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Side-by-side financial comparison of BXP, Inc. (BXP) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
BXP, Inc. is the larger business by last-quarter revenue ($877.1M vs $142.9M, roughly 6.1× Piedmont Realty Trust, Inc.). BXP, Inc. runs the higher net margin — 28.3% vs -30.3%, a 58.6% gap on every dollar of revenue. On growth, BXP, Inc. posted the faster year-over-year revenue change (2.2% vs -0.3%). Over the past eight quarters, BXP, Inc.'s revenue compounded faster (2.2% CAGR vs -0.6%).
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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
BXP vs PDM — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $877.1M | $142.9M |
| Net Profit | $248.4M | $-43.2M |
| Gross Margin | 58.8% | — |
| Operating Margin | — | — |
| Net Margin | 28.3% | -30.3% |
| Revenue YoY | 2.2% | -0.3% |
| Net Profit YoY | 208.5% | -44.3% |
| EPS (diluted) | $1.56 | $-0.34 |
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 | $142.9M | ||
| Q3 25 | $871.5M | $139.2M | ||
| Q2 25 | $868.5M | $140.3M | ||
| Q1 25 | $865.2M | $142.7M | ||
| Q4 24 | $858.6M | $143.2M | ||
| Q3 24 | $859.2M | $139.3M | ||
| Q2 24 | $850.5M | $143.3M | ||
| Q1 24 | $839.4M | $144.5M |
| Q4 25 | $248.4M | $-43.2M | ||
| Q3 25 | $-121.7M | $-13.5M | ||
| Q2 25 | $89.0M | $-16.8M | ||
| Q1 25 | $61.2M | $-10.1M | ||
| Q4 24 | $-228.9M | $-30.0M | ||
| Q3 24 | $83.6M | $-11.5M | ||
| Q2 24 | $79.6M | $-9.8M | ||
| Q1 24 | $79.9M | $-27.8M |
| 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% | -30.3% | ||
| Q3 25 | -14.0% | -9.7% | ||
| Q2 25 | 10.2% | -12.0% | ||
| Q1 25 | 7.1% | -7.1% | ||
| Q4 24 | -26.7% | -20.9% | ||
| Q3 24 | 9.7% | -8.3% | ||
| Q2 24 | 9.4% | -6.8% | ||
| Q1 24 | 9.5% | -19.2% |
| Q4 25 | $1.56 | $-0.34 | ||
| Q3 25 | $-0.77 | $-0.11 | ||
| Q2 25 | $0.56 | $-0.14 | ||
| Q1 25 | $0.39 | $-0.08 | ||
| Q4 24 | $-1.46 | $-0.25 | ||
| Q3 24 | $0.53 | $-0.09 | ||
| Q2 24 | $0.51 | $-0.08 | ||
| Q1 24 | $0.51 | $-0.22 |
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 | $731.0K |
| Total DebtLower is stronger | — | $2.2B |
| Stockholders' EquityBook value | $5.1B | $1.5B |
| Total Assets | $26.2B | $4.0B |
| Debt / EquityLower = less leverage | — | 1.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $731.0K | ||
| Q3 25 | $861.1M | $3.0M | ||
| Q2 25 | $447.0M | $3.3M | ||
| Q1 25 | $398.1M | $2.9M | ||
| Q4 24 | $1.3B | $109.6M | ||
| Q3 24 | $1.4B | $133.6M | ||
| Q2 24 | $685.4M | $138.5M | ||
| Q1 24 | $701.7M | $3.5M |
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
| Q4 25 | $5.1B | $1.5B | ||
| Q3 25 | $5.0B | $1.5B | ||
| Q2 25 | $5.3B | $1.5B | ||
| Q1 25 | $5.3B | $1.6B | ||
| Q4 24 | $5.4B | $1.6B | ||
| Q3 24 | $5.8B | $1.6B | ||
| Q2 24 | $5.8B | $1.7B | ||
| Q1 24 | $5.9B | $1.7B |
| Q4 25 | $26.2B | $4.0B | ||
| Q3 25 | $26.0B | $4.0B | ||
| Q2 25 | $25.6B | $4.0B | ||
| Q1 25 | $25.4B | $4.0B | ||
| Q4 24 | $26.1B | $4.1B | ||
| Q3 24 | $26.4B | $4.1B | ||
| Q2 24 | $25.5B | $4.2B | ||
| Q1 24 | $25.5B | $4.0B |
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.23× |
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 | $50.9M |
| Free Cash FlowOCF − Capex | $362.7M | — |
| FCF MarginFCF / Revenue | 41.4% | — |
| Capex IntensityCapex / Revenue | 5.1% | — |
| Cash ConversionOCF / Net Profit | 1.64× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $407.8M | $50.9M | ||
| Q3 25 | $274.2M | $35.8M | ||
| Q2 25 | $353.1M | $50.1M | ||
| Q1 25 | $210.0M | $3.7M | ||
| Q4 24 | $383.7M | $65.0M | ||
| Q3 24 | $286.1M | $42.9M | ||
| Q2 24 | $367.1M | $66.8M | ||
| Q1 24 | $197.6M | $23.4M |
| 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× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.42× | — | ||
| Q2 24 | 4.61× | — | ||
| Q1 24 | 2.47× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BXP
Segment breakdown not available.
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
