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Bxp (BXP) FY2025 results: revenue $3.5 billion, up 2.2% on the year

Bxp, Inc. (BXP) reported revenue of $3.5 billion for fiscal 2025, the year ended 31 December 2025, up 2.2% on the year before. Net income was $277 million, up 1839.5%, and diluted earnings per share $1.74. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue
$3.5 billion
+2.2% on the year
FY2018FY2025
Operating margin
29.1%
29.9% a year earlier
FY2018FY2025
Net income
$277 million
+1,839.5% on the year
FY2018FY2025
Diluted EPS
$1.74
+1,833.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • 87 leases signed, 1.8 million square feet: Management said it executed 87 leases totaling more than 1.8 million square feet in the quarter, with a weighted-average lease term of 11.3 years. Full-year 2025 leasing exceeded 5.5 million square feet.
  • Second-generation rents below expired leases: On 898,799 square feet of second-generation leases, gross rents were down 3.46% and net rents down 5.46% against the expired leases.
Read the Q4 FY2025 earnings call summary

From this 10-K

BXP develops, owns and manages office property, mostly what it calls premier workplaces. It is a Delaware corporation and a self-administered, self-managed REIT, formed in 1997 to succeed the business founded by Mortimer B. Zuckerman and Edward H. Linde in 1970. Substantially all the business is conducted through Boston Properties Limited Partnership, of which BXP is the sole general partner.

Bxp, Inc., the 10-K for 2025

BXP develops, owns and manages office property, mostly what it calls premier workplaces. It is a Delaware corporation and a self-administered, self-managed REIT, formed in 1997 to succeed the business founded by Mortimer B. Zuckerman and Edward H. Linde in 1970. Substantially all the business is conducted through Boston Properties Limited Partnership, of which BXP is the sole general partner.

Six markets

The portfolio is concentrated in Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC, which the filing calls gateway markets. Head office is in Boston, with regional offices in Santa Monica, New York, San Francisco, Seattle and Washington.

The portfolio

At the end of 2025 BXP owned or had joint venture interests in 179 commercial real estate properties totalling approximately 52.6 million net rentable square feet, including eight properties under construction or redevelopment adding about 3.5 million net rentable square feet. By type that was 157 office properties, including four under construction or redevelopment; 14 retail properties, including one under construction; seven residential properties, including three under construction; and one hotel.

What premier workplace means here, and the caveat attached

The company defines the term itself: well-located buildings that are modern structures or have been modernised to compete with newer buildings, professionally managed and maintained, offering a number and type of amenities in high demand from clients focused on the physical work environment as a way to recruit and retain employees. It states that such properties attract creditworthy clients and command upper-tier rental rates in their markets.

The company then adds a caution: it states that the expression is not a classification in accordance with any standard listing criteria in the real estate industry, and cautions investors that its own use and definition may be different from similar expressions and traditional classifications used by other companies.

Why it calls tenants clients

BXP describes itself as a full-service real estate company with in-house expertise in acquisitions, development, financing, capital markets, construction management, property management, marketing, leasing, accounting, risk management, tax and legal services. Because of the range of those continuing engagements, it refers to its tenants as clients and uses the two words interchangeably throughout the report.

What the filing flags

Among the risks it names: volatile or adverse geopolitical conflicts and dislocations in the credit markets, which it says could affect economic conditions or restrict its access to cost-effective capital, with a material adverse effect on its business opportunities, results of operations and financial condition. It adds that the risk list is not exhaustive and that it operates in a competitive and rapidly changing environment.

From BXP's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 27 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue3,4823,4083,274+2.2%
Gross profit2,0592,0411,999+0.9%
Gross margin59.1%59.9%61.1%
Operating income1,0121,0201,034-0.8%
Operating margin29.1%29.9%31.6%
Interest expense653645580+1.2%
Net income27714.3190+1,839.5%
Net margin7.9%0.4%5.8%
Diluted EPS$1.74$0.09$1.21+1,833.3%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,2451,2351,302+0.9%
Capital expenditure217190171+14.2%
Free cash flow1,0281,0451,130-1.6%
Free cash flow margin29.5%30.7%34.5%
Cash from investing-645-1,237-1,194
Cash from financing-379-274768
Depreciation and amortisation912887831+2.8%
Share-based compensation44.343.951.5+0.9%
Dividends paid643690688-6.8%
Diluted shares, weighted159m158m157m+0.7%
Shares outstanding at period end159m158m157m+0.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity5,1475,4135,877-4.9%
Non-controlling interest2,5382,5252,307+0.5%
Redeemable equity7.59.58.4-20.9%
Debt16,60916,22015,856+2.4%
Other liabilities1,8641,9171,977-2.7%
Total liabilities and equity26,16626,08526,026+0.3%
Cash and equivalents1,4781,2551,531+17.8%
Other assets24,68824,83024,495-0.6%
Total assets26,16626,08526,026+0.3%

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