HINES GLOBAL INCOME TRUST, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HINES GLOBAL INCOME TRUST, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	24.3	59.7	69.1	104	127	176	260	313	349	425
Gross profit							160	190	214	264
General and administrative	2.04	2.8	3.13	3.65	4.65	5.55	7.29	9.53	8.79	8.95
Operating income	-8.25	-8.02
Interest expense	3.15	9.45	12.6	18.6	20.8	25	44.3	90.4	128	156
Interest income	0.07	0.08	0.26	1.48	1.69	2.14
Other non-operating income					1.01	2.03	6.33	13.4	22.9	21
Pre-tax income						-34	-45.1	-36.2	-46.3	43
Income tax	0	-0.08	0.01	-0.98	-4.38	3.99	1.22	2.37	0.82	2.05
Net income to minority interests	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.06	0.3
Net income	-11.4	-17.2	-0.89	-19.6	102	-39.2	-48.1	-38.6	-47.2	17.3
EBITDA	7.13	21.7
EPS, basic	-0.62	-0.48	-0.02	-0.31	1.06	-0.31	-0.23	-0.15	-0.18	0.06
EPS, diluted	-0.62	-0.48	-0.02	-0.31	1.06	-0.31	-0.23	-0.15	-0.18	0.06
Shares, basic (weighted)	18.2	35.8	40.5	63	95.9	128	211	259	263	283
Shares, diluted (weighted)	18.2	35.8	40.5	63	95.9	128	211	259	263	283
Dividend per share			0.61

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	98.1	18.2	27.1	45.9	56	197	112	106	132	172
Lease right-of-use assets			0	37.6	4.37	3.99	3.68	4.11	9.76	27
Intangible assets	76.1	95.1	90.7	98.5	122	232	300	286	251	409
Total assets	470	709	949	1,574	1,863	2,705	3,680	3,823	4,276	5,993
Total liabilities	280	435	670	982	1,001	1,469	1,635	1,857	2,461	4,014
Total debt					881	1,245	1,302	1,375	1,618	2,372
Paid-in capital	224	337	371	736	939	1,440	2,445	2,542	2,609	2,885
Other comprehensive income	-2.76	4.94	-0.87	2.72	22.8	7.63	-17.1	-3.22	-18	22.2
Shareholders' equity	190	274	279	592	862	1,236	2,045	1,966	1,815	1,979
Minority interests	0	0	0	0	0	0	0	0	0	0
Total equity	190	274	279	592	862	1,236	2,045	1,966	1,815	1,979
Total liabilities and equity	470	709	949	1,574	1,863	2,705	3,680	3,823	4,276	5,993

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-11.3	-17.2	-0.88	-19.5	102	-39.2	-48.1	-38.6	-47.1	17.6
Depreciation and amortization	15.4	29.7	32.5	46.2	68.7	88.1	125	130	133	163
Deferred income tax				-1.5	6.3		2.7	1.6	5.8	4.9
Change in payables	0.27	4.96	7.43	0.09	1.44	18.6	-11.1	-7.12	10.9	35.3
Cash from operations	4.13	6.69	19.2	17.4	9.91	46.1	11.4	31.2	54	54.7
Capital expenditures	-0.35	-4.2	-15	-8.49	-11.5	-17.1	-36.2	-22.6	-71.8	-76.5
Purchases of investments	0	0	-11.3	-45.2	-53.1	-57.6	-134	-69.4	-110	-65.1
Sales and maturities of investments	0	0	1.31	20.6	38	50.4	47.8	72.2	98	53.5
Cash from investing	-250	-197	-195	-654	-135	-715	-1,112	-219	-548	-1,479
Debt issued					0	0	291	457	732
Debt repaid							-206	-402	-460
Stock issued	146	138	44.3	393	228	534	1,056	298	236	435
Share buybacks	-0.71	-20.3	-12.5	-15.5	-31.6	-44.4	-52.3	-261	-240	-251
Dividends paid	-4.6	-8.95	-10.4	-15.3	-24.8	-34.1	-56.7	-71.4	-72.3	-78.4
Cash from financing	327	114	190	656	144	805	1,021	173	523	1,440
Exchange rate effect	-0.2	1.42	-1.66	-0.27	2.36	-2.84	-4.32	1.4	-0.89	25.4
Net change in cash	80.9	-75.2	12.4	19.5	21.1	134	-83.9	-13.8	27.4	40.6
Free cash flow	3.78	2.49	4.27	8.92	-1.55	28.9	-24.7	8.56	-17.8	-21.8
Interest paid	2.68	8.58	11.1	16	18.3	20.6	34	76.1	113	145
Income taxes paid			0	0.29	1.34	2.27	1.97	4.79	2.01	5.92

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. No valuation: we have no share price for this company.

Profitability

Metric	Value	How it is calculated
Gross margin	61.2%	Gross profit / revenue.
Pre-tax margin	-8.1%	Pre-tax income / revenue.
Net margin	-8.3%	Net income / revenue.
FCF margin	-5.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.3%	Cash from operations / revenue.
Return on equity (ROE)	-2.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.7%	Net income / average total assets.
Capex / revenue	14.8%	Capital expenditures / revenue.
D&A / revenue	40.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	23.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-29.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-43.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	68.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	40.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	40.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	26.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	7.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	10.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	24.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.99x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.2%	Total debt / total assets.
Liabilities / assets	63.2%	Total liabilities / total assets.
Net debt	$1.76B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	6.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.68B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.08x	Revenue / average total assets.
Capex / operating cash flow	159.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.48	Revenue / diluted weighted shares.
FCF per share	-$0.08	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.14	Cash from operations / diluted weighted shares.
Book value per share	$6.16	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.02	Tangible book value / shares outstanding.
Cash per share	$0.85	(Cash + short-term investments) / shares outstanding.

What was HINES GLOBAL INCOME TRUST, INC.'s revenue in fiscal 2025?

HINES GLOBAL INCOME TRUST, INC. reported revenue of $425.2M for fiscal 2025, 21.9% higher than the year before.

Was HINES GLOBAL INCOME TRUST, INC. profitable in fiscal 2025?

Yes. Net income was $17.3M, a net margin of 4.1%.

How much free cash flow did HINES GLOBAL INCOME TRUST, INC. generate in fiscal 2025?

Cash from operations of $54.7M minus capital expenditures of $76.5M left free cash flow of -$21.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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