BXP, Inc.

Real Estate Office REITs Boston, Massachusetts Last filing Feb 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$3.5B
                    3y CAGR +3.9%
                    
                    P20
                    
                    +2.2%
                    
                    Net income
                    FY2025
                
$276.8M
                    Net margin +7.9%
                    
                    P27
                    
                    +1839.5%
                    
                    Total assets
                    FY2025
                
$26.2B
                    ROA +1.1%
                    
                    P19
                    
                    +0.3%
                    
                    Operating cash flow
                    FY2025
                
$1.2B
                    FCF margin +29.5%
                    
                    P40
                    
                    +0.9%

19 yrs · FY2007–FY2025 1 quarantined 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

21 accounts · 3 years

Total assets $26.2B

Total liabilities $18.5B

Shareholders equity $5.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$1.5B 17.8%	$1.3B -18.1%	$1.5B
Short Term Investments	$44.6M 12.4%	$39.7M 9.3%	$36.3M
Accounts Receivable	$92.6M -13.8%	$107.5M -12.2%	$122.4M
Prepaid Expenses	$108.1M 52.6%	$70.8M 10.3%	$64.2M
Operating Lease Assets	$325.8M -2.7%	$334.8M 3.2%	$324.3M
Total Assets	$26.2B 0.3%	$26.1B 0.2%	$26.0B
Liabilities
Current Portion of Long Term Debt	$750.0M 50.0%	$500.0M	—
Operating Lease Liabilities	$389.2M -0.9%	$392.7M 12.1%	$350.4M
Other Current Liabilities	$386.1M -14.4%	$450.8M 1.1%	$445.9M
Total Current Liabilities	$18.5B 1.9%	$18.1B 1.7%	$17.8B
Operating Lease Liabilities Noncurrent	$389.2M -0.9%	$392.7M 12.1%	$350.4M
Other Noncurrent Liabilities	$386.1M -14.4%	$450.8M 1.1%	$445.9M
Total Liabilities	$18.5B 1.9%	$18.1B 1.7%	$17.8B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$1.6M 0.2%	$1.6M 0.8%	$1.6M
Additional Paid In Capital	$6.8B 0.0%	$6.8B 1.8%	$6.7B
Retained Earnings	$-1.7B -18.0%	$-1.4B -73.9%	$-816.2M
Treasury Stock	$2.7M 0.0%	$2.7M 0.0%	$2.7M
Accumulated Other Comprehensive Income	$-12.9M -523.6%	$-2.1M 90.2%	$-21.1M
Total Stockholders Equity	$5.1B -4.9%	$5.4B -7.9%	$5.9B
Total Liabilitiesand Equity	$26.2B 0.3%	$26.1B 0.2%	$26.0B

Income Statement

Revenue, expense, and profitability

15 accounts · 3 years

Revenue $3.5B

Operating income Not reported

Net income $276.8M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$3.5B 2.2%	$3.4B 4.1%	$3.3B
Expenses Cost of Revenue	$2.5B 3.5%	$2.4B 6.6%	$2.2B
Expenses Selling,General and Administrative	$168.8M 5.5%	$160.0M -6.0%	$170.2M
Expenses Depreciation and Amortization	$912.1M 2.8%	$887.2M 6.8%	$830.8M
Expenses Share Based Compensation	$44.3M 0.9%	$43.9M -14.6%	$51.5M
Expenses Operating Expenses	$2.5B 3.5%	$2.4B 6.6%	$2.2B
Other Income Expense Gross Profit	$2.1B 0.9%	$2.0B 2.1%	$2.0B
Other Income Expense Interest Expense	$653.1M 1.2%	$645.1M 11.3%	$579.6M
Other Income Expense Other Income/expense	$5.5M 24.1%	$4.4M -20.5%	$5.6M
net Income net Income	$276.8M 1839.5%	$14.3M -92.5%	$190.2M
net Income Comprehensive Income	$266.0M 697.5%	$33.3M -81.8%	$182.8M
Earnings Per Share Basic Eps	$2 1844.4%	$0 -92.6%	$1
Earnings Per Share Diluted Eps	$2 1833.3%	$0 -92.6%	$1
Earnings Per Share Weighted Average Shares Basic	$158.3M 0.5%	$157.5M 0.4%	$156.9M
Earnings Per Share Weighted Average Shares Diluted	$158.9M 0.7%	$157.8M 0.4%	$157.2M

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $1.2B

Investing cash flow $-644.5M

Financing cash flow $-378.6M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	$276.8M 1839.5%	$14.3M -92.5%	$190.2M
Operating Activities Depreciation and Amortization	$912.1M 2.8%	$887.2M 6.8%	$830.8M
Operating Activities Stock Based Compensation	$44.3M 0.9%	$43.9M -14.6%	$51.5M
Operating Activities Changes In Operating Assets and Liabilities	$-28.4M -240.4%	$-8.3M -121.5%	$38.8M
Operating Activities Other Non Cash Items	$-19.1M -249.2%	$12.8M 76.5%	$7.3M
Operating Activities net Cash From Operating Activities	$1.2B 0.9%	$1.2B -5.1%	$1.3B
Investing Activities Capital Expenditures	$216.7M 14.2%	$189.7M 10.6%	$171.4M
Investing Activities Business Acquisitions	$0 100.0%	$-6.1M -146.3%	$13.2M
Investing Activities Other Investing Activities	$3.5M 41.5%	$2.5M 14.3%	$2.2M
Investing Activities net Cash From Investing Activities	$-644.5M 47.9%	$-1.2B -3.7%	$-1.2B
Financing Activities Proceeds From Debt	$865.0M	$0	$0
Financing Activities Repayment of Debt	$4.3M -11.1%	$4.8M	$0
Financing Activities Dividends Paid	$643.1M -6.8%	$689.9M 0.3%	$687.8M
Financing Activities Other Financing Activities	$-43.6M	$0	$0
Financing Activities net Cash From Financing Activities	$-378.6M -37.9%	$-274.5M -135.7%	$767.9M
Cash Reconciliation Effect of Exchange Rate On Cash	$1.6B 16.6%	$1.3B -17.2%	$1.6B
Cash Reconciliation net Change In Cash	$222.1M 180.1%	$-277.4M -131.7%	$875.8M
Cash Reconciliation Cash At Beginning of Period	$1.6B 16.6%	$1.3B -17.2%	$1.6B
Cash Reconciliation Cash At End of Period	$1.6B 16.6%	$1.3B -17.2%	$1.6B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+29.1%	+29.9%	+31.6%
Operating margin	—	—	—
Net margin	+7.9%	+0.4%	+5.8%
FCF margin	+29.5%	+30.7%	+34.5%
Growth
Revenue CAGR (3y)	+3.9%	+5.7%	+5.8%
Returns
ROE	+5.4%	+0.3%	+3.2%
ROA	+1.1%	+0.1%	+0.7%
ROIC	—	—	—
Liquidity
Current ratio	—	—	—
Quick ratio	0.09x	0.08x	0.09x
Leverage
D/E	3.59x	3.35x	3.03x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.13x	0.13x	0.13x
Cash conversion cycle	—	—	—

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BXP, Inc.

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