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Side-by-side financial comparison of BXP, Inc. (BXP) and MSCI Inc. (MSCI). Click either name above to swap in a different company.
BXP, Inc. is the larger business by last-quarter revenue ($872.1M vs $822.5M, roughly 1.1× MSCI Inc.). MSCI Inc. runs the higher net margin — 34.6% vs 15.3%, a 19.4% gap on every dollar of revenue. On growth, MSCI Inc. posted the faster year-over-year revenue change (10.6% vs 0.8%). Over the past eight quarters, MSCI Inc.'s revenue compounded faster (10.0% CAGR vs 1.3%).
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.
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
BXP vs MSCI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $872.1M | $822.5M |
| Net Profit | $133.0M | $284.7M |
| Gross Margin | — | — |
| Operating Margin | — | 56.4% |
| Net Margin | 15.3% | 34.6% |
| Revenue YoY | 0.8% | 10.6% |
| Net Profit YoY | 53.0% | -6.8% |
| EPS (diluted) | $1.69 | $3.81 |
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.
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $822.5M | ||
| Q3 25 | $871.5M | $793.4M | ||
| Q2 25 | $868.5M | $772.7M | ||
| Q1 25 | $865.2M | $745.8M | ||
| Q4 24 | $858.6M | $743.5M | ||
| Q3 24 | $859.2M | $724.7M | ||
| Q2 24 | $850.5M | $707.9M |
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $284.7M | ||
| Q3 25 | $-121.7M | $325.4M | ||
| Q2 25 | $89.0M | $303.6M | ||
| Q1 25 | $61.2M | $288.6M | ||
| Q4 24 | $-228.9M | $305.5M | ||
| Q3 24 | $83.6M | $280.9M | ||
| Q2 24 | $79.6M | $266.8M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 56.4% | ||
| Q3 25 | — | 56.4% | ||
| Q2 25 | — | 55.0% | ||
| Q1 25 | — | 50.6% | ||
| Q4 24 | — | 54.5% | ||
| Q3 24 | — | 55.4% | ||
| Q2 24 | — | 54.0% |
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 34.6% | ||
| Q3 25 | -14.0% | 41.0% | ||
| Q2 25 | 10.2% | 39.3% | ||
| Q1 25 | 7.1% | 38.7% | ||
| Q4 24 | -26.7% | 41.1% | ||
| Q3 24 | 9.7% | 38.8% | ||
| Q2 24 | 9.4% | 37.7% |
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $3.81 | ||
| Q3 25 | $-0.77 | $4.25 | ||
| Q2 25 | $0.56 | $3.92 | ||
| Q1 25 | $0.39 | $3.71 | ||
| Q4 24 | $-1.46 | $3.89 | ||
| Q3 24 | $0.53 | $3.57 | ||
| Q2 24 | $0.51 | $3.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $512.8M | $515.3M |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | $7.7B | $-2.7B |
| Total Assets | $25.1B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $515.3M | ||
| Q3 25 | $861.1M | $400.1M | ||
| Q2 25 | $447.0M | $347.3M | ||
| Q1 25 | $398.1M | $360.7M | ||
| Q4 24 | $1.3B | $409.4M | ||
| Q3 24 | $1.4B | $501.0M | ||
| Q2 24 | $685.4M | $451.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B |
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $-2.7B | ||
| Q3 25 | $5.0B | $-1.9B | ||
| Q2 25 | $5.3B | $-886.2M | ||
| Q1 25 | $5.3B | $-958.6M | ||
| Q4 24 | $5.4B | $-940.0M | ||
| Q3 24 | $5.8B | $-751.0M | ||
| Q2 24 | $5.8B | $-734.5M |
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $5.7B | ||
| Q3 25 | $26.0B | $5.4B | ||
| Q2 25 | $25.6B | $5.4B | ||
| Q1 25 | $25.4B | $5.3B | ||
| Q4 24 | $26.1B | $5.4B | ||
| Q3 24 | $26.4B | $5.4B | ||
| Q2 24 | $25.5B | $5.5B |
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 | — | $501.1M |
| Free Cash FlowOCF − Capex | — | $488.7M |
| FCF MarginFCF / Revenue | — | 59.4% |
| Capex IntensityCapex / Revenue | 1.5% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $501.1M | ||
| Q3 25 | $274.2M | $449.4M | ||
| Q2 25 | $353.1M | $336.1M | ||
| Q1 25 | $210.0M | $301.7M | ||
| Q4 24 | $383.7M | $430.6M | ||
| Q3 24 | $286.1M | $421.6M | ||
| Q2 24 | $367.1M | $349.2M |
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $488.7M | ||
| Q3 25 | $231.6M | $445.5M | ||
| Q2 25 | $281.5M | $324.7M | ||
| Q1 25 | $152.6M | $290.2M | ||
| Q4 24 | $312.5M | $416.4M | ||
| Q3 24 | $234.5M | $415.0M | ||
| Q2 24 | $332.4M | $340.6M |
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 59.4% | ||
| Q3 25 | 26.6% | 56.2% | ||
| Q2 25 | 32.4% | 42.0% | ||
| Q1 25 | 17.6% | 38.9% | ||
| Q4 24 | 36.4% | 56.0% | ||
| Q3 24 | 27.3% | 57.3% | ||
| Q2 24 | 39.1% | 48.1% |
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 1.5% | ||
| Q3 25 | 4.9% | 0.5% | ||
| Q2 25 | 8.2% | 1.5% | ||
| Q1 25 | 6.6% | 1.5% | ||
| Q4 24 | 8.3% | 1.9% | ||
| Q3 24 | 6.0% | 0.9% | ||
| Q2 24 | 4.1% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | 3.97× | 1.11× | ||
| Q1 25 | 3.43× | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 3.42× | 1.50× | ||
| Q2 24 | 4.61× | 1.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BXP
| Lease | $818.2M | 94% |
| Parking and other | $30.8M | 4% |
| Development and management services | $9.2M | 1% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
