Latest quarter
BXP reported revenue of $895.7 million for Q2 FY2026, compared with $868.5 million in Q2 FY2025, a 3.14% increase. On the basis used for the consensus comparison, BXP reported revenue of $831.7 million against consensus revenue of $812.5 million, and it reported adjusted EPS of $1.78 against consensus adjusted EPS of $1.71.
The company reported diluted EPS of $0.43, compared with $0.56 a year earlier, while gross margin was 61.4%, compared with 60.7%, and operating margin was 28.9%, compared with 29.5%. BXP reported free cash flow of $116.6 million, compared with $84.1 million a year earlier. The filing says same-property lease revenue excluding termination income increased by approximately $24.3 million, driven by higher average revenue per square foot and average occupancy. The filing also says total portfolio occupancy reached 88.4% at June 30, 2026, up 100 basis points from the first quarter.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $895.7 million | $868.5 million | 3.14% |
| Diluted EPS | $0.43 | $0.56 | −23.2% |
| Gross margin | 61.4% | 60.7% | 0.7 percentage points |
| Operating margin | 28.9% | 29.5% | −0.6 percentage points |
| Free cash flow | $116.6 million | $84.1 million | 38.7% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $1.78 | $1.71 | Beat by 4.09% |
| Revenue | $831.7 million | $812.5 million | Beat by 2.36% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
No earnings call was available, so BXP’s call commentary, analyst questions and answers, and any call-specific discussion of demand, pricing, margins, investment, competition or the quarter ahead are unavailable.
Guidance
BXP’s July 28 results release provided Q3 FY2026 GAAP EPS guidance of $0.50–$0.52 and non-GAAP FFO per diluted share guidance of $1.80–$1.82. The release provided FY2026 GAAP EPS guidance of $2.14–$2.24 and non-GAAP FFO per diluted share guidance of $6.99–$7.05.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| EPS, Non Gaap Ffo | FY2026 | $6.99–$7.05 | — | New |
| EPS, GAAP | FY2026 | $2.14–$2.24 | — | New |
| EPS, Non Gaap Ffo | Q3 FY2026 | $1.80–$1.82 | — | New |
| EPS, GAAP | Q3 FY2026 | $0.50–$0.52 | — | New |