BXP, Inc. (formerly Boston Properties) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States. The company was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and went public in 1997. As a self-administered and self-managed REIT, BXP is involved in ...BXP, Inc. (formerly Boston Properties) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States. The company was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and went public in 1997. As a self-administered and self-managed REIT, BXP is involved in the full spectrum of real estate activities, including development, acquisition, management, and operation of its properties. The portfolio comprises 196 assets spanning 51.2 million square feet, including properties under construction or redevelopment. The company's strategy focuses on high-barrier-to-entry markets: Boston, Los Angeles, New York, San Francisco, and Washington, D.C. BXP's financial performance shows a market cap of approximately $11.1 billion, with a price-to-earnings ratio of about 37.3 and a dividend yield of 4%. The company generates revenue primarily through leasing office space to tenants. Key financial metrics indicate a gross profit margin of 46.8%, an EBITDA margin of 53%, and a net profit margin of 8.4%. BXP has a strong balance sheet with total assets, but also significant debt, reflected in a debt-to-equity ratio of 3.17. The management team, led by CEO Owen D. Thomas, averages over 30 years of real estate experience. The company is committed to sustainability and innovation in workplace design, aiming to create spaces that attract and retain talent. BXP's future outlook includes continued development in its core markets and adaptation to evolving workplace needs.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$3.5B
+2.2%
+2.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$276.8M
+1839.5%
-32.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+60.6%
-1.0%
-86.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+55.7%
+85.8%
+10.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+7.9%
+1797.9%
-34.3%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$689.7M
-12.3%
+336.3%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+19.8%
-14.2%
+330.1%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
337.2%
+5.4%
+2.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.28x
-11.0%
+60.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good day, and thank you for standing by. Welcome to BXP's Q2 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. We ask that you please limit your questions to no more than one but feel free to go back into the queue. And if time permits, we will be happy to take your follow-up questions at that time. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Helen Han, Vice President of Investor Relations. Please go ahead.
Helen Han: Good morning, and welcome to BXP's Second Quarter 2026 Earnings Conference Call. The press release and supplemental package distributed last night and furnished on Form 8-K. In the supplemental package, BXP has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G. If you did not receive a copy, these documents are available in the Investors section of our website at investors.bxp.com. The webcast of this call will be available for 12 months. At this time, we would like to inform you that certain statements made during this conference call which are not historical, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Although BXP believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors and risks that could cause actual results to differ materially from those expressed or implied by forward-looking statements are detailed in yesterday's press release and from time to time in BXP's filings with the SEC. BXP does not undertake a duty to update any forward-looking statements. I would like to welcome Owen Thomas, Chairman and Chief Executive Officer; Doug Linde, President; and Mike LaBelle, Chief Financial Officer. During the Q&A portion of our call, our regional management teams will be available to address any questions. We ask that those of you participating in the Q&A portion of the call to please limit yourself to one and only one question. If you have an additional query or follow-up, please feel free to rejoin the queue. I would now like to turn the call over to Owen Thomas for his formal remarks.
Owen Thomas: Thank you, Helen, and good morning to all of you. BXP delivered a very strong second quarter, both operationally and financially. FFO per share exceeded both our guidance and consensus estimates by $0.08 and we raised the midpoint of our 2026 FFO per share guidance by $0.05. We also made meaningful progress against the business plan we articulated at last year's …
