BXP, Inc. (BXP) Stock Analysis
Real Estate · REIT - Office · NYSE
BXP, Inc. (BXP) posted $3.48B in revenue for fiscal 2025 (up 2.2% year over year), at a 7.9% net margin, and has compounded revenue about 4.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on BXP, Inc.
BXP, Inc. has grown revenue from $2.55B to $3.48B over the last 10 fiscal years, compounding about 4.7% a year. The most recent year was up 2.2%, so growth has cooled from its longer-run pace.
Net margin sits at 7.9%, up 7.5 points year over year on a 59.1% gross margin.
At today's valuation the market is pricing in roughly 0.9% annual free-cash-flow growth — versus the 0.6% it actually delivered over the last five years, broadly in line with what it has delivered. The one thing worth a second look in the filings is net margin shrinking.
Synthesised from BXP, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
BXP, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.55B | $2.60B | $2.72B | $2.96B | $2.77B | $2.89B | $3.11B | $3.27B | $3.41B | $3.48B |
| Gross profit | — | $1.61B | $1.65B | $1.83B | $1.69B | $1.81B | $1.93B | $2.00B | $2.04B | $2.06B |
| Net income | $512.78M | $462.44M | $582.85M | $521.53M | $872.73M | $505.19M | $848.95M | $190.22M | $14.27M | $276.80M |
| Net margin | 20.1% | 17.8% | 21.5% | 17.6% | 31.6% | 17.5% | 27.3% | 5.8% | 0.4% | 7.9% |
Source: BXP, Inc. SEC filings (10-K). 19 years of history available in the interactive view.
BXP, Inc.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Net margin shrinkingNet margin fell from 27.3% to 7.9% over ~3 years — profitability is compressing.
What growth is priced into BXP stock?
At today's market cap of $12.50B, BXP, Inc. is priced for free-cash-flow growth of about 0.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.03B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 0.6%/yr over the last five fiscal years and revenue 4.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of BXP, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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BXP, Inc. financial history by metric
Compare BXP, Inc. with peers
About BXP, Inc.
BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces in the United States. It is 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 June 30, 2026, including properties owned by joint ventures, BXP's portfolio totals 51.1 million square feet and 164 properties, including six properties under construction/redevelopment. BXP's portfolio consists of 143 office properties, 13 retail properties, seven residential properties (including four 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, Inc. was incorporated in 1970 in Delaware and is based in Massachusetts, Boston.
BXP, Inc. — frequently asked questions
What is BXP, Inc.'s revenue?
BXP, Inc. (BXP) reported revenue of $3.48B for fiscal year 2025, up 2.2% from the prior year, according to its SEC filings.
Is BXP, Inc. profitable?
Yes. BXP earned net income of $276.80M in fiscal 2025, a net margin of 7.9%.
What is BXP's P/E ratio?
BXP, Inc. trades at a price-to-earnings ratio of about 37.7 based on the latest data in our nightly-refreshed cache.
How fast is BXP, Inc. growing?
BXP's revenue grew at roughly 4.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does BXP, Inc. have?
As of fiscal year 2025, BXP carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is BXP, Inc.'s gross margin?
BXP's gross margin was 59.1% in fiscal 2025 — gross profit of $2.06B on revenue of $3.48B.
What is BXP, Inc.'s market cap?
BXP, Inc. (BXP) has a market capitalization of about $12.50B, based on the latest data in our nightly-refreshed cache.
When does BXP, Inc.'s fiscal year end?
BXP's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into BXP stock?
At today's market cap of $12.50B, BXP, Inc. is priced for free-cash-flow growth of about 0.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.03B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 0.6%/yr over the last five fiscal years and revenue 4.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from BXP, Inc.'s official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.