Hudson Pacific Properties, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Hudson Pacific 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	640	728	728	818	805	897	1,026	952	842	831
Gross profit			461	517	505	561	612	502	388	403
General and administrative	52.4	54.5	61	71.9	77.9	71.3	79.5	75	79.5	73
Operating expenses	550	592	580	656	677	751	867	923	888	876
Operating income	89.4	137
Interest expense	76	90	83.2	105	114	122	150	214	177	172
Interest income	0.26	0.1	1.72	4.04	4.09	3.79	2.34	2.18	2.47	6.24
Other non-operating income	-45.6	-42	-36.9	-107	-111	-117	-176	-193	-334	-548
Pre-tax income						29	-16.5	-164	-380	-593
Income tax	0	0	0	0	-1	0	0	6.8	1.64	-0.27
Net income to minority interests	9.29
Net income	27.2	67.6	98.1	42.7	0.38	6.06	-56.5	-192	-364	-572
EBITDA	358	420
EPS, basic	1.82	3.09	4.42	1.96	0.00	0.28	-2.74	-9.54	-18.05	-12.81
EPS, diluted	1.75	3.09	4.42	1.96	0.00	0.28	-2.74	-9.54	-18.05	-12.81
Shares, basic (weighted)	15.1	21.9	22.2	22	21.8	21.6	20.5	20.1	20.2	44.7
Shares, diluted (weighted)	15.7	21.9	22.2	22.3	21.8	21.7	20.5	20.1	20.2	44.7
Dividend per share	5.61	7.01	7.01	7.01	7.01	7.01	7.01	2.63	0.70	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	83	78.9	53.7	46.2	114	96.6	256	100	63.3	138
Inventory					0	1.58	4.91
Property, plant and equipment					8.44	58.5	130	119	127	72.4
Lease right-of-use assets			0	269	265	287	401	376	371	333
Goodwill	8.75	8.75	8.75	8.75	8.8	109	264	264	157	8.75
Intangible assets	289	239	280	285	286	341	394	327	328	307
Total assets	6,679	6,622	7,071	7,467	8,350	8,990	9,319	8,282	8,132	7,268
Total liabilities	2,966	2,701	3,118	3,622	4,245	4,654	5,434	4,721	4,955	4,063
Total debt	2,473	2,421	2,624
Paid-in capital	3,109	3,623	3,525	3,416	3,470	3,317	2,890	2,652	2,437	2,548
Retained earnings	-17	0	0
Other comprehensive income	9.5	13.2	17.5	-0.56	-8.13	-1.76	-11.3	-0.19	-8.42	-1.86
Shareholders' equity	3,103	3,638	3,544	3,417	3,463	3,742	3,305	3,078	2,855	2,972
Total equity	3,703	3,911	3,830	3,709	3,968	4,197	3,750	3,494	3,119	3,152
Total liabilities and equity	6,679	6,622	7,071	7,467	8,350	8,990	9,319	8,282	8,132	7,268
Shares outstanding	19.5	22.2	22	22.1	21.6	21.5	20.1	141	20.2	54.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	43.8	94.6	112	55.8	16.4	29	-16.5	-171	-381	-592
Depreciation and amortization	269	284	251	282	300	344	373	398	354	375
Stock-based compensation	14.1	15.1	17	19.5	22.7	21.2	24.3	23.9	26	30.4
Deferred income tax						0	0	6.61	0.59	-1.72
Change in receivables	15.1	1.93	-10.9	0.7	-9.1	3.52	16.2	-5.68	10.4	0.17
Change in payables	-4.43	19.4	-13.2	18.2	11.7	-0.04	11.7	-3.12	4.35	-20.6
Cash from operations	227	293	215	288	302	315	370	232	165	121
Capital expenditures	-259	-302	-351
Acquisitions				0	0	-210	-199	0	0
Purchases of investments	0	0	-149	0	0
Sales and maturities of investments	0	0	2.23	6.23	5.66	5.78	129	0	0
Cash from investing	-525	-333	-392	-316	-1,007	-754	-378	468	-251	42.8
Stock issued	1,450	647	0	0	0	45	0	0	0	523
Share buybacks	0	0	-50	0	-80.2	-46.1	-37.2	-1.37	0	0
Dividends paid	-118	-159	-157	-158	-155	-155	-145	-55	-15.4	-0.35
Cash from financing	335	33.2	145	18.5	796	487	97.4	-867	65.9	-101
Net change in cash	36.6	-6.91	-33.1	-9.93	91.3	47.3	88.9	-167
Free cash flow	-31.9	-9.49	-137
Interest paid	82.5	77.2	78.5	100	103	112	134	198	171	164

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 $11.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.9%	Gross profit / revenue.
Pre-tax margin	-69.1%	Pre-tax income / revenue.
Net margin	-67.6%	Net income / revenue.
Operating cash flow margin	16.5%	Cash from operations / revenue.
Return on equity (ROE)	-18.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.6%	Net income / average total assets.
Stock-based pay / revenue	3.3%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	44.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-13.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-4.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-26.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-31.1%	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	-16.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-100.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	4.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.5%	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	-3.0%	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	-10.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.0%	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	-2.7%	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	121.5%	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	29.7%	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	15.4%	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	56.5%	Total liabilities / total assets.
Goodwill and intangibles / assets	4.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.60B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.11x	Revenue / average total assets.
Fixed asset turnover	11.2x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$8.54	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	$12.64	Revenue / diluted weighted shares.
Operating cash flow per share	$2.09	Cash from operations / diluted weighted shares.
Book value per share	$53.78	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$47.94	Tangible book value / shares outstanding.
Cash per share	$2.54	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$632.2M	Share price x shares outstanding.
Enterprise value	$494.2M	Market cap + total debt - cash - short-term investments.
P/S	0.78x	Market cap / revenue.
P/B	0.22x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.24x	Market cap / tangible book value, when positive.
P/OCF	4.69x	Market cap / cash from operations, when positive.
EV/Sales	0.61x	Enterprise value / revenue.
Earnings yield	-87.1%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

What was Hudson Pacific Properties, Inc.'s revenue in fiscal 2025?

Hudson Pacific Properties, Inc. reported revenue of $831.1M for fiscal 2025, 1.3% lower than the year before.

Was Hudson Pacific Properties, Inc. profitable in fiscal 2025?

No. It reported a net loss of $572.2M.

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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