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Side-by-side financial comparison of BXP, Inc. (BXP) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
Frontier Group Holdings, Inc. is the larger business by last-quarter revenue ($997.0M vs $872.1M, roughly 1.1× BXP, Inc.). BXP, Inc. runs the higher net margin — 15.3% vs 5.3%, a 9.9% gap on every dollar of revenue. On growth, BXP, Inc. posted the faster year-over-year revenue change (0.8% vs -0.5%). Over the past eight quarters, Frontier Group Holdings, Inc.'s revenue compounded faster (7.4% 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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
BXP vs ULCC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $872.1M | $997.0M |
| Net Profit | $133.0M | $53.0M |
| Gross Margin | — | — |
| Operating Margin | — | 4.9% |
| Net Margin | 15.3% | 5.3% |
| Revenue YoY | 0.8% | -0.5% |
| Net Profit YoY | 53.0% | -1.9% |
| EPS (diluted) | $1.69 | $0.24 |
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 | $997.0M | ||
| Q3 25 | $871.5M | $886.0M | ||
| Q2 25 | $868.5M | $929.0M | ||
| Q1 25 | $865.2M | $912.0M | ||
| Q4 24 | $858.6M | $1.0B | ||
| Q3 24 | $859.2M | $935.0M | ||
| Q2 24 | $850.5M | $973.0M |
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $53.0M | ||
| Q3 25 | $-121.7M | $-77.0M | ||
| Q2 25 | $89.0M | $-70.0M | ||
| Q1 25 | $61.2M | $-43.0M | ||
| Q4 24 | $-228.9M | $54.0M | ||
| Q3 24 | $83.6M | $26.0M | ||
| Q2 24 | $79.6M | $31.0M |
| 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 | — | 4.9% | ||
| Q3 25 | — | -8.7% | ||
| Q2 25 | — | -8.1% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.6% |
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 5.3% | ||
| Q3 25 | -14.0% | -8.7% | ||
| Q2 25 | 10.2% | -7.5% | ||
| Q1 25 | 7.1% | -4.7% | ||
| Q4 24 | -26.7% | 5.4% | ||
| Q3 24 | 9.7% | 2.8% | ||
| Q2 24 | 9.4% | 3.2% |
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.24 | ||
| Q3 25 | $-0.77 | $-0.34 | ||
| Q2 25 | $0.56 | $-0.31 | ||
| Q1 25 | $0.39 | $-0.19 | ||
| Q4 24 | $-1.46 | $0.24 | ||
| Q3 24 | $0.53 | $0.11 | ||
| Q2 24 | $0.51 | $0.14 |
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 | $671.0M |
| Total DebtLower is stronger | — | $620.0M |
| Stockholders' EquityBook value | $7.7B | $491.0M |
| Total Assets | $25.1B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $671.0M | ||
| Q3 25 | $861.1M | $566.0M | ||
| Q2 25 | $447.0M | $563.0M | ||
| Q1 25 | $398.1M | $686.0M | ||
| Q4 24 | $1.3B | $740.0M | ||
| Q3 24 | $1.4B | $576.0M | ||
| Q2 24 | $685.4M | $658.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $620.0M | ||
| Q3 25 | — | $673.0M | ||
| Q2 25 | — | $565.0M | ||
| Q1 25 | — | $512.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M |
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $491.0M | ||
| Q3 25 | $5.0B | $434.0M | ||
| Q2 25 | $5.3B | $506.0M | ||
| Q1 25 | $5.3B | $570.0M | ||
| Q4 24 | $5.4B | $604.0M | ||
| Q3 24 | $5.8B | $549.0M | ||
| Q2 24 | $5.8B | $520.0M |
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $7.2B | ||
| Q3 25 | $26.0B | $6.7B | ||
| Q2 25 | $25.6B | $6.5B | ||
| Q1 25 | $25.4B | $6.5B | ||
| Q4 24 | $26.1B | $6.2B | ||
| Q3 24 | $26.4B | $5.8B | ||
| Q2 24 | $25.5B | $5.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× |
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 | — | $-91.0M |
| Free Cash FlowOCF − Capex | — | $-113.0M |
| FCF MarginFCF / Revenue | — | -11.3% |
| Capex IntensityCapex / Revenue | 1.5% | 2.2% |
| Cash ConversionOCF / Net Profit | — | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $-91.0M | ||
| Q3 25 | $274.2M | $-215.0M | ||
| Q2 25 | $353.1M | $-133.0M | ||
| Q1 25 | $210.0M | $-86.0M | ||
| Q4 24 | $383.7M | $87.0M | ||
| Q3 24 | $286.1M | $-156.0M | ||
| Q2 24 | $367.1M | $9.0M |
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $-113.0M | ||
| Q3 25 | $231.6M | $-217.0M | ||
| Q2 25 | $281.5M | $-166.0M | ||
| Q1 25 | $152.6M | $-104.0M | ||
| Q4 24 | $312.5M | $73.0M | ||
| Q3 24 | $234.5M | $-170.0M | ||
| Q2 24 | $332.4M | $-22.0M |
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | -11.3% | ||
| Q3 25 | 26.6% | -24.5% | ||
| Q2 25 | 32.4% | -17.9% | ||
| Q1 25 | 17.6% | -11.4% | ||
| Q4 24 | 36.4% | 7.3% | ||
| Q3 24 | 27.3% | -18.2% | ||
| Q2 24 | 39.1% | -2.3% |
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 2.2% | ||
| Q3 25 | 4.9% | 0.2% | ||
| Q2 25 | 8.2% | 3.6% | ||
| Q1 25 | 6.6% | 2.0% | ||
| Q4 24 | 8.3% | 1.4% | ||
| Q3 24 | 6.0% | 1.5% | ||
| Q2 24 | 4.1% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | -1.72× | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | — | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | 3.42× | -6.00× | ||
| Q2 24 | 4.61× | 0.29× |
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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
