operating Cash Flow Less CapEx to Interest Expense	0.92	1.09	-0.10	1.34	0.48	0.56	0.08	0.01	0.91	0.76	0.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.14	0.13	0.13	0.14
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	0.17	0.00	0.17	0.17	0.00	0.00
Accounts Payable Turnover	2.95	2.82	3.25	3.19	2.90	3.11	3.51	3.21	2.95	3.26	3.55
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)	123.66	129.54	112.32	114.46	125.81	117.28	103.96	113.76	123.61	111.84	102.69
Cash Conversion Cycle (CCC)	-123.66	-129.54	-112.32	-114.46	-125.81	-117.28	-103.96	-113.76	-123.61	-111.84	-102.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	21,502	22,436	21,879	21,325	21,382	22,859	22,171	22,273	22,836	22,956	22,492
Invested Capital Turnover	0.15	0.15	0.15	0.15	0.16	0.15	0.16	0.16	0.16	0.15	0.16
Increase / (Decrease) in Invested Capital	722	1,731	484	-768	-120	423	292	948	1,453	230	321
Enterprise Value (EV)	24,446	27,152	26,439	24,882	28,013	28,879	27,165	27,137	28,127	27,078	24,027
Market Capitalization	8,802	10,394	10,086	9,669	12,707	11,757	10,630	10,682	11,774	10,693	8,233
Book Value per Share	$36.90	$37.45	$37.31	$36.95	$36.47	$34.24	$33.63	$33.22	$31.57	$32.48	$32.48
Tangible Book Value per Share	$36.90	$37.45	$37.31	$36.95	$36.47	$34.24	$33.63	$33.22	$31.57	$32.48	$32.48
Total Capital	23,002	24,049	23,648	23,158	23,998	23,668	23,030	22,915	22,396	22,575	22,356
Total Debt	14,962	15,856	15,362	14,867	15,715	15,720	15,172	15,061	14,880	14,883	14,631
Total Long-Term Debt	14,962	15,856	15,362	14,867	15,715	15,720	14,872	14,876	14,880	14,883	14,631
Net Debt	13,392	14,443	13,925	12,726	12,783	14,587	13,996	13,859	13,836	13,839	13,222
Capital Expenditures (CapEx)	165	218	214	167	207	288	196	351	125	284	97
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-513	-699	-401	-488	-506	-632	-553	-684	-591	-496	-388
Debt-free Net Working Capital (DFNWC)	-480	-663	-363	234	1,005	-592	-515	-643	-547	-451	167
Net Working Capital (NWC)	-480	-663	-363	234	1,005	-592	-815	-828	-547	-451	167
Net Nonoperating Expense (NNE)	294	109	139	144	153	421	162	137	294	-92	95
Net Nonoperating Obligations (NNO)	13,462	14,243	13,593	13,035	13,100	14,911	14,312	14,419	15,319	15,263	14,767
Total Depreciation and Amortization (D&A)	208	213	220	217	222	231	220	224	235	232	228
Debt-free, Cash-free Net Working Capital to Revenue	-15.85%	-21.35%	-12.10%	-14.61%	-14.98%	-18.53%	-16.11%	-19.82%	-17.05%	-14.23%	-11.11%
Debt-free Net Working Capital to Revenue	-14.84%	-20.24%	-10.98%	6.99%	29.74%	-17.37%	-14.99%	-18.63%	-15.79%	-12.95%	4.79%
Net Working Capital to Revenue	-14.84%	-20.24%	-10.98%	6.99%	29.74%	-17.37%	-23.73%	-24.00%	-15.79%	-12.95%	4.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.71)	$0.75	$0.51	$0.51	$0.53	($1.46)	$0.39	$0.56	($0.77)	$0.00	$0.64
Adjusted Weighted Average Basic Shares Outstanding	156.88M	156.86M	156.98M	157.04M	157.73M	157.47M	158.20M	158.31M	158.35M	158.33M	158.56M
Adjusted Diluted Earnings per Share	($0.71)	$0.76	$0.51	$0.51	$0.53	($1.46)	$0.39	$0.56	($0.77)	$1.56	$0.64
Adjusted Weighted Average Diluted Shares Outstanding	156.88M	157.20M	157.13M	157.29M	158.21M	157.79M	158.63M	158.80M	158.35M	158.87M	159.06M
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	313.88M	314.02M	314.12M	315.87M	158.11M	158.21M	158.32M	158.38M	158.47M	158.63M	159.48M
Normalized Net Operating Profit after Tax (NOPAT)	190	183	172	176	183	183	174	179	177	142	159
Normalized NOPAT Margin	23.06%	22.12%	20.49%	20.68%	21.30%	21.36%	20.10%	20.65%	20.29%	16.16%	18.28%
Pre Tax Income Margin	-12.56%	18.49%	14.32%	12.58%	12.62%	-27.70%	10.04%	13.72%	-5.52%	19.89%	15.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.84	1.69	1.52	1.68	1.61	1.54	1.50	1.69	1.55	1.68	1.59
NOPAT to Interest Expense	1.29	1.69	1.52	1.68	1.60	1.08	1.52	1.57	1.08	1.25	1.50
EBIT Less CapEx to Interest Expense	0.73	0.28	0.20	0.57	0.33	-0.15	0.30	-0.47	0.79	-0.06	0.95
NOPAT Less CapEx to Interest Expense	0.17	0.28	0.20	0.57	0.33	-0.61	0.32	-0.58	0.32	-0.50	0.86
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	258.23%	260.03%	258.80%	288.90%	160.82%	911.74%	1,191.52%	1,004.11%	-525.62%	189.13%	158.17%
Augmented Payout Ratio	258.23%	260.03%	258.80%	288.90%	160.82%	911.74%	1,191.52%	1,004.11%	-525.62%	189.13%	158.17%

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.

05/26/26 05:14 PM ETAI Generated. May Contain Errors.

BXP Financials - Frequently Asked Questions

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.

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.

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

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%.

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.

In the past 10 years, BXP's cash and equivalents has ranged from $0.00 in 2021 to $1.67 billion in 2020, and is currently $1.48 billion as of their latest financial filing in 2025.

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%.

Related Companies

Financial statements for NYSE:BXP last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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BXP (BXP) Financials

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BXP (BXP) Financials

Annual Income Statements for BXP

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Financials Breakdown Chart

Key Financial Trends

BXP Financials - Frequently Asked Questions

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

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