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Side-by-side financial comparison of BXP, Inc. (BXP) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
BXP, Inc. is the larger business by last-quarter revenue ($872.1M vs $425.9M, roughly 2.0× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 15.3%, a 20.4% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs 0.8%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% 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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
BXP vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $872.1M | $425.9M |
| Net Profit | $133.0M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | — | 81.5% |
| Net Margin | 15.3% | 35.7% |
| Revenue YoY | 0.8% | 1.7% |
| Net Profit YoY | 53.0% | — |
| EPS (diluted) | $1.69 | $1.59 |
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 | $425.9M | ||
| Q4 25 | $877.1M | $637.9M | ||
| Q3 25 | $871.5M | $443.1M | ||
| Q2 25 | $868.5M | $527.4M | ||
| Q1 25 | $865.2M | $734.8M | ||
| Q4 24 | $858.6M | $513.8M | ||
| Q3 24 | $859.2M | $310.0M | ||
| Q2 24 | $850.5M | $338.6M |
| Q1 26 | $133.0M | $152.0M | ||
| Q4 25 | $248.4M | $181.6M | ||
| Q3 25 | $-121.7M | $107.3M | ||
| Q2 25 | $89.0M | $149.8M | ||
| Q1 25 | $61.2M | $216.4M | ||
| Q4 24 | $-228.9M | $45.0M | ||
| Q3 24 | $83.6M | $-167.6M | ||
| Q2 24 | $79.6M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 86.6% | ||
| Q3 25 | 59.3% | — | ||
| Q2 25 | 59.2% | 94.7% | ||
| Q1 25 | 59.2% | 81.6% | ||
| Q4 24 | 59.7% | 87.3% | ||
| Q3 24 | 59.5% | — | ||
| Q2 24 | 59.8% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | — | 43.3% | ||
| Q3 25 | — | 40.6% | ||
| Q2 25 | — | 43.7% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | — | 16.8% | ||
| Q3 24 | — | -63.4% | ||
| Q2 24 | — | -15.2% |
| Q1 26 | 15.3% | 35.7% | ||
| Q4 25 | 28.3% | 28.5% | ||
| Q3 25 | -14.0% | 24.2% | ||
| Q2 25 | 10.2% | 28.4% | ||
| Q1 25 | 7.1% | 29.4% | ||
| Q4 24 | -26.7% | 8.8% | ||
| Q3 24 | 9.7% | -54.1% | ||
| Q2 24 | 9.4% | -16.0% |
| Q1 26 | $1.69 | $1.59 | ||
| Q4 25 | $1.56 | $1.98 | ||
| Q3 25 | $-0.77 | $1.18 | ||
| Q2 25 | $0.56 | $1.64 | ||
| Q1 25 | $0.39 | $2.37 | ||
| Q4 24 | $-1.46 | $0.49 | ||
| Q3 24 | $0.53 | $-1.81 | ||
| Q2 24 | $0.51 | $-0.59 |
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 | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $7.7B | — |
| Total Assets | $25.1B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $271.4M | ||
| Q3 25 | $861.1M | $43.2M | ||
| Q2 25 | $447.0M | $39.3M | ||
| Q1 25 | $398.1M | $40.0M | ||
| Q4 24 | $1.3B | $48.7M | ||
| Q3 24 | $1.4B | $38.2M | ||
| Q2 24 | $685.4M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $3.6B | ||
| Q3 25 | $5.0B | $3.1B | ||
| Q2 25 | $5.3B | $3.0B | ||
| Q1 25 | $5.3B | $2.8B | ||
| Q4 24 | $5.4B | $-76.2M | ||
| Q3 24 | $5.8B | $-15.5M | ||
| Q2 24 | $5.8B | $5.0M |
| Q1 26 | $25.1B | $9.1B | ||
| Q4 25 | $26.2B | $9.2B | ||
| Q3 25 | $26.0B | $8.7B | ||
| Q2 25 | $25.6B | $8.4B | ||
| Q1 25 | $25.4B | $8.5B | ||
| Q4 24 | $26.1B | $8.3B | ||
| Q3 24 | $26.4B | $8.3B | ||
| Q2 24 | $25.5B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | — | $657.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.5% | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $407.8M | $274.9M | ||
| Q3 25 | $274.2M | $237.8M | ||
| Q2 25 | $353.1M | $388.4M | ||
| Q1 25 | $210.0M | $253.8M | ||
| Q4 24 | $383.7M | $220.1M | ||
| Q3 24 | $286.1M | $197.9M | ||
| Q2 24 | $367.1M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $-2.7M | ||
| Q3 25 | $231.6M | $-47.8M | ||
| Q2 25 | $281.5M | $195.3M | ||
| Q1 25 | $152.6M | $59.9M | ||
| Q4 24 | $312.5M | $-20.3M | ||
| Q3 24 | $234.5M | $-49.1M | ||
| Q2 24 | $332.4M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | -0.4% | ||
| Q3 25 | 26.6% | -10.8% | ||
| Q2 25 | 32.4% | 37.0% | ||
| Q1 25 | 17.6% | 8.2% | ||
| Q4 24 | 36.4% | -4.0% | ||
| Q3 24 | 27.3% | -15.8% | ||
| Q2 24 | 39.1% | 23.5% |
| Q1 26 | 1.5% | 117.0% | ||
| Q4 25 | 5.1% | 43.5% | ||
| Q3 25 | 4.9% | 64.4% | ||
| Q2 25 | 8.2% | 36.6% | ||
| Q1 25 | 6.6% | 26.4% | ||
| Q4 24 | 8.3% | 46.8% | ||
| Q3 24 | 6.0% | 79.7% | ||
| Q2 24 | 4.1% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 1.64× | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | 3.97× | 2.59× | ||
| Q1 25 | 3.43× | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| 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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
