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Side-by-side financial comparison of BXP, Inc. (BXP) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
BXP, Inc. is the larger business by last-quarter revenue ($872.1M vs $566.0M, roughly 1.5× WillScot Holdings Corp). BXP, Inc. runs the higher net margin — 15.3% vs -33.1%, a 48.3% gap on every dollar of revenue. On growth, BXP, Inc. posted the faster year-over-year revenue change (0.8% vs -6.1%). Over the past eight quarters, BXP, Inc.'s revenue compounded faster (1.3% CAGR vs -1.8%).
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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
BXP vs WSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $872.1M | $566.0M |
| Net Profit | $133.0M | $-187.3M |
| Gross Margin | — | 50.4% |
| Operating Margin | — | -32.5% |
| Net Margin | 15.3% | -33.1% |
| Revenue YoY | 0.8% | -6.1% |
| Net Profit YoY | 53.0% | -310.0% |
| EPS (diluted) | $1.69 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $871.5M | $566.8M | ||
| Q2 25 | $868.5M | $589.1M | ||
| Q1 25 | $865.2M | $559.6M | ||
| Q4 24 | $858.6M | $602.5M | ||
| Q3 24 | $859.2M | $601.4M | ||
| Q2 24 | $850.5M | $604.6M |
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $-187.3M | ||
| Q3 25 | $-121.7M | $43.3M | ||
| Q2 25 | $89.0M | $47.9M | ||
| Q1 25 | $61.2M | $43.1M | ||
| Q4 24 | $-228.9M | $89.2M | ||
| Q3 24 | $83.6M | $-70.5M | ||
| Q2 24 | $79.6M | $-46.9M |
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 50.4% | ||
| Q3 25 | 59.3% | 49.7% | ||
| Q2 25 | 59.2% | 50.3% | ||
| Q1 25 | 59.2% | 53.7% | ||
| Q4 24 | 59.7% | 55.8% | ||
| Q3 24 | 59.5% | 53.5% | ||
| Q2 24 | 59.8% | 54.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | -32.5% | ||
| Q3 25 | — | 21.0% | ||
| Q2 25 | — | 21.5% | ||
| Q1 25 | — | 21.3% | ||
| Q4 24 | — | 28.9% | ||
| Q3 24 | — | -5.9% | ||
| Q2 24 | — | -0.9% |
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | -33.1% | ||
| Q3 25 | -14.0% | 7.6% | ||
| Q2 25 | 10.2% | 8.1% | ||
| Q1 25 | 7.1% | 7.7% | ||
| Q4 24 | -26.7% | 14.8% | ||
| Q3 24 | 9.7% | -11.7% | ||
| Q2 24 | 9.4% | -7.7% |
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $-1.02 | ||
| Q3 25 | $-0.77 | $0.24 | ||
| Q2 25 | $0.56 | $0.26 | ||
| Q1 25 | $0.39 | $0.23 | ||
| Q4 24 | $-1.46 | $0.48 | ||
| Q3 24 | $0.53 | $-0.37 | ||
| Q2 24 | $0.51 | $-0.25 |
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 | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $7.7B | $856.3M |
| Total Assets | $25.1B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $14.6M | ||
| Q3 25 | $861.1M | $14.8M | ||
| Q2 25 | $447.0M | $12.8M | ||
| Q1 25 | $398.1M | $10.7M | ||
| Q4 24 | $1.3B | $9.0M | ||
| Q3 24 | $1.4B | $11.0M | ||
| Q2 24 | $685.4M | $5.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B |
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $856.3M | ||
| Q3 25 | $5.0B | $1.1B | ||
| Q2 25 | $5.3B | $1.0B | ||
| Q1 25 | $5.3B | $1.0B | ||
| Q4 24 | $5.4B | $1.0B | ||
| Q3 24 | $5.8B | $1.1B | ||
| Q2 24 | $5.8B | $1.2B |
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $5.8B | ||
| Q3 25 | $26.0B | $6.1B | ||
| Q2 25 | $25.6B | $6.1B | ||
| Q1 25 | $25.4B | $6.0B | ||
| Q4 24 | $26.1B | $6.0B | ||
| Q3 24 | $26.4B | $6.0B | ||
| Q2 24 | $25.5B | $6.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× |
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 | — | $158.9M |
| Free Cash FlowOCF − Capex | — | $149.7M |
| FCF MarginFCF / Revenue | — | 26.5% |
| Capex IntensityCapex / Revenue | 1.5% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $158.9M | ||
| Q3 25 | $274.2M | $191.2M | ||
| Q2 25 | $353.1M | $205.3M | ||
| Q1 25 | $210.0M | $206.6M | ||
| Q4 24 | $383.7M | $178.9M | ||
| Q3 24 | $286.1M | $-1.6M | ||
| Q2 24 | $367.1M | $175.6M |
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $149.7M | ||
| Q3 25 | $231.6M | $186.9M | ||
| Q2 25 | $281.5M | $199.0M | ||
| Q1 25 | $152.6M | $202.0M | ||
| Q4 24 | $312.5M | $176.6M | ||
| Q3 24 | $234.5M | $-4.9M | ||
| Q2 24 | $332.4M | $169.4M |
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 26.5% | ||
| Q3 25 | 26.6% | 33.0% | ||
| Q2 25 | 32.4% | 33.8% | ||
| Q1 25 | 17.6% | 36.1% | ||
| Q4 24 | 36.4% | 29.3% | ||
| Q3 24 | 27.3% | -0.8% | ||
| Q2 24 | 39.1% | 28.0% |
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 1.6% | ||
| Q3 25 | 4.9% | 0.7% | ||
| Q2 25 | 8.2% | 1.1% | ||
| Q1 25 | 6.6% | 0.8% | ||
| Q4 24 | 8.3% | 0.4% | ||
| Q3 24 | 6.0% | 0.6% | ||
| Q2 24 | 4.1% | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | — | 4.41× | ||
| Q2 25 | 3.97× | 4.28× | ||
| Q1 25 | 3.43× | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| 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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
