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BXP, Inc.

BXP Real Estate Reit Office

BXP, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.5 billion, up 2.19% from fiscal 2024. In the quarter to June 2026, revenue grew 3.14%, EPS fell 23.2%, free cash flow grew 38.7% and total debt fell 1.27%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for five consecutive years.

62.77 0.25 −0.40%
Market cap
$11.2B
P/E
33.7×
Fwd P/E
29.4×
Dividend yield
4.46%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Filings
Impairment
All filings →

Insider Decisions trades per month

Total sells 7.74
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 3 1 — 3 — — 2 1 — — — —
Insider Ownership 0.17%

Capital & Financial Ratios $m

Market Cap 11,190.00
Revenue 3,516.45
Net Income 413.42
Free Cash Flow 704.42
Net Debt 15,418.54
Current Ratio 3.91
Debt/Equity 2.07
P/E ratio 33.75
Fwd P/E 29.40
P/S ratio 2.84
P/B ratio 1.29
Past 5Y EPS Growth (20.68%) (below 0%: weak)
This Y EPS Growth 20.17% (at or above 15%: strong)
Next Y EPS Growth (7.21%) (below 0%: weak)
Next Y revenue growth 3.04%
Next 5Y EPS Growth 9.14%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.2×, against a ten-year median of 9.9×; over the ten years it ranged from 6.8× in 2026 to 12.0× in 2017.
P/E against its own 10 years 32.85%
10-year low 10-year high
P/S against its own 10 years 9.07%
10-year low 10-year high
P/B against its own 10 years 17.52%
10-year low 10-year high
EV/Sales against its own 10 years 7.97%
10-year low 10-year high
EV/FCF against its own 10 years 7.42%
10-year low 10-year high

Dividends

Payout Ratio 1.51
Annual Dividend Rate 2.80
Annual Dividend Yield 4.46%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.80
0.70
0.70
0.70
2025 3.36
0.98
0.98
0.70
0.70
2024 3.92
0.98
0.98
0.98
0.98
2023 3.92
0.98
0.98
0.98
0.98
2022 3.92
0.98
0.98
0.98
0.98
2021 3.92
0.98
0.98
0.98
0.98
2020 3.92
0.98
0.98
0.98
0.98
2019 3.83
0.95
0.95
0.95
0.98
2018 3.50
0.80
0.80
0.95
0.95
2017 3.05
0.75
0.75
0.75
0.80
2016 2.70
0.65
0.65
0.65
0.75
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,613 1,335 1,557 553
Receivables 1,491 1,588 1,647 1,681
Inventory — — — —
Other — — — —
3,194 3,017 3,242 2,282
2023 2024 2025 Q'26
Payables 458 402 480 474
ST’ Debt — — — —
Other — — — —
592 530 605 584

Compound Annual Growth %

10y 5y 3y
Sales 3.41% 4.72% 3.86%
Cash Flow 4.53% 1.48% (0.98%)
Earnings (7.01%) (20.33%) (31.17%)
Book Value (0.26%) (1.62%) (2.78%)

Earnings Trends EPS, adjusted, against the consensus

Q1 FY27 Estimate 1.80 Actual 1.89

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.80 1.76 Miss by 0.04
Q4 FY26 1.58 1.59 Beat by 0.01
Q4 FY26 1.71 1.78 Beat by 0.07
Q1 FY27 1.80 1.89 Beat by 0.09
Q2 FY27 1.85 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.64 0.43 — — —
’25 0.39 0.56 (0.77) 1.56 1.74
’24 0.51 0.51 0.53 (1.45) 0.09
’23 0.50 0.66 (0.71) 0.76 1.21
’22 0.91 1.42 2.29 0.78 5.40
’21 0.59 0.71 0.69 1.18 3.17
’20 3.20 1.71 0.58 0.05 5.54
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 872 896 — — —
’25 865 868 872 877 3,482
’24 839 850 859 859 3,408
’23 803 817 824 829 3,274
’22 754 774 791 790 3,109
’21 714 714 730 731 2,889
’20 753 655 693 665 2,766
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 156 446 — — —
’25 210 353 274 408 1,245
’24 198 367 286 384 1,235
’23 234 379 301 387 1,302
’22 219 397 296 370 1,282
’21 152 408 226 346 1,133
’20 175 379 228 374 1,157
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (7) 117 — — —
’25 (46) 84 (94) 689 633
’24 (63) 136 18 16 106
’23 8 156 27 90 281
’22 69 (421) 3 250 (99)
’21 (93) 90 (133) 298 162
’20 188 304 12 147 651
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 107.28 116.77 107.84 107.94 69.69 88.45 64.43 46.18 56.46 54.22 (7.3%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 144.02 140.13 132.82 140.35 147.83 124.24 133.11 79.42 90.11 79.33 (6.4%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 785 740 760 760 750 743 780 727 710 714 (1.0%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 3.25 3.52 3.58 3.90 3.69 3.89 3.99 4.50 4.80 4.88 +4.6% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 2,551 2,602 2,717 2,961 2,766 2,889 3,109 3,274 3,408 3,482 +3.5% 3,588 3,668 3,735 +2.4%
Gross margin, % 63.88 63.03 62.72 63.38 62.75 64.20 63.47 62.85 61.20 60.64 (3.2) pt
EBT 570 562 713 652 1,019 632 1,021 291 84 384 (4.3%)
EBT margin, % 22.34 21.62 26.23 22.02 36.83 21.88 32.83 8.90 2.47 11.03 (11.3) pt
Net income 570 562 713 652 1,019 632 1,021 291 84 384 (4.3%)
Depreciation 694 618 646 680 686 721 752 833 888 911 +3.1%
Per share, $
Per share, $ Revenue 16.59 16.88 17.59 19.15 17.79 18.50 19.83 20.87 21.64 21.99 +3.2%
Earnings 3.25 2.93 3.71 3.31 5.54 3.18 5.41 1.21 0.09 1.74 (6.7%)
Cash flow 6.73 5.91 7.45 7.64 7.44 7.26 8.18 8.30 7.84 7.86 +1.7%
Capex (5.44) (6.63) (4.14) (6.71) (3.25) (6.22) (8.81) (6.51) (7.16) (3.87) (3.7%)
Free cash flow 1.29 (0.72) 3.31 0.93 4.19 1.04 (0.63) 1.79 0.68 4.00 +13.4%
Book value 51.60 52.55 53.19 51.84 53.65 51.46 53.37 52.17 50.41 48.54 (0.7%)
Shares, m 154 154 154 155 155 156 157 157 157 158 +0.3%
Valuation, ×
Valuation, × P/E 39.01 44.12 30.42 41.78 17.06 36.22 12.31 59.10 743.60 38.78 106.2
P/S 7.66 7.66 6.40 7.20 5.31 6.22 3.36 3.45 3.44 3.07 5.4
P/B 2.53 2.52 2.17 2.73 1.81 2.24 1.25 1.38 1.48 1.39 1.9
EV/Sales 11.27 11.41 10.21 11.03 9.49 10.60 7.78 7.93 7.91 7.49 9.5
EV/FCF 145.17 (269.07) 54.30 225.97 40.32 188.99 (244.22) 92.57 253.20 41.26 52.8
Cash, $m
Cash, $m Operating cash flow 1,035 912 1,150 1,181 1,157 1,133 1,282 1,302 1,235 1,245 +2.1%
Capex (837) (1,022) (639) (1,037) (506) (971) (1,381) (1,021) (1,128) (613) (3.4%)
Free cash flow 198 (110) 511 145 651 162 (99) 281 106 633 +13.8%
Balance, $m
Balance, $m Working capital 589 1,044 1,394 1,472 2,573 1,470 1,665 2,602 2,487 2,636 +18.1%
Total debt 9,616 10,272 11,008 12,036 13,284 13,141 14,490 16,274 16,591 16,970 +6.5%
Net debt 9,196 9,766 10,369 11,344 11,565 12,640 13,753 14,662 15,256 15,412 +5.9%
Shareholders’ equity 7,932 8,102 8,214 8,014 8,340 8,033 8,364 8,184 7,938 7,685 (0.4%)
Returns, %
Returns, % ROA 2.70 2.36 2.89 2.46 3.91 2.19 3.65 0.76 0.05 1.06 (1.6) pt
ROIC 3.01 3.18 3.07 3.30 2.84 2.93 2.99 2.83 2.75 2.74 (0.3) pt
ROE 6.52 5.78 7.19 6.46 10.81 6.14 10.35 2.30 0.18 3.54 (3.0) pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

BXP, Inc. vs peers in Reit Office (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BXP BXP, Inc. $11.2B 33.7× 29.4× +3.14% (above 0%: growing) −23.21% (below 0%: shrinking) +38.70% (above 0%: growing) 61.43% 28.91%
CDP COPT Defense Properties $7.7B 23.2× 23.5× +3.94% (above 0%: growing) +17.65% (above 0%: growing) +76.90% (above 0%: growing) 60.18% 32.03% Compare
VNO Vornado Realty Trust $7.2B 1,723× — (loss-making) +4.71% (above 0%: growing) −97.93% (below 0%: shrinking) −90.54% (below 0%: shrinking) 51.58% 5.54% Compare
ARE Alexandria Real Estate Equities, Inc. $7.1B — (loss-making) — (loss-making) −13.03% (below 0%: shrinking) n/m −158.14% (below 0%: shrinking) 68.72% 17.23% Compare
CUZ Cousins Properties Incorporated $4.8B 737× 134× +11.83% (above 0%: growing) +77.78% (above 0%: growing) +811.42% (above 0%: growing) 68.47% 24.85% Compare
KRC Kilroy Realty Corporation $4.3B 25.3× 139× −6.04% (below 0%: shrinking) −70.69% (below 0%: shrinking) −83.18% (below 0%: shrinking) 65.29% 23.99% Compare
SLG SL Green Realty Corporation $3.9B — (loss-making) — (loss-making) +9.13% (above 0%: growing) n/m +7,443.12% (above 0%: growing) 48.82% 7.84% Compare
HIW Highwoods Properties, Inc. $3.4B 20.4× 17.8× +7.87% (above 0%: growing) +400.00% (above 0%: growing) +364.51% (above 0%: growing) 67.58% 26.47% Compare
DEI Douglas Emmett, Inc. $1.7B — (loss-making) — (loss-making) +1.63% (above 0%: growing) n/m +41.06% (above 0%: growing) 63.19% 19.62% Compare
Median of peers $4.5B 25.3× 78.8× +4.33% +17.65% +58.98% 64.24% 21.81%

All 19 Reit Office stocks →

Business profile

Updated

BXP is a fully integrated real estate investment trust, or REIT, that develops, owns and manages primarily premier workplaces. In plain English, it owns office buildings and related commercial properties, leases space to businesses and organizations, and runs the buildings itself. It calls tenants “clients” because its services extend beyond collecting rent to property management, leasing, development, construction management, financing and other functions.

The company defines premier workplaces as well-located buildings that are modern or modernized, professionally managed and maintained, and equipped with amenities sought by clients. Its portfolio also includes retail, residential and hotel properties, although office is the main property type. At December 31, 2025, BXP owned or held joint-venture interests in 179 commercial real estate properties comprising approximately 52.6 million net rentable square feet. The portfolio included 157 office properties, 14 retail properties, seven residential properties and one hotel.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 117.05%
Held by the ten largest 76.50%
Holder Shares Stake Change
Vanguard 24.49m 15.35% +231.63k
COHEN & STEERS, INC. 22.78m 14.28% +1.94m
First Eagle Investment Management, LLC 18.93m 11.87% +9.59m
BlackRock 17.98m 11.27% +1.52m
State Street 9.85m 6.17% −44.92k
APG Asset Management US Inc. 7.23m 4.53% +17.55k
Norges Bank 6.48m 4.06% +6.48m
Invesco 5.80m 3.64% −460.27k
Geode Capital Management 4.40m 2.76% +82.88k
Daiwa Securities Group Inc. 4.09m 2.56% −230.90k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 23.05m 24.47m 91.77
2024 12.84m 11.63m 96.33
2023 12.96m 9.98m 85.91
2022 13.05m 2.65m 77.52
2021 12.89m 19.75m 126.22

Ownership

Directors and executive officers, together 1.50%
The Vanguard Group 13.21%
BlackRock, Inc. 8.96%
Cohen & Steers, Inc. 8.69%
State Street Corporation 6.84%
Norges Bank (The Central Bank of Norway) 5.74%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

BXP, Inc. (BXP) Latest News

29 Oct

Impact 4 ·
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28 Oct

Impact 4 ·
Impact 4 · transcript
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27 Oct

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26 Oct

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21 Oct

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20 Oct

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15 Oct

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14 Oct

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13 Oct

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9 Oct

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1 Oct

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28 Sep

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25 Sep

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24 Sep

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25 Aug

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19 Aug

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9 Aug

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5 Aug

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31 Jul

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30 Jul

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BXP metrics, ten years each

stockrow.com/BXP · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com