Analyst Consensus ?
ConsensusBuy41 ratings
Bullish2561.0%
Neutral1536.6%
Bearish12.4%
BXP, Inc. · BXP · FY2025 Q4 · Calendar Q1 2026
BXP sees AI-led premier-office demand, but concessions remain a risk
The supplied analysis supports a constructive but qualified view: BXP's leasing demand, asset sales, and development pipeline support its outlook, while concessions, dilution, and market-specific risks temper the case.
Reported After market closeNYSEReal Estate
$9.96B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.76
Consensus $1.80
EPS surprise
-2.2%
Reported versus consensus
Reported revenue
$877.1M
Consensus $861.2M
Revenue surprise
+1.8%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-1.6%
Event window
SPY move
-0.0%
Same window
Abnormal move
-1.6%
Stock minus SPY
Volume
2.5×
Versus trailing sessions
Subsequent drift
-4.6%
Up to 20 sessions
BXPSPY benchmark
Ask FN2 about BXP FY2025 Q4
Transcript, numbers and history already loaded
Why did BXP fall 1.6% after missing EPS estimates in FY2025 Q4?What changed in BXP's guidance and outlook in FY2025 Q4?Give me the bull and bear case for BXP after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis emphasizes record 2025 leasing, continued asset-sale execution, a mixed development pipeline, and a modest FY2026 FFO increase. It also adds a sharper focus on AI-driven premier-office demand and residential redevelopment.
Guidance delta
Management's FY2026 FFO outlook is modestly higher, at $6.88-$7.04 per share, with same-property NOI growth of about 1.5%-2%.
Key takeaways
- Leasing exceeded expectations, with 5.5M square feet leased in 2025 and strong demand from AI companies for premier space.
- Asset sales generated about $1.1B of proceeds and support debt reduction and development funding.
- The development pipeline and 343 Madison recapitalization advance a mixed office, life-science, and residential strategy.
Management priorities
- Advance premier-workplace developments and the 343 Madison equity partnership.
- Continue asset dispositions, residential entitlements, and development in core markets.
- Convert leasing demand while managing concessions, free rent, and funding needs.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$61.71Current
$47Low
$82.14Average
$132High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Evercore ISI Group | In Line | In Line | Maintain | Sep 21, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Sep 17, 2026 |
| Truist Securities | Hold | Hold | Maintain | Sep 9, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 1, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 27, 2026 |
| UBS | Neutral | Neutral | Maintain | Aug 25, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 25, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 4, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 21, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 21, 2026 |
| Ladenburg Thalmann | Buy | Buy | Maintain | Jul 8, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | May 15, 2026 |
| Keybanc | Overweight | Sector Weight | Upgrade | Dec 4, 2025 |
| Jefferies | Buy | Buy | Maintain | Oct 13, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Sep 11, 2025 |
| Compass Point | Neutral | Buy | Downgrade | Sep 10, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Sep 9, 2025 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 16, 2025 |
| Wedbush | Underperform | Neutral | Downgrade | Jan 2, 2025 |
| Argus Research | Hold | Buy | Downgrade | Aug 14, 2023 |
| Deutsche Bank | Hold | Buy | Downgrade | Jan 4, 2023 |
| Credit Suisse | Neutral | Outperform | Downgrade | Oct 20, 2022 |
| BTIG | Neutral | Buy | Downgrade | Oct 19, 2022 |
| SMBC Nikko | Neutral | Outperform | Downgrade | Aug 4, 2022 |
| B of A Securities | Buy | Buy | Maintain | Nov 16, 2020 |
| Stifel | Buy | Buy | Maintain | Jun 30, 2020 |
| SunTrust Robinson Humphrey | Buy | Hold | Upgrade | Jun 9, 2020 |
| Baird | Outperform | Outperform | Maintain | Jan 30, 2020 |
| BTIG Research | Buy | Neutral | Upgrade | Jan 9, 2019 |
| DA Davidson | Buy | Neutral | Upgrade | Nov 19, 2018 |
| Argus | Buy | Buy | Maintain | Sep 17, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | Aug 2, 2018 |
| Bank of America | Buy | Neutral | Upgrade | Feb 15, 2018 |
| Edward Jones | Buy | Hold | Upgrade | Feb 5, 2018 |
| RBC Capital | Outperform | Top Pick | Downgrade | Aug 17, 2017 |
| ISI Group | Buy | Neutral | Upgrade | Sep 29, 2014 |
| Capital One Financial | Overweight | Equal Weight | Upgrade | Sep 25, 2014 |
| Capital One | Overweight | Equal Weight | Upgrade | Sep 25, 2014 |
| Imperial Capital | In Line | In Line | Maintain | May 1, 2014 |
| Sandler O'Neill | Buy | Hold | Upgrade | Nov 18, 2013 |
| Evercore Partners | Overweight | Overweight | Maintain | Jan 25, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $61.71. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Steve Sakwa | $67 | $63.17 | +8.6% | Sep 21, 2026 |
| Scotiabank | Nicholas Yulico | $73 | $63.96 | +18.3% | Sep 17, 2026 |
| Truist Financial | Michael Lewis | $68 | $65.74 | +10.2% | Sep 9, 2026 |
| Wells Fargo | Analyst unavailable | $82 | $67.99 | +32.9% | Sep 1, 2026 |
| Piper Sandler | Analyst unavailable | $88 | $70.3 | +42.6% | Aug 27, 2026 |
| UBS | Michael Goldsmith | $70 | $69.99 | +13.4% | Aug 25, 2026 |
| UBS | Analyst unavailable | $76 | $69.59 | +23.2% | Aug 5, 2026 |
| Scotiabank | Nicholas Yulico | $74 | $68.07 | +19.9% | Jul 21, 2026 |
| Mizuho Securities | Analyst unavailable | $68 | $67.9 | +10.2% | Jul 21, 2026 |
| Piper Sandler | Alexander Goldfarb | $86 | $67.9 | +39.4% | Jul 21, 2026 |
| Barclays | Analyst unavailable | $79 | $67.9 | +28.0% | Jul 21, 2026 |
| Evercore ISI | Steve Sakwa | $68 | $69.47 | +10.2% | Jul 6, 2026 |
| Scotiabank | Analyst unavailable | $70 | $63.06 | +13.4% | Jun 18, 2026 |
| BMO Capital | John Kim | $68 | $60.06 | +10.2% | Jun 2, 2026 |
| Truist Financial | Michael Lewis | $64 | $60.61 | +3.7% | May 26, 2026 |
| Barclays | Brendan Lynch | $65 | $58.5 | +5.3% | May 18, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $70 | $58.96 | +13.4% | May 15, 2026 |
| UBS | Analyst unavailable | $61 | $59.33 | -1.2% | May 14, 2026 |
| Deutsche Bank | Analyst unavailable | $61 | $57.87 | -1.2% | May 13, 2026 |
| Deutsche Bank | Analyst unavailable | $81 | $58.44 | +31.3% | May 13, 2026 |
| Evercore ISI | Steve Sakwa | $62 | $57.38 | +0.5% | Apr 29, 2026 |
| Mizuho Securities | Vikram Malhotra | $62 | $59.62 | +0.5% | Feb 24, 2026 |
| Goldman Sachs | Analyst unavailable | $72 | $63.73 | +16.7% | Feb 4, 2026 |
| Truist Financial | Michael Lewis | $70 | $64.53 | +13.4% | Feb 2, 2026 |
| Evercore ISI | Analyst unavailable | $73 | $63.74 | +18.3% | Jan 29, 2026 |
| Barclays | Brendan Lynch | $81 | $65.4 | +31.3% | Jan 23, 2026 |
| Barclays | Analyst unavailable | $82 | $66.91 | +32.9% | Jan 13, 2026 |
| UBS | Michael Goldsmith | $71 | $66.13 | +15.1% | Jan 8, 2026 |
| Deutsche Bank | Analyst unavailable | $70 | $67.09 | +13.4% | Jan 6, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $79 | $67.82 | +28.0% | Jan 5, 2026 |
| Mizuho Securities | Vikram Malhotra | $79 | $71.6 | +28.0% | Dec 12, 2025 |
| KeyBanc | Upal Rana | $80 | $71.15 | +29.6% | Dec 4, 2025 |
| Barclays | Analyst unavailable | $78 | $72.36 | +26.4% | Dec 1, 2025 |
| Wells Fargo | Analyst unavailable | $74 | $72.38 | +19.9% | Nov 25, 2025 |
| Goldman Sachs | Analyst unavailable | $77 | $70.39 | +24.8% | Oct 17, 2025 |
| New Street | Analyst unavailable | $85 | $69.49 | +37.7% | Oct 13, 2025 |
| Jefferies | Joe Dickstein | $84 | $69.49 | +36.1% | Oct 13, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $90 | $74.34 | +45.8% | Oct 1, 2025 |
| Evercore ISI | Analyst unavailable | $77 | $74.82 | +24.8% | Sep 29, 2025 |
| UBS | Analyst unavailable | $74 | $72.4 | +19.9% | Sep 9, 2025 |
| BMO Capital | John Kim | $84 | $72.4 | +36.1% | Sep 9, 2025 |
| Evercore ISI | Steve Sakwa | $76 | $72.4 | +23.2% | Sep 9, 2025 |
| Scotiabank | Nicholas Yulico | $77 | $70.76 | +24.8% | Aug 28, 2025 |
| Mizuho Securities | Vikram Malhotra | $82 | $71.23 | +32.9% | Jul 14, 2025 |
| Piper Sandler | Alexander Goldfarb | $85 | $63.59 | +37.7% | Apr 15, 2025 |
| Scotiabank | Analyst unavailable | $83 | $70.93 | +34.5% | Feb 28, 2025 |
| Wedbush | Richard Anderson | $70 | $74.64 | +13.4% | Jan 2, 2025 |
| Truist Financial | Michael Lewis | $83 | $83.22 | +34.5% | Dec 3, 2024 |
| Compass Point | Floris van Dijkum | $88 | $79.86 | +42.6% | Nov 14, 2024 |
| Compass Point | Floris van Dijkum | $80 | $82.75 | +29.6% | Oct 31, 2024 |
| Piper Sandler | Alexander Goldfarb | $105 | $86.82 | +70.2% | Oct 22, 2024 |
| Evercore ISI | Steve Sakwa | $84 | $80.4 | +36.1% | Sep 16, 2024 |
| Scotiabank | Nicholas Yulico | $82 | $73.88 | +32.9% | Sep 11, 2024 |
| Wells Fargo | Blaine Heck | $80 | $74.51 | +29.6% | Sep 11, 2024 |
| Piper Sandler | Alexander Goldfarb | $78 | $74.49 | +26.4% | Sep 3, 2024 |
| Truist Financial | Michael Lewis | $77 | $74.2 | +24.8% | Aug 27, 2024 |
| Scotiabank | Nicholas Yulico | $76 | $69.26 | +23.2% | Aug 7, 2024 |
| Deutsche Bank | Omotayo Okusanya | $65 | $61 | +5.3% | Jun 27, 2024 |
| Truist Financial | Michael Lewis | $67 | $61.12 | +8.6% | Jun 13, 2024 |
| BMO Capital | John Kim | $78 | $61.35 | +26.4% | Apr 8, 2024 |
| J.P. Morgan | Anthony Paolone | $47 | $48.53 | -23.8% | May 15, 2023 |
| Morgan Stanley | Analyst unavailable | $65 | $69.84 | +5.3% | Nov 23, 2022 |
| Evercore ISI | Analyst unavailable | $99 | $73.66 | +60.4% | Sep 27, 2022 |
| Truist Financial | Analyst unavailable | $96 | $76.38 | +55.6% | Sep 23, 2022 |
| Evercore ISI | Steve Sakwa | $100 | $77.47 | +62.0% | Sep 22, 2022 |
| Piper Sandler | Analyst unavailable | $90 | $83.72 | +45.8% | Sep 15, 2022 |
| Truist Financial | Analyst unavailable | $102 | $84.44 | +65.3% | Sep 14, 2022 |
| Morgan Stanley | Analyst unavailable | $78 | $85.33 | +26.4% | Sep 9, 2022 |
| UBS | Analyst unavailable | $98 | $89.41 | +58.8% | Jul 28, 2022 |
| Deutsche Bank | Analyst unavailable | $104 | $89.57 | +68.5% | Jul 20, 2022 |
| Morgan Stanley | Analyst unavailable | $80 | $88.42 | +29.6% | Jul 19, 2022 |
| Mizuho Securities | Analyst unavailable | $105 | $91.4 | +70.2% | Jul 6, 2022 |
| Jefferies | Analyst unavailable | $88 | $90.2 | +42.6% | Jun 30, 2022 |
| Truist Financial | Analyst unavailable | $105 | $88.27 | +70.2% | Jun 30, 2022 |
| Morgan Stanley | Analyst unavailable | $104 | $111.18 | +68.5% | Jun 1, 2022 |
| Goldman Sachs | Analyst unavailable | $112 | $106.49 | +81.5% | May 25, 2022 |
| UBS | Brent Dilts | $127 | $124.18 | +105.8% | Jan 10, 2022 |
| Deutsche Bank | Derek Johnston | $131 | $119.05 | +112.3% | Jan 3, 2022 |
| J.P. Morgan | Anthony Paolone | $112 | $115.06 | +81.5% | Nov 5, 2021 |
| Piper Sandler | Alexander Goldfarb | $140 | $112.65 | +126.9% | Sep 1, 2021 |
| Argus Research | Angus Kelleher-Ferguson | $132 | $113.51 | +113.9% | Aug 2, 2021 |
| Bank of America Securities | James Feldman | $126 | $112.85 | +104.2% | May 27, 2021 |
| Goldman Sachs | Caitlin Burrows | $106 | $110.71 | +71.8% | May 25, 2021 |
| Credit Suisse | Omotayo Okusanya | $107 | $102.27 | +73.4% | Apr 14, 2021 |
Track every rating change on BXP the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationBXP, trading on the NYSE, is the leading publicly listed company engaged in the development and ownership of premier Class A office properties across the United States. Its operations are strategically concentrated in five major urban centers: Boston, Los Angeles, New York, San Francisco, and Washington, D.C. Structured as a Real Estate Investment Trust (REIT), the company operates as a comprehensive real estate entity, involved in the full spectrum of activities from developing and acquiring to managing and operating a diverse collection of primarily Class A office assets. Its current property holdings consist of 196 assets, collectively spanning 51.2 million square feet, which includes six properties actively undergoing construction or significant redevelopment.
Historical context
All BXP earningsLatest beats and misses
Who reports nextBeat on EPS
- COSTFY2026 Q4 · September 24, 2026+3.2% EPS+2.9% move
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
Get the BXP recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-09-29T20:06:08.754091+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T20:06:08.751958+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-29. For educational purposes only; not investment advice.