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BXP financial statements

The full income statement, balance sheet, and cash-flow statement for BXP, Inc. (BXP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Financial overview#

Revenue

5Y CAGR +4.7%10Y CAGR +3.4%YoY +3.1%
$3.5B TTM$895.7M Q2 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Gross profit

5Y CAGR +4.0%5Y CAGR +4.0%YoY +4.8%
$2.1B TTM$538.7M Q2 '26
FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Operating income

5Y CAGR +7.2%10Y CAGR +10.4%YoY +2.0%
— FY25— Q2 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Net income

5Y CAGR −20.5%10Y CAGR −7.2%YoY −22.9%
$296.8M TTM$68.6M Q2 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

EPS (diluted)

5Y CAGR −20.7%10Y CAGR −7.3%YoY −23.2%
$1.87 TTM$0.43 Q2 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Operating cash flow

5Y CAGR +1.5%10Y CAGR +4.5%YoY +26.3%
$1.3B TTM$446.1M Q2 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Capital expenditure

5Y CAGR +2.9%10Y CAGR +6.3%YoY +13.1%
$953.2M TTM$239.3M Q2 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Free cash flow

5Y CAGR −1.7%10Y CAGR +1.0%YoY +46.0%
$331.3M TTM$206.8M Q2 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Shares (diluted)

5Y +2.2%10Y +3.3%YoY +0.5%
159M TTM159.6M Q2 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Dividend per share

5Y CAGR −1.7%10Y CAGR +0.5%YoY +6.7%
$3.42 TTM— Q2 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Shares outstanding (point-in-time)

2024-06 157.9M2024-09 158.1M2024-12 158.2M2025-03 158.3M2025-06 158.4M2025-09 158.5M2025-12 158.6M2026-03 159.5M2026-06 159.7M+1.1% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeFiguresAs-reported fiscal years.
Line itemTrendFY2025FY2024FY2023FY2022FY2021
Income Statementas ofDec 31 ’25as ofDec 31 ’24as ofDec 31 ’23as ofDec 31 ’22as ofDec 31 ’21
3.48B+2.2%3.41B+4.1%3.27B+5.3%3.11B+7.6%2.89B+4.4%
Lease income3.24B+1.9%3.18B+4.0%3.05B+4.7%2.92B+6.0%2.75B+4.0%
Gross profit2.06B+0.9%2.04B+2.1%2.00B+3.6%1.93B+6.4%1.81B+7.1%
Selling, general & administrative169M+5.5%160M-6.0%170M+16.2%146M-3.4%152M+13.9%
General & administrative169M+5.5%160M-6.0%170M+16.2%146M-3.4%152M+13.9%
Provision for credit losses-1.13M-1552.6%78.0K-79.1%373K+266.5%-224K+81.4%-1.21M-165.3%
Interest expense653M+1.2%645M+11.3%580M+32.6%437M+3.3%423M-1.9%
Equity-method income-104M+69.8%-343M-43.3%-240M-300.3%-59.8M-2228.4%-2.57M+97.0%
277M+1839.5%14.3M-92.5%190M-77.6%849M+68.0%505M-42.1%
Net income to non-controlling interest214M+53.3%140M-30.9%202M+17.9%172M+35.4%127M-13.2%
Net income to common277M+1839.5%14.3M-92.5%190M-77.6%849M+71.1%496M-42.4%
$1.74+1833.3%$0.09-92.6%$1.21-77.6%$5.40+70.3%$3.17-42.8%
EPS (basic)$1.75+1844.4%$0.09-92.6%$1.21-77.7%$5.42+70.4%$3.18-42.7%
Weighted-avg shares (basic)158M+0.5%157M+0.4%157M+0.1%157M+0.4%156M+0.4%
Weighted-avg shares (diluted)159M+0.7%158M+0.4%157M+0.0%157M+0.5%156M+0.6%
Dividends per share$4.05+313.7%$0.98+0.0%$0.98-77.6%$4.37+0.1%$4.36-1.3%
Balance Sheetas ofDec 31 ’25as ofDec 31 ’24as ofDec 31 ’23as ofDec 31 ’22as ofDec 31 ’21
Cash & equivalents1.48B+17.8%1.25B-18.1%1.53B+121.8%690M+52.5%453M-72.9%
26.2B+0.3%26.1B+0.2%26.0B+7.5%24.2B+8.2%22.4B-2.2%
Operating lease right-of-use326M-2.7%335M+3.2%324M+93.8%167M-1.4%170M+16.0%
Short-term & current debt750M+50.0%500M0.000.00-100.0%145M
18.5B+1.9%18.1B+1.7%17.8B+12.6%15.8B+10.6%14.3B-1.3%
Long-term debt15.9B+0.9%15.7B-0.9%15.9B+11.3%14.2B+11.7%12.8B-2.3%
Operating lease liability (total)389M-0.9%393M+12.1%350M+71.2%205M+0.1%205M+1.4%
Finance lease liability (total)360M-2.9%371M-11.3%418M+67.6%249M+2.0%244M+3.4%
5.15B-4.9%5.41B-7.9%5.88B-4.2%6.13B+5.1%5.83B-2.7%
Preferred stock0.000.000.000.000.00-100.0%
Common stock1.58M+0.2%1.58M+0.8%1.57M+0.1%1.57M+0.2%1.56M+0.5%
Additional paid-in capital6.84B+0.0%6.84B+1.8%6.72B+2.7%6.54B+0.6%6.50B+2.2%
Retained earnings-1.67B-18.0%-1.42B-73.9%-816M-108.5%-391M+37.5%-626M-22.8%
Treasury stock2.72M+0.0%2.72M+0.0%2.72M+0.0%2.72M+0.0%2.72M+0.0%
Accumulated other comprehensive income-12.9M-523.6%-2.07M+90.2%-21.1M-54.2%-13.7M+62.6%-36.7M+26.5%
Total equity incl. non-controlling7.68B-3.2%7.94B-3.0%8.18B-2.2%8.36B+4.1%8.03B-3.7%
Total liabilities & equity26.2B+0.3%26.1B+0.2%26.0B+7.5%24.2B+8.2%22.4B-2.2%
Common shares issued159M+0.2%158M+0.8%157M+0.1%157M+0.1%157M+0.5%
Common shares outstanding159M+0.2%158M+0.8%157M+0.1%157M+0.1%157M+0.5%
Shares outstanding (cover)159M+0.3%158M+0.8%157M+0.1%157M+0.1%157M+0.6%
Treasury shares78.9K+0.0%78.9K+0.0%78.9K+0.0%78.9K+0.0%78.9K+0.0%
Cash Flowas ofDec 31 ’25as ofDec 31 ’24as ofDec 31 ’23as ofDec 31 ’22as ofDec 31 ’21
1.25B+0.9%1.23B-5.1%1.30B+1.5%1.28B+13.2%1.13B-2.0%
Depreciation & amortization912M+2.8%887M+6.8%831M+10.8%750M+4.5%717M+4.9%
Share-based compensation44.3M+0.9%43.9M-14.6%51.5M-1.1%52.0M+2.3%50.9M+15.2%
Change in receivables-32.5M-137.0%-13.7M-143.6%31.5M+312.9%7.62M+258.1%-4.82M+78.6%
-645M+47.9%-1.24B-3.7%-1.19B+25.5%-1.60B-54.1%-1.04B-69.5%
Capital expenditure900M+7.1%841M+20.6%697M+3.0%677M+1.9%665M-14.8%
Free cash flow345M-12.4%393M-34.9%604M-0.2%605M+29.2%468M+24.5%
Acquisitions0.00+100.0%-6.09M-146.3%13.2M0.000.00
Other investing activities3.54M+41.5%2.50M+14.3%2.19M——
-379M-37.9%-274M-135.7%768M+38.1%556M+142.4%-1.31B-370.8%
Long-term debt issued0.000.000.000.000.00
Long-term debt repaid0.000.000.000.000.00
Common stock issued0.000.000.000.000.00
Common stock repurchased0.000.000.000.00—
Dividends paid643M-6.8%690M+0.3%688M+0.4%685M+0.2%684M-0.7%
Other financing activities-43.6M0.000.00——
Net change in cash222M+180.1%-277M-131.7%876M+271.6%236M+119.3%-1.22B-218.6%
Interest paid677M+0.2%676M+22.0%554M+23.1%450M-3.3%465M+7.4%
Valuation Ratiosas ofDec 31 ’25as ofDec 31 ’24as ofDec 31 ’23as ofDec 31 ’22as ofDec 31 ’21
Market cap10.7B-9.0%11.8B+6.8%11.0B+4.0%10.6B-41.2%18.0B+22.5%
P/E38.7×-95.3%824.1×+1338.1%57.3×+393.1%11.6×-67.4%35.7×+111.6%
P/S3.1×-11.0%3.5×+1.4%3.4×-2.0%3.5×-44.4%6.2×+17.3%
P/B2.1×-4.3%2.2×+14.2%1.9×+10.6%1.7×-44.3%3.1×+25.9%
P/FCF31.0×+3.8%29.9×+69.6%17.6×—38.5×-1.6%
Earnings yield2.6%+2032.2%0.12%-93.0%1.7%-79.7%8.6%+207.1%2.8%-52.7%
FCF yield3.2%-3.7%3.3%-41.0%5.7%—2.6%+1.6%
Dividend yield6.0%+355.9%1.3%-5.6%1.4%-78.4%6.5%+70.6%3.8%-19.0%
Source filing10-K10-K10-K10-K10-K

About this data

Source: BXP’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BXP filings on SEC EDGAR → Not investment advice.