Boston Properties (BXP) financial statements
Boston Properties reported revenue of $3.5B in fiscal 2025, up 3.5% a year over 9 years.
Net income was $277M and the operating margin 29.1%, against 32.4% in 2016.
Free cash flow was $1.0B, and the company returned $643M in dividends.
The diluted share count rose 3% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Boston Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6B | $2.6B | $2.7B | $3.0B | $2.8B | $2.9B | $3.1B | $3.3B | $3.4B | $3.5B |
| Gross profit | — | $1.6B | $1.6B | $1.8B | $1.7B | $1.8B | $1.9B | $2.0B | $2.0B | $2.1B |
| Selling, general and admin | $105M | $114M | $122M | $141M | $133M | $152M | $146M | $170M | $160M | $169M |
| Operating income | $826M | $908M | $925M | $1.0B | $905M | $968M | $1.1B | $1.0B | $1.0B | $1.0B |
| Interest expense | $413M | $374M | $378M | $413M | $432M | $423M | $437M | $580M | $645M | $653M |
| Net income | $513M | $462M | $583M | $522M | $873M | $505M | $849M | $190M | $14M | $277M |
| EPS (diluted) | $3.26 | $2.93 | $3.70 | $3.30 | $5.54 | $3.17 | $5.40 | $1.21 | $0.09 | $1.74 |
| Diluted shares | 154M | 154M | 155M | 155M | 156M | 156M | 157M | 157M | 158M | 159M |
| Gross margin | — | 61.7% | 60.7% | 61.7% | 61.3% | 62.8% | 62.1% | 61.1% | 59.9% | 59.1% |
| Operating margin | 32.4% | 34.9% | 34.1% | 35.3% | 32.7% | 33.5% | 34.1% | 31.6% | 29.9% | 29.1% |
| Net margin | 20.1% | 17.8% | 21.5% | 17.6% | 31.6% | 17.5% | 27.3% | 5.8% | 0.4% | 7.9% |
Balance sheet
Fiscal years, from Boston Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $357M | $435M | $543M | $645M | $1.7B | $453M | $690M | $1.5B | $1.3B | $1.5B |
| Total assets | $18.9B | $19.4B | $20.3B | $21.3B | $22.9B | $22.4B | $24.2B | $26.0B | $26.1B | $26.2B |
| Total liabilities | $10.9B | $11.3B | $12.0B | $13.3B | $14.5B | $14.3B | $15.8B | $17.8B | $18.1B | $18.5B |
| Shareholders' equity | $5.8B | $5.8B | $5.9B | $5.7B | $6.0B | $5.8B | $6.1B | $5.9B | $5.4B | $5.1B |
| Net debt | -$357M | -$435M | -$543M | -$645M | -$1.7B | -$453M | -$690M | -$1.5B | -$1.3B | -$1.5B |
Cash flow
Fiscal years, from Boston Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.0B | $912M | $1.2B | $1.2B | $1.2B | $1.1B | $1.3B | $1.3B | $1.2B | $1.2B |
| Capital spending | $151M | $222M | $190M | $181M | $160M | $151M | $177M | $171M | $190M | $217M |
| Free cash flow | $884M | $689M | $960M | $1.0B | $997M | $982M | $1.1B | $1.1B | $1.0B | $1.0B |
| Stock-based compensation | $33M | $35M | $40M | $41M | $44M | $51M | $52M | $51M | $44M | $44M |
| Dividends paid | $672M | $527M | $588M | $666M | $689M | $684M | $685M | $688M | $690M | $643M |
| Free cash flow margin | 34.7% | 26.5% | 35.3% | 33.8% | 36.0% | 34.0% | 35.6% | 34.5% | 30.7% | 29.5% |
| Dividends per share | $4.36 | $3.41 | $3.80 | $4.30 | $4.43 | $4.37 | $4.36 | $4.38 | $4.37 | $4.05 |
Questions
What was Boston Properties's revenue in 2025?
$3.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Boston Properties generate?
$1.0B in fiscal 2025 (operating cash flow minus capital spending).
From Boston Properties's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.