Bxp (BXP) Q1 FY2026 earnings: revenue $872 million, up 0.8% on the year

Bxp, Inc. (BXP) reported revenue of $872 million for Q1 FY2026, the quarter ended 31 March 2026, up 0.8% on the same quarter a year earlier. Net income was $102 million, up 66.0% on the year, and diluted earnings per share $0.64. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2026.

Revenue

$872 million

+0.8% on the year · -0.6% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

26.1%

28.7% a year earlier

Q2 FY2024Q1 FY2026

Net income

$102 million

+66.0% on the year · -59.1% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.64

+64.1% on the year · -59.0% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Guidance figures: 5 raised, 3 lowered, 2 narrowed, 2 new, 5 kept.

EPS rose on disposition gains: Net income attributable to BXP was $101.6 million, or $0.64 per diluted share, versus $61.2 million, or $0.39, a year earlier. EPS exceeded guidance midpoint by $0.31, mainly on gains from first-quarter dispositions.
FFO per share was $1.59: FFO attributable to BXP was $252.2 million, or $1.59 per diluted share, versus $260.6 million, or $1.64, a year earlier. FFO exceeded the guidance midpoint by $0.02, primarily on portfolio outperformance.
Same property NOI declined: BXP's Share of same property NOI excluding termination income was $463.0 million, down 2.0% from $472.3 million; cash same property NOI was $445.5 million, down 0.4%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	872	877	865	-0.6%	+0.8%
Gross profit	506	516	512	-1.9%	-1.1%
Gross margin	58.0%	58.8%	59.2%
Operating income	228	254	248	-10.5%	-8.3%
Operating margin	26.1%	29.0%	28.7%
Interest expense	152	163	163	-6.5%	-6.9%
Net income	102	248	61.2	-59.1%	+66.0%
Net margin	11.6%	28.3%	7.1%
Diluted EPS	$0.64	$1.56	$0.39	-59.0%	+64.1%

$ 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	156	408	210	-61.6%	-25.5%
Capital expenditure	30.8	45.0	57.4	-31.7%	-46.4%
Free cash flow	126	363	153	-65.3%	-17.6%
Free cash flow margin	14.4%	41.4%	17.6%
Cash from investing	5.8	344	-309	-98.3%
Cash from financing	-1,138	-133	-757
Depreciation and amortisation	228	232	220	-1.7%	+3.6%
Share-based compensation	25.3	4.8	22.9	+430.7%	+10.5%
Dividends paid	124	123	173	+0.6%	-28.3%
Diluted shares, weighted	159m	n/a	159m		+0.3%
Shares outstanding at period end	159m	159m	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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	5,152	5,147	5,320	+0.1%	-3.2%
Non-controlling interest	2,566	2,538	2,530	+1.1%	+1.4%
Redeemable equity	6.1	7.5	8.9	-19.6%	-32.2%
Debt	15,614	16,609	15,672	-6.0%	-0.4%
Other liabilities	1,764	1,864	1,906	-5.4%	-7.5%
Total liabilities and equity	25,102	26,166	25,437	-4.1%	-1.3%
Cash and equivalents	513	1,478	398	-65.3%	+28.8%
Other assets	24,589	24,688	25,038	-0.4%	-1.8%
Total assets	25,102	26,166	25,437	-4.1%	-1.3%

Questions

What was Bxp's revenue in Q1 FY2026?

Bxp (BXP) reported revenue of $872 million for Q1 FY2026, the quarter ended 31 March 2026, up 0.8% on the same quarter a year earlier.

How much did Bxp earn in Q1 FY2026?

Net income for Q1 FY2026 was $102 million, up 66.0% on the year, and diluted earnings per share $0.64.

When did Bxp report Q1 FY2026 results?

Bxp filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 7 May 2026.

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-Q for the period ended 31 March 2026, filed 7 May 2026: the filing.