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 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

21 accounts · 10 years

Total assets $26.2B

Total liabilities $18.5B

Shareholders equity $5.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	42.4%	36.8%	46.8%	22.2%	15.7%	60.3%	21.8%	20.8%	17.2%	14.4%
Short Term Investments	1.3%	1.2%	1.1%	1.0%	1.5%	1.4%	1.2%	1.1%	1.2%	1.0%
Accounts Receivable	2.7%	3.2%	3.7%	2.6%	2.4%	2.8%	3.8%	3.3%	3.7%	3.7%
Prepaid Expenses	3.1%	2.1%	2.0%	1.4%	2.0%	1.2%	1.4%	3.1%	3.1%	5.2%
Operating Lease Assets	9.4%	9.8%	9.9%	5.4%	5.9%	5.3%	5.0%	—	—	—
Total Assets	751.4%	765.5%	795.0%	778.7%	774.3%	826.5%	718.9%	775.2%	768.2%	760.9%
Liabilities
Current Portion of Long Term Debt	21.5%	14.7%	—	—	—	—	—	—	—	—
Operating Lease Liabilities	11.2%	11.5%	10.7%	6.6%	7.1%	7.3%	6.8%	—	—	—
Other Current Liabilities	11.1%	13.2%	13.6%	14.5%	13.6%	14.9%	13.1%	19.3%	17.6%	18.2%
Total Current Liabilities	530.5%	532.2%	544.8%	509.5%	495.8%	524.7%	448.0%	460.8%	446.9%	440.7%
Operating Lease Liabilities Noncurrent	11.2%	11.5%	10.7%	6.6%	7.1%	7.3%	6.8%	—	—	—
Other Noncurrent Liabilities	11.1%	13.2%	13.6%	14.5%	13.6%	14.9%	13.1%	19.3%	17.6%	18.2%
Total Liabilities	530.5%	532.2%	544.8%	509.5%	495.8%	524.7%	448.0%	460.8%	446.9%	440.7%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	7.2%	6.8%	7.7%	7.9%	8.1%
Common Stock	0.0%	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Additional Paid In Capital	196.3%	200.6%	205.1%	210.4%	224.9%	229.8%	212.6%	245.2%	252.9%	255.6%
Retained Earnings	-48.1%	-41.7%	-24.9%	-12.6%	-21.7%	-18.4%	-25.7%	-25.9%	-28.2%	-28.0%
Treasury Stock	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Accumulated Other Comprehensive Income	-0.4%	-0.1%	-0.6%	-0.4%	-1.3%	-1.8%	-1.6%	-1.8%	-2.0%	-2.1%
Total Stockholders Equity	147.8%	158.9%	179.5%	197.3%	202.0%	216.8%	192.0%	225.1%	230.5%	233.5%
Total Liabilitiesand Equity	751.4%	765.5%	795.0%	778.7%	774.3%	826.5%	718.9%	775.2%	768.2%	760.9%

Income Statement

Revenue, expense, and profitability

15 accounts · 10 years

Revenue $3.5B

Operating income $572.3M

Net income $276.8M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	70.9%	70.1%	68.4%	65.9%	66.5%	67.3%	64.7%	68.6%	67.2%	69.6%
Expenses Selling,General and Administrative	4.8%	4.7%	5.2%	4.7%	5.2%	4.8%	4.8%	4.7%	4.5%	4.2%
Expenses Depreciation and Amortization	26.2%	26.0%	25.4%	24.1%	24.8%	24.7%	22.9%	24.7%	24.5%	28.0%
Expenses Share Based Compensation	1.3%	1.3%	1.6%	1.7%	1.8%	1.6%	1.4%	1.5%	1.4%	1.3%
Expenses Operating Expenses	70.9%	70.1%	68.4%	65.9%	66.5%	67.3%	64.7%	68.6%	67.2%	69.6%
Other Income Expense Gross Profit	59.1%	59.9%	61.1%	62.1%	62.8%	61.3%	61.7%	63.1%	63.7%	—
Other Income Expense Interest Expense	18.8%	18.9%	17.7%	14.1%	14.7%	15.6%	13.9%	14.5%	14.8%	16.7%
Other Income Expense Other Income/expense	0.2%	0.1%	0.2%	-0.2%	0.2%	0.2%	0.2%	-0.1%	0.1%	0.1%
net Income net Income	7.9%	0.4%	5.8%	27.3%	17.5%	31.6%	17.6%	22.3%	18.3%	20.7%
net Income Comprehensive Income	7.6%	1.0%	5.6%	28.0%	17.9%	31.5%	17.6%	22.4%	18.4%	19.2%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.5%	4.6%	4.8%	5.0%	5.4%	5.6%	5.2%	5.9%	6.1%	6.2%
Earnings Per Share Weighted Average Shares Diluted	4.6%	4.6%	4.8%	5.1%	5.4%	5.6%	5.2%	5.9%	6.1%	6.2%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 10 years

Operating cash flow $1.2B

Investing cash flow $-644.5M

Financing cash flow $-378.6M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	7.9%	0.4%	5.8%	27.3%	17.5%	31.6%	17.6%	22.3%	18.3%	20.7%
Operating Activities Depreciation and Amortization	26.2%	26.0%	25.4%	24.1%	24.8%	24.7%	22.9%	24.7%	24.5%	28.0%
Operating Activities Stock Based Compensation	1.3%	1.3%	1.6%	1.7%	1.8%	1.6%	1.4%	1.5%	1.4%	1.3%
Operating Activities Changes In Operating Assets and Liabilities	-0.8%	-0.2%	1.2%	-0.4%	0.6%	-1.3%	0.7%	-1.6%	-2.1%	-2.3%
Operating Activities Other Non Cash Items	-0.5%	0.4%	0.2%	-0.8%	-1.0%	0.6%	-1.7%	0.2%	-1.8%	-4.3%
Operating Activities net Cash From Operating Activities	35.8%	36.2%	39.8%	41.3%	39.2%	41.8%	39.9%	44.0%	36.2%	41.8%
Investing Activities Capital Expenditures	6.2%	5.6%	5.2%	5.7%	5.2%	5.8%	6.1%	7.3%	8.8%	6.1%
Investing Activities Business Acquisitions	0.0%	-0.2%	0.4%	0.0%	0.0%	—	—	—	—	—
Investing Activities Other Investing Activities	0.1%	0.1%	0.1%	—	—	0.0%	0.0%	0.5%	1.0%	0.0%
Investing Activities net Cash From Investing Activities	-18.5%	-36.3%	-36.5%	-51.6%	-36.0%	-22.2%	-34.3%	-42.1%	-35.0%	-54.0%
Financing Activities Proceeds From Debt	24.8%	0.0%	0.0%	31.7%	26.7%	9.6%	12.8%	28.5%	23.0%	1.0%
Financing Activities Repayment of Debt	0.1%	0.1%	0.0%	0.0%	28.8%	0.6%	1.6%	0.7%	52.2%	53.6%
Financing Activities Dividends Paid	18.5%	20.2%	21.0%	22.0%	23.7%	24.9%	22.5%	22.5%	20.9%	27.1%
Financing Activities Other Financing Activities	-1.3%	0.0%	0.0%	—	—	0.0%	0.0%	0.0%	0.9%	0.0%
Financing Activities net Cash From Financing Activities	-10.9%	-8.1%	23.5%	17.9%	-45.4%	17.5%	-3.8%	3.2%	2.2%	-3.0%
Cash Reconciliation Effect of Exchange Rate On Cash	44.7%	39.2%	49.3%	23.7%	17.3%	62.2%	23.4%	24.5%	20.0%	17.0%
Cash Reconciliation net Change In Cash	6.4%	-8.1%	26.8%	7.6%	-42.2%	37.1%	1.8%	5.1%	3.4%	-15.2%
Cash Reconciliation Cash At Beginning of Period	44.7%	39.2%	49.3%	23.7%	17.3%	62.2%	23.4%	24.5%	20.0%	17.0%
Cash Reconciliation Cash At End of Period	44.7%	39.2%	49.3%	23.7%	17.3%	62.2%	23.4%	24.5%	20.0%	17.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+29.1%	+29.9%	+31.6%	+34.1%	+33.5%	+32.7%	+35.3%	+31.4%	+32.8%	+30.4%
Operating margin	—	—	—	—	—	—	—	+21.9%	+36.0%	+33.3%
Net margin	+7.9%	+0.4%	+5.8%	+27.3%	+17.5%	+31.6%	+17.6%	+22.3%	+18.3%	+20.7%
FCF margin	+29.5%	+30.7%	+34.5%	+35.6%	+34.0%	+36.0%	+33.8%	+36.8%	+27.3%	+35.7%
Growth
Revenue CAGR (3y)	+3.9%	+5.7%	+5.8%	+1.6%	+3.4%	+3.1%	+6.1%	+2.6%	+2.7%	+6.3%
Returns
ROE	+5.4%	+0.3%	+3.2%	+13.8%	+8.7%	+14.6%	+9.2%	+9.9%	+8.0%	+8.9%
ROA	+1.1%	+0.1%	+0.7%	+3.5%	+2.3%	+3.8%	+2.5%	+2.9%	+2.4%	+2.7%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—	—	—	—	—	—
Quick ratio	0.09x	0.08x	0.09x	0.05x	0.04x	0.12x	0.06x	0.05x	0.05x	0.04x
Leverage
D/E	3.59x	3.35x	3.03x	2.58x	2.45x	2.42x	2.33x	2.05x	1.94x	1.89x
Interest coverage	—	—	—	—	—	—	—	1.51x	2.42x	2.00x
Efficiency
Asset turnover	0.13x	0.13x	0.13x	0.13x	0.13x	0.12x	0.14x	0.13x	0.13x	0.13x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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BXP, Inc.

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