Cash Flow Statement

Operating Cash Flow

-3%

+7%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	208	218	224	242	444	572	579	564	365	246	270	282	284	279	358	347	438	445	904	955	874	1 660	1 139	1 273	1 553	800	787	596	131	84	74	99	275	283	275	266	190	176	173	186	314	321	405	371	332	334	688	812	841	851	440	421	526	668	672	845	800	807	824	572	570	469	519	595	563	663	657	660	713	628	670	661	652	1 098	1 193	1 170	1 019	570	412	434	632	681	807	1 088	1 021	949	818	294	291	292	263	475	84	64	77	(149)
Depreciation & Amortization	150	158	166	173	186	194	200	208	211	217	227	241	253	264	271	270	268	266	267	273	277	281	288	288	289	293	292	296	304	307	319	322	322	327	322	325	338	365	394	423	439	440	440	443	454	465	488	531	565	599	619	622	629	629	642	638	640	645	630	681	694	694	693	641	618	624	629	634	646	644	665	673	678	684	685	686	684	689	695	708	717	718	718	729	750	781	800	817	831	841	858	875	887	889	893	904
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7	0	0	0	9	3	6	3	12	15	17	27	23	25	26	26	27	34	33	33	33	31	30	30	30	29	30	31	30	44	44	44	45	30	30	29	28	29	28	28	29	28	30	32	33	34	35	35	35	39	39	40	40	40	42	42	41	43	43	44	44	47	51	51	51	52	53	52	52	57	57	55	51	44	45	44	44	48	44	44
Other Non-Cash Items	79	72	69	48	(127)	(250)	(249)	(238)	(41)	75	50	44	42	47	(43)	(29)	(109)	(113)	(554)	(596)	(504)	(1 279)	(752)	(887)	(1 161)	(403)	(391)	(221)	240	288	297	288	93	61	59	58	53	67	74	81	35	(40)	(108)	(89)	(38)	43	(373)	(492)	(562)	(685)	(227)	(196)	(281)	(298)	(295)	(450)	(381)	(331)	(331)	(139)	(125)	(66)	(79)	(51)	36	(41)	(29)	(32)	(87)	35	6	50	82	(338)	(491)	(515)	(436)	(41)	167	160	8	(1)	(95)	(350)	(280)	(246)	(140)	363	342	329	329	80	468	490	467	688
Cash Taxes Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Interest Paid	275	279	281	282	273	273	264	284	288	310	319	315	312	312	315	313	311	308	303	296	298	288	290	301	301	308	302	298	290	302	300	308	307	309	338	334	394	369	399	378	386	456	472	473	481	415	476	505	548	694	657	669	647	530	508	504	482	471	458	462	434	433	605	584	599	595	403	425	416	434	440	451	439	447	436	437	434	466	446	456	465	431	455	447	450	464	507	515	554	609	623	656	676	671	677	684
Change in Working Capital	(18)	(31)	(42)	(53)	(66)	(80)	(42)	(70)	(46)	(68)	(99)	(114)	(149)	(165)	(162)	(158)	(124)	(127)	(93)	(81)	(118)	(92)	(91)	(75)	(50)	(79)	(118)	(127)	(110)	(107)	(59)	(62)	(72)	(104)	(145)	(146)	(206)	(159)	(186)	(204)	(182)	(78)	(90)	(97)	(105)	(132)	(156)	(120)	(67)	(100)	(80)	(149)	(178)	(226)	(189)	(198)	(259)	(174)	(183)	(179)	(105)	(170)	(316)	(300)	(304)	(349)	(149)	(173)	(121)	(175)	(187)	(185)	(231)	(295)	(218)	(197)	(110)	(84)	(111)	(140)	(224)	(198)	(240)	(208)	(208)	(188)	(200)	(190)	(163)	(197)	(196)	(192)	(204)	(196)	(204)	(223)
Cash from Operating Activities	419 N/A	417 -1%	417 0%	411 -2%	437 +7%	437 0%	488 +12%	465 -5%	488 +5%	470 -4%	449 -4%	453 +1%	430 -5%	425 -1%	424 0%	431 +2%	472 +10%	472 0%	524 +11%	551 +5%	528 -4%	570 +8%	583 +2%	598 +3%	632 +6%	610 -3%	571 -6%	544 -5%	565 +4%	572 +1%	631 +10%	648 +3%	617 -5%	567 -8%	511 -10%	502 -2%	376 -25%	448 +19%	456 +2%	486 +7%	606 +25%	643 +6%	647 +1%	627 -3%	643 +3%	711 +11%	647 -9%	730 +13%	778 +7%	665 -15%	752 +13%	697 -7%	696 0%	773 +11%	830 +7%	835 +1%	799 -4%	947 +18%	941 -1%	934 -1%	1 035 +11%	928 -10%	818 -12%	886 +8%	912 +3%	898 -2%	1 108 +23%	1 090 -2%	1 150 +6%	1 132 -2%	1 155 +2%	1 199 +4%	1 181 -2%	1 149 -3%	1 170 +2%	1 144 -2%	1 157 +1%	1 134 -2%	1 163 +3%	1 161 0%	1 133 -2%	1 201 +6%	1 189 -1%	1 259 +6%	1 282 +2%	1 297 +1%	1 279 -1%	1 284 +0%	1 302 +1%	1 265 -3%	1 253 -1%	1 238 -1%	1 235 0%	1 247 +1%	1 233 -1%	1 221 -1%
Investing Cash Flow
Capital Expenditures	(1 323)	(1 258)	(489)	(1 520)	(1 432)	(1 373)	(1 371)	(307)	(422)	(437)	(440)	(405)	(278)	(273)	(275)	(306)	(395)	(395)	(462)	(529)	(642)	(1 081)	(1 042)	(976)	(1 135)	(721)	(745)	(889)	(580)	(580)	(545)	(436)	(443)	(471)	(498)	(562)	(851)	(860)	(819)	(733)	(446)	(1 152)	(1 171)	(1 263)	(1 194)	(1 008)	(1 249)	(1 195)	(994)	(708)	(508)	(609)	(493)	(453)	(449)	(373)	(632)	(730)	(864)	(897)	(959)	(1 004)	(995)	(1 055)	(1 052)	(1 054)	(1 092)	(1 070)	(1 095)	(1 060)	(976)	(1 154)	(1 128)	(1 158)	(1 254)	(1 051)	(1 015)	(1 014)	(1 010)	(1 154)	(1 151)	(1 092)	(1 714)	(2 186)	(2 216)	(2 256)	(1 540)	(983)	(1 021)	(1 063)	(1 070)	(1 065)	(1 135)	(1 124)	(1 184)	(1 283)
Other Items	19	21	35	43	415	930	911	895	520	18	86	98	107	95	464	442	751	731	273	1 190	872	2 335	2 403	1 768	1 710	440	(190)	(806)	(740)	(923)	(342)	4	(4)	(36)	(35)	(332)	(311)	(269)	(247)	317	356	423	464	183	(84)	57	326	484	461	461	81	41	(172)	(62)	310	595	352	337	(21)	(887)	(378)	(483)	(456)	208	170	256	271	(210)	(4)	(79)	35	339	112	293	446	384	401	232	(47)	(70)	111	143	257	831	613	519	362	(182)	(172)	(132)	(122)	(104)	(103)	(136)	(112)	(92)
Cash from Investing Activities	(1 304) N/A	(1 237) +5%	(454) +63%	(1 477) -225%	(1 017) +31%	(443) +56%	(460) -4%	588 N/A	98 -83%	(419) N/A	(354) +16%	(308) +13%	(171) +44%	(178) -4%	189 N/A	137 -28%	357 +161%	336 -6%	(190) N/A	660 N/A	230 -65%	1 255 +446%	1 361 +8%	792 -42%	575 -27%	(281) N/A	(935) -232%	(1 695) -81%	(1 320) +22%	(1 503) -14%	(887) +41%	(433) +51%	(447) -3%	(507) -13%	(533) -5%	(894) -68%	(1 161) -30%	(1 129) +3%	(1 066) +6%	(416) +61%	(90) +78%	(729) -709%	(706) +3%	(1 080) -53%	(1 278) -18%	(951) +26%	(924) +3%	(711) +23%	(533) +25%	(247) +54%	(427) -73%	(568) -33%	(665) -17%	(515) +23%	(139) +73%	222 N/A	(280) N/A	(392) -40%	(885) -126%	(1 783) -102%	(1 337) +25%	(1 488) -11%	(1 451) +2%	(847) +42%	(882) -4%	(798) +10%	(820) -3%	(1 280) -56%	(1 099) +14%	(1 139) -4%	(941) +17%	(815) +13%	(1 015) -25%	(865) +15%	(808) +7%	(667) +17%	(614) +8%	(782) -27%	(1 057) -35%	(1 224) -16%	(1 040) +15%	(949) +9%	(1 457) -53%	(1 355) +7%	(1 603) -18%	(1 737) -8%	(1 178) +32%	(1 165) +1%	(1 194) -2%	(1 195) 0%	(1 192) +0%	(1 169) +2%	(1 237) -6%	(1 260) -2%	(1 296) -3%	(1 375) -6%
Financing Cash Flow
Net Issuance of Common Stock	10	10	9	9	10	18	34	49	69	419	411	400	422	63	81	86	45	47	51	39	63	74	44	40	24	9	0	7	37	38	0	885	851	851	857	26	23	370	420	449	449	210	293	229	229	313	174	150	150	(44)	(42)	(15)	(16)	(15)	(17)	(1)	0	(0)	(0)	(0)	(0)	0	0	0	0	(0)	(0)	(0)	(1)	2	2	2	14	15	15	14	3	20	(180)	(180)	(176)	(196)	4	4	(0)	1	0	0	0	(2)	(2)	(2)	(2)	(0)	(1)	(0)
Net Issuance of Debt	957	968	238	1 221	832	619	414	(767)	(363)	(346)	(173)	(23)	(111)	79	(51)	(47)	(137)	(306)	210	82	41	1 237	708	596	732	(301)	(207)	610	767	718	579	15	557	518	1 231	1 194	163	209	(345)	(350)	730	81	1 016	765	12	647	463	700	721	84	(667)	(720)	(1 290)	(636)	(637)	(574)	(55)	943	732	631	662	(229)	502	605	650	615	482	651	732	661	1 124	927	774	1 025	1 175	1 203	1 231	483	(515)	336	(130)	483	1 126	455	1 335	1 695	1 802	1 127	1 318	144	(608)	737	132	282	416	382
Cash Paid for Dividends	(277)	(283)	(290)	(293)	(297)	(302)	(306)	(311)	(314)	(318)	(326)	(334)	(343)	(352)	(356)	(362)	(703)	(720)	(726)	(726)	(392)	(1 130)	(1 141)	(1 143)	(1 144)	(1 234)	(1 235)	(1 235)	(1 236)	(397)	(390)	(373)	(357)	(341)	(324)	(324)	(325)	(325)	(328)	(330)	(333)	(344)	(353)	(363)	(373)	(392)	(411)	(431)	(451)	(837)	(840)	(840)	(840)	(1 228)	(1 226)	(1 226)	(1 226)	(671)	(671)	(672)	(672)	(475)	(492)	(509)	(527)	(535)	(544)	(553)	(588)	(614)	(640)	(666)	(666)	(654)	(643)	(632)	(620)	(620)	(619)	(617)	(615)	(613)	(612)	(667)	(685)	(704)	(722)	(687)	(688)	(688)	(689)	(690)	(690)	(691)	(692)	(692)
Other	11	(46)	(4)	(3)	(7)	(15)	(93)	(17)	(11)	(9)	62	(12)	(10)	(10)	(7)	(8)	(12)	(5)	(7)	(8)	(6)	(21)	(40)	(38)	(37)	(24)	23	(71)	(80)	(81)	736	(15)	(14)	(13)	(858)	(16)	(45)	(46)	(60)	(47)	(18)	(18)	(6)	(18)	(14)	(10)	(12)	(19)	658	649	652	650	1 514	1 506	1 495	1 284	(277)	(285)	(279)	(78)	(65)	(52)	(80)	(61)	(69)	(79)	(38)	(41)	(61)	(65)	(265)	(267)	(234)	(244)	(80)	(103)	(130)	(143)	(147)	(160)	(391)	(392)	(385)	(329)	(93)	(69)	(56)	(79)	138	279	347	427	285	135	129	(68)
Cash from Financing Activities	701 N/A	649 -8%	(47) N/A	934 N/A	537 -43%	320 -40%	49 -85%	(1 044) N/A	(618) +41%	(254) +59%	(26) +90%	31 N/A	(42) N/A	(220) -427%	(333) -51%	(331) +1%	(807) -144%	(984) -22%	(471) +52%	(612) -30%	(293) +52%	160 N/A	(429) N/A	(545) -27%	(425) +22%	(1 551) -265%	(1 409) +9%	(688) +51%	(511) +26%	280 N/A	963 +244%	512 -47%	1 037 +103%	1 016 -2%	906 -11%	880 -3%	(185) N/A	208 N/A	(313) N/A	(277) +11%	828 N/A	(70) N/A	951 N/A	613 -36%	(146) N/A	558 N/A	214 -62%	400 +87%	1 078 +170%	(148) N/A	(897) -507%	(924) -3%	(633) +32%	(373) +41%	(384) -3%	(516) -34%	(1 559) -202%	(13) +99%	(218) -1 540%	(119) +46%	(75) +37%	(755) -912%	(70) +91%	35 N/A	55 +58%	1 -98%	(101) N/A	57 N/A	83 +44%	(16) N/A	222 N/A	(3) N/A	(113) -3 444%	143 N/A	467 +227%	483 +4%	484 +0%	(261) N/A	(1 461) -460%	(621) +58%	(1 311) -111%	(719) +45%	133 N/A	(537) N/A	556 N/A	922 +66%	1 024 +11%	362 -65%	768 +112%	(268) N/A	(952) -255%	472 N/A	(274) N/A	(274) +0%	(146) +47%	(379) -159%
Change in Cash
Net Change in Cash	(183) N/A	(171) +7%	(84) +51%	(132) -57%	(43) +68%	314 N/A	77 -76%	9 -88%	(33) N/A	(202) -521%	69 N/A	176 +155%	217 +23%	27 -87%	280 +932%	237 -15%	22 -91%	(177) N/A	(137) +23%	598 N/A	464 -22%	1 984 +327%	1 515 -24%	845 -44%	781 -8%	(1 222) N/A	(1 773) -45%	(1 839) -4%	(1 265) +31%	(651) +49%	707 N/A	727 +3%	1 207 +66%	1 077 -11%	884 -18%	488 -45%	(970) N/A	(473) +51%	(923) -95%	(207) +78%	1 344 N/A	(156) N/A	891 N/A	160 -82%	(781) N/A	318 N/A	(63) N/A	418 N/A	1 323 +216%	270 -80%	(572) N/A	(795) -39%	(602) +24%	(115) +81%	306 N/A	540 +76%	(1 039) N/A	541 N/A	(163) N/A	(968) -495%	(377) +61%	(1 315) -248%	(704) +46%	74 N/A	85 +16%	101 +18%	187 +86%	(133) N/A	134 N/A	(23) N/A	436 N/A	381 -13%	53 -86%	426 +709%	829 +94%	960 +16%	1 027 +7%	91 -91%	(1 354) N/A	(683) +50%	(1 218) -78%	(467) +62%	(135) +71%	(633) -370%	236 N/A	482 +104%	1 126 +134%	482 -57%	876 +82%	(198) N/A	(891) -351%	541 N/A	(277) N/A	(287) -4%	(210) +27%	(533) -154%
Free Cash Flow
Free Cash Flow	(903) N/A	(840) +7%	(72) +91%	(1 110) -1 437%	(995) +10%	(937) +6%	(883) +6%	158 N/A	66 -58%	33 -50%	10 -71%	48 +401%	152 +219%	152 +0%	149 -3%	125 -16%	77 -38%	77 -1%	62 -20%	21 -66%	(114) N/A	(511) -348%	(459) +10%	(378) +18%	(503) -33%	(111) +78%	(174) -57%	(345) -98%	(15) +96%	(8) +49%	87 N/A	211 +144%	175 -17%	97 -45%	13 -87%	(60) N/A	(475) -692%	(412) +13%	(363) +12%	(247) +32%	160 N/A	(508) N/A	(523) -3%	(636) -21%	(552) +13%	(297) +46%	(603) -103%	(466) +23%	(216) +54%	(43) +80%	244 N/A	89 -64%	203 +129%	319 +58%	380 +19%	462 +21%	167 -64%	217 +30%	76 -65%	38 -51%	75 +99%	(77) N/A	(178) -132%	(170) +5%	(140) +17%	(156) -11%	17 N/A	20 +23%	56 +174%	72 +30%	180 +149%	46 -75%	54 +18%	(9) N/A	(84) -820%	93 N/A	142 +53%	120 -16%	153 +28%	8 -95%	(18) N/A	109 N/A	(525) N/A	(927) -77%	(934) -1%	(959) -3%	(261) +73%	301 N/A	280 -7%	203 -28%	183 -10%	173 -5%	100 -42%	123 +23%	49 -60%	(62) N/A

Income Statement Balance Sheet Cash Flow Statement

Boston Properties Inc
NYSE:BXP

Cash Flow Statement

Cash Flow Statement
Boston Properties Inc

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Boston Properties Inc NYSE:BXP

Cash Flow Statement

Cash Flow Statement Boston Properties Inc

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Boston Properties Inc
NYSE:BXP

Cash Flow Statement
Boston Properties Inc