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BXP, Inc. (BXP) stock

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NYSE: BXP NYSE Office REITs Next results ~January 26, 2027

B Fundamentals grade

BXP, Inc. owns, develops and manages commercial real estate, chiefly office buildings, and also holds residential properties and one hotel, the Boston Marriott Cambridge. At the end of December 2025 it owned or held joint venture interests in a portfolio of 179 properties; its same property portfolio comprised 142 buildings covering roughly 40.0 million net rentable square feet.

The company leases space to tenants, which it refers to as clients, earning rental income supplemented by parking charges, lease termination payments and fees from development and management services provided to third parties and joint ventures. It also receives residential rents and hotel revenue. The group is organised through the parent and its operating partnership, Boston Properties Limited Partnership, and manages its holdings across regions including Boston, New York, San Francisco and Washington, DC.

During 2025 it acquired 2100 M Street in Washington, DC, placed several developments into service, and sold office, land and residential assets as part of a strategy to dispose of non-core holdings.

Based on BXP, Inc.'s 10-K filed February 27, 2026.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$120

Valuation models combined (2)

Base case. Range ~$58–$140. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter BXP files

Where BXP stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.52bn, up 1.9% on a year earlier, about the same pace as a quarter earlier. That puts it 767 of 931 for growth among all the companies we cover. Our valuation models combined value is $111 a share, against a share price of $58.82.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

BXP, Inc.'s trailing-twelve-month revenue grew 1.9% year on year, with a free-cash-flow margin of 32.4%. Where it stands out: net margin of 8.4% ranks 4 of 18 office reits companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 16.3% while net income grew 5922.3%: a 5906pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • High operating margin. 34.0% of revenue is left as operating profit.
  • Strong cash generation. 32.4% of revenue turned into free cash flow.
  • Net cash. Cash exceeds long-term debt by $0.5bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Heavily shorted. 10.4% of the shares available to trade are sold short (8.9 days of average volume to cover).
  • Earnings expected to fall. The consensus expects earnings per share to fall 0% next year.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.65 against an average estimate of $0.52: beat by 24.1%
Revenue
$896m, up 3.1% on a year earlier
Share reaction
-1.3% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
EPS (diluted) $2.35 to $2.37 (full-year 2026); FFO per diluted share $7.06 to $7.08 (full-year 2026)
Next report
January 26, 2027; average EPS estimate $0.56

BXP's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.1%
  • 1 week+1.9%
  • 1 month+5.0%
  • This year-2.5%
  • 1 year-6.7%
  • 5 years-29.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.5B
Net margin
8.4%
EPS (TTM, diluted)
$1.86

Growth

Revenue growth
+1.9%
Change in growth rate
+0.3 pts
Share count change
+0.4%

Earnings

Last results
October 27, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Announcement
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value BXP, Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.79 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$140 ~$120–$180 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$2.8 ~$69–$130 Left out: out of range vs price (0.04x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$58 ~$50–$70 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$58–$140 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare BXP, Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

77 /100

Strong moat

How hard BXP's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.4% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 61.4%, moving by 1.1 percentage points (standard deviation) across 8 years.

  • Durability 20 / 20

    Operating margin has been a median 34.1%; its worst year was 31.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 33.8% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 2.0% over five years; stock-based pay has been a median 1.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 26, 2027, after the close. Analysts expect revenue of $904m and EPS of $0.56 (range $0.50 to $0.67) for the quarter.

Analysts' consensus

BXP, Inc.: consensus estimates
Fiscal yearEPSGrowthRevenueGrowth
Current $2.09 — $3.6bn +3%
Next $2.09 −0% $3.7bn +2%

Next year's EPS estimate has moved +1.8% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.8% on 90 days ago. In the last 30 days, 1 analyst raised BXP, Inc.'s forecast and 0 cut it.

Consensus EPS forecast BXP, Inc., last 90 days
$1.90 $2.00 $2.10 $2.20 $2.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.01 Current fiscal year, 60 days ago: $1.94 Current fiscal year, 30 days ago: $2.10 Current fiscal year, 7 days ago: $2.10 Current fiscal year, Now: $2.09 $2.09 Next fiscal year, 90 days ago: $2.05 Next fiscal year, 60 days ago: $2.09 Next fiscal year, 30 days ago: $2.22 Next fiscal year, 7 days ago: $2.22 Next fiscal year, Now: $2.09 $2.09

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.01$2.05
60 days ago $1.94$2.09
30 days ago $2.10$2.22
7 days ago $2.10$2.22
Now $2.09$2.09

Earnings against estimates

BXP, Inc.: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Sept 2026 $0.52 $0.65 +24.1%
Jun 2026 $0.43 $0.50 +14.8%
Mar 2026 $0.28 $0.55 +97.6%
Dec 2025 $0.51 $0.68 +34.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • EPS (diluted) full-year 2026 $2.35 to $2.37 GAAP Raised
    “BXP provided guidance for full-year 2026 EPS of $2.35 - $2.37 and FFO of $7.06 - $7.08 per diluted share.” source
  • Projected EPS (diluted) Full Year 2026 $2.35 to $2.37 GAAP Raised
    “Projected EPS (diluted) $ 2.35 $ 2.37” source
  • FFO per diluted share full-year 2026 $7.06 to $7.08 Non-GAAP Raised
    “BXP provided guidance for full-year 2026 EPS of $2.35 - $2.37 and FFO of $7.06 - $7.08 per diluted share.” source
  • Projected FFO per share (diluted) Full Year 2026 $7.06 to $7.08 Non-GAAP Raised
    “Projected FFO per share (diluted) $ 7.06 $ 7.08” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

22 analysts, Oct 2026
Buy1150%
Hold1150%
Sell00%

Monthly trend

  1. Oct 2026471122
  2. Sep 2026571022
  3. Aug 2026571022
  4. Jul 2026571022

Counts of recommendations published by analysts covering BXP, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.4%
of tradable shares
Days to cover
8.92
at average volume
Short interest, 1 month
+11%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
0.4%
of shares
Employees
826
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −6.7%

$68.01 on October 31, 2025 to $63.47

BXP, Inc.: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $3.5bn $3.5bn +1.9%
Net margin 0.1% 8.4% +5811.0%
P/E multiple n/m 34.0x −98.4%
Share count 159m 159m −0.4%

Biggest factor: p/e multiple.

Last 3 years +25.9%

$50.42 on November 3, 2023 to $63.47

BXP, Inc.: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $3.2bn $3.5bn +9.9%
Net margin 20.5% 8.4% −58.8%
P/E multiple 12.1x 34.0x +181.4%
Share count 157m 159m −1.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

BXP, Inc.: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year 202120222023202420252026 to date
Return
BXP+26%−39%+11%+12%−5%−3%
Industry peers (median)+19%−37%+2%+10%−19%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BXP58%25%50%58%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BXP−14%−49%−40%−20%−23%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 64% from February 18, 2020 to March 23, 2023. Getting back needed a 175% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$49.64 – $72.14
From 52-week high
−12.0%
vs 50-day average
+1.2%
vs 200-day average
+4.3%
Volatility (1 year)
28%
Beta vs S&P 500
0.66

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
1 up, 11 down
typical move ±4.2%
After a week
2 up, 9 down
typical move ±4.6%
After a month
5 up, 6 down
typical move ±5.4%
BXP, Inc.: share-price change after each results release
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −1.3% +0.9% — —
July 28, 2026 +5.4% −1.3% +2.1% +1.6%
April 28, 2026 −0.7% −0.5% +0.9% +4.5%
January 28, 2026 −0.3% −0.2% −2.3% −11.7%
October 28, 2025 −5.6% +0.3% −6.4% −2.4%
July 30, 2025 −7.1% −0.5% −6.3% +1.8%
April 29, 2025 −3.8% +0.7% −3.4% +3.9%
January 28, 2025 −7.7% +0.4% −3.1% −6.1%
October 29, 2024 −5.3% −0.1% −6.9% −5.2%
July 30, 2024 −0.1% +1.1% −4.2% +4.1%
April 30, 2024 −5.7% −1.9% −3.2% −7.4%
January 30, 2024 −7.9% −1.7% −12.3% −10.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

BXP, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) BXP, Inc.
$3.2B $3.3B $3.4B $3.5B $3.6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $3.2B Revenue (TTM), FY23 Q4: $3.3B Revenue (TTM), FY24 Q1: $3.3B Revenue (TTM), FY24 Q2: $3.3B Revenue (TTM), FY24 Q3: $3.4B Revenue (TTM), FY24 Q4: $3.4B Revenue (TTM), FY25 Q1: $3.4B Revenue (TTM), FY25 Q2: $3.5B Revenue (TTM), FY25 Q3: $3.5B Revenue (TTM), FY25 Q4: $3.5B Revenue (TTM), FY26 Q1: $3.5B Revenue (TTM), FY26 Q2: $3.5B $3.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $3.2B
FY23 Q4 $3.3B
FY24 Q1 $3.3B
FY24 Q2 $3.3B
FY24 Q3 $3.4B
FY24 Q4 $3.4B
FY25 Q1 $3.4B
FY25 Q2 $3.5B
FY25 Q3 $3.5B
FY25 Q4 $3.5B
FY26 Q1 $3.5B
FY26 Q2 $3.5B
Revenue growth, TTM YoY BXP, Inc.
0% 2% 4% 6% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 6.1% Revenue growth, TTM YoY, FY23 Q4: 5.3% Revenue growth, TTM YoY, FY24 Q1: 4.8% Revenue growth, TTM YoY, FY24 Q2: 4.5% Revenue growth, TTM YoY, FY24 Q3: 4.4% Revenue growth, TTM YoY, FY24 Q4: 4.1% Revenue growth, TTM YoY, FY25 Q1: 3.7% Revenue growth, TTM YoY, FY25 Q2: 3.2% Revenue growth, TTM YoY, FY25 Q3: 2.5% Revenue growth, TTM YoY, FY25 Q4: 2.2% Revenue growth, TTM YoY, FY26 Q1: 1.6% Revenue growth, TTM YoY, FY26 Q2: 1.9% 1.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 6.1%
FY23 Q4 5.3%
FY24 Q1 4.8%
FY24 Q2 4.5%
FY24 Q3 4.4%
FY24 Q4 4.1%
FY25 Q1 3.7%
FY25 Q2 3.2%
FY25 Q3 2.5%
FY25 Q4 2.2%
FY26 Q1 1.6%
FY26 Q2 1.9%
Operating margin (TTM) BXP, Inc.
30% 32% 34% 36% FY15 Q4 FY16 Q3 FY17 Q2 FY18 Q3 Operating margin (TTM), FY15 Q4: 34.1% Operating margin (TTM), FY16 Q1: 35.2% Operating margin (TTM), FY16 Q2: 35.6% Operating margin (TTM), FY16 Q3: 32.9% Operating margin (TTM), FY16 Q4: 32.4% Operating margin (TTM), FY17 Q1: 31.1% Operating margin (TTM), FY17 Q2: 31.5% Operating margin (TTM), FY17 Q3: 34.0% Operating margin (TTM), FY17 Q4: 34.9% Operating margin (TTM), FY18 Q1: 34.6% Operating margin (TTM), FY18 Q2: 34.2% Operating margin (TTM), FY18 Q3: 34.0% 34.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY15 Q4 34.1%
FY16 Q1 35.2%
FY16 Q2 35.6%
FY16 Q3 32.9%
FY16 Q4 32.4%
FY17 Q1 31.1%
FY17 Q2 31.5%
FY17 Q3 34.0%
FY17 Q4 34.9%
FY18 Q1 34.6%
FY18 Q2 34.2%
FY18 Q3 34.0%
FCF margin (TTM) BXP, Inc.
28% 30% 32% 34% 36% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 34.1% FCF margin (TTM), FY23 Q4: 34.5% FCF margin (TTM), FY24 Q1: 33.3% FCF margin (TTM), FY24 Q2: 32.7% FCF margin (TTM), FY24 Q3: 31.5% FCF margin (TTM), FY24 Q4: 30.7% FCF margin (TTM), FY25 Q1: 30.1% FCF margin (TTM), FY25 Q2: 28.4% FCF margin (TTM), FY25 Q3: 28.2% FCF margin (TTM), FY25 Q4: 29.5% FCF margin (TTM), FY26 Q1: 28.7% FCF margin (TTM), FY26 Q2: 32.4% 32.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 34.1%
FY23 Q4 34.5%
FY24 Q1 33.3%
FY24 Q2 32.7%
FY24 Q3 31.5%
FY24 Q4 30.7%
FY25 Q1 30.1%
FY25 Q2 28.4%
FY25 Q3 28.2%
FY25 Q4 29.5%
FY26 Q1 28.7%
FY26 Q2 32.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

BXP, Inc.: annual financial statements
Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,518 1,543 1,723 1,847 2,136 2,397 2,491 2,551 2,602 2,717 2,961 2,766 2,889 3,109 3,274 3,408 3,482 3,516
Gross profit — — — — — — — — 1,605 1,649 1,826 1,694 1,814 1,930 1,999 2,041 2,059 2,077
EBITDA 889 947 1,044 1,094 1,244 1,430 1,489 1,520 1,526 — — — — — — — — —
Operating income 568 609 605 640 678 802 849 826 908 — — — — — — — — —
Net income 231 159 273 290 750 444 583 513 462 583 522 873 505 849 190 14 277 297
Diluted EPS $1.76 $1.14 $1.86 $1.92 $4.86 $2.83 $3.72 $3.26 $2.93 $3.70 $3.30 $5.54 $3.17 $5.40 $1.21 $0.09 $1.74 $1.86
Growth (year on year)
Revenue +3.3% +1.7% +11.6% +7.2% +15.6% +12.2% +3.9% +2.4% +2.0% +4.4% +9.0% −6.6% +4.4% +7.6% +5.3% +4.1% +2.2% +1.9%
EBITDA +0.9% +6.5% +10.2% +4.8% +13.6% +15.0% +4.1% +2.1% +0.4% — — — — — — — — —
Operating income −1.7% +7.3% −0.6% +5.8% +5.9% +18.2% +5.9% −2.8% +10.0% — — — — — — — — —
Net income +119.4% −31.1% +71.4% +6.2% +158.9% −40.8% +31.4% −12.1% −9.8% +26.0% −10.5% +67.3% −42.1% +68.0% −77.6% −92.5% — —
Diluted EPS +102.3% −35.2% +63.2% +3.2% +153.1% −41.8% +31.4% −12.4% −10.1% +26.3% −10.8% +67.9% −42.8% +70.3% −77.6% −92.6% — —
Margins
Gross margin — — — — — — — — 61.7% 60.7% 61.7% 61.3% 62.8% 62.1% 61.1% 59.9% 59.1% 59.1%
EBITDA margin 58.6% 61.4% 60.6% 59.2% 58.2% 59.7% 59.8% 59.6% 58.6% — — — — — — — — —
Operating margin 37.4% 39.5% 35.1% 34.7% 31.8% 33.5% 34.1% 32.4% 34.9% — — — — — — — — —
Net margin 15.2% 10.3% 15.8% 15.7% 35.1% 18.5% 23.4% 20.1% 17.8% 21.5% 17.6% 31.6% 17.5% 27.3% 5.8% 0.4% 7.9% 8.4%
Free-cash-flow margin 38.8% 23.0% 31.6% 32.1% 33.0% 25.6% 27.6% 34.7% 26.5% 35.3% 33.8% 36.0% 34.0% 35.6% 34.5% 30.7% 29.5% 32.4%
Cash flow
Cash from operations 617 376 606 643 778 696 799 1,035 912 1,150 1,181 1,157 1,133 1,282 1,302 1,235 1,245 1,285
Capital spending 29 21 62 50 74 82 113 151 222 190 181 160 151 177 171 190 217 143
Free cash flow 589 355 544 593 704 613 687 884 689 960 1,001 997 982 1,105 1,130 1,045 1,028 1,141
Stock-based pay 27 33 30 30 45 28 29 33 35 40 41 44 51 52 51 44 44 50
Free cash flow after stock pay 562 322 515 563 659 585 657 851 654 920 960 953 931 1,053 1,079 1,001 984 1,091
Balance sheet
Cash 479 479 1,823 1,042 2,365 1,763 724 357 435 543 645 1,669 453 690 1,531 1,255 1,478 494
Total debt 2,643 3,048 3,123 3,102 4,450 4,309 3,435 2,063 3,014 2,995 2,949 2,932 3,300 3,272 4,166 4,777 5,030 5,031
Net debt (negative = net cash) 2,164 2,569 1,300 2,061 2,085 2,546 2,712 1,706 2,579 2,452 2,304 1,263 2,847 2,582 2,635 3,522 3,552 4,537
Diluted shares 132m 140m 146m 151m 153m 153m 154m 154m 154m 155m 155m 156m 156m 157m 157m 158m 159m 159m
Returned to shareholders
Dividends 357 325 333 373 451 840 1,226 672 527 588 666 689 684 685 688 690 643 545
Total returned 357 325 333 373 451 840 1,226 672 527 588 666 689 684 685 688 690 643 545

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$545M
Returned to shareholders
48%
of free cash flow
Diluted share count
+0.4%
year over year
Total shareholder yield
5.4%
dividends 5.4% + buybacks 0.0% of market value
Dividend payout ratio
184%
of net income paid out

Competitors: side by side with peers

Closest by revenue in office reits
Growth, margins and cash generation against peers
Last 12 months unless stated BXP ARE VNO KRC CUZ SLG Median
Revenue, last 12 months $3.5bn $2.8bn $1.8bn $1.1bn $1.0bn $1.0bn $784m
Revenue growth, last 12 months 1.9% −9.9% 1.6% −3.6% 8.5% 8.5% 2.0%
Revenue growth, 3-year average 3.2% −0.5% 0.5% −1.7% 9.3% 0.5% 0.5%
Revenue growth, latest quarter 3.1% −10.7% 3.1% −2.9% 4.5% 9.1% 3.0%
Gross margin 59.1% — — — 68.4% — 60.0%
Operating margin 34.0% — 26.9% — 68.3% 66.6% 22.3%
Operating margin, 3-year average 33.6% — — — 67.6% — 17.1%
Net margin 8.4% −51.8% 0.5% 2.6% 1.4% −16.9% −0.9%
Cash from operations / revenue 36.5% 43.0% 22.2% 45.5% 40.4% 8.9% 32.8%
Free-cash-flow margin 32.4% −1.8% 7.5% 31.1% −0.1% −17.1% 7.8%
Free-cash-flow margin, 3-year average 31.2% 5.0% 33.1% 37.2% 0.9% −10.0% 9.7%
Stock pay / revenue 1.4% 1.5% 1.3% 1.6% 1.7% 2.1% 1.7%
Change in share count 0.4% −0.1% −4.9% −0.8% 0.3% 6.6% 0.2%

Median of all 18 companies we cover in office reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

18 office reits companies
Measures ranked against peers
Measure Company Peer median Rank
Revenue growth Growth 1.9% 2.0% 10 of 18
Change in growth rate Growth +0.3pp +0.1pp 7 of 18
Net margin Profitability 8.4% 0.4% 4 of 18
Stock pay as % of revenue Cash generation 1.4% 1.7% 4 of 14
Change in share count Balance sheet 0.4% 0.3% 11 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Parking and Other $143M ▲ 6.0%
Hotel $50M ▼ 2.4%
Management Service $36.6M ▲ 30.4%
Real Estate Other $16.4M ▼ 0.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From BXP, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Reported value
$12.4B
Institutions reporting
546
Shares held vs prior quarter
▲ 10.5%
Positions opened / closed
70 / 59

Top buyers and sellers, Q2 2026: 290 institutions bought and 225 sold ; the biggest buyer was First Eagle Investment Management, LLC (+9.6M shares) and the biggest seller Jpmorgan Chase & Co (−2.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Cohen & Steers, Inc. $1.5B 22.8M 12.2% ▲ 9.3%
First Eagle Investment Management, LLC $1.3B 18.9M 10.1% ▲ 102.6%
Blackrock, Inc. $1.2B 18.0M 9.6% ▲ 9.2%
Vanguard Portfolio Management LLC $860M 13.0M 6.9% ▲ 1.1%
Vanguard Capital Management LLC $667M 10.1M 5.4% ▲ 0.8%
State Street Corp $660M 9.8M 5.3% ▼ 0.5%
APG Asset Management Us Inc. $490M 7.2M 3.9% ▲ 0.2%
Norges Bank $430M 6.5M 3.5% —
Invesco Ltd. $385M 5.8M 3.1% ▼ 7.4%
Geode Capital Management, LLC $291M 4.4M 2.3% ▲ 1.9%
Daiwa Securities Group Inc. $271M 4.1M 2.2% ▼ 5.3%
Morgan Stanley $198M 3.0M 1.6% ▲ 15.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not BXP, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Labelle Michael E EVP and CFO June 9, 2026 Sell 8,033 $67.02 $538,356
Labelle Michael E EVP and CFO June 9, 2026 Sell 18,080 $66.05 $1.2M
Kevorkian Eric G SVP, CLO and Secretary May 22, 2026 Sell 2,000 $59.85 $119,702
Kevorkian Eric G SVP, CLO and Secretary May 21, 2026 Sell 200 $60.23 $12,045
Otteni Peter V Executive Vice President May 20, 2026 Sell 4,863 $59.06 $287,186
Spann Hilary J. Executive Vice President February 27, 2026 Sell 5,495 $59.69 $327,997
Thomas Owen D Chief Executive Officer February 13, 2026 Sell 1,198 $61.22 $73,341
Spann Hilary J. Executive Vice President February 5, 2026 Sell 1,194 $63.31 $75,592
Ritchey Raymond A Senior EVP December 1, 2025 Sell 36,314 $72.18 $2.6M
Otteni Peter V Executive Vice President November 25, 2025 Sell 4,136 $72.65 $300,470
Stroman John J Executive Vice President November 12, 2025 Sell 16,838 $72.17 $1.2M
Labelle Michael E EVP and CFO November 7, 2025 Sell 13,422 $72.34 $970,952

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 2 sales of BXP, Inc. shares.

  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded February 20, 2026, filed March 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 18, 2025, filed December 15, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • January 28, 2026
  • October 28, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on BXP, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

BXP, Inc. in brief

What does BXP, Inc. do?
BXP, Inc. is a US-listed company in the office REITs industry. Its financial year ends in December.
What is BXP, Inc.'s stock ticker?
BXP, Inc. trades under the ticker BXP on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is BXP, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, BXP, Inc. reported revenue of $3.5B, 1.9% higher than a year earlier, according to its SEC filings.
What is BXP, Inc.'s free cash flow?
BXP, Inc.'s free-cash-flow margin is 32.4% of revenue over the trailing twelve months.
Who are BXP, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Cohen & Steers, Inc., First Eagle Investment Management, LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is BXP, Inc.'s market cap?
On November 2, 2026, BXP, Inc.'s market capitalisation was about $10.1B, with a price-to-earnings ratio of 34.0 and net debt of $4.5B. Market figures come from third-party market data and may be delayed.
Does BXP, Inc. pay a dividend?
Yes: BXP, Inc. paid $545M in dividends over the trailing twelve months, a dividend yield of 5.39% and a payout ratio of 183.7%.
Who are BXP, Inc.'s competitors?
In our Office REITs peer group, the companies closest to BXP, Inc. are Alexandria Real Estate Equities, Vornado Realty Trust, Kilroy Realty Corp, Cousins Properties Inc and SL Green Realty Corp. The side-by-side comparison below sets their revenue, margins and growth against BXP, Inc.'s.
Are insiders buying or selling BXP, Inc. stock?
Over the last 12 months, BXP, Inc.'s directors and officers reported 0 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is BXP, Inc.'s next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — BXP, Inc. announces its own schedule.