BXP, Inc. (BXP)

BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces in the United States. It is concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2026, including properties owned by joint ventures, BXP's portfolio totals 51.1 million square feet and 164 properties, including six properties under construction/redevelopment. BXP's portfolio consists of 143 office properties, 13 retail properties, seven residential properties (including four residential properties under construction) and one hotel. BXP is well known for its in-house building management expertise and responsiveness to clients' needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP, Inc. was incorporated in 1970 in Delaware and is based in Massachusetts, Boston.

Symbol
BXP
Exchange
NYSE
Sector
Real Estate
Industry
REIT - Office
Market cap
$9.64B
52 week range
49.72 - 76.37

Valuation

Share price
$60.45 (close of 2026-10-02)
P/E (TTM)
32.33x
Price to book
1.25x
Price to free cash flow
14.14x
Enterprise value
$25.51B
Book value per share
$48.46

Price performance

PeriodChange
1 day+0.35%
5 days-4.65%
1 month-9.91%
3 months-12.80%
6 months+16.74%
Year to date-10.42%
1 year-20.05%
3 years+5.20%
5 years-45.94%
10 years-55.65%
All time+125.98%

Members of Congress who disclosed BXP trades

Gilbert Ray Cisneros · Julia Letlow · Alan Armstrong

Super investors holding BXP

First Eagle Investment (First Eagle Investment Management, LLC) · Ken Griffin (Citadel) · Sarah Ketterer (Causeway Capital Management LLC) · Christopher Davis (Davis Selected Advisers)

Profitability and growth

Return on equity
3.60%
Return on assets
1.06%
Gross margin
59.12%
Net margin
7.95%
EBITDA margin
52.90%
Revenue growth
2.19%
Net income growth
1839.46%
Free cash flow growth
0.86%

Cash flow and balance sheet

Free cash flow yield (TTM)
7.07%
Net debt to EBITDA
8.02x

Latest reported year

Period end
2025-12-31
Fiscal year
2025
Revenue
$3.48B
Gross profit
$2.06B
EBITDA
$1.84B
Net income
$276.80M
Earnings per share
$1.75
Interest expense
$653.14M
Shares outstanding
158.33M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$3.48B$2.06B$276.80M$1.75
2024-12-31$3.41B$2.04B$14.27M$0.09
2023-12-31$3.27B$2.00B$190.22M$1.21
2022-12-31$3.11B$1.93B$848.95M$5.42
2021-12-31$2.89B$1.81B$505.19M$3.18
2020-12-31$2.77B$1.69B$872.73M$5.55
2019-12-31$2.96B$1.83B$521.53M$3.31
2018-12-31$2.72B$1.65B$582.85M$3.71
2017-12-31$2.60B$1.61B$462.44M$2.93
2016-12-31$2.55B$931.01M$512.78M$3.27

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3159.12%7.95%3.60%-
2024-12-3159.89%0.42%0.18%-
2023-12-3161.06%5.81%2.32%-
2022-12-3162.07%27.31%10.15%-
2021-12-3162.81%17.49%6.29%-
2020-12-3161.25%31.56%10.46%-
2019-12-3161.68%17.62%6.51%-
2018-12-3160.70%21.45%7.10%-
2017-12-3161.70%17.77%5.71%8.50%
2016-12-3136.50%20.10%6.46%8.60%

Cash and debt by year

Period endCashDebt
2025-12-31$1.48B-
2024-12-31$1.25B-
2023-12-31$1.53B-
2022-12-31$690.33M-
2021-12-31$452.69M$3.30B
2020-12-31$1.67B$2.93B
2019-12-31$644.95M$2.95B
2018-12-31$543.36M$3.00B
2017-12-31$434.77M$3.01B
2016-12-31$356.91M$2.03B

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$1.25B$44.33M
2024-12-31$1.23B$43.95M
2023-12-31$1.30B$51.48M
2022-12-31$1.28B$52.03M
2021-12-31$1.13B$50.86M
2020-12-31$1.16B$44.14M
2019-12-31$1.18B$40.96M
2018-12-31$1.15B$40.12M
2017-12-31$911.98M$35.36M
2016-12-31$1.03B$32.91M

Dividend history

Most recent payment
2026-09-30
Paid in the last twelve months
$2.80
Payment dateDividend per share
2026-09-30$0.70
2026-06-30$0.70
2026-03-31$0.70
2025-12-31$0.70
2025-09-30$0.70
2025-06-30$0.98
2025-03-31$0.98
2024-12-31$0.98

Investor relations

Next earnings report

Next confirmed report
2026-10-27
Consensus EPS estimate
$1.80

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-28Jun/2026$1.71
2026-04-28Mar/2026$1.58
2026-01-27Dec/2025$1.80
2025-10-28Sep/2025$1.72
2025-07-29Jun/2025$1.67
2025-07-28--
2025-04-29Mar/2025$1.65
2025-04-28--

Filings and sources

Company website
bxp.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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