BXP, Inc.

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

                    Revenue
                    FY2025
                
$3.5B
                    3y CAGR +3.9%
                    
                    P21
                    
                    +2.2%
                    
                    Net income
                    FY2025
                
$276.8M
                    Net margin +7.9%
                    
                    P24
                    
                    +1839.5%
                    
                    Total assets
                    FY2025
                
$26.2B
                    ROA +1.1%
                    
                    P19
                    
                    +0.3%
                    
                    Operating cash flow
                    FY2025
                
$1.2B
                    FCF margin -1.4%
                    
                    P48
                    
                    +0.9%

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

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

18 accounts · 5 years

Total assets $26.2B

Total liabilities $18.5B

Shareholders equity $5.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$1.5B 17.8%	$1.3B -18.1%	$1.5B 121.8%	$690.3M 52.5%	$452.7M
Real Estate	$20.9B -0.7%	$21.1B 2.2%	$20.6B 5.6%	$19.5B 6.7%	$18.3B
Other Noncurrent Assets	$3.8B 1.7%	$3.7B -3.3%	$3.8B -3.3%	$3.9B 8.4%	$3.6B
Total Assets	$26.2B 0.3%	$26.1B 0.2%	$26.0B 7.5%	$24.2B 8.2%	$22.4B
Liabilities
Current Portion of Long Term Debt	$750.0M 50.0%	$500.0M	$0	—	—
Long Term Debt	$15.9B 0.9%	$15.7B -0.9%	$15.9B 11.3%	$14.2B 11.7%	$12.8B
Other Noncurrent Liabilities	$1.9B -2.7%	$1.9B -3.1%	$2.0B 23.8%	$1.6B 1.7%	$1.6B
Total Liabilities	$18.5B 1.9%	$18.1B 1.7%	$17.8B 12.6%	$15.8B 10.6%	$14.3B
Equity
Total Stockholders Equity	$5.1B -4.9%	$5.4B -7.9%	$5.9B -4.2%	$6.1B 5.1%	$5.8B
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$1.6M 0.2%	$1.6M 0.8%	$1.6M 0.1%	$1.6M 0.2%	$1.6M
Additional Paid In Capital	$6.8B 0.0%	$6.8B 1.8%	$6.7B 2.7%	$6.5B 0.6%	$6.5B
Retained Earnings	$-1.7B -18.0%	$-1.4B -73.9%	$-816.2M -108.5%	$-391.4M 37.5%	$-625.9M
Treasury Stock	$2.7M 0.0%	$2.7M 0.0%	$2.7M 0.0%	$2.7M 0.0%	$2.7M
Accumulated Other Comprehensive Income	$-12.9M -523.6%	$-2.1M 90.2%	$-21.1M -54.2%	$-13.7M 62.6%	$-36.7M
Other Equity	$2.6B 3.0%	$2.5B 9.9%	$2.3B 3.8%	$2.2B -2.6%	$2.2B
Temporary Equity and Other	$7.5M -20.9%	$9.5M 13.7%	$8.4M 26.8%	$6.6M -30.9%	$9.6M
Total Liabilitiesand Equity	$26.2B 0.3%	$26.1B 0.2%	$26.0B 7.5%	$24.2B 8.2%	$22.4B

Income Statement

Revenue, expense, and profitability

9 accounts · 5 years

Revenue $3.5B

Operating income Not reported

Net income $276.8M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$3.5B 2.2%	$3.4B 4.1%	$3.3B 5.3%	$3.1B 7.6%	$2.9B
Expenses Property Operating Expenses	$1.3B 3.7%	$1.3B 8.7%	$1.2B 6.8%	$1.1B 8.5%	$1.0B
Expenses Depreciation and Amortization	$912.1M 2.8%	$887.2M 6.8%	$830.8M 10.8%	$749.8M 4.5%	$717.3M
Expenses Selling,General and Administrative	$168.8M 5.5%	$160.0M -6.0%	$170.2M 16.2%	$146.4M -3.4%	$151.6M
Other Income Expense Interest Expense	$653.1M 1.2%	$645.1M 11.3%	$579.6M 32.6%	$437.1M 3.3%	$423.3M
net Income Other Items Below Tax	$-84.4M 76.7%	$-362.6M -34.9%	$-268.8M -219.7%	$224.6M 519.6%	$-53.5M
net Income net Income	$276.8M 1839.5%	$14.3M -92.5%	$190.2M -77.6%	$848.9M 68.0%	$505.2M
Earnings Per Share Diluted Eps	$2 1833.3%	$0 -92.6%	$1 -77.6%	$5 70.3%	$3
Earnings Per Share Weighted Average Shares Diluted	$158.9M 0.7%	$157.8M 0.4%	$157.2M 0.0%	$157.1M 0.5%	$156.4M

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 5 years

Operating cash flow $1.2B

Investing cash flow $-644.5M

Financing cash flow $-378.6M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	$1.2B 0.9%	$1.2B -5.1%	$1.3B 1.5%	$1.3B 13.2%	$1.1B
Operating Activities net Income	$384.0M 356.1%	$84.2M -71.1%	$291.4M -71.4%	$1.0B 61.5%	$631.9M
Operating Activities Depreciation and Amortization	$912.1M 2.8%	$887.2M 6.8%	$830.8M 10.8%	$749.8M 4.5%	$717.3M
Operating Activities Stock Based Compensation	$44.3M 0.9%	$43.9M -14.6%	$51.5M -1.1%	$52.0M 2.3%	$50.9M
Operating Activities Other Non Cash Items	$134.5M 33.3%	$100.9M 128.8%	$44.1M 99.2%	$22.1M 146.9%	$-47.2M
Investing Activities Capital Expenditures	$-1.3B -14.1%	$-1.1B -12.5%	$-1.0B -12.5%	$-896.0M 3.5%	$-928.8M
Investing Activities Other Investing Activities	$650.6M 733.4%	$-102.7M 44.6%	$-185.4M -130.2%	$613.4M 452.0%	$111.1M
Investing Activities net Cash From Investing Activities	$-644.5M 47.9%	$-1.2B -3.7%	$-1.2B 25.5%	$-1.6B -54.1%	$-1.0B
Financing Activities Proceeds From Debt	$11.2B 80.6%	$6.2B 143.9%	$2.5B 3.4%	$2.5B -32.8%	$3.7B
Financing Activities Repayment of Debt	$-10.8B -78.3%	$-6.1B -394.4%	$-1.2B -8.8%	$-1.1B 60.3%	$-2.8B
Financing Activities Dividends Paid	$-726.2M 5.4%	$-767.6M -1.3%	$-757.8M 1.7%	$-770.5M 18.3%	$-943.5M
Financing Activities Other Financing Activities	$-34.4M -109.5%	$360.8M 73.5%	$208.0M 2711.7%	$-8.0M 95.9%	$-194.7M
Financing Activities net Cash From Financing Activities	$-378.6M -37.9%	$-274.5M -135.7%	$767.9M 38.1%	$556.1M 142.4%	$-1.3B
Cash Reconciliation net Change In Cash	$222.1M 180.1%	$-277.4M -131.7%	$875.8M 271.6%	$235.7M 119.3%	$-1.2B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	—	—	—	—	—
Net margin	+7.9%	+0.4%	+5.8%	+27.3%	+17.5%
FCF margin	-1.4%	+2.9%	+9.0%	+12.4%	+7.1%
Growth
Revenue CAGR (3y)	+3.9%	+5.7%	+5.8%	+1.6%	+2.1%
Returns
ROE	+5.4%	+0.3%	+3.2%	+13.8%	+8.7%
ROA	+1.1%	+0.1%	+0.7%	+3.5%	+2.3%
ROIC	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	3.59x	3.35x	3.03x	2.58x	2.45x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.13x	0.13x	0.13x	0.13x	0.13x
Cash conversion cycle	—	—	—	—	—

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BXP, Inc.

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