BXP earnings analysis
What we found in BXP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Q1 2026 revenue increased to $872.15 million from $865.2 million in Q1 2025, marking a 0.3% increase.
- EPS Improvement
- Diluted EPS rose to $0.64, up 64.1% from $0.39 in Q1 2025.
- Segment Notable Trends
- Leasing revenue rose, contributing to overall revenue growth; however, hotel revenue decreased by 44.9%.
- Cash Flow Performance
- Operating cash flow was $156.47 million, down from $210.04 million in Q1 2025.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Cash Reserves Decrease
- Cash and cash equivalents dropped to $512.8 million from $1.478 billion a year ago.
- Increased Debt Levels
- Total debt rose to $15.6 billion, increased recently due to repayments of senior notes.
- Declining Hotel Revenue
- Hotel revenue decreased approximately 44.9%, raising concerns about segment profitability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.59
- Gross margin
- 60.97%
- Operating margin
- 28.72%
- Segment
- Lease
- Segment
- Parking and other
- Segment
- Hotel
- Segment
- Development and management services
What they said about what is next.
Management anticipates continued leasing momentum and strategic asset sales to enhance capital flexibility.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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