Bxp (BXP) Q4 FY2025 earnings: revenue $877 million, up 2.2% on the year

Bxp, Inc. (BXP) reported revenue of $877 million for Q4 FY2025, the quarter ended 31 December 2025, up 2.2% on the same quarter a year earlier. Net income was $248 million, and diluted earnings per share $1.56. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue

$877 million

+2.2% on the year · +0.6% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

29.0%

30.5% a year earlier

Q1 FY2024Q4 FY2025

Net income

$248 million

Q1 FY2024Q4 FY2025

Diluted EPS

$1.56

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 20 new.

Quarterly EPS lifted by property sale gains: Diluted EPS was $1.56 against $(1.45) a year earlier. Management said the gains on fourth-quarter disposition activity drove the difference from the guidance midpoint.
FFO below guidance midpoint by $0.05: Quarterly FFO was $280.2 million, or $1.76 per diluted share, against $1.79 a year earlier. Management attributed the shortfall to non-cash straight-line rent reserves for two clients and higher G&A.
Total portfolio occupancy rose 70 basis points: Total portfolio occupancy was 86.7% at year-end, and the total portfolio was 89.4% leased, including signed leases not yet commenced. Both figures were up quarter over quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	877	872	859	+0.6%	+2.2%
Gross profit	516	517	512	-0.2%	+0.7%
Gross margin	58.8%	59.3%	59.7%
Operating income	254	253	262	+0.8%	-2.9%
Operating margin	29.0%	29.0%	30.5%
Interest expense	163	164	170	-1.0%	-4.6%
Net income	248	-122	-229
Net margin	28.3%	-14.0%	-26.7%
Diluted EPS	$1.56	-$0.77	-$1.45

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	408	274	384	+48.7%	+6.3%
Capital expenditure	45.0	42.6	71.3	+5.6%	-36.8%
Free cash flow	363	232	312	+56.6%	+16.1%
Free cash flow margin	41.4%	26.6%	36.4%
Cash from investing	344	-376	-387
Cash from financing	-133	512	-133
Depreciation and amortisation	232	236	226	-1.7%	+2.6%
Share-based compensation	4.8	4.4	4.4	+8.4%	+8.5%
Dividends paid	123	173	173	-28.8%	-28.5%
Dividend per share	n/a	n/a	$0.98
Diluted shares, weighted	n/a	158m	n/a
Shares outstanding at period end	159m	158m	158m	+0.1%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	5,147	5,000	5,413	+3.0%	-4.9%
Non-controlling interest	2,538	2,509	2,525	+1.1%	+0.5%
Redeemable equity	7.5	8.0	9.5	-5.8%	-20.9%
Debt	16,609	16,605	16,220	+0.0%	+2.4%
Other liabilities	1,864	1,878	1,917	-0.7%	-2.7%
Total liabilities and equity	26,166	25,999	26,085	+0.6%	+0.3%
Cash and equivalents	1,478	861	1,255	+71.7%	+17.8%
Other assets	24,688	25,138	24,830	-1.8%	-0.6%
Total assets	26,166	25,999	26,085	+0.6%	+0.3%

Questions

What was Bxp's revenue in Q4 FY2025?

Bxp (BXP) reported revenue of $877 million for Q4 FY2025, the quarter ended 31 December 2025, up 2.2% on the same quarter a year earlier.

How much did Bxp earn in Q4 FY2025?

Net income for Q4 FY2025 was $248 million, and diluted earnings per share $1.56.

When did Bxp report Q4 FY2025 results?

Bxp filed its 10-K for the year that ended with the quarter on 27 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	731	754	774	791	790	803	817	824	829	839	850	859	859	865	868	872	877	872	896	911
Gross profit	458	469	484	489	487	491	503	502	502	509	509	511	512	512	514	517	516	506	539	552
Gross margin	63%	62%	63%	62%	62%	61%	62%	61%	61%	61%	60%	59%	60%	59%	59%	59%	59%	58%	60%	61%
Operating income	253	254	272	272	261	235	266	272	262	246	251	261	262	248	256	253	254	228	259	296
Operating margin	35%	34%	35%	34%	33%	29%	33%	33%	32%	29%	30%	30%	31%	29%	30%	29%	29%	26%	29%	32%
Interest expense	103	101	104	112	120	134	142	148	155	162	150	163	170	163	163	164	163	152	153	159
Net income	185	143	223	361	122	77.9	104	-112	120	79.9	79.6	83.6	-229	61.2	89.0	-122	248	102	68.6	114
Net margin	25%	19%	29%	46%	15%	10%	13%	-14%	14%	10%	9%	10%	-27%	7%	10%	-14%	28%	12%	8%	13%
Diluted EPS	$1.18	$0.91	$1.42	$2.29	$0.78	$0.50	$0.66	-$0.71	$0.76	$0.51	$0.51	$0.53	-$1.45	$0.39	$0.56	-$0.77	$1.56	$0.64	$0.43	$0.71
Operating cash flow	346	219	397	296	370	234	379	301	387	198	367	286	384	210	353	274	408	156	446	335
Capital expenditure	47.2	26.8	36.5	49.5	64.2	39.1	39.2	39.0	54.0	32.1	34.7	51.6	71.3	57.4	71.6	42.6	45.0	30.8	25.1	28.9
Free cash flow	299	193	361	246	306	195	340	262	333	166	332	234	312	153	282	232	363	126	421	306
Dividends paid	170	170	171	172	172	171	172	172	173	172	173	173	173	173	173	173	123	124	125	124
Shares outstanding	157m	157m	157m	157m	157m	157m	157m	157m	157m	157m	157m	158m	158m	158m	158m	158m	159m	159m	160m	160m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 27 February 2026: the filing.