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Side-by-side financial comparison of BXP, Inc. (BXP) and ZILLOW GROUP, INC. (ZG). Click either name above to swap in a different company.
BXP, Inc. is the larger business by last-quarter revenue ($872.1M vs $654.0M, roughly 1.3× ZILLOW GROUP, INC.). BXP, Inc. runs the higher net margin — 15.3% vs 0.5%, a 14.8% gap on every dollar of revenue. On growth, ZILLOW GROUP, INC. posted the faster year-over-year revenue change (18.1% vs 0.8%). Over the past eight quarters, ZILLOW GROUP, INC.'s revenue compounded faster (11.2% 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.
Zillow Group, Inc., or simply Zillow, is an American tech real-estate marketplace company that was founded in 2006 by co-executive chairmen Rich Barton and Lloyd Frink, former Microsoft executives and founders of Microsoft spin-off Expedia; Spencer Rascoff, a co-founder of Hotwire.com; David Beitel, Zillow's current chief technology officer; and Kristin Acker, Zillow's current technology leadership advisor.
BXP vs ZG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $872.1M | $654.0M |
| Net Profit | $133.0M | $3.0M |
| Gross Margin | — | 72.8% |
| Operating Margin | — | -1.7% |
| Net Margin | 15.3% | 0.5% |
| Revenue YoY | 0.8% | 18.1% |
| Net Profit YoY | 53.0% | 105.8% |
| EPS (diluted) | $1.69 | $0.01 |
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 | $654.0M | ||
| Q3 25 | $871.5M | $676.0M | ||
| Q2 25 | $868.5M | $655.0M | ||
| Q1 25 | $865.2M | $598.0M | ||
| Q4 24 | $858.6M | $554.0M | ||
| Q3 24 | $859.2M | $581.0M | ||
| Q2 24 | $850.5M | $572.0M |
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $3.0M | ||
| Q3 25 | $-121.7M | $10.0M | ||
| Q2 25 | $89.0M | $2.0M | ||
| Q1 25 | $61.2M | $8.0M | ||
| Q4 24 | $-228.9M | $-52.0M | ||
| Q3 24 | $83.6M | $-20.0M | ||
| Q2 24 | $79.6M | $-17.0M |
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 72.8% | ||
| Q3 25 | 59.3% | 72.6% | ||
| Q2 25 | 59.2% | 74.7% | ||
| Q1 25 | 59.2% | 76.8% | ||
| Q4 24 | 59.7% | 75.8% | ||
| Q3 24 | 59.5% | 75.9% | ||
| Q2 24 | 59.8% | 77.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.7% | ||
| Q3 25 | — | -0.4% | ||
| Q2 25 | — | -1.7% | ||
| Q1 25 | — | -1.5% | ||
| Q4 24 | — | -12.5% | ||
| Q3 24 | — | -7.7% | ||
| Q2 24 | — | -6.6% |
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 0.5% | ||
| Q3 25 | -14.0% | 1.5% | ||
| Q2 25 | 10.2% | 0.3% | ||
| Q1 25 | 7.1% | 1.3% | ||
| Q4 24 | -26.7% | -9.4% | ||
| Q3 24 | 9.7% | -3.4% | ||
| Q2 24 | 9.4% | -3.0% |
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.01 | ||
| Q3 25 | $-0.77 | $0.04 | ||
| Q2 25 | $0.56 | $0.01 | ||
| Q1 25 | $0.39 | $0.03 | ||
| Q4 24 | $-1.46 | $-0.23 | ||
| Q3 24 | $0.53 | $-0.08 | ||
| Q2 24 | $0.51 | $-0.07 |
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 | $768.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.7B | $4.9B |
| Total Assets | $25.1B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $768.0M | ||
| Q3 25 | $861.1M | $874.0M | ||
| Q2 25 | $447.0M | $587.0M | ||
| Q1 25 | $398.1M | $914.0M | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $685.4M | $1.2B |
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $4.9B | ||
| Q3 25 | $5.0B | $5.0B | ||
| Q2 25 | $5.3B | $4.7B | ||
| Q1 25 | $5.3B | $4.8B | ||
| Q4 24 | $5.4B | $4.8B | ||
| Q3 24 | $5.8B | $4.7B | ||
| Q2 24 | $5.8B | $4.5B |
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $5.7B | ||
| Q3 25 | $26.0B | $5.7B | ||
| Q2 25 | $25.6B | $5.4B | ||
| Q1 25 | $25.4B | $5.7B | ||
| Q4 24 | $26.1B | $5.8B | ||
| Q3 24 | $26.4B | $6.2B | ||
| Q2 24 | $25.5B | $6.6B |
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 | — | $72.0M |
| Free Cash FlowOCF − Capex | — | $44.0M |
| FCF MarginFCF / Revenue | — | 6.7% |
| Capex IntensityCapex / Revenue | 1.5% | 4.3% |
| Cash ConversionOCF / Net Profit | — | 24.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $235.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $72.0M | ||
| Q3 25 | $274.2M | $105.0M | ||
| Q2 25 | $353.1M | $87.0M | ||
| Q1 25 | $210.0M | $104.0M | ||
| Q4 24 | $383.7M | $122.0M | ||
| Q3 24 | $286.1M | $171.0M | ||
| Q2 24 | $367.1M | $55.0M |
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $44.0M | ||
| Q3 25 | $231.6M | $73.0M | ||
| Q2 25 | $281.5M | $50.0M | ||
| Q1 25 | $152.6M | $68.0M | ||
| Q4 24 | $312.5M | $88.0M | ||
| Q3 24 | $234.5M | $138.0M | ||
| Q2 24 | $332.4M | $18.0M |
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 6.7% | ||
| Q3 25 | 26.6% | 10.8% | ||
| Q2 25 | 32.4% | 7.6% | ||
| Q1 25 | 17.6% | 11.4% | ||
| Q4 24 | 36.4% | 15.9% | ||
| Q3 24 | 27.3% | 23.8% | ||
| Q2 24 | 39.1% | 3.1% |
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 4.3% | ||
| Q3 25 | 4.9% | 4.7% | ||
| Q2 25 | 8.2% | 5.6% | ||
| Q1 25 | 6.6% | 6.0% | ||
| Q4 24 | 8.3% | 6.1% | ||
| Q3 24 | 6.0% | 5.7% | ||
| Q2 24 | 4.1% | 6.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 24.00× | ||
| Q3 25 | — | 10.50× | ||
| Q2 25 | 3.97× | 43.50× | ||
| Q1 25 | 3.43× | 13.00× | ||
| 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% |
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
