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Side-by-side financial comparison of BXP, Inc. (BXP) and GLADSTONE COMMERCIAL CORP (GOOD). Click either name above to swap in a different company.
BXP, Inc. is the larger business by last-quarter revenue ($877.1M vs $43.5M, roughly 20.2× GLADSTONE COMMERCIAL CORP). BXP, Inc. runs the higher net margin — 28.3% vs 12.4%, a 15.9% gap on every dollar of revenue. On growth, GLADSTONE COMMERCIAL CORP posted the faster year-over-year revenue change (16.3% vs 2.2%). Over the past eight quarters, GLADSTONE COMMERCIAL CORP's revenue compounded faster (10.3% CAGR vs 2.2%).
BXP Inc., operating as Boston Properties, is a leading U.S. real estate investment trust focused on owning, managing and developing high-quality Class A commercial office properties across major U.S. metro markets, serving diverse corporate, tech and professional service tenants.
Gladstone Commercial Corp is a publicly traded US real estate investment trust focused on acquiring, owning, and operating diversified industrial and commercial properties. It offers long-term net lease agreements to tenants across manufacturing, logistics, healthcare and professional services sectors, mainly serving small to mid-sized business clients.
BXP vs GOOD — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $877.1M | $43.5M |
| Net Profit | $248.4M | $5.4M |
| Gross Margin | 58.8% | — |
| Operating Margin | — | — |
| Net Margin | 28.3% | 12.4% |
| Revenue YoY | 2.2% | 16.3% |
| Net Profit YoY | 208.5% | -25.1% |
| EPS (diluted) | $1.56 | $0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $877.1M | $43.5M | ||
| Q3 25 | $871.5M | $40.8M | ||
| Q2 25 | $868.5M | $39.5M | ||
| Q1 25 | $865.2M | $37.5M | ||
| Q4 24 | $858.6M | $37.4M | ||
| Q3 24 | $859.2M | $39.2M | ||
| Q2 24 | $850.5M | $37.1M | ||
| Q1 24 | $839.4M | $35.7M |
| Q4 25 | $248.4M | $5.4M | ||
| Q3 25 | $-121.7M | $4.1M | ||
| Q2 25 | $89.0M | $4.6M | ||
| Q1 25 | $61.2M | $5.1M | ||
| Q4 24 | $-228.9M | $7.2M | ||
| Q3 24 | $83.6M | $11.7M | ||
| Q2 24 | $79.6M | $1.6M | ||
| Q1 24 | $79.9M | $3.5M |
| Q4 25 | 58.8% | — | ||
| Q3 25 | 59.3% | — | ||
| Q2 25 | 59.2% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 59.7% | — | ||
| Q3 24 | 59.5% | — | ||
| Q2 24 | 59.8% | — | ||
| Q1 24 | 60.6% | — |
| Q4 25 | 28.3% | 12.4% | ||
| Q3 25 | -14.0% | 10.1% | ||
| Q2 25 | 10.2% | 11.7% | ||
| Q1 25 | 7.1% | 13.7% | ||
| Q4 24 | -26.7% | 19.2% | ||
| Q3 24 | 9.7% | 29.8% | ||
| Q2 24 | 9.4% | 4.3% | ||
| Q1 24 | 9.5% | 9.9% |
| Q4 25 | $1.56 | $0.05 | ||
| Q3 25 | $-0.77 | $0.02 | ||
| Q2 25 | $0.56 | $0.03 | ||
| Q1 25 | $0.39 | $0.04 | ||
| Q4 24 | $-1.46 | $0.10 | ||
| Q3 24 | $0.53 | $0.20 | ||
| Q2 24 | $0.51 | $-0.04 | ||
| Q1 24 | $0.51 | $0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.5B | $10.8M |
| Total DebtLower is stronger | — | $843.5M |
| Stockholders' EquityBook value | $5.1B | $171.8M |
| Total Assets | $26.2B | $1.2B |
| Debt / EquityLower = less leverage | — | 4.91× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $10.8M | ||
| Q3 25 | $861.1M | $18.4M | ||
| Q2 25 | $447.0M | $11.7M | ||
| Q1 25 | $398.1M | $10.4M | ||
| Q4 24 | $1.3B | $11.0M | ||
| Q3 24 | $1.4B | $10.5M | ||
| Q2 24 | $685.4M | $10.4M | ||
| Q1 24 | $701.7M | $10.5M |
| Q4 25 | — | $843.5M | ||
| Q3 25 | — | $843.3M | ||
| Q2 25 | — | $794.4M | ||
| Q1 25 | — | $740.7M | ||
| Q4 24 | — | $693.4M | ||
| Q3 24 | — | $692.6M | ||
| Q2 24 | — | $722.5M | ||
| Q1 24 | — | $719.4M |
| Q4 25 | $5.1B | $171.8M | ||
| Q3 25 | $5.0B | $184.8M | ||
| Q2 25 | $5.3B | $177.2M | ||
| Q1 25 | $5.3B | $183.2M | ||
| Q4 24 | $5.4B | $171.2M | ||
| Q3 24 | $5.8B | $168.9M | ||
| Q2 24 | $5.8B | $145.7M | ||
| Q1 24 | $5.9B | $147.3M |
| Q4 25 | $26.2B | $1.2B | ||
| Q3 25 | $26.0B | $1.3B | ||
| Q2 25 | $25.6B | $1.2B | ||
| Q1 25 | $25.4B | $1.2B | ||
| Q4 24 | $26.1B | $1.1B | ||
| Q3 24 | $26.4B | $1.1B | ||
| Q2 24 | $25.5B | $1.1B | ||
| Q1 24 | $25.5B | $1.1B |
| Q4 25 | — | 4.91× | ||
| Q3 25 | — | 4.56× | ||
| Q2 25 | — | 4.48× | ||
| Q1 25 | — | 4.04× | ||
| Q4 24 | — | 4.05× | ||
| Q3 24 | — | 4.10× | ||
| Q2 24 | — | 4.96× | ||
| Q1 24 | — | 4.88× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $407.8M | $15.7M |
| Free Cash FlowOCF − Capex | $362.7M | — |
| FCF MarginFCF / Revenue | 41.4% | — |
| Capex IntensityCapex / Revenue | 5.1% | — |
| Cash ConversionOCF / Net Profit | 1.64× | 2.92× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $407.8M | $15.7M | ||
| Q3 25 | $274.2M | $18.9M | ||
| Q2 25 | $353.1M | $35.8M | ||
| Q1 25 | $210.0M | $17.7M | ||
| Q4 24 | $383.7M | $22.8M | ||
| Q3 24 | $286.1M | $5.5M | ||
| Q2 24 | $367.1M | $13.6M | ||
| Q1 24 | $197.6M | $15.0M |
| Q4 25 | $362.7M | — | ||
| Q3 25 | $231.6M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $152.6M | — | ||
| Q4 24 | $312.5M | — | ||
| Q3 24 | $234.5M | — | ||
| Q2 24 | $332.4M | — | ||
| Q1 24 | $165.5M | — |
| Q4 25 | 41.4% | — | ||
| Q3 25 | 26.6% | — | ||
| Q2 25 | 32.4% | — | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 27.3% | — | ||
| Q2 24 | 39.1% | — | ||
| Q1 24 | 19.7% | — |
| Q4 25 | 5.1% | — | ||
| Q3 25 | 4.9% | — | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 6.6% | — | ||
| Q4 24 | 8.3% | — | ||
| Q3 24 | 6.0% | — | ||
| Q2 24 | 4.1% | — | ||
| Q1 24 | 3.8% | — |
| Q4 25 | 1.64× | 2.92× | ||
| Q3 25 | — | 4.57× | ||
| Q2 25 | 3.97× | 7.74× | ||
| Q1 25 | 3.43× | 3.44× | ||
| Q4 24 | — | 3.17× | ||
| Q3 24 | 3.42× | 0.47× | ||
| Q2 24 | 4.61× | 8.44× | ||
| Q1 24 | 2.47× | 4.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
