HIGHWOODS PROPERTIES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HIGHWOODS PROPERTIES, 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	666	703	720	736	737	768	829	834	826	806
General and administrative	38.2	39.6	40	44.1	41	40.6	42.3	42.9	41.9	40.3
Operating expenses	489	506	513	553	516	536	626	611	638	605
Operating income	435	466	478	487	505	532	569	565	554	545
Interest expense	76.6	69.1	71.4	81.6	81	85.9	105	137	147	152
Other non-operating income	2.34	2.28	1.94	-2.51	-1.71	1.39	1.53	4.44	12.3	9.59
Pre-tax income	102	130	138
Income from continuing operations	115	183	169
Net income	522	183	169	134	345	311	157	146	99.8	157
EBITDA	655	694	708	742	747	791	857	865	853	840
EPS, basic	5.30	1.78	1.64	1.30	3.32	2.98	1.49	1.39	0.94	1.45
EPS, diluted	5.30	1.78	1.64	1.30	3.32	2.98	1.49	1.39	0.94	1.45
Shares, basic (weighted)	98.4	103	103	104	104	104	105	106	106	108
Shares, diluted (weighted)	101	106	106	106	107	107	108	108	108	111

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	49.5	3.27	3.77	9.51	109	23.2	21.4	25.1	22.4	27.4
Intangible assets	214	201	195	231	209	259	253	226	210	244
Total assets	4,561	4,624	4,675	5,138	5,209	5,695	6,063	6,003	6,029	6,274
Total liabilities	2,262	2,243	2,305	2,831	2,739	3,084	3,498	3,515	3,598	3,838
Paid-in capital	2,851	2,929	2,976	2,955	2,994	3,028	3,081	3,103	3,144	3,224
Retained earnings	-749	-747	-769	-832	-686	-580	-633	-698	-811	-870
Other comprehensive income	4.95	7.84	9.91	-0.47	-1.46	-0.97	-1.21	-2	-2.25	-2.49
Shareholders' equity	2,136	2,220	2,247	2,152	2,336	2,477	2,477	2,433	2,361	2,379
Minority interests	18	17.4	17.6	22	22	22.4	22.2	4.73	4.29	3.9
Total equity	2,154	2,237	2,264	2,174	2,358	2,500	2,499	2,438	2,365	2,383
Total liabilities and equity	4,561	4,624	4,675	5,138	5,209	5,695	6,063	6,003	6,029	6,274
Shares outstanding	102	103	104	104	104	105	105	106	108	110

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	541	192	178	142	358	323	164	151	104	163
Depreciation and amortization	220	228	230	255	242	259	288	299	299	295
Stock-based compensation	6.25	6.69	7.47	7.18	6.21	8.65	7.55	6.98	8	8.21
Change in receivables	3.4	-4.97	1.76	-3.27	0.44	5.74	-11	-0.55	-3.22	1.44
Cash from operations	306	353	359	366	358	415	422	387	404	359
Cash from investing	216	-200	-307	-607	111	-288	-615	-170	-302	-441
Debt issued	150	656	346	748	398	200	550	590	0	380
Debt repaid	-396	-833	-212	-327	-252	-354	-456	-207	-7.06	-38.9
Stock issued	265	76.3	3.64	2.09	3.57	23.9	7.57	1.74	53.5	63
Dividends paid	-167	-181	-191	-197	-199	-204	-210	-211	-212	-217
Cash from financing	-465	-143	-130	246	-294	-285	188	-205	-99	90.8
Net change in cash	56.8	9.7	-78.2	4.6	175	-158	-5.09	11.9	2.11	9.37
Interest paid	72.8	68.2	67.2	72	72.4	79.5	103	130	134	145

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $30.09 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	67.4%	Operating income / revenue.
EBITDA margin	104.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	11.1%	Net income / revenue.
Operating cash flow margin	45.8%	Cash from operations / revenue.
Return on equity (ROE)	3.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.
Return on invested capital (ROIC)	18.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	36.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	1.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-1.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	57.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-14.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	54.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-0.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-15.3%	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	-11.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.2%	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	0.1%	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	0.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.3%	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	0.4%	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	4.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.1%	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	3.8%	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	2.1%	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	0.9%	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	0.7%	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
Liabilities / assets	60.4%	Total liabilities / total assets.
Interest coverage	3.51x	Operating income / interest expense.
Goodwill and intangibles / assets	4.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.08B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.81	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	$7.32	Revenue / diluted weighted shares.
Operating cash flow per share	$3.35	Cash from operations / diluted weighted shares.
Book value per share	$21.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.86	Tangible book value / shares outstanding.
Cash per share	$0.29	(Cash + short-term investments) / shares outstanding.
Payout ratio	239.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.32B	Share price x shares outstanding.
Enterprise value	$3.29B	Market cap + total debt - cash - short-term investments.
P/E	36.4x	Market cap / net income. Only when net income is positive.
P/S	4.05x	Market cap / revenue.
P/B	1.40x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.60x	Market cap / tangible book value, when positive.
P/OCF	8.83x	Market cap / cash from operations, when positive.
EV/Sales	4.01x	Enterprise value / revenue.
EV/EBIT	5.95x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.85x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Dividend yield	6.6%	Dividends paid over the period / market cap.
Shareholder yield	6.6%	(Dividends paid + share buybacks) / market cap.

What was HIGHWOODS PROPERTIES, INC.'s revenue in fiscal 2025?

HIGHWOODS PROPERTIES, INC. reported revenue of $806.1M for fiscal 2025, 2.4% lower than the year before.

Was HIGHWOODS PROPERTIES, INC. profitable in fiscal 2025?

Yes. Net income was $157.3M, a net margin of 19.5%.

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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