NYSE: BXP
BXP
Real Estate · Real Estate Investment Trusts
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$10.6B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $19.3B |
| FY2017, ended Dec 31, 2017 | $20.1B |
| FY2018, ended Dec 31, 2018 | $17.4B |
| FY2019, ended Dec 31, 2019 | $21.4B |
| FY2020, ended Dec 31, 2020 | $14.7B |
| FY2021, ended Dec 31, 2021 | $18.0B |
| FY2022, ended Dec 31, 2022 | $10.6B |
| FY2023, ended Dec 31, 2023 | $11.0B |
| FY2024, ended Dec 31, 2024 | $11.8B |
| FY2025, ended Dec 31, 2025 | $10.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $10.6B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.52B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.55B |
| FY2017, ended Dec 31, 2017 | $2.60B |
| FY2018, ended Dec 31, 2018 | $2.72B |
| FY2019, ended Dec 31, 2019 | $2.96B |
| FY2020, ended Dec 31, 2020 | $2.77B |
| FY2021, ended Dec 31, 2021 | $2.89B |
| FY2022, ended Dec 31, 2022 | $3.11B |
| FY2023, ended Dec 31, 2023 | $3.27B |
| FY2024, ended Dec 31, 2024 | $3.41B |
| FY2025, ended Dec 31, 2025 | $3.48B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.52B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $513M | $884M |
| FY2017, ended Dec 31, 2017 | $462M | $689M |
| FY2018, ended Dec 31, 2018 | $583M | $960M |
| FY2019, ended Dec 31, 2019 | $522M | $1.00B |
| FY2020, ended Dec 31, 2020 | $873M | $997M |
| FY2021, ended Dec 31, 2021 | $505M | $982M |
| FY2022, ended Dec 31, 2022 | $849M | $1.11B |
| FY2023, ended Dec 31, 2023 | $190M | $1.13B |
| FY2024, ended Dec 31, 2024 | $14.3M | $1.04B |
| FY2025, ended Dec 31, 2025 | $277M | $1.03B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $297M | $1.14B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$494M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $357M |
| FY2017, ended Dec 31, 2017 | $435M |
| FY2018, ended Dec 31, 2018 | $543M |
| FY2019, ended Dec 31, 2019 | $645M |
| FY2020, ended Dec 31, 2020 | $1.67B |
| FY2021, ended Dec 31, 2021 | $453M |
| FY2022, ended Dec 31, 2022 | $690M |
| FY2023, ended Dec 31, 2023 | $1.53B |
| FY2024, ended Dec 31, 2024 | $1.25B |
| FY2025, ended Dec 31, 2025 | $1.48B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $494M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$750M
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.03B |
| FY2017, ended Dec 31, 2017 | $3.01B |
| FY2018, ended Dec 31, 2018 | $3.00B |
| FY2019, ended Dec 31, 2019 | $2.95B |
| FY2020, ended Dec 31, 2020 | $2.93B |
| FY2021, ended Dec 31, 2021 | $3.30B |
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | $0 |
| FY2024, ended Dec 31, 2024 | $500M |
| FY2025, ended Dec 31, 2025 | $750M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $750M |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 3.8% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.160M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 154M |
| FY2017, ended Dec 31, 2017 | 154M |
| FY2018, ended Dec 31, 2018 | 155M |
| FY2019, ended Dec 31, 2019 | 155M |
| FY2020, ended Dec 31, 2020 | 156M |
| FY2021, ended Dec 31, 2021 | 157M |
| FY2022, ended Dec 31, 2022 | 157M |
| FY2023, ended Dec 31, 2023 | 157M |
| FY2024, ended Dec 31, 2024 | 158M |
| FY2025, ended Dec 31, 2025 | 159M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 160M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$50.5M
Net: $50.5M more issued than bought back
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| Period | Paid to employees |
|---|---|
| FY2016, ended Dec 31, 2016 | $32.9M |
| FY2017, ended Dec 31, 2017 | $35.4M |
| FY2018, ended Dec 31, 2018 | $40.1M |
| FY2019, ended Dec 31, 2019 | $41.0M |
| FY2020, ended Dec 31, 2020 | $44.1M |
| FY2021, ended Dec 31, 2021 | $50.9M |
| FY2022, ended Dec 31, 2022 | $52.0M |
| FY2023, ended Dec 31, 2023 | $51.5M |
| FY2024, ended Dec 31, 2024 | $43.9M |
| FY2025, ended Dec 31, 2025 | $44.3M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $50.5M |
Revenue (TTM)
$3.52B
+1.9% YoY
Net income (TTM)
$297M
+5,915% YoY
Cash
$494M
+10.5% YoY
Total debt
$750M
0.0% YoY
Valuation
At current price- Market Cap
- $10.0B
- P/E
- 33.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.9×
- Price / Book
- 1.9×
- EV / EBITDA
- 5.3×
Growth
Trailing 12 months- Revenue (TTM)
- $3.52B
- Revenue Growth YoY
- 1.9%
- Revenue CAGR 3Y
- 3.9%
- Revenue CAGR 5Y
- 4.7%
- EPS Growth YoY
- 6,100%
- Net Income Growth YoY
- 5,915%
Profitability
Trailing 12 months- Gross Margin
- 59.1%
- Operating Margin
- 28.3%
- Net Margin
- 8.4%
- FCF Margin
- 32.4%
- Return on Equity
- 5.7%
Earnings
Trailing 12 months- Net Income
- $297M
- EPS (diluted)
- $1.86
- EBITDA
- $1.93B
- Operating Income
- $994M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $494M
- Total Debt
- $750M
- Net Debt
- $256M
- Total Assets
- $25.2B
- Total Liabilities
- $17.4B
- Shareholders' Equity
- $5.16B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.28B
- Capital Expenditure
- $143M
- Free Cash Flow
- $1.14B
Dividends and risk
Last 12 months- Dividend Yield
- 4.5%
- Dividend / Share
- $2.80
- Beta (5Y)
- 1.03
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $3.52B.
Strength
Keeps 28.3% of revenue as operating profit.
Note
Net debt of $256M is 0.1× EBITDA, a manageable load.
Strength
Turns 32.4% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K36Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 27, 2025 · Read the filing on EDGAR
- Net income to shareholders fell 92.5% to $14.3 million, mainly because of $341.3 million in non-cash write-downs on three joint venture investments.
- Rental revenue rose 4.6% and net operating income rose 2.1%, helped by added properties, but income from properties owned throughout both years fell 3.3%.
- Fourth-quarter leasing of 2.3 million square feet was the strongest since 2019, and management says its operating environment is improving.
- Interest expense rose 11% to $645 million, and management expects net interest expense to be higher again in 2025.
Business momentum
Sharp deterioration
“Net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership decreased by approximately $175.9 million and $196.3 million, respectively, for the year ended December 31, 2024 compared to 2023”
Outlook
Positive
“Overall, we believe that our operating environment is improving.”
Financial stress
Moderate
“Therefore, we are likely to need to refinance at least a portion of our outstanding debt as it matures.”
Tone against the previous report
More positive
Red flags
- Medium
Large write-down
“we recognized an other-than-temporary impairment loss on our investments in Colorado Center, Gateway Commons and Safeco Plaza of approximately $168.4 million, $126.1 million and $46.8 million, respectively”
- Minor
Other
“As of December 31, 2024, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest and default interest, of approximately $119.6 million.”
Positives
Strongest quarter for signing leases since 2019
“This result represents BXP’s strongest leasing quarter since the second quarter of 2019”
Total income from properties grew modestly despite lower occupancy
“Net Operating Income $ 2,041,045 $ 1,998,776 $ 42,269 2.11 %”
Cash and unused credit available to fund near-term needs
“we believe that our access to capital and our strong liquidity, including the approximately $1.2 billion available under BPLP’s 2021 Credit Facility and our available cash, as of February 21, 2025, are sufficient to fund our remaining capital needs”
Concerns
Falling occupancy reduced revenue at properties owned throughout both years
“The decrease was a result of our average occupancy decreasing from 90.8% to 88.9%, resulting in a decrease of approximately $60.6 million”
Net interest costs are expected to rise again in 2025
“We expect net interest expense will be higher in 2025 as a result of lower projected interest income in 2025”
Large debts come due within about a year, starting with a $700 million loan
“$700.0 million of principal outstanding on the 2023 Unsecured Term Loan due May 16, 2025,”
New risks since the previous report
New federal policies, including tariffs, could push interest rates higher
“An area of concern with the new presidential administration's policies is the potential impact to interest rates, given that new tariffs, if implemented, could be inflationary”
Federal spending cuts could reduce office demand, including in Washington, DC
“A reduction in spending by the Federal Government, sustained changes in space utilization due to remote work models, and/or a significant downturn in one or more of the foregoing sectors have resulted in, and could continue to result in, reduced demand for office space”
More debt now carries changing interest rates after a year-earlier fully fixed position
“As of February 21, 2025, we had $2.4 billion outstanding indebtedness, excluding our unconsolidated joint ventures, that bears interest at a variable rate, and we may incur more indebtedness in the future.”
Joint venture loans coming due soon may need refinancing or BXP cash
“As of December 31, 2024, our share of unconsolidated joint venture debt maturing through February 2026 was approximately $551.4 million.”
Biggest risks named
- Weak office demand from remote work and economic downturns
- Refinancing about $16.2 billion of debt at higher interest rates
- Further write-downs on joint ventures and properties
- Credit rating downgrades and harder access to financing
- Federal policy changes, including tariffs and government spending cuts
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | −8 | |
| Red flags | −3.9 | |
| New risks | −2 | |
| Score | 36 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 27, 2026 | Pro | |||
| 10-K | Feb 27, 2025 | 36 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 27, 2024 | 27 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Feb 27, 2023 | 65 | Strong improvement | 1 minor | |
| 10-K | Feb 25, 2022 | 48 | Sharp deterioration | None | |
| 10-K | Feb 26, 2021 | 50 | Mixed | 1 minor | |
| 10-K | Mar 2, 2020 | 59 | Mixed | None | |
| 10-K | Feb 28, 2019 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 28, 2018 | 59 | Mixed | None | |
| 10-K | Feb 28, 2017 | 56 | Mixed | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 6, 2026. View filings on SEC EDGAR