# BXP Inc. (BXP) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/BXP/thesis · /stocks/BXP/memo

## Financial Snapshot

---
ticker: BXP
step: 04
generated: 2026-05-13
source: quick-research
---

### BXP, Inc. (BXP) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$3.16B | ~$3.27B | ~$3.30B | ~+1% |
| NOI Margin | ~55% | ~52% | ~52% | |
| FFO (total) | ~$1.19B | ~$1.14B | ~$1.10B | -3.5% |
| FFO/Share | $7.53 | $7.28 | ~$7.10 | -2.5% |
| Net Income/Share | $5.40 | $1.21 | ~$2.30 | |

*FY2022 net income included $436.5M in property sale gains; FY2023 included $272.6M non-cash impairment. FY2024 FFO/share guidance was $7.00–$7.20 per diluted share. Revenue growth has been nearly flat as occupancy recovery offsets high-rate headwinds.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| FFO | ~$1.10B |
| Annual Dividend | ~$3.92/share annualized (~6.0% yield) |
| Total Debt | ~$16.5B |
| Net Debt / EBITDA | ~9.5x (elevated — reflects office REIT leverage norms) |
| Capital Recycling (2024–2025) | $1.6B in non-core asset sales |
| FY2024 Leasing Volume | 291 leases / 5.6M SF / 9.8 year avg. term |

*High leverage (9.5x) is characteristic of the office REIT sector. Investment-grade rated; $1.6B in asset sales improves balance sheet flexibility.*

#### Key Ratios (approximate)
- Price/FFO: ~9x | Implied Cap Rate: ~6% | Dividend Yield: ~6.0%
- Portfolio Occupancy: 86.6% overall; Premier CBD: 92% leased
- 2026 Targets: 89% occupied / 91% leased by year-end 2026; 91% occupied / 93% leased by year-end 2027
- 3.0M SF in negotiation/proposal pipeline (Q4 2025)

#### Growth Profile
BXP's revenue has grown modestly (0–5% annually) as leasing activity remained solid but overall occupancy has been pressured by hybrid work. FFO/share has declined modestly since FY2022 as interest expense has increased on the large debt stack and some occupancy has been lost to work-from-home normalization. The capital recycling strategy (selling non-core assets, investing in premier CBD and life science) is intended to improve average portfolio quality and support occupancy recovery toward 89–91% by 2027.

#### Forward Estimates
- FY2026 Target: 89% occupied, 91% leased (management multi-year plan)
- FY2026 FFO/share: expected flat to modestly growing vs. FY2024's ~$7.10
- Barclays Overweight (target $66–82 range depending on date); Wells Fargo Overweight ($74); Mizuho Neutral ($62)
- Consensus: 15-20% upside cited by some analysts if life science and CBD occupancy recovery materializes

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/BXP/fundamental

## Navigation

- Overview: /stocks/BXP
- Financials (this page): /stocks/BXP/financials
- Thesis: /stocks/BXP/thesis
- Investment Memo: /stocks/BXP/memo
- Coverage universe: /stocks