Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
BXP delivered FY2025 revenue of $3.48B (+2.2% YoY) with net income surging to $276.8M from $14.3M in the prior year, driven by a dramatic improvement in profitability, while maintaining strong operating cash flow of $1.25B.
Revenue
$3.48B
+2.19% YoY
EPS (Diluted)
$1.74
+1833.33% YoY
Gross Margin
59.1%
-0.8 pts YoY
Source: SEC XBRL
Bxp (BXP) reported FY2025 revenue of $3.48B, up 2.2% year over year. Operating cash flow was $1.25B, up 0.9% year over year.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 0.54 | 0.41 | Beat +32.7% |
| Mar 2026 | 0.64 | 0.34 | Beat +89.1% |
| Dec 2025This filing | 1.56 | 0.58 | Beat +171.0% |
| Sep 2025 | -0.33 | 0.43 | Miss -177.3% |
Reported EPS of $1.56 versus the $0.58 analyst consensus — a +171.0% beat for Dec 2025.
Compiled by AI from this SEC filing
BXP grew total revenue to $3.48B in FY2025, up 2.2% from $3.41B in FY2024, reflecting continued demand for its premier office and mixed-use properties despite a challenging commercial real estate environment.
Source: 10-K Income Statement
Net income jumped to $276.8M from just $14.3M in the prior year, a gain of approximately $262.5M, suggesting the prior year was impacted by significant one-time charges or impairments that did not recur in FY2025.
Source: 10-K Income Statement
Operating cash flow remained robust at $1.25B (+0.9% YoY), underpinned by $912.1M in depreciation and amortization, reflecting the capital-intensive nature of BXP's real estate portfolio and consistent cash generation.
Source: 10-K Cash Flow Statement
Investing cash outflows narrowed sharply to -$644.5M from -$1.24B in FY2024 (a 47.9% improvement), indicating BXP moderated its acquisition and development spending, which helped lift the cash balance to $1.48B (+17.8% YoY).
Source: 10-K Cash Flow Statement
Gross margin edged down to 59.1% from 59.9% in FY2024, a modest 80 basis point decline, reflecting slightly faster growth in cost of revenue relative to total revenue, consistent with inflationary pressures on property operating costs.
Source: 10-K Income Statement & Key Ratios
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
BXP carries a debt-to-equity ratio of approximately 3.59x, reflecting significant financial leverage typical of large-scale REITs. Total liabilities rose to $18.47B in FY2025 from $18.14B in FY2024, increasing refinancing and interest rate risk. In a rising or sustained high-rate environment, debt servicing costs could pressure free cash flow and dividend sustainability.
Source: 10-K Balance Sheet & Key Ratios
Stockholders' equity fell to $5.15B from $5.41B in FY2024, a decline of approximately 4.9%, even as net income improved substantially. This suggests significant capital returned to shareholders or other equity-reducing transactions. Continued erosion of the equity base could weaken BXP's balance sheet flexibility over time.
Source: 10-K Balance Sheet
BXP is one of the largest publicly traded office REITs in the U.S., making it highly exposed to structural shifts in office demand driven by hybrid and remote work trends. Sustained low occupancy or lease renewal challenges in key markets (Boston, New York, San Francisco, Seattle, Washington D.C.) could weigh on future revenue growth.
Source: 10-K Income Statement (inferred from business model)
Dividends paid declined 6.8% YoY to $643.1M in FY2025, which may reflect a deliberate reduction in payout. As a REIT, BXP is required to distribute at least 90% of taxable income, and any further pressure on operating income could constrain dividend levels, impacting income-focused investors.
Source: 10-K Cash Flow Statement
BXP's ROA stands at just 1.06%, reflecting the capital-intensive nature of its real estate holdings and the relatively thin net income margin of 7.95% on a large asset base of $26.2B. This limits the company's ability to generate meaningful returns on its deployed capital without significant asset appreciation or rent growth.
Source: 10-K Key Ratios & Balance Sheet
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 3.48 $B | 3.41 $B | +2.19% |
Gross Profit $B | 2.06 $B | 2.04 $B | +0.86% |
Net Income $M | 276.80 $M | 14.30 $M | +1835.66% |
EPS (Basic) $ | 1.75 $ | 0.09 $ | +1844.44% |
EPS (Diluted) $ | 1.74 $ | 0.09 $ | +1833.33% |
Answers draw on this SEC filing and the data on this page
BXP's net income per share declined 23% in the second quarter of fiscal year 2026, pressured by higher expenses and an impairment charge, even as lease revenue posted modest growth.
BXP reported FY2026 revenue of $872.1M (+0.8% YoY) with net income surging 66.0% to $101.6M, though gross margin compressed slightly and operating cash flow declined 25.5%.
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