Jun 2026 (Q2 FY26) — Jul 29, 2026
BXP Q2 FY26 — Strong Operational and Financial Performance Driven by AI-fueled Demand and Strategic Dispositions
Read the full callBXP (BXP) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
BXP earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 896 | +3.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 68.6 | −22.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
16 of 23 judged targets kept · 37 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Commence development at Worldgate | Commence development | Dec 2025 | This past quarter, we launched the development of our World Gate multifamily project, comprising 359 wood frame residential units located in Herndon, Virginia. | Achieved |
| Average portfolio occupancy | 88.25% | Mar 2026 | We've increased our expectations for average occupancy for the year by 65 basis points to 88.9% | Revised Up |
| Launch of new residential developments | 2 projects | Dec 2024 | Ghosted |
7 of BXP, Inc.'s 60 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 57 more targets are in the full ledger.
Claimed
- FFO per share exceeded guidance and consensus by $0.08, reaching $1.78 per share.
- Completed nearly 1.8 million square feet of leasing in Q2, 29% above the 10-year historical average for the quarter.
- In-service portfolio occupancy increased by 100 basis points to 88.4% in Q2, marking the third consecutive quarterly increase.
- Raised the midpoint of 2026 FFO per share guidance by $0.05 to a new range of $6.99 to $7.05 per share.
- Generated over $1.2 billion in net sale proceeds since the last investor conference, with an additional $240 million under contract.
Qualified
- Asset sales timing has a slightly more dilutive impact than prior guidance, reducing FFO by approximately $0.02 per share compared to prior assumptions.
- Leasing CapEx is expected to increase from $400 million to closer to $500 million for the year, impacting AFFO in 2026.
- West L.A. market continues to struggle from a demand growth perspective, showing an embedded loss for the portfolio.
- Life science capital raising for the start-up sector (Series BCD companies) remains slow, impacting demand for proprietary lab space.
Price
$57.94 −2.13% · −$1.26
Performance −18.5% 1Y
1Y: $71.06 on 17 Oct 2025 → $57.94. High $74.53 (27 Oct 2025), low $51.02 (1 Apr 2026).
- Previous close
- $59.2
- 52-week range
- $51.02 – $74.53
- One year
- −18.01%
Overview
- Symbol
- BXP
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 23 judged targets kept · 37 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Commence development at Worldgate | Commence development | Dec 2025 | This past quarter, we launched the development of our World Gate multifamily project, comprising 359 wood frame residential units located in Herndon, Virginia. | Achieved |
| Average portfolio occupancy | 88.25% | Mar 2026 | We've increased our expectations for average occupancy for the year by 65 basis points to 88.9% | Revised Up |
| Launch of new residential developments | 2 projects | Dec 2024 | Ghosted |
Claimed
- FFO per share exceeded guidance and consensus by $0.08, reaching $1.78 per share.
- Completed nearly 1.8 million square feet of leasing in Q2, 29% above the 10-year historical average for the quarter.
- In-service portfolio occupancy increased by 100 basis points to 88.4% in Q2, marking the third consecutive quarterly increase.
- Raised the midpoint of 2026 FFO per share guidance by $0.05 to a new range of $6.99 to $7.05 per share.
- Generated over $1.2 billion in net sale proceeds since the last investor conference, with an additional $240 million under contract.
Qualified
- Asset sales timing has a slightly more dilutive impact than prior guidance, reducing FFO by approximately $0.02 per share compared to prior assumptions.
- Leasing CapEx is expected to increase from $400 million to closer to $500 million for the year, impacting AFFO in 2026.
- West L.A. market continues to struggle from a demand growth perspective, showing an embedded loss for the portfolio.
- Life science capital raising for the start-up sector (Series BCD companies) remains slow, impacting demand for proprietary lab space.
The full ledger
Open BXP, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 60 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
BXP Q1 FY26 — Strong Leasing Activity and Occupancy Gains Drive FFO Beat
Read the full callEvery analysed call
BXP earnings calls (BXP)
Financials
What the filings say
Net profit, year on year: −23% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 859 | 859 | 865 | 868 | 872 | 877 | 872 | 896 |
| Expenses | 598 | 597 | 617 | 612 | 619 | 623 | 644 | 637 |
| Interest | 163 | 170 | 163 | 163 | 164 | 163 | 152 | 153 |
| Net profit | 84 | -229 | 61 | 89 | -122 | 248 | 102 | 69 |
| EPS ($ per share) | 0.53 | — | 0.39 | 0.56 | -0.77 | — | 0.64 | 0.43 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | -676 | -761 | -510 | -626 | -391 | -816 | -1,420 | -1,675 |
| Total liabilities | 12,043 | 13,262 | 14,512 | 14,322 | 15,837 | 17,834 | 18,137 | 18,474 |
| Total assets | 20,256 | 21,285 | 22,858 | 22,365 | 24,208 | 26,026 | 26,085 | 26,166 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,150 | 1,181 | 1,157 | 1,133 | 1,282 | 1,302 | 1,235 | 1,245 |
| Cash from investing | -1,099 | -1,015 | -614 | -1,040 | -1,603 | -1,194 | -1,237 | -645 |
| Cash from financing | 82 | -113 | 484 | -1,311 | 556 | 768 | -274 | -379 |
| Net cash flow | 134 | 53 | 1,027 | -1,218 | 236 | 876 | -277 | 222 |
| Capital expenditure | -190 | -181 | -160 | -373 | -1,497 | -171 | -225 | -217 |
| Free cash flow | 960 | 1,001 | 997 | 760 | -215 | 1,130 | 1,009 | 1,028 |
BXP revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Parking and Other | 4% | 4% | 4% | 4% | 4% | 5% | 4% | 4% | +8.0% |
| Hotel | 2% | 2% | 1% | 2% | — | — | 1% | 2% | +0.9% |
| Management Service | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | -13.7% |
| Real Estate Other | <1% | 1% | 1% | <1% | <1% | <1% | 1% | <1% | -4.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
BXP operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Occupancy rate | 87.4%Our in-service portfolio occupancy rose 70 basis points to 87.4%, and the spread between our leased and occupied square footage widened 80 basis points to 3.5%, a precursor to more occupancy gains ahead.Source: earnings call transcript | 88.4%We ended 2025 at 86.7% occupied, we finished the second -- the first quarter at 87.4%, and as of 6/30, 26 were 88.4% occupied.Source: earnings call transcript | +1 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- Boston 2%
- Los Angeles 0%
- San Francisco 0%
- Seattle 0%
- DC 0%
- NY 0%
As BXP cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
28 filings between Nov 6, 2025 and Jun 9, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$7.74M
12 sales by 7 insiders
Compensation
not trading decisions- 4
- Award — granted as compensation
- 3
- Tax withheld — shares kept back by the company to cover tax
Also filed: 6 conversions, 2 W filings, 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| LABELLE MICHAEL E | — | $2.70M | Jun 9, 2026 |
| RITCHEY RAYMOND A | — | $2.62M | Dec 1, 2025 |
| Stroman John J | — | $1.22M | Nov 12, 2025 |
| Otteni Peter V | — | $587.7K | May 20, 2026 |
| Spann Hilary J. | — | $403.6K | Feb 27, 2026 |
| Kevorkian Eric G | — | $131.7K | May 22, 2026 |
| THOMAS OWEN D | — | $73.3K | Feb 13, 2026 |
Latest filings (41)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 9, 2026 | LABELLE MICHAEL E EVP and CFO | Sale | 8,033 | $538.4K |
| Jun 9, 2026 | LABELLE MICHAEL E EVP and CFO | Sale | 18,080 | $1.19M |
| Jun 4, 2026 | LABELLE MICHAEL E EVP and CFO | Conversion | 23,981 | — |
| May 29, 2026 | NAUGHTON TIMOTHY J Director | Award | 3,332 | $0 |
| May 29, 2026 | Hoskins Diane J Director | Award | 3,332 | $0 |
| May 29, 2026 | West Tony Director | Award | 1,666 | $0 |
| May 22, 2026 | Kevorkian Eric G SVP, CLO and Secretary | Sale | 2,000 | $119.7K |
| May 21, 2026 | Kevorkian Eric G SVP, CLO and Secretary | Sale | 200 | $12.0K |
| May 21, 2026 | Kevorkian Eric G SVP, CLO and Secretary | Conversion | 2,000 | — |
| May 20, 2026 | Otteni Peter V Executive Vice President | Sale | 4,863 | $287.2K |
| May 15, 2026 | Otteni Peter V Executive Vice President | Conversion | 4,863 | — |
| Feb 27, 2026 | Spann Hilary J. Executive Vice President | Sale | 5,495 | $328.0K |
| Feb 25, 2026 | Spann Hilary J. Executive Vice President | Conversion | 5,495 | — |
| Feb 13, 2026 | THOMAS OWEN D Chief Executive Officer | Sale | 1,198 | $73.3K |
| Feb 5, 2026 | Spann Hilary J. Executive Vice President | Sale | 1,194 | $75.6K |
| Jan 30, 2026 | Spann Hilary J. Executive Vice President | Award | 12,757 | $0 |
| Jan 15, 2026 | LABELLE MICHAEL E EVP and CFO | Tax withheld | 1,252 | $84.0K |
| Jan 15, 2026 | Kevorkian Eric G SVP, CLO and Secretary | Tax withheld | 97 | $6.5K |
| Jan 15, 2026 | Spann Hilary J. Executive Vice President | Tax withheld | 1,002 | $67.2K |
| Dec 26, 2025 | THOMAS OWEN D Chief Executive Officer | Code W | 208 | $0 |
| Dec 15, 2025 | THOMAS OWEN D Chief Executive Officer | Code W | 990 | $0 |
| Dec 1, 2025 | RITCHEY RAYMOND A Senior EVP | Sale | 36,314 | $2.62M |
| Nov 26, 2025 | RITCHEY RAYMOND A Senior EVP | Conversion | 36,314 | — |
| Nov 25, 2025 | Otteni Peter V Executive Vice President | Sale | 4,136 | $300.5K |
| Nov 17, 2025 | Otteni Peter V Executive Vice President | Conversion | 4,136 | — |
| Nov 12, 2025 | Stroman John J Executive Vice President | Sale | 16,838 | $1.22M |
| Nov 7, 2025 | LABELLE MICHAEL E EVP and CFO | Sale | 13,422 | $971.0K |
| Nov 6, 2025 | Kevorkian Eric G SVP, CLO and Secretary | Gift | 100 | $0 |
| Aug 7, 2025 | Stroman John J Executive Vice President | Conversion | 16,838 | — |
| May 28, 2025 | West Tony Director | Award | 1,217 | $0 |
| May 28, 2025 | Hoskins Diane J Director | Award | 2,434 | $0 |
| May 28, 2025 | NAUGHTON TIMOTHY J Director | Award | 2,434 | $0 |
| Mar 5, 2025 | Garesche Donna D EVP, Chief HR Officer | Sale | 2,143 | $145.5K |
| Mar 3, 2025 | Garesche Donna D EVP, Chief HR Officer | Conversion | 2,143 | — |
| Feb 4, 2025 | Spann Hilary J. Executive Vice President | Sale | 12,379 | $891.5K |
| Jan 15, 2025 | Kevorkian Eric G SVP, CLO and Secretary | Tax withheld | 98 | $7.1K |
| Jan 15, 2025 | LABELLE MICHAEL E EVP and CFO | Tax withheld | 1,249 | $89.9K |
| Jan 15, 2025 | Spann Hilary J. Executive Vice President | Tax withheld | 1,003 | $72.2K |
| Sep 9, 2024 | RITCHEY RAYMOND A Senior EVP | Conversion | 21,835 | — |
| Sep 9, 2024 | RITCHEY RAYMOND A Senior EVP | Sale | 21,835 | $1.62M |
| Sep 7, 2024 | Spann Hilary J. Executive Vice President | Tax withheld | 1,064 | $79.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for BXP, Inc.
Free account. Everything above stays public.
Write why you follow BXP, Inc. and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading