BXP
BXP · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
BXP reported revenue of $3.5B in the fiscal year ended Dec 2025, up 2.2% from the year before. Net income was $277M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.9B | $3.1B | $3.3B | $3.4B | $3.5B |
| Gross profit | $1.8B | $1.9B | $2B | $2B | $2.1B |
| Interest expense | $423M | $437M | $580M | $645M | $653M |
| Net income | $505M | $849M | $190M | $14M | $277M |
| Diluted EPS | 3.17 | 5.40 | 1.21 | 0.09 | 1.74 |
| Diluted shares | 156M | 157M | 157M | 158M | 159M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $453M | $690M | $1.5B | $1.3B | $1.5B |
| Total assets | $22.4B | $24.2B | $26B | $26.1B | $26.2B |
| Long-term debt | $3.3B | – | – | – | – |
| Total liabilities | $14.3B | $15.8B | $17.8B | $18.1B | $18.5B |
| Shareholders' equity | $5.8B | $6.1B | $5.9B | $5.4B | $5.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $1.3B | $1.3B | $1.2B | $1.2B |
| Depreciation & amortisation | $717M | $750M | $831M | $887M | $912M |
| Stock-based compensation | $51M | $52M | $51M | $44M | $44M |
| Acquisitions | $0 | $0 | $13M | −$6M | $0 |
| Dividends paid | $684M | $685M | $688M | $690M | $643M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.6% | 5.3% | 4.1% | 2.2% |
| EPS growth (YoY) | – | 70.3% | −77.6% | −92.6% | 1833.3% |
| Gross margin | 62.8% | 62.1% | 61.1% | 59.9% | 59.1% |
| Net margin | 17.5% | 27.3% | 5.8% | 0.4% | 7.9% |
| Return on equityBlank when equity is negative | 8.7% | 13.8% | 3.2% | 0.3% | 5.4% |
| Cash conversion (CFO ÷ net income) | 2.24x | 1.51x | 6.84x | 86.5x | 4.50x |
| Debt ÷ equity | 0.57x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.8B | – | – | – | – |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.