Income Statement

Revenue

+12%

+26%

10Y

Currency: USD

	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	Dec-2025
Revenue
Interest Expense	236	245	250	263	276	287	297	299	300	299	302	306	311	315	313	308	304	304	302	298	297	293	289	303	284	280	285	294	302	311	0	323	259	277	374	378	385	382	382	392	399	404	412	411	408	411	429	447	460	468	459	456	451	449	444	432	429	425	421	413	403	393	381	374	369	366	370	378	389	399	410	413	413	418	423	432	438	437	432	423	417	414	421	437	470	508	544	580	607	614	630	645	647	660	661	0
Revenue	1 082 N/A	1 111 +3%	1 135 +2%	1 174 +3%	1 234 +5%	1 271 +3%	1 299 +2%	1 283 -1%	1 315 +3%	1 338 +2%	1 369 +2%	1 386 +1%	1 419 +2%	1 434 +1%	1 434 N/A	1 383 -4%	1 431 +3%	1 431 N/A	1 423 -1%	1 418 0%	1 431 +1%	1 445 +1%	1 463 +1%	1 482 +1%	1 494 +1%	1 490 0%	1 480 -1%	1 463 -1%	1 495 +2%	1 515 +1%	1 532 +1%	1 511 -1%	1 519 +1%	1 523 +0%	1 534 +1%	1 543 +1%	1 588 +3%	1 628 +3%	1 693 +4%	1 723 +2%	1 780 +3%	1 812 +2%	1 827 +1%	1 847 +1%	1 881 +2%	1 925 +2%	2 030 +5%	2 136 +5%	2 232 +5%	2 312 +4%	2 360 +2%	2 397 +2%	2 441 +2%	2 469 +1%	2 480 +0%	2 491 +0%	2 538 +2%	2 544 +0%	2 539 0%	2 551 +0%	2 517 -1%	2 550 +1%	2 583 +1%	2 602 +1%	2 631 +1%	2 639 +0%	2 667 +1%	2 717 +2%	2 782 +2%	2 851 +2%	2 908 +2%	2 961 +2%	2 987 +1%	2 909 -3%	2 858 -2%	2 766 -3%	2 727 -1%	2 786 +2%	2 823 +1%	2 889 +2%	2 929 +1%	2 989 +2%	3 050 +2%	3 109 +2%	3 157 +2%	3 201 +1%	3 235 +1%	3 274 +1%	3 310 +1%	3 343 +1%	3 378 +1%	3 408 +1%	3 433 +1%	3 451 +1%	3 464 +0%	3 482 +1%
Gross Profit
Cost of Revenue	(347)	(358)	(386)	(396)	(422)	(441)	(451)	(441)	(452)	(459)	(463)	(466)	(480)	(485)	(486)	(457)	(488)	(484)	(476)	(463)	(464)	(469)	(473)	(484)	(488)	(495)	(509)	(512)	(521)	(526)	(526)	(522)	(527)	(526)	(526)	(523)	(541)	(562)	(588)	(599)	(634)	(646)	(658)	(667)	(681)	(703)	(736)	(771)	(809)	(835)	(852)	(865)	(880)	(893)	(898)	(904)	(902)	(905)	(914)	(921)	(930)	(943)	(952)	(962)	(978)	(988)	(1 001)	(1 023)	(1 040)	(1 061)	(1 079)	(1 094)	(1 099)	(1 073)	(1 061)	(1 042)	(1 032)	(1 041)	(1 042)	(1 047)	(1 063)	(1 093)	(1 122)	(1 151)	(1 175)	(1 195)	(1 214)	(1 234)	(1 255)	(1 287)	(1 315)	(1 339)	(1 358)	(1 368)	(1 372)	(1 387)
Gross Profit	736 N/A	752 +2%	749 0%	778 +4%	812 +4%	830 +2%	848 +2%	843 -1%	863 +2%	879 +2%	906 +3%	921 +2%	939 +2%	949 +1%	948 0%	926 -2%	943 +2%	947 +0%	947 0%	955 +1%	966 +1%	977 +1%	990 +1%	999 +1%	1 005 +1%	996 -1%	971 -2%	951 -2%	973 +2%	990 +2%	1 005 +2%	989 -2%	992 +0%	998 +1%	1 009 +1%	1 020 +1%	1 047 +3%	1 066 +2%	1 105 +4%	1 124 +2%	1 146 +2%	1 166 +2%	1 169 +0%	1 180 +1%	1 200 +2%	1 223 +2%	1 294 +6%	1 364 +5%	1 424 +4%	1 477 +4%	1 507 +2%	1 533 +2%	1 561 +2%	1 576 +1%	1 582 +0%	1 587 +0%	1 636 +3%	1 639 +0%	1 625 -1%	1 630 +0%	1 587 -3%	1 608 +1%	1 631 +1%	1 640 +1%	1 653 +1%	1 651 0%	1 666 +1%	1 695 +2%	1 742 +3%	1 790 +3%	1 830 +2%	1 866 +2%	1 889 +1%	1 835 -3%	1 797 -2%	1 724 -4%	1 695 -2%	1 745 +3%	1 781 +2%	1 842 +3%	1 866 +1%	1 896 +2%	1 928 +2%	1 958 +2%	1 983 +1%	2 005 +1%	2 020 +1%	2 040 +1%	2 055 +1%	2 056 +0%	2 063 +0%	2 069 +0%	2 076 +0%	2 084 +0%	2 092 +0%	2 095 +0%
Operating Income
Operating Expenses	(196)	(205)	(211)	(225)	(235)	(241)	(251)	(252)	(262)	(274)	(288)	(303)	(318)	(327)	(327)	(317)	(320)	(322)	(324)	(330)	(336)	(343)	(353)	(356)	(364)	(365)	(368)	(374)	(377)	(391)	(484)	(395)	(333)	(249)	(407)	(415)	(441)	(471)	(498)	(517)	(519)	(524)	(530)	(536)	(565)	(589)	(635)	(676)	(695)	(715)	(717)	(728)	(726)	(739)	(733)	(736)	(742)	(730)	(785)	(800)	(802)	(802)	(751)	(731)	(742)	(748)	(758)	(767)	(772)	(800)	(809)	(819)	(820)	(823)	(821)	(817)	(831)	(837)	(857)	(869)	(868)	(864)	(873)	(896)	(940)	(969)	(984)	(1 001)	(1 005)	(1 022)	(1 039)	(1 047)	(1 051)	(1 054)	(1 070)	(1 081)
Selling, General & Administrative	(40)	(43)	(43)	(47)	(48)	(45)	(46)	(45)	(47)	(48)	(50)	(54)	(56)	(58)	(58)	(56)	(55)	(57)	(56)	(59)	(62)	(62)	(70)	(70)	(73)	(74)	(73)	(72)	(70)	(71)	(73)	(75)	(85)	(84)	(82)	(79)	(77)	(79)	(77)	(87)	(83)	(87)	(92)	(90)	(108)	(109)	(113)	(115)	(100)	(99)	(97)	(99)	(98)	(97)	(95)	(96)	(97)	(100)	(104)	(105)	(107)	(109)	(110)	(114)	(118)	(120)	(124)	(122)	(128)	(134)	(136)	(141)	(136)	(138)	(135)	(133)	(142)	(142)	(149)	(152)	(150)	(146)	(144)	(146)	(159)	(169)	(167)	(170)	(164)	(164)	(166)	(160)	(162)	(161)	(163)	(169)
Depreciation & Amortization	(156)	(162)	(168)	(178)	(188)	(195)	(205)	(207)	(215)	(226)	(238)	(250)	(262)	(269)	(269)	(261)	(265)	(265)	(268)	(271)	(274)	(281)	(284)	(286)	(291)	(291)	(296)	(302)	(307)	(320)	(322)	(319)	(327)	(322)	(325)	(336)	(364)	(393)	(421)	(430)	(437)	(437)	(438)	(446)	(457)	(480)	(522)	(561)	(596)	(617)	(621)	(629)	(628)	(642)	(637)	(640)	(645)	(630)	(681)	(694)	(694)	(693)	(641)	(618)	(624)	(629)	(635)	(646)	(644)	(665)	(673)	(678)	(684)	(685)	(686)	(684)	(689)	(695)	(708)	(717)	(718)	(718)	(729)	(750)	(781)	(800)	(817)	(831)	(841)	(858)	(873)	(887)	(889)	(893)	(906)	(912)
Other Operating Expenses	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	(89)	0	80	157	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
Operating Income	540 N/A	547 +1%	538 -2%	553 +3%	577 +4%	590 +2%	597 +1%	591 -1%	602 +2%	606 +1%	619 +2%	617 0%	621 +1%	623 +0%	621 0%	609 -2%	623 +2%	625 +0%	622 0%	625 +0%	630 +1%	633 +0%	637 +1%	643 +1%	642 0%	631 -2%	603 -4%	577 -4%	596 +3%	599 +0%	523 -13%	594 +14%	659 +11%	749 +14%	602 -20%	605 +0%	606 +0%	595 -2%	607 +2%	607 +0%	627 +3%	642 +2%	639 0%	644 +1%	635 -1%	634 0%	660 +4%	688 +4%	729 +6%	762 +5%	791 +4%	805 +2%	834 +4%	837 +0%	849 +1%	851 +0%	895 +5%	908 +2%	840 -8%	830 -1%	786 -5%	806 +3%	880 +9%	909 +3%	911 +0%	903 -1%	908 +1%	927 +2%	970 +5%	990 +2%	1 021 +3%	1 048 +3%	1 069 +2%	1 012 -5%	977 -3%	907 -7%	864 -5%	908 +5%	924 +2%	973 +5%	998 +3%	1 033 +3%	1 055 +2%	1 061 +1%	1 043 -2%	1 037 -1%	1 036 0%	1 039 +0%	1 050 +1%	1 034 -1%	1 024 -1%	1 022 0%	1 025 +0%	1 030 +1%	1 022 -1%	1 014 -1%
Pre-Tax Income
Interest Income Expense	(271)	(273)	(267)	(279)	(288)	(296)	(299)	(301)	(300)	(299)	(302)	(306)	(311)	(315)	(313)	(308)	(304)	(304)	(302)	(298)	(297)	(293)	(289)	(303)	(290)	(285)	(297)	(479)	(319)	(328)	0	(304)	(167)	(255)	(338)	(333)	(340)	(336)	(338)	(301)	(303)	(296)	(302)	(350)	(351)	61	47	25	6	(435)	(436)	(433)	(416)	(415)	(413)	(403)	(413)	(410)	(404)	(395)	(385)	(374)	(364)	(354)	(351)	(350)	(357)	(367)	(373)	(334)	(338)	(341)	(351)	(401)	(417)	(506)	(501)	(506)	(500)	(415)	(415)	(419)	(422)	(492)	(520)	(543)	(805)	(743)	(740)	(754)	(532)	(923)	(956)	(968)	(1 116)	(716)
Non-Reccuring Items	0	0	0	(2)	(4)	(4)	(4)	(2)	(6)	(6)	(6)	(6)	0	(13)	(13)	(13)	(13)	(32)	(32)	(32)	(32)	(1)	(3)	(3)	(3)	(3)	0	0	(28)	(28)	(28)	(28)	5	(1)	(3)	(86)	(91)	(86)	(84)	(4)	(5)	(3)	(9)	(8)	(15)	(16)	(10)	(10)	(2)	(2)	(3)	(14)	(14)	(13)	(12)	(23)	(23)	(24)	(26)	55	55	70	72	(0)	(0)	(15)	(15)	(30)	(54)	(54)	(82)	(56)	(32)	(32)	(3)	(2)	(2)	(3)	(4)	(50)	(49)	(49)	(49)	(3)	(4)	(4)	(3)	(4)	(18)	(17)	(17)	(15)	(2)	(2)	(73)	(89)
Gain/Loss on Disposition of Assets	5	3	6	190	244	247	245	58	11	9	8	8	3	103	103	152	155	635	654	606	1 222	641	791	930	192	199	31	33	13	11	12	12	11	7	5	3	0	0	0	0	0	0	0	0	0	0	0	0	0	0	42	168	263	263	421	376	348	348	162	81	13	17	7	8	104	119	124	182	85	69	61	1	412	614	614	619	209	13	13	124	146	235	497	447	424	328	66	1	0	0	1	1	(2)	17	18	174
Total Other Income	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	(219)	0	(220)	(220)	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	7	7	7	7	0	0	0	0	0	0	0	0	0	0	0
Pre-Tax Income	274 N/A	277 +1%	277 +0%	461 +67%	528 +14%	537 +2%	539 +0%	346 -36%	306 -11%	310 +1%	319 +3%	313 -2%	312 0%	398 +28%	399 +0%	440 +10%	461 +5%	924 +100%	942 +2%	901 -4%	1 523 +69%	980 -36%	1 135 +16%	1 266 +12%	542 -57%	541 0%	337 -38%	131 -61%	262 +100%	254 -3%	287 +13%	273 -5%	288 +5%	280 -3%	266 -5%	189 -29%	176 -7%	173 -1%	184 +6%	303 +65%	319 +5%	343 +7%	328 -4%	286 -13%	269 -6%	678 +152%	697 +3%	704 +1%	733 +4%	325 -56%	394 +21%	526 +33%	668 +27%	672 +1%	845 +26%	800 -5%	807 +1%	824 +2%	572 -31%	570 0%	469 -18%	519 +11%	595 +15%	563 -5%	663 +18%	657 -1%	660 +0%	713 +8%	627 -12%	670 +7%	661 -1%	652 -1%	1 098 +68%	1 193 +9%	1 170 -2%	1 019 -13%	570 -44%	412 -28%	434 +5%	632 +46%	681 +8%	807 +18%	1 088 +35%	1 021 -6%	949 -7%	818 -14%	294 -64%	291 -1%	292 +0%	263 -10%	475 +81%	84 -82%	64 -23%	77 +19%	(149) N/A	384 N/A
Net Income
Tax Provision	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
Income from Continuing Operations	274	277	277	461	528	537	539	346	306	310	319	313	312	398	399	440	461	924	942	901	1 523	980	1 135	1 266	542	541	337	131	262	254	287	273	288	280	266	189	176	173	184	303	319	343	328	286	269	678	697	704	733	325	394	526	668	672	845	800	807	824	572	570	469	519	595	563	663	657	660	713	627	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)	384
Income to Minority Interest	(72)	(73)	(71)	(71)	(72)	(73)	(73)	(71)	(71)	(69)	(68)	(63)	(61)	(57)	(67)	(66)	(68)	(66)	(58)	(68)	(65)	(71)	(68)	(203)	(71)	(68)	(63)	(26)	(19)	(17)	(20)	(44)	(44)	(42)	(41)	(31)	(29)	(28)	(27)	(40)	(41)	(42)	(40)	(37)	(38)	(78)	(76)	(78)	(81)	(46)	(61)	(82)	(107)	(109)	(225)	(217)	(213)	(213)	(68)	(57)	(41)	(54)	(89)	(100)	(122)	(120)	(121)	(130)	(122)	(130)	(132)	(131)	(177)	(169)	(164)	(146)	(97)	(97)	(103)	(127)	(133)	(148)	(176)	(172)	(165)	(153)	(102)	(101)	(100)	(96)	(112)	(70)	(69)	(72)	(52)	(107)
Equity Earnings Affiliates	5	6	7	8	9	9	8	6	5	4	4	3	3	3	4	5	5	6	25	25	24	40	21	20	21	5	6	0	(178)	(180)	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
Net Income (Common)	211 N/A	217 +3%	236 +9%	441 +87%	571 +29%	579 +1%	565 -2%	365 -35%	256 -30%	280 +9%	292 +4%	284 -3%	279 -2%	358 +28%	347 -3%	438 +26%	444 +1%	905 +104%	956 +6%	874 -9%	1 662 +90%	1 139 -32%	1 273 +12%	1 305 +3%	554 -58%	527 -5%	327 -38%	105 -68%	66 -38%	57 -13%	80 +39%	231 +190%	239 +3%	233 -2%	225 -4%	159 -29%	147 -8%	146 -1%	158 +9%	273 +72%	280 +3%	339 +21%	326 -4%	290 -11%	289 0%	623 +116%	719 +15%	742 +3%	748 +1%	372 -50%	347 -7%	433 +25%	550 +27%	553 +1%	609 +10%	573 -6%	583 +2%	600 +3%	493 -18%	502 +2%	418 -17%	455 +9%	496 +9%	452 -9%	531 +17%	526 -1%	528 +0%	572 +8%	495 -14%	530 +7%	519 -2%	511 -2%	911 +78%	1 013 +11%	995 -2%	862 -13%	456 -47%	301 -34%	319 +6%	496 +55%	548 +10%	659 +20%	911 +38%	848 -7%	783 -8%	664 -15%	192 -71%	190 -1%	192 +1%	168 -13%	363 +117%	14 -96%	(4) N/A	5 N/A	(200) N/A	277 N/A
EPS (Diluted)	2.27 N/A	2.33 +3%	2.52 +8%	4.66 +85%	5.9 +27%	5.9 N/A	5.69 -4%	3.7 -35%	2.47 -33%	2.6 +5%	2.63 +1%	2.61 -1%	2.48 -5%	3.15 +27%	3.04 -3%	3.85 +27%	3.85 N/A	7.6 +97%	8.52 +12%	7.46 -12%	13.78 +85%	9.56 -31%	10.81 +13%	10.8 0%	4.57 -58%	4.29 -6%	2.65 -38%	0.87 -67%	0.53 -39%	0.45 -15%	0.57 +27%	1.75 +207%	1.71 -2%	1.67 -2%	1.61 -4%	1.13 -30%	1.05 -7%	0.99 -6%	1.05 +6%	1.86 +77%	1.88 +1%	2.18 +16%	2.14 -2%	1.92 -10%	1.89 -2%	4.03 +113%	4.68 +16%	4.86 +4%	4.88 +0%	2.42 -50%	2.26 -7%	2.83 +25%	3.58 +27%	3.55 -1%	3.97 +12%	3.72 -6%	3.8 +2%	3.84 +1%	3.21 -16%	3.26 +2%	2.72 -17%	2.91 +7%	3.22 +11%	2.93 -9%	3.44 +17%	3.36 -2%	3.41 +1%	3.7 +9%	3.19 -14%	3.42 +7%	3.35 -2%	3.3 -1%	5.87 +78%	6.43 +10%	6.4 0%	5.54 -13%	2.93 -47%	1.9 -35%	2.04 +7%	3.17 +55%	3.49 +10%	4.14 +19%	5.8 +40%	5.4 -7%	4.99 -8%	4.18 -16%	1.23 -71%	1.21 -2%	1.22 +1%	1.07 -12%	2.31 +116%	0.09 -96%	-0.03 N/A	0.03 N/A	-1.27 N/A	1.74 N/A

Income Statement Balance Sheet Cash Flow Statement

Boston Properties Inc
NYSE:BXP

Income Statement

Earnings Waterfall
Boston Properties Inc

Income Statement
Boston Properties Inc

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Boston Properties Inc NYSE:BXP

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Earnings Waterfall Boston Properties Inc

Income Statement Boston Properties Inc

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Boston Properties Inc
NYSE:BXP

Earnings Waterfall
Boston Properties Inc

Income Statement
Boston Properties Inc