10-K · February 27, 2026
BXP presents a strategy focused on premier workplaces in six gateway markets and is actively deploying capital into development while pruning non-core assets. The company strengthened liquidity and addressed 2025…
Earnings analysis · 10-Q
BXP earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
BXP reported strong Q1 2026 results with revenue rising to $872.15 million from $865.2 million in Q1 2025, reflecting a growth of 0.3%. EPS increased to $0.64 from $0.39, demonstrating a notable increase of 64.1%.…
Read full summary
BXP reported strong Q1 2026 results with revenue rising to $872.15 million from $865.2 million in Q1 2025, reflecting a growth of 0.3%. EPS increased to $0.64 from $0.39, demonstrating a notable increase of 64.1%. Segment performance showed growth in leasing revenue, but hotel revenue decreased, while operating expenses rose 4.8%. The balance sheet reflected a significant drop in cash balances and increased debt, highlighting liquidity challenges, yet management anticipates continued leasing momentum and strategic asset sales to enhance capital flexibility.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.59
- Segment
- Lease
- Segment
- Parking and other
- Segment
- Hotel
- Segment
- Development and management services
What stood out
-
Revenue Growth
Q1 2026 revenue increased to $872.15 million from $865.2 million in Q1 2025, marking a 0.3% increase.
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EPS Improvement
Diluted EPS rose to $0.64, up 64.1% from $0.39 in Q1 2025.
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Segment Notable Trends
Leasing revenue rose, contributing to overall revenue growth; however, hotel revenue decreased by 44.9%.
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Cash Flow Performance
Operating cash flow was $156.47 million, down from $210.04 million in Q1 2025.
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Debt Repayment
BXP repaid $1.0 billion of senior notes due February 2026, impacting cash reserves.
-
Asset Sales Generated Proceeds
Reported $339.0 million in net proceeds from Q1 asset sales, aiding liquidity.
What to watch
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Cash Reserves Decrease
Cash and cash equivalents dropped to $512.8 million from $1.478 billion a year ago.
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Increased Debt Levels
Total debt rose to $15.6 billion, increased recently due to repayments of senior notes.
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Declining Hotel Revenue
Hotel revenue decreased approximately 44.9%, raising concerns about segment profitability.
Management's outlook
Management anticipates continued leasing momentum and strategic asset sales to enhance capital flexibility.
Earlier filings 4
10-Q · November 7, 2025
BXP reported Q3 revenue of $871,510,000 (up from $859,227,000 in Q3 2024) but recorded a net loss of $(116,840,000) for the quarter, producing GAAP diluted loss per share of $(0.77). Balance sheet and cash-flow activity…
10-Q · May 6, 2025
BXP reported Q1 revenue of $865.215M (up $25.776M, +3.1% YoY) and diluted EPS of $0.39 (down from $0.51 in Q1 2024). Operating cash flow was healthy at $210.036M, but the company generated negative free cash flow of…
10-Q · November 5, 2024
BXP reported Q3 revenue of $859,227,000, up $34,944,000 (+4.2%) vs. Q3 2023, with diluted EPS of $0.53 (vs. $(0.71) a year ago). Lease revenue drove the top-line, and operating margin expanded modestly to 30.4%. Cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.