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Highwoods Properties, Inc.

HIW NYSE Real Estate Investment Trusts Financials FY2016–FY2025

Revenue Total sales reported in the income statement.
$806M
2.4% vs prior year
Operating margin Operating income as a share of revenue.
67.6%
0.5 pts
Net income Profit after all expenses, interest and tax.
$163M
56.0%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
—
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On $0.83 EPS (TTM)

What Highwoods Properties, Inc. does

No business description yet.

Legal name
HIGHWOODS PROPERTIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 10, 2026
Accession · CIK
0000921082-26-000005
0000921082

Revenue and margins

Highwoods Properties, Inc. had $806M of revenue in fiscal 2025, down 2.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −13.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Highwoods Properties, Inc. returned $217M to shareholders in fiscal 2025. The diluted share count rose 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Highwoods Properties, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $23.2M$21.4M$25.1M$22.4M$27.4M
Interest coverage 6.2x5.4x4.1x3.8x3.6x
Total assets $5.7B$6.1B$6.0B$6.0B$6.3B
Total liabilities $3.1B$3.5B$3.5B$3.6B$3.8B
Shareholders' equity $2.5B$2.5B$2.4B$2.4B$2.4B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Return on assets rose — ✕ ✕ ✕ ✓ ✕ ✕ ✕ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Debt fell relative to assets — — — — — — — — — —
Current ratio rose — — — — — — — — — —
Share count didn't rise — ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕
Gross margin rose — — — — — — — — — —
Revenue rose relative to assets — — ✓ ✕ ✕ ✕ ✓ ✓ ✕ ✕
F-score — / 3— / 5— / 6— / 6— / 6— / 6— / 6— / 6— / 6— / 6
Accruals ratio 5.2%−3.5%−3.9%−4.6%−0.0%−1.7%−4.4%−3.9%−5.0%−3.2%
Altman Z'' ——————————

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue — $703M $720M $736M $737M $768M $829M $834M $826M $806M
Provision for credit losses — $1.5M $1.2M $9.9M $5.5M $0.4M $3.2M $3.8M — —
Operating income $435M $466M $478M $487M $505M $532M $569M $565M $554M $545M
Interest expense $76.6M $69.1M $71.4M $81.6M $81.0M $85.9M $105M $137M $147M $152M
Pretax income $102M $130M $138M — — — — — — —
Net income $541M $192M $178M $142M $358M $323M $164M $151M $104M $163M
Net income to common $522M $183M $169M $134M $345M $311M $157M $146M $99.8M $157M
Diluted EPS $5.30 $1.78 $1.64 $1.30 $3.32 $2.98 $1.49 $1.39 $0.94 $1.45
Diluted shares 0.10B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B
Cash flow
Cash from operations $306M $353M $359M $366M $358M $415M $422M $387M $404M $359M
Depreciation and amortization $220M $228M $230M $255M $242M $259M $288M $299M $299M $295M
Stock-based compensation $6.3M $6.7M $7.5M $7.2M $6.2M $8.6M $7.6M $7.0M $8.0M $8.2M
Dividends paid $167M $181M $191M $197M $199M $204M $210M $211M $212M $217M
Dividends and buybacks $167M $181M $191M $197M $199M $204M $210M $211M $212M $217M
Balance sheet
Cash and short-term investments $49.5M $3.3M $3.8M $9.5M $109M $23.2M $21.4M $25.1M $22.4M $27.4M
Finance lease liabilities — — — — — $5.3M $5.3M — — —
Intangible assets $214M $201M $195M $231M $209M $259M $253M $226M $210M $244M
Total assets $4.6B $4.6B $4.7B $5.1B $5.2B $5.7B $6.1B $6.0B $6.0B $6.3B
Total liabilities $2.3B $2.2B $2.3B $2.8B $2.7B $3.1B $3.5B $3.5B $3.6B $3.8B
Preferred stock $28.9M $28.9M $28.9M $28.9M $28.8M $28.8M $28.8M $28.8M $28.8M $26.7M
Shareholders' equity $2.1B $2.2B $2.2B $2.2B $2.3B $2.5B $2.5B $2.4B $2.4B $2.4B
Margins
Operating margin — 66.3% 66.3% 66.2% 68.5% 69.2% 68.7% 67.8% 67.0% 67.6%
EBITDA margin — 98.7% 98.3% 100.8% 101.3% 103.0% 103.4% 103.7% 103.3% 104.2%
Net margin — 27.3% 24.7% 19.3% 48.6% 42.1% 19.8% 18.1% 12.6% 20.2%
Returns
Return on equity 25.3% 8.8% 8.0% 6.4% 15.9% 13.4% 6.6% 6.2% 4.3% 6.9%
Return on assets 11.9% 4.2% 3.8% 2.9% 6.9% 5.9% 2.8% 2.5% 1.7% 2.6%
Return on tangible equity 27.1% 9.1% 8.3% 7.0% 16.2% 14.0% 7.0% 6.6% 4.6% 7.4%
Growth
Revenue growth — — 2.5% 2.2% 0.1% 4.2% 7.9% 0.6% −1.0% −2.4%
Net income growth — −64.6% −7.3% −20.2% 152.6% −9.7% −49.3% −7.7% −31.1% 56.0%
EPS growth — −66.4% −7.9% −20.7% 155.4% −10.2% −50.0% −6.7% −32.4% 54.3%
Share count change — 4.1% 0.6% 0.2% 0.3% 0.3% 0.5% 0.2% 0.5% 2.1%
Financial health
Interest coverage 5.7x 6.7x 6.7x 6.0x 6.2x 6.2x 5.4x 4.1x 3.8x 3.6x
Capital allocation
Stock comp / revenue — 1.0% 1.0% 1.0% 0.8% 1.1% 0.9% 0.8% 1.0% 1.0%
Quality scores
Accruals ratio 5.2% −3.5% −3.9% −4.6% −0.0% −1.7% −4.4% −3.9% −5.0% −3.2%

Source: SEC EDGAR XBRL filings (CIK 0000921082). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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