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 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%.
Revenue
$872.15M
+0.80% YoY
EPS (Diluted)
$0.64
+64.10% YoY
Gross Margin
58.0%
-1.1 pts YoY
Source: SEC XBRL
Bxp (BXP) reported FY2026 revenue of $872.15M, up 0.8% year over year. Operating cash flow was $156.47M, down 25.5% year over year. BXP's fiscal FY2026 corresponds to calendar Q1 2026.
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 2025 | 1.56 | 0.58 | Beat +171.0% |
| Sep 2025 | -0.33 | 0.43 | Miss -177.3% |
Compiled by AI from this SEC filing
Total revenue increased 0.8% YoY from $865.2M to $872.1M, reflecting steady but limited top-line expansion in BXP's commercial real estate portfolio amid a challenging office market environment.
Source: 10-Q Income Statement
Net income jumped 66.0% YoY to $101.6M from $61.2M, with basic EPS rising from $0.39 to $0.64. This outsized gain relative to modest revenue growth suggests significant contributions from asset sales, fair value adjustments, or reduced impairment charges rather than core operating improvement.
Source: 10-Q Income Statement & Cash Flow Statement
Gross margin declined 113 basis points YoY from 59.2% to 58.0%, as gross profit fell 1.1% to $506.0M despite higher revenues, indicating that property operating costs are rising faster than rental income.
Source: 10-Q Income Statement
Investing cash flow swung dramatically from -$309.1M to +$5.8M YoY, a $314.9M improvement, likely reflecting asset dispositions or reduced capital expenditures, which also contributed to the 28.8% increase in cash and equivalents to $512.8M.
Source: 10-Q Cash Flow Statement
Operating cash flow fell 25.5% YoY to $156.5M from $210.0M, even as D&A rose 3.6% to $228.0M, suggesting working capital headwinds or higher cash operating costs that partially offset the reported net income improvement.
Source: 10-Q Cash Flow Statement
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
BXP carries a debt-to-equity ratio of 3.37x, with total liabilities of $17.4B against stockholders' equity of $5.2B. This elevated leverage increases refinancing risk, particularly in a higher-for-longer interest rate environment that pressures commercial real estate valuations and borrowing costs.
Source: 10-Q Balance Sheet
Stockholders' equity fell 3.2% YoY to $5.15B, continuing a trend of equity erosion. Combined with total assets declining 1.3% to $25.1B, this signals potential asset value pressure across BXP's portfolio.
Source: 10-Q Balance Sheet
Operating cash flow declined 25.5% YoY to $156.5M, which raises questions about the sustainability of dividend payments and capital expenditure funding from internal cash generation. The gap between net income ($101.6M) and operating cash flow ($156.5M) is narrowing.
Source: 10-Q Cash Flow Statement
Dividends paid declined 28.3% YoY to $124.1M, which may reflect a deliberate reduction in distributions. As a REIT, BXP is required to distribute at least 90% of taxable income, and the reduced dividend could signal management caution about future cash flows.
Source: 10-Q Cash Flow Statement
With gross margin compressing to 58.0% and revenue growing only 0.8%, BXP faces structural headwinds from hybrid work trends that continue to suppress demand for premium office space, potentially limiting rent growth and occupancy rates across its core markets.
Source: 10-Q Income Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 872.15 $M | 865.22 $M | +0.80% |
Gross Profit $M | 506.01 $M | 511.80 $M | -1.13% |
Net Income $M | 101.58 $M | 61.18 $M | +66.04% |
EPS (Basic) $ | 0.64 $ | 0.39 $ | +64.10% |
EPS (Diluted) $ | 0.64 $ | 0.39 $ | +64.10% |
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 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.
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