Hudson Pacific Properties, Inc.
HPP NYSE Real Estate Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$831M
1.3%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
−$592M
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 −$9.93 EPS (TTM)
What Hudson Pacific Properties, Inc. does
No business description yet.
- Legal name
- Hudson Pacific Properties, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001482512-26-000038
0001482512
Revenue and margins
Hudson Pacific Properties, Inc. had $831M of revenue in fiscal 2025, down 1.3% on the year before.
FY16
Revenue $640M
FY17
Revenue $728M
FY18
Revenue $728M
FY19
Revenue $818M
FY20
Revenue $805M
FY21
Revenue $897M
FY22
Revenue $1.0B
FY23
Revenue $952M
FY24
Revenue $842M
FY25
Revenue $831M
Q2 '23
Revenue $245M
Q3 '23
Revenue $231M
Q4 '23
Revenue $223M
Q1 '24
Revenue $214M
Q2 '24
Revenue $218M
Q3 '24
Revenue $200M
Q4 '24
Revenue $210M
Q1 '25
Revenue $198M
Q2 '25
Revenue $190M
Q3 '25
Revenue $187M
Q4 '25
Revenue $256M
Q1 '26
Revenue $182M
FY16
Gross —
Operating 14.0%
Net 4.3%
FCF —
FY17
Gross —
Operating 18.8%
Net 13.0%
FCF —
FY18
Gross 63.2%
Operating —
Net 15.3%
FCF —
FY19
Gross 63.1%
Operating —
Net 6.8%
FCF —
FY20
Gross 62.8%
Operating —
Net 2.0%
FCF —
FY21
Gross 62.6%
Operating —
Net 3.2%
FCF —
FY22
Gross 59.7%
Operating —
Net −1.6%
FCF —
FY23
Gross 52.7%
Operating —
Net −17.9%
FCF —
FY24
Gross 46.1%
Operating —
Net −45.3%
FCF —
FY25
Gross 48.5%
Operating —
Net −71.3%
FCF —
Gross
Operating
Net
FCF
Q2 '23
Gross 54.5%
Operating —
Net −12.8%
FCF —
Q3 '23
Gross 51.5%
Operating —
Net −15.4%
FCF —
Q4 '23
Gross 48.3%
Operating —
Net −39.7%
FCF —
Q1 '24
Gross 48.6%
Operating —
Net −24.9%
FCF —
Q2 '24
Gross 48.0%
Operating —
Net −21.8%
FCF —
Q3 '24
Gross 42.7%
Operating —
Net −53.4%
FCF —
Q4 '24
Gross 44.7%
Operating —
Net −82.7%
FCF —
Q1 '25
Gross 42.9%
Operating —
Net −40.5%
FCF —
Q2 '25
Gross 43.1%
Operating —
Net −46.2%
FCF —
Q3 '25
Gross 44.3%
Operating —
Net −77.2%
FCF —
Q4 '25
Gross 60.0%
Operating —
Net −109.4%
FCF —
Q1 '26
Gross 44.2%
Operating —
Net −28.0%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $27.2M
FY17
Net income $94.6M
FY18
Net income $112M
FY19
Net income $55.8M
FY20
Net income $16.4M
FY21
Net income $29.0M
FY22
Net income −$16.5M
FY23
Net income −$171M
FY24
Net income −$381M
FY25
Net income −$592M
Q2 '23
Net income −$31.5M
Q3 '23
Net income −$35.8M
Q4 '23
Net income −$88.7M
Q1 '24
Net income −$53.4M
Q2 '24
Net income −$47.6M
Q3 '24
Net income −$107M
Q4 '24
Net income −$173M
Q1 '25
Net income −$80.3M
Q2 '25
Net income −$87.8M
Q3 '25
Net income −$144M
Q4 '25
Net income −$280M
Q1 '26
Net income −$50.9M
FY16
Diluted EPS $0.25
FY17
Diluted EPS $0.44
FY18
Diluted EPS $0.63
FY19
Diluted EPS $0.28
FY20
Diluted EPS $0.00
FY21
Diluted EPS $0.04
FY22
Diluted EPS −$0.39
FY23
Diluted EPS −$9.54
FY24
Diluted EPS −$18.05
FY25
Diluted EPS −$12.81
Q2 '23
Diluted EPS −$0.26
Q3 '23
Diluted EPS −$0.27
Q4 '23
Diluted EPS −$8.87
Q1 '24
Diluted EPS −$0.37
Q2 '24
Diluted EPS −$0.33
Q3 '24
Diluted EPS −$0.69
Q4 '24
Diluted EPS −$16.66
Q1 '25
Diluted EPS −$3.70
Q2 '25
Diluted EPS −$0.41
Q3 '25
Diluted EPS −$0.30
Q4 '25
Diluted EPS −$8.40
Q1 '26
Diluted EPS −$0.82
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 1.3%
Return on equity 0.9%
Return on assets 0.4%
FY17
Return on capital 1.8%
Return on equity 2.8%
Return on assets 1.4%
FY18
Return on capital —
Return on equity 3.1%
Return on assets 1.6%
FY19
Return on capital —
Return on equity 1.6%
Return on assets 0.8%
FY20
Return on capital —
Return on equity 0.5%
Return on assets 0.2%
FY21
Return on capital —
Return on equity 0.8%
Return on assets 0.3%
FY22
Return on capital —
Return on equity −0.5%
Return on assets −0.2%
FY23
Return on capital —
Return on equity −5.3%
Return on assets −1.9%
FY24
Return on capital —
Return on equity −12.9%
Return on assets −4.6%
FY25
Return on capital —
Return on equity −20.3%
Return on assets −7.7%
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.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $227M
Capital spending —
FY17
Cash from operations $293M
Capital spending —
FY18
Cash from operations $215M
Capital spending —
FY19
Cash from operations $288M
Capital spending —
FY20
Cash from operations $302M
Capital spending —
FY21
Cash from operations $315M
Capital spending —
FY22
Cash from operations $370M
Capital spending —
FY23
Cash from operations $232M
Capital spending —
FY24
Cash from operations $165M
Capital spending —
FY25
Cash from operations $121M
Capital spending —
Cash from operations
Capital spending
Q2 '23
Cash from operations $59.2M
Capital spending —
Q3 '23
Cash from operations $71.4M
Capital spending —
Q4 '23
Cash from operations $9.2M
Capital spending —
Q1 '24
Cash from operations $65.1M
Capital spending —
Q2 '24
Cash from operations $35.6M
Capital spending —
Q3 '24
Cash from operations $63.7M
Capital spending —
Q4 '24
Cash from operations $0.2M
Capital spending —
Q1 '25
Cash from operations $30.5M
Capital spending —
Q2 '25
Cash from operations −$2.0M
Capital spending —
Q3 '25
Cash from operations $33.2M
Capital spending —
Q4 '25
Cash from operations $59.3M
Capital spending —
Q1 '26
Cash from operations $44.3M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Hudson Pacific Properties, Inc. returned $0.4M to shareholders in fiscal 2025. The diluted share count rose 121.5%.
FY16
Dividends $118M
Buybacks $0.0M
FY17
Dividends $159M
Buybacks $0.0M
FY18
Dividends $157M
Buybacks $50.0M
FY19
Dividends $158M
Buybacks $0.0M
FY20
Dividends $155M
Buybacks $80.2M
FY21
Dividends $155M
Buybacks $46.1M
FY22
Dividends $145M
Buybacks $37.2M
FY23
Dividends $55.0M
Buybacks $1.4M
FY24
Dividends $15.4M
Buybacks $0.0M
FY25
Dividends $0.4M
Buybacks $0.0M
Dividends
Buybacks
Q2 '23
Dividends $18.3M
Buybacks $0.0M
Q3 '23
Dividends $0.0M
Buybacks $0.0M
Q4 '23
Dividends $0.0M
Buybacks $0.0M
Q1 '24
Dividends $7.9M
Buybacks $0.0M
Q2 '24
Dividends $7.5M
Buybacks $0.0M
Q3 '24
Dividends $0.0M
Buybacks $0.0M
Q4 '24
Dividends $0.0M
Buybacks $0.0M
Q1 '25
Dividends $0.4M
Buybacks —
Q2 '25
Dividends $0.0M
Buybacks —
Q3 '25
Dividends $0.0M
Buybacks —
Q4 '25
Dividends −$0.0M
Buybacks —
Q1 '26
Dividends $0.6M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.11B
FY17
Diluted shares 0.15B
FY18
Diluted shares 0.16B
FY19
Diluted shares 0.16B
FY20
Diluted shares 0.15B
FY21
Diluted shares 0.15B
FY22
Diluted shares 0.14B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Hudson Pacific Properties, Inc. can carry it.
FY16
Cash $83.0M
Debt $2.5B
FY17
Cash $78.9M
Debt $2.4B
FY18
Cash $53.7M
Debt $2.6B
FY19
Cash $46.2M
Debt —
FY20
Cash $114M
Debt —
FY21
Cash $96.6M
Debt —
FY22
Cash $256M
Debt —
FY23
Cash $100M
Debt —
FY24
Cash $63.3M
Debt —
FY25
Cash $138M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $96.6M | $256M | $100M | $63.3M | $138M |
| Total assets | $9.0B | $9.3B | $8.3B | $8.1B | $7.3B |
| Total liabilities | $4.7B | $5.4B | $4.7B | $5.0B | $4.1B |
| Shareholders' equity | $3.7B | $3.3B | $3.1B | $2.9B | $3.0B |
| 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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ | — | — | — | — | — | — | — |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | 6 / 7 | 4 / 7 | 4 / 7 | 4 / 7 | 6 / 7 | 4 / 7 | 4 / 7 | 2 / 7 | 4 / 7 |
| Accruals ratio | −3.0% | −3.0% | −1.5% | −3.2% | −3.6% | −3.3% | −4.2% | −4.6% | −6.7% | −9.3% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $640M | $728M | $728M | $818M | $805M | $897M | $1.0B | $952M | $842M | $831M |
| Gross profit | — | — | $461M | $517M | $505M | $561M | $612M | $502M | $388M | $403M |
| Operating income | $89.4M | $137M | — | — | — | — | — | — | — | — |
| Interest expense | $76.0M | $90.0M | $83.2M | $105M | $114M | $122M | $150M | $214M | $177M | $172M |
| Pretax income | — | — | — | — | — | $29.0M | −$16.5M | −$164M | −$380M | −$593M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | −$1.0M | $0.0M | $0.0M | $6.8M | $1.6M | −$0.3M |
| Net income | $27.2M | $94.6M | $112M | $55.8M | $16.4M | $29.0M | −$16.5M | −$171M | −$381M | −$592M |
| Net income to common | $27.2M | $67.6M | $98.1M | $42.7M | $0.4M | $6.1M | −$56.5M | −$192M | −$364M | −$572M |
| Diluted EPS | $0.25 | $0.44 | $0.63 | $0.28 | $0.00 | $0.04 | −$0.39 | −$9.54 | −$18.05 | −$12.81 |
| Diluted shares | 0.11B | 0.15B | 0.16B | 0.16B | 0.15B | 0.15B | 0.14B | 0.02B | 0.02B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | $227M | $293M | $215M | $288M | $302M | $315M | $370M | $232M | $165M | $121M |
| Depreciation and amortization | $269M | $284M | $251M | $282M | $300M | $344M | $373M | $398M | $354M | $375M |
| Stock-based compensation | $14.1M | $15.1M | $17.0M | $19.5M | $22.7M | $21.2M | $24.3M | $23.9M | $26.0M | $30.4M |
| Share buybacks | $0.0M | $0.0M | $50.0M | $0.0M | $80.2M | $46.1M | $37.2M | $1.4M | $0.0M | $0.0M |
| Dividends paid | $118M | $159M | $157M | $158M | $155M | $155M | $145M | $55.0M | $15.4M | $0.4M |
| Dividends and buybacks | $118M | $159M | $207M | $158M | $235M | $201M | $183M | $56.3M | $15.4M | $0.4M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $83.0M | $78.9M | $53.7M | $46.2M | $114M | $96.6M | $256M | $100M | $63.3M | $138M |
| Total debt | $2.5B | $2.4B | $2.6B | — | — | — | — | — | — | — |
| Loans, net | $0.0M | — | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | $0.0M | $1.6M | $4.9M | — | — | — |
| Property and equipment, net | — | — | — | — | $8.4M | $58.5M | $130M | $119M | $127M | $72.4M |
| Goodwill | $8.8M | $8.8M | $8.8M | $8.8M | $8.8M | $109M | $264M | $264M | $157M | $8.8M |
| Intangible assets | $289M | $239M | $280M | $285M | $286M | $341M | $394M | $327M | $328M | $307M |
| Total assets | $6.7B | $6.6B | $7.1B | $7.5B | $8.4B | $9.0B | $9.3B | $8.3B | $8.1B | $7.3B |
| Total liabilities | $3.0B | $2.7B | $3.1B | $3.6B | $4.2B | $4.7B | $5.4B | $4.7B | $5.0B | $4.1B |
| Preferred stock | — | — | — | — | $0.0M | $425M | $425M | — | — | — |
| Shareholders' equity | $3.1B | $3.6B | $3.5B | $3.4B | $3.5B | $3.7B | $3.3B | $3.1B | $2.9B | $3.0B |
| Margins | ||||||||||
| Gross margin | — | — | 63.2% | 63.1% | 62.8% | 62.6% | 59.7% | 52.7% | 46.1% | 48.5% |
| Operating margin | 14.0% | 18.8% | — | — | — | — | — | — | — | — |
| EBITDA margin | 56.0% | 57.7% | — | — | — | — | — | — | — | — |
| Net margin | 4.3% | 13.0% | 15.3% | 6.8% | 2.0% | 3.2% | −1.6% | −17.9% | −45.3% | −71.3% |
| Returns | ||||||||||
| Return on capital | 1.3% | 1.8% | — | — | — | — | — | — | — | — |
| Return on equity | 0.9% | 2.8% | 3.1% | 1.6% | 0.5% | 0.8% | −0.5% | −5.3% | −12.9% | −20.3% |
| Return on assets | 0.4% | 1.4% | 1.6% | 0.8% | 0.2% | 0.3% | −0.2% | −1.9% | −4.6% | −7.7% |
| Return on tangible equity | 1.0% | 2.0% | 3.0% | 1.4% | 0.0% | 0.2% | −2.1% | −7.7% | −15.4% | −21.5% |
| Growth | ||||||||||
| Revenue growth | — | 13.8% | 0.0% | 12.3% | −1.6% | 11.4% | 14.4% | −7.2% | −11.6% | −1.3% |
| Net income growth | — | 247.4% | 18.2% | −50.0% | −70.6% | 76.6% | −156.9% | — | — | — |
| EPS growth | — | 76.0% | 43.2% | −55.6% | −100.0% | — | −1,075.0% | — | — | — |
| Share count change | — | 39.4% | 1.2% | 0.6% | −2.2% | −0.8% | −5.4% | −86.0% | 0.2% | 121.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | 6.7x | 5.6x | — | — | — | — | — | — | — | — |
| Debt / equity | 0.8x | 0.7x | 0.7x | — | — | — | — | — | — | — |
| Interest coverage | 1.2x | 1.5x | — | — | — | — | — | — | — | — |
| Capital allocation | ||||||||||
| Stock comp / revenue | 2.2% | 2.1% | 2.3% | 2.4% | 2.8% | 2.4% | 2.4% | 2.5% | 3.1% | 3.7% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 4.0 | 4.0 | 4.0 | 6.0 | 4.0 | 4.0 | 2.0 | 4.0 |
| Accruals ratio | −3.0% | −3.0% | −1.5% | −3.2% | −3.6% | −3.3% | −4.2% | −4.6% | −6.7% | −9.3% |
Source: SEC EDGAR XBRL filings (CIK 0001482512). 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.