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's first half of fiscal year 2026 reflected a mixed performance, with steady top-line growth overshadowed by cost pressures and asset impairments. Lease revenue continued to edge higher, but general and administrative expenses surged 18.6% year-over-year, and an $18 million impairment loss on real estate weighed on earnings. As a result, net income per share fell 23% to $0.43 for the second quarter. Operating cash flow improved by 7% to $602.5 million, and the company sharply reduced its dividend payout by 28% to conserve cash amid debt reduction efforts.
Revenue
$895.7M
+3.14% YoY
EPS (Diluted)
$0.43
-23.21% YoY
Gross Margin
60.1%
+0.9 pts YoY
Source: SEC XBRL
Bxp (BXP) reported FY2026 revenue of $895.7M, up 3.1% year over year. BXP's fiscal FY2026 corresponds to calendar Q2 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 3.1% year-over-year to $895.7 million for the second quarter, primarily due to higher lease revenue which rose 3.2% to $831.7 million, reflecting steady demand and rental rate growth. Parking and other income also contributed.
Source: 10-Q Income Statement (XBRL)
Net income attributable to BXP dropped 22.9% year-over-year to $68.6 million, as general and administrative expenses jumped 18.6% to $50.4 million and a $18.0 million impairment loss was recognized, partially offset by higher gross profit.
Source: 10-Q Income Statement (XBRL)
Net cash provided by operating activities totaled $602.5 million for the six months ended June 30, 2026, up 7.0% from the prior year period, supported by solid cash collections and working capital improvements.
Source: 10-Q Statement of Cash Flows (XBRL)
The company repaid $1.0 billion of unsecured senior notes during the first half, contributing to a net financing outflow of $1.26 billion. Cash and equivalents stood at $493.9 million at June 30, 2026, down from $1.48 billion at year-end 2025, reflecting the debt reduction and continued investment in developments.
Source: 10-Q Balance Sheet (XBRL) and 10-Q Statement of Cash Flows (XBRL)
BXP sold real estate assets for proceeds of $143.9 million in the first half, and recognized gains on sales of $20.4 million. Proceeds from sales of investments in unconsolidated joint ventures further contributed $215.1 million, signaling ongoing portfolio repositioning.
Source: 10-Q Statement of Cash Flows (XBRL)
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
BXP maintains a high debt-to-equity ratio of 3.38, with $17.4 billion in total liabilities. Interest expense of $153.4 million in Q2 2026 underscores the sensitivity of earnings to rising interest rates. A significant portion of debt is unsecured, exposing the company to refinancing risk.
Source: 10-Q Balance Sheet (XBRL) and 10-Q Income Statement (XBRL)
The company recognized an $18.0 million impairment loss in the second quarter, reflecting potential declines in property values. As an office-focused REIT, BXP is vulnerable to shifts in tenant demand, remote work trends, and economic conditions that could further pressure asset valuations and leasing spreads.
Source: 10-Q Income Statement (XBRL)
General and administrative expenses increased 18.6% year-over-year, outpacing revenue growth. Sustained elevated costs without proportional revenue gains could erode profitability margins and net income over time.
Source: 10-Q Income Statement (XBRL)
Cash and equivalents fell 66.6% from $1.48 billion at year-end 2025 to $493.9 million at June 30, 2026, primarily due to debt repayments and development spending. While operating cash flows remain positive, the reduced cash buffer may limit flexibility in the event of market disruptions.
Source: 10-Q Balance Sheet (XBRL) and 10-Q Statement of Cash Flows (XBRL)
The company's portfolio is concentrated in large urban office buildings, and the need for significant tenant improvements ($176.5 million in H1 2026) indicates a competitive leasing environment. Lease expirations could lead to higher vacancy rates and pressure on rental income if not offset by new leases.
Source: 10-Q Statement of Cash Flows (XBRL)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 895.70 $M | 868.46 $M | +3.14% |
Gross Profit $M | 538.66 $M | 514.08 $M | +4.78% |
Net Income $M | 68.56 $M | 88.98 $M | -22.94% |
EPS (Basic) $ | 0.43 $ | 0.56 $ | -23.21% |
EPS (Diluted) $ | 0.43 $ | 0.56 $ | -23.21% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
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%.
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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