BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of December 31, 2025, including properties owned by joint ventures, BXP's portfolio totals 52.6 million square feet and 179 properties, including 8 properties under construction/redevelopment. BXP's properties include 157 office properties, 14 retail properties (including one retail property under construction), seven residential properties (including three residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients' needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997. BXP, Inc. was incorporated in 1970 in Delaware.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.5B | $1.9B | $277M | $1.2B | 5.4% | 2.2% | 1839.5% |
| 2024 | $3.4B | $1.6B | $14M | $1.2B | 0.3% | 4.1% | -92.5% |
| 2023 | $3.3B | $1.7B | $190M | $1.3B | 3.2% | 5.3% | -77.6% |
| 2022 | $3.1B | $2.2B | $849M | $1.3B | 13.8% | - | - |
| 2021 | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,108.58 | 3,273.57 | 3,407.72 | 3,482.28 |
| Operating Revenue | - | 3,093.13 | 3,255.80 | 3,391.23 | 3,465.90 |
| Cost Of Revenue | - | 1,135.55 | 1,216.17 | 1,322.13 | 1,370.67 |
| Gross Profit | - | 1,973.03 | 2,057.40 | 2,085.59 | 2,111.61 |
| Operating Expense | - | 911.60 | 1,018.74 | 1,063.66 | 1,097.26 |
| Selling General And Administration | - | 161.83 | 187.93 | 176.47 | 185.17 |
| Total Expenses | - | 2,047.15 | 2,234.91 | 2,385.79 | 2,467.93 |
| Operating Income | - | 1,061.43 | 1,038.66 | 1,021.93 | 1,014.35 |
| EBITDA | - | 2,209.93 | 1,703.75 | 1,618.76 | 1,949.48 |
| Normalized EBITDA | - | 1,772.36 | 1,701.83 | 1,628.41 | 1,858.93 |
| EBIT | - | 1,457.72 | 871 | 729.30 | 1,037.13 |
| Interest Income | - | 11.94 | 69.96 | 60.20 | 35.78 |
| Interest Expense | - | 437.14 | 579.57 | 645.12 | 653.14 |
| Net Interest Income | - | -425.20 | -509.61 | -584.92 | -617.35 |
| Other Non Operating Income Expenses | - | 6.62 | - | - | - |
| Other Income Expense | - | 384.35 | -237.62 | -352.82 | -13 |
| Interest Income Non Operating | - | 11.94 | 69.96 | 60.20 | 35.78 |
| Interest Expense Non Operating | - | 437.14 | 579.57 | 645.12 | 653.14 |
| Net Non Operating Interest Income Expense | - | -425.20 | -509.61 | -584.92 | -617.35 |
| Pretax Income | - | 1,020.58 | 291.42 | 84.19 | 384 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 91.89 | 0.40 | -2.03 | 19.02 |
| Net Income Continuous Operations | - | 1,020.58 | 291.42 | 84.19 | 384 |
| Net Income From Continuing And Discontinued Operation | - | 848.95 | 190.22 | 14.27 | 276.80 |
| Net Income From Continuing Operation Net Minority Interest | - | 848.95 | 190.22 | 14.27 | 276.80 |
| Net Income | - | 848.95 | 190.22 | 14.27 | 276.80 |
| Net Income Common Stockholders | - | 848.06 | 190.22 | 14.27 | 276.80 |
| Net Income Including Noncontrolling Interests | - | 1,020.58 | 291.42 | 84.19 | 384 |
| Normalized Income | - | 503.27 | 188.70 | 21.89 | 205.26 |
| Diluted NI Availto Com Stockholders | - | 848.06 | 190.22 | 14.27 | 276.80 |
| Basic Average Shares | - | 156.72 | 156.86 | 157.47 | 158.33 |
| Diluted Average Shares | - | 157.14 | 157.20 | 157.79 | 158.87 |
| Reconciled Depreciation | - | 752.20 | 832.75 | 889.45 | 912.35 |
| Reconciled Cost Of Revenue | - | 1,133.12 | 1,214.23 | 1,319.86 | 1,370.40 |
| Total Unusual Items | - | 437.57 | 1.92 | -9.65 | 90.56 |
| Total Unusual Items Excluding Goodwill | - | 437.57 | 1.92 | -9.65 | 90.56 |
| Preferred Stock Dividends | 8.97 | - | - | - | - |
| Minority Interests | - | -171.64 | -101.21 | -69.92 | -107.20 |
| Special Income Charges | - | 7.15 | -4.31 | -15.21 | -91.31 |
| Other Special Charges | 45.18 | - | - | - | 0.34 |
| Write Off | - | 0 | 0 | 13.62 | 85.80 |
| Impairment Of Capital Assets | 0 | - | - | - | - |
| Restructuring And Mergern Acquisition | - | 2.90 | 4.31 | 1.60 | 2.68 |
| Gain On Sale Of Security | - | 430.42 | 6.23 | 5.56 | 181.87 |
| Depreciation Amortization Depletion Income Statement | - | 749.78 | 830.81 | 887.19 | 912.09 |
| Depreciation And Amortization In Income Statement | - | 749.78 | 830.81 | 887.19 | 912.09 |
| General And Administrative Expense | - | 161.83 | 187.93 | 176.47 | 185.17 |
| Other Gand A | - | 146.38 | 170.16 | 159.98 | 168.79 |
| Salaries And Wages | - | 15.45 | 17.77 | 16.49 | 16.38 |
| Gain On Sale Of Ppe | - | 10.06 | 0 | 0 | -2.49 |
| Rent Expense Supplemental | - | 1,135.55 | 1,216.17 | 1,322.13 | 1,370.67 |
| Otherunder Preferred Stock Dividend | - | 0.89 | 0 | 0 | 0 |
| Earnings From Equity Interest | - | -59.84 | -239.54 | -343.18 | -103.56 |
| Average Dilution Earnings | - | - | 0 | 0 | 0 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| BXP, Inc.this co. | BXP | $11.1B | 39.97β premium | 2.15 | 5.4% | 13.82 |
| Federal Realty Investment Trust | FRT | $10.5B | 25.54 | 3.40 | 13.3% | 15.82 |
| Alexandria Real Estate Equities, Inc. | ARE | $9.3B | -6.48 | 0.60 | -9.2% | 59.56 |
| Ryman Hospitality Properties, Inc. | RHP | $7.4B | 30.35 | 9.85 | 32.5% | 14.28 |
| The Macerich Company | MAC | $6.8B |
| - |
| - |
| - |
| -34.74 |
| 2.80 |
| -8.1% |
| 26.10 |
| Terreno Realty Corporation | TRNO | $6.8B | 16.99 | 1.64 | 9.7% | 13.88 |
| Essential Properties Realty Trust, Inc. | EPRT | $6.4B | 25.43 | 1.53 | 6.0% | 17.24 |
| OUTFRONT Media Inc. | OUT | $5.5B | 37.55 | 7.77 | 20.7% | 21.08 |
| Phillips Edison & Company, Inc. | PECO | $5.4B | 48.83 | 2.38 | 4.9% | 15.86 |
| Peer Median | - | 25.48 | 2.59 | 7.9% | 16.55 | |