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Side-by-side financial comparison of BXP, Inc. (BXP) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
BXP, Inc. is the larger business by last-quarter revenue ($872.1M vs $614.5M, roughly 1.4× Cloudflare, Inc.). BXP, Inc. runs the higher net margin — 15.3% vs -2.0%, a 17.2% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 0.8%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% 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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
BXP vs NET — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $872.1M | $614.5M |
| Net Profit | $133.0M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | — | -8.0% |
| Net Margin | 15.3% | -2.0% |
| Revenue YoY | 0.8% | 33.6% |
| Net Profit YoY | 53.0% | 6.0% |
| EPS (diluted) | $1.69 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $871.5M | $562.0M | ||
| Q2 25 | $868.5M | $512.3M | ||
| Q1 25 | $865.2M | $479.1M | ||
| Q4 24 | $858.6M | $459.9M | ||
| Q3 24 | $859.2M | $430.1M | ||
| Q2 24 | $850.5M | $401.0M |
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $-12.1M | ||
| Q3 25 | $-121.7M | $-1.3M | ||
| Q2 25 | $89.0M | $-50.4M | ||
| Q1 25 | $61.2M | $-38.5M | ||
| Q4 24 | $-228.9M | $-12.8M | ||
| Q3 24 | $83.6M | $-15.3M | ||
| Q2 24 | $79.6M | $-15.1M |
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 73.6% | ||
| Q3 25 | 59.3% | 74.0% | ||
| Q2 25 | 59.2% | 74.9% | ||
| Q1 25 | 59.2% | 75.9% | ||
| Q4 24 | 59.7% | 76.4% | ||
| Q3 24 | 59.5% | 77.7% | ||
| Q2 24 | 59.8% | 77.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | -8.0% | ||
| Q3 25 | — | -6.7% | ||
| Q2 25 | — | -13.1% | ||
| Q1 25 | — | -11.1% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | — | -7.2% | ||
| Q2 24 | — | -8.7% |
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | -2.0% | ||
| Q3 25 | -14.0% | -0.2% | ||
| Q2 25 | 10.2% | -9.8% | ||
| Q1 25 | 7.1% | -8.0% | ||
| Q4 24 | -26.7% | -2.8% | ||
| Q3 24 | 9.7% | -3.6% | ||
| Q2 24 | 9.4% | -3.8% |
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $-0.03 | ||
| Q3 25 | $-0.77 | $0.00 | ||
| Q2 25 | $0.56 | $-0.15 | ||
| Q1 25 | $0.39 | $-0.11 | ||
| Q4 24 | $-1.46 | $-0.05 | ||
| Q3 24 | $0.53 | $-0.04 | ||
| Q2 24 | $0.51 | $-0.04 |
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 | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.7B | $1.5B |
| Total Assets | $25.1B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $943.5M | ||
| Q3 25 | $861.1M | $1.1B | ||
| Q2 25 | $447.0M | $1.5B | ||
| Q1 25 | $398.1M | $204.5M | ||
| Q4 24 | $1.3B | $147.7M | ||
| Q3 24 | $1.4B | $182.9M | ||
| Q2 24 | $685.4M | $157.0M |
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $1.5B | ||
| Q3 25 | $5.0B | $1.3B | ||
| Q2 25 | $5.3B | $1.2B | ||
| Q1 25 | $5.3B | $1.4B | ||
| Q4 24 | $5.4B | $1.0B | ||
| Q3 24 | $5.8B | $973.1M | ||
| Q2 24 | $5.8B | $881.5M |
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $6.0B | ||
| Q3 25 | $26.0B | $5.8B | ||
| Q2 25 | $25.6B | $5.6B | ||
| Q1 25 | $25.4B | $3.7B | ||
| Q4 24 | $26.1B | $3.3B | ||
| Q3 24 | $26.4B | $3.1B | ||
| Q2 24 | $25.5B | $2.9B |
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 | — | $190.4M |
| Free Cash FlowOCF − Capex | — | $105.2M |
| FCF MarginFCF / Revenue | — | 17.1% |
| Capex IntensityCapex / Revenue | 1.5% | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $190.4M | ||
| Q3 25 | $274.2M | $167.1M | ||
| Q2 25 | $353.1M | $99.8M | ||
| Q1 25 | $210.0M | $145.8M | ||
| Q4 24 | $383.7M | $127.3M | ||
| Q3 24 | $286.1M | $104.7M | ||
| Q2 24 | $367.1M | $74.8M |
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $105.2M | ||
| Q3 25 | $231.6M | $82.5M | ||
| Q2 25 | $281.5M | $39.9M | ||
| Q1 25 | $152.6M | $59.9M | ||
| Q4 24 | $312.5M | $54.2M | ||
| Q3 24 | $234.5M | $54.5M | ||
| Q2 24 | $332.4M | $45.2M |
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 17.1% | ||
| Q3 25 | 26.6% | 14.7% | ||
| Q2 25 | 32.4% | 7.8% | ||
| Q1 25 | 17.6% | 12.5% | ||
| Q4 24 | 36.4% | 11.8% | ||
| Q3 24 | 27.3% | 12.7% | ||
| Q2 24 | 39.1% | 11.3% |
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 13.9% | ||
| Q3 25 | 4.9% | 15.1% | ||
| Q2 25 | 8.2% | 11.7% | ||
| Q1 25 | 6.6% | 17.9% | ||
| Q4 24 | 8.3% | 15.9% | ||
| Q3 24 | 6.0% | 11.7% | ||
| Q2 24 | 4.1% | 7.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.42× | — | ||
| Q2 24 | 4.61× | — |
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
