Bxp (BXP) FY2021 results: revenue $2.9 billion, up 4.4% on the year

Bxp, Inc. (BXP) reported revenue of $2.9 billion for fiscal 2021, the year ended 31 December 2021, up 4.4% on the year before. Net income was $505 million, down 42.1%, and diluted earnings per share $3.17. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$2.9 billion

+4.4% on the year

FY2014FY2021

Operating margin

33.5%

32.7% a year earlier

FY2014FY2021

Net income

$505 million

-42.1% on the year

FY2014FY2021

Diluted EPS

$3.17

-42.8% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	2,889	2,766	2,961	+4.4%
Gross profit	1,814	1,694	1,826	+7.1%
Gross margin	62.8%	61.3%	61.7%
Operating income	968	905	1,046	+6.9%
Operating margin	33.5%	32.7%	35.3%
Interest expense	423	432	413	-1.9%
Net income	505	873	522	-42.1%
Net margin	17.5%	31.6%	17.6%
Diluted EPS	$3.17	$5.54	$3.30	-42.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	1,133	1,157	1,181	-2.0%
Capital expenditure	151	160	181	-5.7%
Free cash flow	982	997	1,001	-1.5%
Free cash flow margin	34.0%	36.0%	33.8%
Cash from investing	-1,040	-614	-1,015
Cash from financing	-1,311	484	-113
Depreciation and amortisation	717	684	678	+4.9%
Share-based compensation	50.9	44.1	41.0	+15.2%
Dividends paid	684	689	666	-0.7%
Diluted shares, weighted	156m	156m	155m	+0.6%
Shares outstanding at period end	157m	156m	155m	+0.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	5,834	5,996	5,685	-2.7%
Non-controlling interest	2,199	2,344	2,330	-6.2%
Redeemable equity	9.6	6.9	8.4	+38.7%
Debt	12,897	13,048	11,812	-1.2%
Other liabilities	1,426	1,464	1,450	-2.6%
Total liabilities and equity	22,365	22,858	21,285	-2.2%
Cash and equivalents	453	1,669	645	-72.9%
Other assets	21,913	21,189	20,640	+3.4%
Total assets	22,365	22,858	21,285	-2.2%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.