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BXP

BXP, Inc.

BXP

BXP, Inc. • NYSE
$72.36 ▼ -0.48% (-0.35)
Market Cap $11.47 B
52w High $83.29
52w Low $54.22
Dividend Yield 3.64%
P/E -56.53
Volume 411.44K
Outstanding Shares 158.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $871.51M ▲ $276.156M ▲ $-121.712M ▼ -13.966% ▼ $-0.77 ▼ $283.616M ▼
Q2-2025 $868.457M ▲ $270.439M ▲ $88.977M ▲ 10.245% ▲ $0.56 ▲ $505.829M ▲
Q1-2025 $865.215M ▲ $52.284M ▼ $61.177M ▲ 7.071% ▲ $0.39 ▲ $470.212M ▲
Q4-2024 $858.571M ▼ $262.945M ▲ $-228.854M ▼ -26.655% ▼ $-1.45 ▼ $163.15M ▼
Q3-2024 $859.227M $33.352M $83.628M 9.733% $0.53 $484.402M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $861.066M ▲ $25.999B ▲ $18.483B ▲ $5.008B ▼
Q2-2025 $487.015M ▲ $25.621B ▲ $17.767B ▲ $5.259B ▼
Q1-2025 $398.126M ▼ $25.437B ▼ $17.587B ▼ $5.32B ▼
Q4-2024 $1.255B ▼ $26.085B ▼ $18.137B ▲ $5.413B ▼
Q3-2024 $1.42B $26.406B $18.123B $5.759B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $119.141M ▲ $353.145M ▲ $-303.261M ▲ $-1.25M ▲ $48.634M ▲ $353.145M ▲
Q1-2025 $86.905M ▲ $210.036M ▼ $-309.143M ▲ $-756.882M ▼ $-855.989M ▼ $210.036M ▼
Q4-2024 $-237.817M ▼ $383.746M ▲ $-386.609M ▼ $-133.425M ▼ $-136.288M ▼ $383.746M ▲
Q3-2024 $108.452M ▲ $286.096M ▼ $-297.283M ▼ $745.17M ▲ $733.983M ▲ $286.096M ▲
Q2-2024 $79.615M $367.064M $-199.404M $-196.793M $-29.133M $267.256M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Hotel
Hotel
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Management Service
Management Service
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Parking and Other
Parking and Other
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲
Real Estate Other
Real Estate Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement BXP’s revenues have climbed steadily over the past five years, showing that the core portfolio continues to attract tenants and produce rent. Operating performance has been relatively stable, with earnings from properties holding up despite a difficult office market. However, bottom-line profit has been very uneven: earlier years were comfortably profitable, but the most recent year is close to break-even. That pattern suggests rising costs and non-cash items like depreciation, along with higher interest expense, are eating into reported earnings. Overall, the business is generating solid property-level income, but translating that into consistent net profit has become more challenging in the current environment.

Balance Sheet

Balance Sheet The balance sheet shows a large, stable real estate asset base that has grown gradually over time, but it is supported by a sizeable amount of debt. Debt levels have crept up faster than equity, which means leverage has increased and the company is more sensitive to interest rates and refinancing conditions. Cash on hand has improved compared with some earlier years but remains a modest cushion relative to total obligations. Equity has edged down recently, reflecting slimmer profits and possibly valuation or development effects. In short, BXP has scale and high-quality assets, but it also carries meaningful financial leverage that needs careful ongoing management.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been steady and resilient, even as accounting profits have swung around. Free cash flow has been consistently positive, which is important for a REIT that must fund dividends, interest, and ongoing investment. Capital spending has picked up in recent years, signaling continued investment in developments and upgrades rather than a defensive pullback. This pattern suggests the underlying cash engine of the portfolio remains healthy, but it also means the company relies on a combination of cash flow and external capital markets to support its growth and development pipeline.

Competitive Edge

Competitive Edge BXP occupies a leading position in the premium office segment, with a concentration in major coastal gateway markets where high barriers to new construction and strong tenant demand can support long-term value. Its focus on top-tier, highly amenitized buildings creates a “flight to quality” effect: even if overall office demand is under pressure, higher-end tenants are more likely to migrate toward buildings like those in BXP’s portfolio. The company’s in-house management and development capabilities, long relationships with blue-chip tenants, and expertise in large, mixed-use projects add to its competitive strength. The flip side is that it remains heavily exposed to the office sector, which faces structural uncertainty from hybrid work, changing space needs, and potential regional softness in markets like San Francisco and Washington, D.C.

Innovation and R&D

Innovation and R&D While BXP is not a tech company in the traditional sense, it is leaning hard into innovation in how buildings are designed, run, and experienced. It has set ambitious climate and carbon goals and is investing in smart building systems, advanced energy technologies, and data platforms to monitor efficiency in real time. Examples include AI-enhanced building management, electrification projects, and sophisticated heating and cooling systems that lower energy use and operating costs. On the tenant side, a dedicated app and hospitality-style amenities are meant to improve the workplace experience and support higher rents and retention. The company’s pipeline of next-generation, highly sustainable developments—such as its high-profile Manhattan and Kendall Square projects—shows a willingness to take calculated risks on the future of top-tier office and lab space.

Summary

BXP combines a high-quality portfolio in prime markets with steady cash generation and a clear strategic tilt toward sustainability and smart buildings. Revenue has grown gradually and property-level performance is solid, but net income has become much thinner and more volatile, reflecting cost pressures and a tougher financing and office demand backdrop. The balance sheet is asset-rich but carries notable leverage, making interest rates and capital-market access important variables to watch. BXP’s competitive edge comes from its scale, brand, and concentration in premier properties that can benefit from a “flight to quality,” even as the broader office sector remains under strain. Its emphasis on innovation, green design, and tenant experience is a differentiator that could support long-term relevance, but the company remains exposed to the cyclical and structural risks inherent in office real estate and large speculative developments.

NEWS

October 28, 2025 · 4:18 PM UTC

BXP Reports Continued Strong Leasing Momentum in Q3 2025

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October 28, 2025 · 4:15 PM UTC

BXP Announces Third Quarter 2025 Results

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October 9, 2025 · 7:00 AM UTC

BXP Announces Closing of $465 Million Financing for The Hub on Causeway

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October 1, 2025 · 7:00 AM UTC

BXP to Release Third Quarter 2025 Financial Results on October 28, 2025

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September 25, 2025 · 7:00 AM UTC

BXP Announces Pricing of Upsized Offering of $850.0 Million Exchangeable Senior Notes Due 2030

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