What is Hudson Pacific Properties' operating income?

Hudson Pacific Properties' total operating income in 2025 was -$44.56 million, based on the following breakdown: Total Gross Profit: $831.11 million Total Operating Expenses: $875.66 million

Hudson Pacific Properties (HPP) Financials

$14.73 +0.23 (+1.59%)

Closing price 03:59 PM Eastern

Extended Trading

$14.70 -0.03 (-0.17%)

As of 05:56 PM Eastern

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Annual Income Statements for Hudson Pacific Properties

This table shows Hudson Pacific Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-16	27	68	98	43	0.38	8.96	-56	-192	-364	-572
Consolidated Net Income / (Loss)	-16	44	95	112	56	16	29	-17	-171	-381	-592
Net Income / (Loss) Continuing Operations	762	704	95	112	56	16	29	-17	-171	-381	-592
Total Pre-Tax Income	805	674	95	112	56	16	29	-17	-164	-380	-593
Total Operating Income	47	750	137	149	163	128	146	160	29	-46	-45
Total Gross Profit	1,563	1,071	728	461	818	805	561	1,026	952	842	831
Total Revenue	1,563	1,071	728	728	818	805	897	1,026	952	842	831
Operating Revenue	1,520	1,071	728	728	818	805	897	1,026	952	842	831
Total Cost of Revenue	0.00	0.00	0.00	268	0.00	0.00	336	0.00	0.00	0.00	0.00
Operating Cost of Revenue	-	0.00	-	268	-	0.00	336	0.00	0.00	0.00	0.00
Total Operating Expenses	707	321	592	312	656	677	415	867	923	888	876
Selling, General & Admin Expense	418	52	308	61	373	378	71	493	525	534	501
Depreciation Expense	245	269	284	251	282	300	344	373	398	354	375
Total Other Income / (Expense), net	-51	-76	-42	-37	-107	-111	-117	-176	-193	-334	-548
Interest Expense	51	76	90	83	106	116	128	150	204	177	183
Interest & Investment Income	0.12	0.26	0.10	1.72	3.30	4.83	5.62	3.28	-1.72	-4.84	6.17
Other Income / (Expense), net	-0.06	-0.25	48	45	-4.23	0.46	5.57	-30	13	-152	-372
Income Tax Expense	-	-	-	-	-	-	0.00	0.00	6.80	1.64	-0.27
Preferred Stock Dividends Declared	5.97	-	0.64	0.62	0.61	0.61	0.00	21	21	21	21
Net Income / (Loss) Attributable to Noncontrolling Interest	-5.66	17	26	13	13	15	20	19	0.68	-38	-41
Weighted Average Basic Shares Outstanding	343.82M	106.19M	307.77M	155.45M	154.40M	153.13M	151.62M	143.73M	20.14M	20.17M	44.68M
Weighted Average Diluted Shares Outstanding	343.82M	110.37M	308.55M	155.70M	156.60M	153.17M	151.94M	143.73M	20.14M	20.17M	44.68M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	151.20M	141.06M	141.11M	141.35M	54.24M
Cash Dividends to Common per Share	$0.58	$0.80	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	-	-	$0.00

This table shows Hudson Pacific Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-98	-52	-47	-98	-167	-75	-83	-136	-278	-53	-105
Consolidated Net Income / (Loss)	-89	-53	-48	-107	-173	-80	-88	-144	-280	-51	-105
Net Income / (Loss) Continuing Operations	-89	-53	-48	-107	-173	-80	-88	-144	-280	-51	-105
Total Pre-Tax Income	-88	-53	-47	-105	-175	-80	-87	-144	-281	-51	-104
Total Operating Income	-15	-7.60	-2.76	-21	-15	-26	-41	-25	48	-13	-9.51
Total Gross Profit	223	214	218	200	210	198	190	187	256	182	188
Total Revenue	223	214	218	200	210	198	190	187	256	182	188
Operating Revenue	223	214	218	200	210	198	190	187	256	182	188
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	239	222	221	221	225	225	231	212	209	195	198
Selling, General & Admin Expense	135	130	134	134	135	132	136	118	115	114	116
Depreciation Expense	103	92	87	87	89	93	95	94	93	81	82
Total Other Income / (Expense), net	-73	-46	-44	-84	-160	-54	-47	-119	-329	-38	-95
Interest Expense	52	44	44	45	44	45	50	42	46	38	38
Interest & Investment Income	-0.91	0.11	-1.90	-2.68	-0.37	-0.82	1.92	1.47	3.60	1.21	-0.39
Other Income / (Expense), net	-19	-1.78	1.77	-36	-115	-7.54	1.13	-78	-287	-0.80	-56
Income Tax Expense	0.92	0.00	0.51	2.18	-1.05	0.19	0.45	0.02	-0.95	0.35	0.39
Preferred Stock Dividends Declared	5.20	5.20	5.20	5.20	5.20	5.19	5.17	5.10	5.09	5.09	5.09
Net Income / (Loss) Attributable to Noncontrolling Interest	4.14	-6.35	-5.73	-14	-12	-11	-9.78	-13	-7.34	-2.86	-5.21
Weighted Average Basic Shares Outstanding	140.95M	141.12M	141.18M	141.23M	141.19M	20.20M	28.95M	451.03M	44.68M	64.46M	64.48M
Weighted Average Diluted Shares Outstanding	140.95M	141.12M	141.18M	141.23M	141.19M	20.20M	28.95M	451.03M	44.68M	64.46M	64.48M
Weighted Average Basic & Diluted Shares Outstanding	141.11M	141.14M	141.23M	141.23M	141.35M	141.39M	379.15M	379.50M	54.24M	54.24M	54.27M

This table details how cash moves in and out of Hudson Pacific Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	37	37	-6.91	-33	-9.93	91	47	89	-167	-20	63
Net Cash From Operating Activities	176	227	293	215	288	302	315	370	232	165	121
Net Cash From Continuing Operating Activities	176	227	293	215	288	302	315	370	232	165	121
Net Income / (Loss) Continuing Operations	-16	44	95	112	56	16	29	-17	-171	-381	-592
Consolidated Net Income / (Loss)	-16	44	95	112	56	16	29	-17	-171	-381	-592
Depreciation Expense	245	269	284	251	282	300	344	373	398	354	375
Amortization Expense	-15	-16	-7.98	-14	-8.61	-5.37	-7.16	-3.76	-2.37	-0.64	5.28
Non-Cash Adjustments To Reconcile Net Income	-4.70	-30	-99	-52	-49	-2.19	-1.59	25	36	184	364
Changes in Operating Assets and Liabilities, net	-33	-40	22	-82	7.74	-6.52	-49	-8.31	-29	8.73	-31
Net Cash From Investing Activities	-1,798	-525	-333	-392	-316	-1,007	-754	-378	468	-251	43
Net Cash From Continuing Investing Activities	-1,798	-525	-333	-392	-316	-1,007	-754	-378	468	-251	43
Purchase of Property, Plant & Equipment	-1,975	-889	-258	-	0.00	-594	-6.32	-20	-5.74	-23	-22
Acquisitions	0.00	-37	-1.07	0.00	-85	-17	-285	-239	-69	-48	-18
Purchase of Investments	-	0.00	0.00	-149	0.00	-3.40	-12	-17	-4.92	-5.94	-4.31
Sale of Property, Plant & Equipment	177	372	212	455	148	0.00	0.00	138	843	21	236
Sale and/or Maturity of Investments	0.00	29	16	16	6.52	9.54	7.49	133	3.03	0.40	5.09
Other Investing Activities, net	-	-	-302	-714	-386	-402	-458	-372	-299	-196	-154
Net Cash From Financing Activities	1,659	335	33	145	18	796	487	97	-867	66	-101
Net Cash From Continuing Financing Activities	1,659	335	33	145	18	796	487	97	-867	66	-101
Repayment of Debt	-934	-893	-824	-457	-1,033	-1,168	-1,133	-517	-1,204	-38	-2,031
Repurchase of Preferred Equity	-145	0.00	0.00	-0.36	-	0.00	0.00	-200	0.00	0.00	-7.02
Repurchase of Common Equity	0.00	-1,446	-311	-50	-0.53	-96	-47	-38	-1.37	-0.08	-5.99
Payment of Dividends	-90	-120	-234	-162	-171	-182	-266	-241	-217	-69	-43
Issuance of Debt	2,235	1,318	767	650	1,216	1,737	1,451	1,198	382	181	1,291
Issuance of Common Equity	598	1,484	651	0.00	0.00	506	70	24	26	34	696
Other Financing Activities, net	-5.13	-8.43	-16	164	6.44	-0.38	-1.21	-128	147	-42	-0.58

This table details how cash moves in and out of Hudson Pacific Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	25	14	-34	14	-15	35	133	-53	-52	0.31	-57
Net Cash From Operating Activities	9.22	65	36	64	0.16	31	-2.04	33	59	44	-8.01
Net Cash From Continuing Operating Activities	9.22	65	36	64	0.16	31	-2.04	33	59	44	-8.01
Net Income / (Loss) Continuing Operations	-89	-53	-48	-107	-173	-80	-88	-144	-280	-51	-105
Consolidated Net Income / (Loss)	-89	-53	-48	-107	-173	-80	-88	-144	-280	-51	-105
Depreciation Expense	103	92	87	87	89	93	95	94	93	81	82
Amortization Expense	-0.56	-0.62	-0.26	-0.02	0.26	0.45	1.03	1.48	2.33	2.45	3.32
Non-Cash Adjustments To Reconcile Net Income	12	13	10	58	134	11	31	79	243	9.11	49
Changes in Operating Assets and Liabilities, net	-17	15	-14	26	-50	6.27	-41	2.54	0.98	2.92	-37
Net Cash From Investing Activities	592	-71	-50	-75	-55	16	-24	-56	107	-34	-40
Net Cash From Continuing Investing Activities	592	-71	-50	-75	-55	16	-24	-56	107	-34	-40
Purchase of Property, Plant & Equipment	-1.29	-5.08	-5.29	-7.95	-4.75	-4.74	-5.82	-5.32	-6.20	-3.95	-1.05
Acquisitions	-13	-21	-9.56	-11	-6.09	-4.49	-4.83	-5.50	-3.53	-5.78	-4.31
Purchase of Investments	-0.73	-0.55	-0.37	-2.02	-3.00	-1.30	-0.95	-0.78	-1.28	-0.59	-1.42
Sale and/or Maturity of Investments	0.63	0.00	-	0.06	0.35	0.38	0.92	0.46	3.33	0.41	0.44
Other Investing Activities, net	-70	-45	-34	-54	-63	-37	-38	-45	-33	-24	-34
Net Cash From Financing Activities	-577	21	-20	25	40	-12	159	-30	-219	-9.67	-9.13
Net Cash From Continuing Financing Activities	-575	21	-20	25	40	-12	159	-30	-219	-9.67	-9.13
Repayment of Debt	-687	-10	-20	-	-8.00	-497	-1,003	-324	-208	-2.50	-2.50
Repurchase of Common Equity	-	-	-0.08	-	-	0.00	-	-0.61	-0.03	-0.08	0.08
Payment of Dividends	-84	-31	-17	-10	-11	-10	-12	-8.62	-12	-9.60	-15
Issuance of Common Equity	4.95	4.70	8.48	6.40	14	2.99	669	20	4.36	2.60	8.36

This table presents Hudson Pacific Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	6,254	6,679	6,622	7,071	7,467	8,350	8,990	9,319	8,282	8,132	7,268
Total Current Assets	465	808	579	138	140	227	341	401	238	287	264
Cash & Equivalents	54	83	79	54	46	114	97	256	100	63	138
Restricted Cash	-	25	22	14	12	36	100	30	19	36	24
Accounts Receivable	21	7.01	4.23	14	13	22	25	17	25	15	15
Prepaid Expenses	27	77	61	56	69	55	119	99	94	90	87
Other Current Nonoperating Assets	364	615	412	-	-	-	-	-	0.00	83	0.00
Plant, Property, & Equipment, net	5,187	-375	-521	-696	-898	8.44	58	130	119	127	72
Accumulated Depreciation	264	375	521	696	898	1,103	1,284	1,541	1,728	1,791	1,953
Total Noncurrent Assets	602	6,247	6,565	7,629	8,225	9,217	9,874	10,329	9,654	9,509	8,885
Long-Term Investments	0.00	-	-	0.00	65	82	155	181	253	221	247
Noncurrent Note & Lease Receivables	29	79	106	-	195	226	240	280	221	200	195
Goodwill	8.75	-	-	-	-	8.75	109	264	264	157	8.75
Intangible Assets	-	289	239	280	285	286	341	394	327	328	307
Other Noncurrent Operating Assets	565	5,878	6,219	7,349	7,679	8,615	9,028	9,211	8,589	8,604	8,127
Total Liabilities & Shareholders' Equity	6,254	6,679	6,622	7,071	7,467	8,350	8,990	9,319	8,282	8,132	7,268
Total Liabilities	2,515	2,966	2,701	3,118	3,622	4,245	4,654	5,434	4,721	4,955	4,063
Total Current Liabilities	82	351	167	175	213	236	301	264	204	225	209
Accounts Payable	82	115	162	175	213	236	301	264	204	194	209
Other Current Nonoperating Liabilities	-	237	4.90	-	-	-	-	-	0.00	31	0.00
Total Noncurrent Liabilities	2,433	2,615	2,534	2,942	3,409	4,009	4,353	5,170	4,517	4,730	3,854
Long-Term Debt	2,261	2,473	2,421	2,828	3,019	3,597	3,928	4,652	4,011	4,243	3,418
Other Noncurrent Operating Liabilities	22	68	63	-	359	411	421	518	506	465	436
Commitments & Contingencies	-	-	-	-	-	-	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	20	10	10	123	135	138	139	135	67	59	53
Total Equity & Noncontrolling Interests	7,458	3,703	3,911	3,830	3,709	3,968	4,197	3,750	3,494	3,119	3,152
Total Preferred & Common Equity	1,666	3,103	3,638	3,544	3,417	3,463	3,742	3,305	3,078	2,855	2,972
Preferred Stock	-	-	-	-	-	0.00	425	425	425	425	425
Total Common Equity	5,132	3,103	3,638	3,544	3,417	3,463	3,317	2,880	2,653	2,430	2,547
Common Stock	-1,755	3,111	3,625	3,526	3,417	3,471	3,319	2,891	2,653	2,439	2,549
Accumulated Other Comprehensive Income / (Loss)	-1.08	9.50	13	18	-0.56	-8.13	-1.76	-11	-0.19	-8.42	-1.86
Noncontrolling Interest	2,326	599	273	287	293	505	455	445	416	263	179

This table presents Hudson Pacific Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	9,124	9,106	8,987	8,251	8,353	8,317	7,998	8,126	7,796	7,230	7,170
Total Current Assets	299	276	233	248	227	264	257	378	324	254	236
Cash & Equivalents	163	109	75	114	78	91	86	236	190	138	81
Restricted Cash	20	19	19	19	21	23	47	31	24	24	25
Accounts Receivable	15	19	19	24	18	15	11	13	14	14	22
Prepaid Expenses	101	129	119	91	109	96	86	97	95	77	86
Other Current Nonoperating Assets	-	-	-	-	-	40	26	0.00	0.00	-	23
Plant, Property, & Equipment, net	124	120	116	120	121	123	128	129	132	73	68
Accumulated Depreciation	1,619	1,687	1,736	1,737	1,777	1,769	1,833	1,895	1,928	2,021	2,064
Total Noncurrent Assets	10,320	10,398	10,374	9,620	9,781	9,699	9,446	9,514	9,268	8,925	8,931
Long-Term Investments	194	218	236	270	212	227	228	243	243	248	251
Noncurrent Note & Lease Receivables	291	294	291	218	218	206	200	204	205	200	205
Goodwill	264	264	264	264	264	264	157	157	157	8.75	8.75
Intangible Assets	382	372	360	319	329	324	318	351	362	308	389
Other Noncurrent Operating Assets	9,189	9,250	9,223	8,549	8,758	8,677	8,543	8,559	8,302	8,159	8,078
Total Liabilities & Shareholders' Equity	9,124	9,106	8,987	8,251	8,353	8,317	7,998	8,126	7,796	7,230	7,170
Total Liabilities	5,294	5,332	5,261	4,801	4,896	4,971	4,903	4,441	4,310	4,083	4,132
Total Current Liabilities	272	274	267	203	228	296	193	223	244	229	300
Accounts Payable	272	274	267	203	228	265	193	223	244	229	298
Other Current Nonoperating Liabilities	-	-	-	-	-	31	0.51	0.00	0.00	-	1.44
Total Noncurrent Liabilities	5,023	5,057	4,993	4,598	4,668	4,675	4,710	4,218	4,067	3,854	3,832
Long-Term Debt	4,500	4,539	4,483	4,100	4,180	4,206	4,244	3,757	3,621	3,416	3,415
Other Noncurrent Operating Liabilities	523	518	510	497	488	470	465	462	445	438	417
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	131	129	125	62	61	60	57	55	52	53	52
Total Equity & Noncontrolling Interests	3,699	3,645	3,601	3,389	3,396	3,286	3,038	3,630	3,433	3,095	2,987
Total Preferred & Common Equity	3,253	3,217	3,179	3,183	3,130	3,027	2,782	3,366	3,248	2,917	2,814
Preferred Stock	425	425	425	425	425	425	425	425	425	425	425
Total Common Equity	2,828	2,792	2,754	2,758	2,705	2,602	2,357	2,941	2,823	2,492	2,389
Common Stock	2,836	2,785	2,750	2,755	2,702	2,605	2,364	2,939	2,826	2,496	2,391
Accumulated Other Comprehensive Income / (Loss)	-8.15	6.41	4.18	3.03	2.82	-2.34	-7.07	2.16	-3.26	-3.62	-2.13
Noncontrolling Interest	446	429	422	205	266	259	256	264	185	177	173

This table displays calculated financial ratios and metrics derived from Hudson Pacific Properties' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	379,497,228.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	54,213,890.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-10.56
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	105.53%	-31.43%	-32.04%	0.08%	12.32%	-1.62%	11.41%	14.43%	-7.20%	-11.57%	-1.30%
EBITDA Growth	137.22%	261.54%	-54.11%	807.58%	-125.47%	-51.10%	15.54%	2.36%	-12.38%	-64.30%	-122.93%
EBIT Growth	-2.80%	1,483.98%	-75.39%	1,798.14%	-82.81%	-59.57%	18.36%	-14.18%	-67.54%	-567.74%	-110.64%
NOPAT Growth	-2.65%	1,482.44%	-81.78%	0.00%	0.00%	-60.76%	14.42%	-23.45%	-81.82%	-258.03%	2.87%
Net Income Growth	-168.37%	372.09%	116.10%	18.21%	-50.04%	-70.58%	76.58%	-156.93%	-933.48%	-123.44%	-55.29%
EPS Growth	-300.00%	183.33%	252.00%	-28.41%	-111.11%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	178.28%	29.01%	29.19%	-53.48%	34.19%	4.87%	4.25%	17.35%	-37.14%	-29.11%	-26.53%
Free Cash Flow Firm Growth	-1,602.12%	119.86%	-96.19%	0.00%	0.00%	0.00%	-108.01%	37.56%	334.51%	-91.77%	1,739.01%
Invested Capital Growth	151.55%	1.37%	1.92%	31.25%	-130.63%	-40.63%	7.31%	4.48%	-7.11%	-1.01%	-7.84%
Revenue Q/Q Growth	132.00%	-54.15%	114.53%	54.35%	4.54%	-1.56%	4.26%	2.95%	-4.66%	-1.61%	5.91%
EBITDA Q/Q Growth	371.72%	67.02%	-51.39%	213.66%	-46.51%	-2.67%	6.73%	1.84%	-14.24%	-41.06%	-153.26%
EBIT Q/Q Growth	139.34%	123.15%	-72.78%	3,169.16%	-94.58%	-13.43%	16.06%	-0.65%	-65.29%	-93.73%	-35.54%
NOPAT Q/Q Growth	169.66%	152.50%	-70.41%	0.00%	0.00%	-12.85%	13.68%	-31.45%	-65.14%	0.52%	58.33%
Net Income Q/Q Growth	15.98%	250.54%	27.53%	-20.99%	-3.95%	-55.06%	219.13%	-380.33%	-94.64%	-28.60%	-21.97%
EPS Q/Q Growth	-42.86%	247.06%	109.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	39.55%	-11.24%	10.33%	-29.14%	15.05%	-0.09%	-7.30%	3.24%	-12.02%	-5.21%	95.64%
Free Cash Flow Firm Q/Q Growth	14.17%	72.79%	-84.90%	0.00%	0.00%	-20.56%	-106.34%	97.01%	7,514.84%	-90.53%	107.54%
Invested Capital Q/Q Growth	-6.14%	-3.40%	-6.13%	152.67%	19.53%	25.71%	1,554.91%	0.49%	-7.13%	-1.47%	-4.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	126.50%	200.00%	100.00%	62.55%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	17.75%	93.57%	63.19%	59.10%	105.57%	52.47%	54.42%	48.68%	45.96%	18.56%	-4.31%
Operating Margin	3.03%	69.99%	18.76%	20.41%	39.75%	15.85%	16.28%	15.56%	3.05%	-5.45%	-5.36%
EBIT Margin	3.03%	69.97%	25.34%	26.53%	38.72%	15.91%	16.90%	12.68%	4.43%	-23.46%	-50.06%
Profit (Net Income) Margin	-1.03%	4.08%	12.99%	15.35%	13.65%	2.04%	3.23%	-1.61%	-17.93%	-45.29%	-71.27%
Tax Burden Percent	-2.00%	6.49%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	104.15%	100.43%	99.95%
Interest Burden Percent	1,701.58%	89.89%	51.25%	57.85%	70.52%	12.83%	19.14%	-12.70%	-388.11%	192.26%	142.42%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.19%	13.08%	2.34%	2.35%	0.80%	1.11%	1.64%	1.19%	0.22%	-0.36%	-0.37%
ROIC Less NNEP Spread (ROIC-NNEP)	7.26%	-498.13%	0.25%	1.72%	-1.52%	-0.56%	-0.86%	-1.23%	-3.22%	-6.70%	-10.91%
Return on Net Nonoperating Assets (RNNOA)	-1.51%	-12.30%	0.13%	0.49%	-1.53%	-0.94%	-0.96%	-1.59%	-4.80%	-10.96%	-18.19%
Return on Equity (ROE)	-0.32%	0.78%	2.48%	8.37%	0.43%	0.17%	0.69%	-0.40%	-4.59%	-11.32%	-18.56%
Cash Return on Invested Capital (CROIC)	-85.03%	11.72%	0.44%	0.00%	97.79%	52.10%	-5.41%	-3.19%	7.59%	0.65%	7.79%
Operating Return on Assets (OROA)	1.10%	11.59%	2.77%	5.64%	2.18%	1.62%	1.75%	1.42%	0.48%	-2.41%	-5.40%
Return on Assets (ROA)	-0.37%	0.68%	1.42%	1.63%	1.54%	0.21%	0.33%	-0.18%	-1.94%	-4.65%	-7.69%
Return on Common Equity (ROCE)	-0.23%	0.58%	2.19%	7.56%	-0.89%	0.15%	0.55%	-0.30%	-3.41%	-8.54%	-14.47%
Return on Equity Simple (ROE_SIMPLE)	-0.97%	1.41%	2.60%	6.31%	3.27%	0.47%	0.78%	-0.50%	-5.55%	-13.36%	0.00%
Net Operating Profit after Tax (NOPAT)	47	750	137	0.00	325	128	146	112	20	-32	-31
NOPAT Margin	3.03%	69.99%	18.76%	20.41%	19.88%	15.85%	16.28%	10.89%	2.13%	-3.81%	-3.75%
Net Nonoperating Expense Percent (NNEP)	-6.07%	511.20%	2.09%	3.10%	0.00%	1.67%	2.51%	2.42%	3.44%	6.33%	10.54%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.33%	0.27%	-0.44%	-0.47%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	36.75%	0.00%	0.00%	37.45%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	26.77%	4.89%	42.29%	8.38%	45.65%	46.92%	7.96%	48.07%	55.17%	63.36%	60.24%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	45.22%	30.01%	81.24%	42.84%	80.12%	84.15%	46.27%	84.44%	96.95%	105.45%	105.36%
Earnings before Interest and Taxes (EBIT)	47	750	185	1,843	317	128	152	130	42	-198	-416
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	277	1,003	460	2,318	864	422	488	500	438	156	-36
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.35	0.73	1.10	2.14	1.36	0.88	0.98	0.44	0.49	0.18	0.23
Price to Tangible Book Value (P/TBV)	0.35	0.81	1.18	2.32	1.48	0.96	1.13	0.57	0.63	0.22	0.26
Price to Revenue (P/Rev)	1.14	2.12	5.50	10.40	5.67	3.77	3.62	1.23	1.35	0.51	0.71
Price to Earnings (P/E)	0.00	83.64	59.28	77.25	108.66	7,926.57	362.74	0.00	0.00	0.00	0.00
Dividend Yield	2.88%	3.16%	3.90%	8.82%	6.62%	5.01%	4.69%	11.14%	9.57%	3.30%	0.00%
Earnings Yield	0.00%	1.20%	1.69%	5.54%	1.81%	0.01%	0.28%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.13	0.92	1.13	2.07	2.49	0.82	0.85	0.67	0.65	0.58	0.52
Enterprise Value to Revenue (EV/Rev)	4.12	4.97	9.15	19.29	9.78	8.75	8.75	6.29	6.13	6.05	5.12
Enterprise Value to EBITDA (EV/EBITDA)	23.20	5.31	14.47	32.54	51.59	16.68	16.07	12.92	13.33	32.62	0.00
Enterprise Value to EBIT (EV/EBIT)	135.93	7.10	36.10	72.49	106.38	55.00	51.75	49.62	138.20	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	135.75	7.10	48.75	94.21	49.18	55.20	53.72	57.75	287.23	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	36.60	23.48	22.73	65.27	58.50	23.32	24.92	17.47	25.13	30.96	35.16
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	7.92	259.87	0.00	0.40	1.17	0.00	0.00	8.30	88.04	6.41
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.31	0.69	0.63	24.10	1.60	0.88	0.91	1.20	1.13	1.34	1.07
Long-Term Debt to Equity	0.31	0.69	0.63	24.10	0.79	0.88	0.91	1.20	1.13	1.34	1.07
Financial Leverage	-0.21	0.02	0.53	1.37	5.11	1.68	1.11	1.29	1.49	1.64	1.67
Leverage Ratio	0.85	1.16	1.74	5.12	5.53	1.99	2.05	2.23	2.36	2.44	2.41
Compound Leverage Factor	14.54	1.04	0.89	2.01	1.31	0.26	0.39	-0.28	-9.17	4.68	3.44
Debt to Total Capital	23.95%	40.68%	38.66%	137.99%	88.80%	46.70%	47.53%	54.49%	52.97%	57.18%	51.61%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	23.95%	40.68%	38.66%	137.99%	88.80%	46.70%	47.53%	54.49%	52.97%	57.18%	51.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.09%	0.09%	0.00%	5.14%	4.98%	5.61%	5.73%	6.42%
Noncontrolling Interests to Total Capital	23.86%	9.74%	4.43%	12.00%	45.16%	8.34%	7.19%	6.79%	6.38%	4.34%	3.52%
Common Equity to Total Capital	52.19%	49.58%	56.91%	103.81%	99.11%	44.96%	40.13%	33.74%	35.03%	32.75%	38.46%
Debt to EBITDA	8.49	2.54	5.37	20.03	7.06	8.52	8.05	9.31	9.16	27.15	-95.40
Net Debt to EBITDA	8.30	2.43	5.15	19.21	6.78	7.97	7.33	8.38	8.32	25.10	-83.99
Long-Term Debt to EBITDA	8.49	2.54	5.37	20.03	7.06	8.52	8.05	9.31	9.16	27.15	-95.40
Debt to NOPAT	49.70	3.40	18.09	19.33	18.76	28.19	26.90	41.62	197.42	-132.13	-109.57
Net Debt to NOPAT	48.57	3.25	17.35	37.74	18.00	26.37	24.49	37.45	179.12	-122.15	-96.46
Long-Term Debt to NOPAT	49.70	3.40	18.09	38.66	18.76	28.19	26.90	41.62	197.42	-132.13	-109.57
Altman Z-Score	0.76	1.07	1.17	2.21	2.01	0.57	0.58	0.31	0.30	0.08	0.02
Noncontrolling Interest Sharing Ratio	27.82%	26.41%	11.70%	108.80%	110.74%	13.46%	19.69%	24.62%	25.69%	24.57%	22.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.70	2.30	3.46	0.00	0.00	0.96	1.13	1.52	1.17	1.28	1.26
Quick Ratio	0.91	0.26	0.50	2.42	2.14	0.58	0.41	1.03	0.61	0.35	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,384	672	26	0.00	0.00	5,995	-480	-300	703	58	663
Operating Cash Flow to CapEx	9.78%	43.90%	644.09%	0.00%	0.00%	50.85%	4,981.22%	0.00%	0.00%	9,842.02%	0.00%
Free Cash Flow to Firm to Interest Expense	-66.78	8.84	0.28	0.00	188.81	51.47	-3.75	-2.00	3.44	0.33	3.63
Operating Cash Flow to Interest Expense	3.47	2.98	3.25	2.58	2.72	2.59	2.46	2.47	1.14	0.93	0.66
Operating Cash Flow Less CapEx to Interest Expense	-32.01	-3.81	2.75	8.05	4.12	-2.51	2.41	3.25	5.23	0.92	1.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.17	0.11	0.11	0.11	0.10	0.10	0.11	0.11	0.10	0.11
Accounts Receivable Turnover	83.91	76.52	129.55	79.88	60.58	45.85	37.81	48.68	45.97	43.06	56.48
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.44	0.00	0.00	0.00	0.00	0.00	26.81	10.87	7.65	6.85	8.33
Accounts Payable Turnover	0.00	0.00	0.00	1.59	0.00	0.00	1.25	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	4.35	4.77	2.82	4.57	6.03	7.96	9.65	7.50	7.94	8.48	6.46
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	460.35	0.00	0.00	291.71	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	4.35	4.77	2.82	-451.21	12.05	7.96	-282.05	7.50	7.94	8.48	6.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,695	5,773	5,884	34,101	14,442	8,574	9,201	9,612	8,929	8,839	8,167
Invested Capital Turnover	0.39	0.19	0.12	0.12	0.08	0.07	0.10	0.11	0.10	0.09	0.10
Increase / (Decrease) in Invested Capital	3,431	78	111	56,610	-33,286	-5,868	626	412	-683	-90	-694
Enterprise Value (EV)	6,433	5,325	6,660	14,008	29,259	7,044	7,845	6,455	5,836	5,098	4,254
Market Capitalization	1,785	2,276	4,007	3,521	4,643	3,036	3,249	1,265	1,289	428	587
Book Value per Share	$57.35	$34.51	$23.31	$22.61	$22.05	$22.76	$21.75	$20.44	$18.82	$17.21	$6.71
Tangible Book Value per Share	$57.25	$31.30	$21.78	$41.65	$40.42	$20.83	$18.80	$15.77	$14.63	$13.78	$5.88
Total Capital	9,834	6,260	6,392	6,827	20,518	7,703	8,265	8,537	7,573	7,421	6,623
Total Debt	2,355	2,547	2,471	8,621	9,120	3,597	3,928	4,652	4,011	4,243	3,418
Total Long-Term Debt	2,355	2,547	2,471	8,621	9,120	3,597	3,928	4,652	4,011	4,243	3,418
Net Debt	2,302	2,438	2,370	8,270	8,874	3,366	3,577	4,186	3,640	3,922	3,009
Capital Expenditures (CapEx)	1,798	517	45	-909	-296	594	6.32	-118	-837	1.67	-214
Debt-free, Cash-free Net Working Capital (DFCFNWC)	330	348	310	-69	-189	-158	-157	-148	-85	-37	-108
Debt-free Net Working Capital (DFNWC)	384	456	411	-75	-72	-8.75	40	137	34	62	54
Net Working Capital (NWC)	384	456	411	-75	-72	-8.75	40	137	34	62	54
Net Nonoperating Expense (NNE)	63	706	42	74	0.00	111	117	128	191	349	561
Net Nonoperating Obligations (NNO)	-1,784	2,060	1,963	6,307	8,874	4,468	4,864	5,728	5,368	5,661	4,962
Total Depreciation and Amortization (D&A)	230	253	276	475	547	294	336	369	395	354	380
Debt-free, Cash-free Net Working Capital to Revenue	21.12%	32.49%	42.58%	-14.51%	-15.97%	-19.66%	-17.46%	-14.46%	-8.92%	-4.42%	-12.98%
Debt-free Net Working Capital to Revenue	24.55%	42.59%	56.49%	-5.14%	-8.85%	-1.09%	4.49%	13.38%	3.59%	7.35%	6.53%
Net Working Capital to Revenue	24.55%	42.59%	56.49%	-5.14%	-8.85%	-1.09%	4.49%	13.38%	3.59%	7.35%	6.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.19)	$0.49	$0.44	$0.63	$0.56	$0.00	$0.04	($0.39)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	85.93M	251.78M	307.77M	311.46M	619.00M	153.13M	151.62M	143.73M	140.95M	141.19M	44.68M
Adjusted Diluted Earnings per Share	($0.49)	$0.48	$0.44	$0.63	$0.56	$0.00	$0.04	($0.39)	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	85.93M	257.11M	308.55M	623.92M	625.43M	153.17M	151.94M	143.73M	140.95M	141.19M	44.68M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	257.90M	0.00	0.00	0.00	0.00	0.00	151.20M	141.06M	141.11M	141.35M	54.24M
Normalized Net Operating Profit after Tax (NOPAT)	64	525	96	208	228	89	102	112	20	-32	-31
Normalized NOPAT Margin	4.06%	49.00%	13.13%	14.29%	27.83%	11.10%	11.40%	10.89%	2.13%	-3.81%	-3.75%
Pre Tax Income Margin	51.54%	62.90%	12.99%	15.35%	6.83%	2.04%	3.23%	-1.61%	-17.21%	-45.10%	-71.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.93	9.86	2.05	2.32	2.99	1.10	1.18	0.87	0.21	-1.11	-2.28
NOPAT to Interest Expense	0.94	9.86	1.52	3.58	1.54	1.10	1.14	0.75	0.10	-0.18	-0.17
EBIT Less CapEx to Interest Expense	-34.55	3.07	1.54	7.79	5.79	-4.00	1.13	1.65	4.30	-1.12	-1.11
NOPAT Less CapEx to Interest Expense	-34.55	3.07	1.01	7.25	2.93	-4.00	1.09	1.53	4.20	-0.19	1.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-559.38%	273.68%	247.48%	145.24%	305.42%	1,109.06%	916.00%	-1,459.79%	-127.21%	-18.17%	-7.28%
Augmented Payout Ratio	-559.38%	3,578.31%	576.21%	189.97%	306.36%	1,694.94%	1,076.40%	-1,688.51%	-128.01%	-18.19%	-8.29%

This table displays calculated financial ratios and metrics derived from Hudson Pacific Properties' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	379,497,228.00	54,242,024.00	54,242,024.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	54,213,890.00	54,242,024.00	54,242,024.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-5.13	-0.98	-1.93
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-17.23%	-15.16%	-11.08%	-13.42%	-6.16%	-7.27%	-12.84%	-6.87%	22.11%	-8.37%	-0.90%
EBITDA Growth	-51.60%	-39.76%	-27.65%	-74.43%	-159.64%	-27.15%	-34.16%	-127.23%	-253.51%	16.37%	-64.45%
EBIT Growth	-176.61%	-123.82%	-104.94%	-429.14%	-277.41%	-261.54%	-3,901.01%	-81.28%	-83.91%	59.37%	-65.84%
NOPAT Growth	-138.55%	-130.26%	-117.41%	-750.83%	1.60%	-247.07%	-1,370.75%	-21.64%	419.96%	50.79%	76.56%
Net Income Growth	-1,467.49%	-260.09%	-51.10%	-199.32%	-95.68%	-50.46%	-84.54%	-34.64%	-61.50%	36.59%	-19.29%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	24.88%	0.00%	0.00%
Operating Cash Flow Growth	-77.49%	-29.60%	-39.79%	-10.67%	-98.24%	-53.11%	-105.73%	-47.95%	36,507.41%	45.05%	-292.45%
Free Cash Flow Firm Growth	274.99%	356.04%	238.55%	1,443.58%	-88.16%	-88.30%	-55.25%	-40.12%	1,159.42%	653.91%	176.07%
Invested Capital Growth	-7.11%	-7.19%	-5.72%	-6.70%	-1.01%	-1.11%	-3.02%	-4.40%	-7.84%	-6.96%	-7.78%
Revenue Q/Q Growth	-3.47%	-4.21%	1.86%	-8.08%	4.63%	-5.35%	-4.26%	-1.78%	37.19%	-28.97%	3.54%
EBITDA Q/Q Growth	-40.91%	20.06%	4.52%	-65.51%	-237.81%	246.65%	-5.54%	-114.26%	-1,689.06%	148.28%	-71.15%
EBIT Q/Q Growth	-298.42%	72.78%	89.48%	-5,695.94%	-127.51%	73.93%	-16.36%	-162.60%	-130.82%	94.24%	-374.99%
NOPAT Q/Q Growth	-575.43%	49.67%	63.68%	-648.97%	28.12%	-77.52%	-53.90%	38.06%	289.07%	-127.30%	26.70%
Net Income Q/Q Growth	-147.98%	39.82%	10.87%	-125.02%	-62.11%	53.73%	-9.32%	-64.18%	-94.45%	81.83%	-105.66%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-87.08%	606.53%	-45.30%	78.95%	-99.75%	18,749.38%	-106.68%	1,726.32%	78.75%	-25.31%	-118.08%
Free Cash Flow Firm Q/Q Growth	1,536.08%	1.47%	-19.31%	14.27%	-87.35%	0.33%	208.49%	52.92%	93.11%	-17.24%	12.97%
Invested Capital Q/Q Growth	-7.13%	-0.51%	2.45%	-1.44%	-1.47%	-0.61%	0.47%	-2.83%	-4.78%	0.09%	-0.42%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	30.52%	38.25%	39.24%	14.73%	-19.39%	30.05%	29.65%	-4.31%	-56.15%	38.16%	10.63%
Operating Margin	-6.76%	-3.55%	-1.27%	-10.31%	-7.08%	-13.29%	-21.36%	-13.47%	18.56%	-7.14%	-5.05%
EBIT Margin	-15.42%	-4.38%	-0.45%	-28.52%	-62.01%	-17.08%	-20.76%	-55.51%	-93.40%	-7.57%	-34.75%
Profit (Net Income) Margin	-39.68%	-24.93%	-21.82%	-53.40%	-82.74%	-40.45%	-46.19%	-77.21%	-109.43%	-27.99%	-55.60%
Tax Burden Percent	101.05%	100.00%	101.08%	102.08%	99.40%	100.24%	100.52%	100.02%	99.66%	100.69%	100.38%
Interest Burden Percent	254.67%	569.00%	4,771.50%	183.44%	134.24%	236.22%	221.31%	139.06%	117.56%	367.04%	159.41%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-0.49%	-0.25%	-0.08%	-0.66%	-0.47%	-0.87%	-1.33%	-0.84%	1.27%	-0.48%	-0.34%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.89%	-1.11%	-0.88%	-2.27%	-3.43%	-1.98%	-2.43%	-3.20%	-4.62%	-1.26%	-2.25%
Return on Net Nonoperating Assets (RNNOA)	-2.82%	-1.70%	-1.40%	-3.70%	-5.61%	-3.37%	-3.67%	-5.03%	-7.71%	-2.16%	-3.43%
Return on Equity (ROE)	-3.31%	-1.94%	-1.48%	-4.36%	-6.08%	-4.24%	-5.01%	-5.87%	-6.44%	-2.64%	-3.77%
Cash Return on Invested Capital (CROIC)	7.59%	7.43%	5.73%	6.58%	0.65%	0.60%	2.27%	3.64%	7.79%	6.95%	8.10%
Operating Return on Assets (OROA)	-1.67%	-0.46%	-0.05%	-2.82%	-6.36%	-1.74%	-2.01%	-5.41%	-10.08%	-0.81%	-3.69%
Return on Assets (ROA)	-4.29%	-2.62%	-2.22%	-5.28%	-8.49%	-4.11%	-4.48%	-7.52%	-11.81%	-2.99%	-5.91%
Return on Common Equity (ROCE)	-2.46%	-1.49%	-1.12%	-3.31%	-4.59%	-3.31%	-3.96%	-4.66%	-5.02%	-2.05%	-2.99%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-6.57%	-7.20%	-9.80%	0.00%	-14.68%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-5.32	-1.93	-14	-10	-18	-28	-18	33	-9.08	-6.66
NOPAT Margin	-4.73%	-2.48%	-0.89%	-7.22%	-4.96%	-9.30%	-14.95%	-9.43%	12.99%	-4.99%	-3.54%
Net Nonoperating Expense Percent (NNEP)	1.41%	0.86%	0.79%	1.61%	2.96%	1.11%	1.10%	2.36%	5.89%	0.78%	1.91%
Return On Investment Capital (ROIC_SIMPLE)	-0.14%	-	-	-	-0.14%	-0.25%	-0.38%	-0.25%	0.51%	-0.14%	-0.10%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	60.57%	60.63%	61.45%	67.06%	64.59%	66.38%	71.49%	63.05%	45.10%	62.75%	61.43%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	106.76%	103.55%	101.27%	110.31%	107.08%	113.29%	121.36%	113.47%	81.44%	107.14%	105.05%
Earnings before Interest and Taxes (EBIT)	-34	-9.38	-0.99	-57	-130	-34	-39	-104	-239	-14	-65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	68	82	86	30	-41	60	56	-8.04	-144	69	20
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.49	0.33	0.25	0.26	0.18	0.18	0.13	0.37	0.23	0.13	0.34
Price to Tangible Book Value (P/TBV)	0.63	0.41	0.32	0.34	0.22	0.22	0.16	0.45	0.26	0.15	0.41
Price to Revenue (P/Rev)	1.35	0.98	0.77	0.79	0.51	0.50	0.49	1.33	0.71	0.39	1.01
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	9.57%	2.74%	2.08%	2.09%	3.30%	3.39%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.65	0.60	0.58	0.59	0.58	0.57	0.50	0.57	0.52	0.49	0.56
Enterprise Value to Revenue (EV/Rev)	6.13	5.79	5.97	6.17	6.05	6.10	5.48	6.21	5.12	4.89	5.58
Enterprise Value to EBITDA (EV/EBITDA)	13.33	13.78	15.10	19.93	32.62	37.59	41.77	72.43	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	138.20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	287.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	25.13	25.82	29.22	30.41	30.96	38.73	47.38	78.79	35.16	29.55	35.20
Enterprise Value to Free Cash Flow (EV/FCFF)	8.30	7.72	9.87	8.64	88.04	94.90	21.56	15.25	6.41	6.75	6.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.13	1.19	1.21	1.26	1.34	1.37	1.02	1.04	1.07	1.09	1.12
Long-Term Debt to Equity	1.13	1.19	1.21	1.26	1.34	1.37	1.02	1.04	1.07	1.09	1.12
Financial Leverage	1.49	1.54	1.59	1.63	1.64	1.70	1.51	1.57	1.67	1.72	1.52
Leverage Ratio	2.36	2.39	2.41	2.45	2.44	2.48	2.31	2.36	2.41	2.44	2.28
Compound Leverage Factor	6.02	13.58	115.20	4.49	3.27	5.86	5.11	3.28	2.84	8.95	3.63
Debt to Total Capital	52.97%	54.30%	54.74%	55.69%	57.18%	57.83%	50.48%	50.96%	51.61%	52.05%	52.92%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	52.97%	54.30%	54.74%	55.69%	57.18%	57.83%	50.48%	50.96%	51.61%	52.05%	52.92%
Preferred Equity to Total Capital	5.61%	5.63%	5.57%	5.63%	5.73%	5.79%	5.71%	5.98%	6.42%	6.48%	6.59%
Noncontrolling Interests to Total Capital	6.38%	3.54%	4.28%	4.22%	4.34%	4.26%	4.28%	3.34%	3.52%	3.51%	3.47%
Common Equity to Total Capital	35.03%	36.53%	35.42%	34.46%	32.75%	32.12%	39.53%	39.73%	38.46%	37.97%	37.02%
Debt to EBITDA	9.16	10.69	11.91	15.87	27.15	31.67	35.84	53.84	-95.40	-131.10	-54.76
Net Debt to EBITDA	8.32	9.63	11.02	14.58	25.10	28.97	30.98	47.03	-83.99	-115.34	-49.05
Long-Term Debt to EBITDA	9.16	10.69	11.91	15.87	27.15	31.67	35.84	53.84	-95.40	-131.10	-54.76
Debt to NOPAT	197.42	-1,595.69	-268.08	-130.29	-132.13	-93.80	-52.38	-48.38	-109.57	-156.59	-49,277.47
Net Debt to NOPAT	179.12	-1,438.47	-248.07	-119.72	-122.15	-85.81	-45.27	-42.26	-96.46	-137.77	-44,140.19
Long-Term Debt to NOPAT	197.42	-1,595.69	-268.08	-130.29	-132.13	-93.80	-52.38	-48.38	-109.57	-156.59	-49,277.47
Altman Z-Score	0.27	0.23	0.19	0.16	0.11	0.15	0.16	0.21	0.10	0.16	0.19
Noncontrolling Interest Sharing Ratio	25.69%	23.26%	23.98%	24.27%	24.57%	21.85%	20.94%	20.58%	22.01%	22.31%	20.72%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.17	1.22	1.00	0.89	1.28	1.33	1.70	1.33	1.26	1.11	0.79
Quick Ratio	0.61	0.68	0.42	0.36	0.35	0.51	1.12	0.84	0.73	0.66	0.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	673	682	551	629	80	80	246	377	728	602	680
Operating Cash Flow to CapEx	0.00%	1,283.31%	673.51%	801.72%	0.00%	0.00%	0.00%	623.39%	0.00%	1,120.75%	-764.66%
Free Cash Flow to Firm to Interest Expense	12.84	15.48	12.47	13.98	1.80	1.76	4.95	8.99	15.96	15.85	17.68
Operating Cash Flow to Interest Expense	0.18	1.48	0.81	1.42	0.00	0.67	-0.04	0.79	1.30	1.17	-0.21
Operating Cash Flow Less CapEx to Interest Expense	13.06	1.36	0.69	1.24	0.38	1.96	0.34	0.66	4.41	1.06	-0.24
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.11	0.10	0.10	0.10	0.10	0.10	0.10	0.11	0.11	0.11
Accounts Receivable Turnover	45.97	46.69	47.72	49.88	43.06	46.66	50.37	54.00	56.48	63.71	46.47
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.65	7.49	7.38	7.17	6.85	6.66	6.39	6.16	8.33	8.09	8.26
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	7.94	7.82	7.65	7.32	8.48	7.82	7.25	6.76	6.46	5.73	7.86
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	7.94	7.82	7.65	7.32	8.48	7.82	7.25	6.76	6.46	5.73	7.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,929	8,884	9,102	8,971	8,839	8,785	8,827	8,577	8,167	8,174	8,140
Invested Capital Turnover	0.10	0.10	0.09	0.09	0.09	0.09	0.09	0.09	0.10	0.10	0.10
Increase / (Decrease) in Invested Capital	-683	-688	-553	-644	-90	-98	-275	-394	-694	-611	-687
Enterprise Value (EV)	5,836	5,289	5,299	5,283	5,098	5,038	4,378	4,872	4,254	3,981	4,532
Market Capitalization	1,289	900	679	675	428	417	387	1,046	587	321	824
Book Value per Share	$18.82	$19.54	$19.17	$18.43	$17.21	$16.68	$20.80	$7.45	$6.71	$45.95	$44.05
Tangible Book Value per Share	$14.63	$15.41	$14.96	$14.26	$13.78	$13.32	$17.21	$6.08	$5.88	$40.11	$36.72
Total Capital	7,573	7,551	7,637	7,552	7,421	7,340	7,442	7,107	6,623	6,564	6,453
Total Debt	4,011	4,100	4,180	4,206	4,243	4,244	3,757	3,621	3,418	3,416	3,415
Total Long-Term Debt	4,011	4,100	4,180	4,206	4,243	4,244	3,757	3,621	3,418	3,416	3,415
Net Debt	3,640	3,696	3,868	3,864	3,922	3,883	3,247	3,163	3,009	3,006	3,059
Capital Expenditures (CapEx)	-675	5.08	5.29	7.95	-17	-58	-19	5.32	-142	3.95	1.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-85	-88	-101	-145	-37	-70	-112	-134	-108	-138	-169
Debt-free Net Working Capital (DFNWC)	34	45	-0.80	-31	62	64	155	80	54	25	-64
Net Working Capital (NWC)	34	45	-0.80	-31	62	64	155	80	54	25	-64
Net Nonoperating Expense (NNE)	78	48	46	93	163	62	59	126	313	42	98
Net Nonoperating Obligations (NNO)	5,368	5,433	5,645	5,625	5,661	5,690	5,142	5,091	4,962	5,027	5,101
Total Depreciation and Amortization (D&A)	103	91	87	87	89	94	96	96	95	83	85
Debt-free, Cash-free Net Working Capital to Revenue	-8.92%	-9.67%	-11.36%	-16.97%	-4.42%	-8.50%	-13.99%	-17.13%	-12.98%	-16.92%	-20.83%
Debt-free Net Working Capital to Revenue	3.59%	4.94%	-0.09%	-3.66%	7.35%	7.70%	19.46%	10.19%	6.53%	3.02%	-7.86%
Net Working Capital to Revenue	3.59%	4.94%	-0.09%	-3.66%	7.35%	7.70%	19.46%	10.19%	6.53%	3.02%	-7.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($6.22)	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	140.95M	141.12M	141.18M	141.23M	141.19M	141.39M	202.67M	451.03M	44.68M	64.46M	64.48M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($6.22)	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	140.95M	141.12M	141.18M	141.23M	141.19M	141.39M	202.67M	451.03M	44.68M	64.46M	64.48M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($6.22)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	141.11M	141.14M	141.23M	141.23M	141.35M	141.39M	379.15M	379.50M	54.24M	54.24M	54.27M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-5.32	-1.93	-14	-10	-18	-28	-18	33	-9.08	-6.66
Normalized NOPAT Margin	-4.73%	-2.48%	-0.89%	-7.22%	-4.96%	-9.30%	-14.95%	-9.43%	12.99%	-4.99%	-3.54%
Pre Tax Income Margin	-39.27%	-24.93%	-21.58%	-52.31%	-83.24%	-40.35%	-45.95%	-77.20%	-109.80%	-27.80%	-55.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.66	-0.21	-0.02	-1.27	-2.95	-0.75	-0.79	-2.47	-5.24	-0.36	-1.70
NOPAT to Interest Expense	-0.20	-0.12	-0.04	-0.32	-0.24	-0.41	-0.57	-0.42	0.73	-0.24	-0.17
EBIT Less CapEx to Interest Expense	12.22	-0.33	-0.14	-1.45	-2.57	0.54	-0.41	-2.60	-2.13	-0.47	-1.73
NOPAT Less CapEx to Interest Expense	12.68	-0.24	-0.16	-0.50	0.14	0.88	-0.18	-0.55	3.84	-0.34	-0.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-127.21%	-92.50%	-69.78%	-48.28%	-18.17%	-11.90%	-9.67%	-8.58%	-7.28%	-7.53%	-7.82%
Augmented Payout Ratio	-128.01%	-92.50%	-69.82%	-48.30%	-18.19%	-11.90%	-10.87%	-9.80%	-8.29%	-8.61%	-7.93%

Financials Breakdown Chart

Key Financial Trends

Hudson Pacific Properties (NYSE: HPP) continues to show the kind of pressure that has defined the last several years: weak earnings, inconsistent operating cash flow, and a balance sheet that still leans heavily on debt. The Q1 2026 results were better than the immediately prior quarter on several operating measures, but the company is still not producing meaningful profits, and leverage remains a major investor concern.

What stands out most in Q1 2026: revenue held relatively steady, operating cash flow was positive, and cash on hand improved slightly. However, the company still posted a net loss, and interest expense remains large relative to operating income.

Operating cash flow was positive at $44.3 million in Q1 2026, showing the core business can still generate cash despite accounting losses.
Cash & equivalents increased slightly to $138.0 million from $190.4 million at Q3 2025, supported by a small positive net change in cash for the quarter.
Total revenue in Q1 2026 was $181.9 million, roughly in line with recent quarters, suggesting some revenue stability.
Operating loss improved versus Q4 2025, with operating income at -$13.0 million compared with $47.5 million of operating income in Q4 2025, but the quarter was still far better than the much larger losses seen earlier in 2025.
The company reduced long-term debt from $3.62 billion in Q3 2025 to $3.42 billion in Q1 2026, which is a constructive step.
Revenue in Q1 2026 was down modestly from $186.6 million in Q3 2025 and $256.0 million in Q4 2025, but the business remains within a relatively narrow quarterly range recently.
Q1 2026 included $5.8 million of acquisitions and $4.0 million of capital spending, so the company is still investing, but on a limited scale.
Share count remains elevated after repeated equity issuance, which helps liquidity but dilutes existing shareholders over time.
Hudson Pacific posted a net loss of $50.9 million in Q1 2026, or -$53.1 million attributable to common shareholders.
Interest expense was still very high at $38.0 million in Q1 2026, limiting the company’s ability to convert operating income into net profit.
The balance sheet remains debt-heavy, with $3.42 billion of long-term debt versus $3.09 billion of total equity and noncontrolling interests.
Over the last four years, profitability has been consistently weak: the company has posted losses in essentially every quarter shown, with several large quarterly losses in 2024 and 2025.
Operating performance has been volatile, with quarterly revenue falling from the low $200 million range in 2024 to the high $100 million range in 2025 and Q1 2026.

Longer-term trend: Hudson Pacific appears to be in a slow recovery phase, but not yet a healthy one. The company has shown it can produce positive operating cash flow, and debt has come down from earlier peaks, but earnings remain deeply negative and financing costs are still heavy. For retail investors, the main question is whether management can stabilize office and studio cash flows enough to support the balance sheet without continued dilution or asset sales.

Bottom line: Q1 2026 was not a turnaround quarter, but it did show some signs of stabilization. Investors should watch for sustained revenue improvement, further debt reduction, and a continued return to positive operating cash flow before calling the stock fundamentally fixed.

08/24/26 08:46 PM ETAI Generated. May Contain Errors.

Hudson Pacific Properties Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Hudson Pacific Properties' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Hudson Pacific Properties' net income appears to be on an upward trend, with a most recent value of -$592.30 million in 2025, rising from -$16.08 million in 2015. The previous period was -$381.41 million in 2024. See where experts think Hudson Pacific Properties is headed by visiting Hudson Pacific Properties' forecast page.

Hudson Pacific Properties' total operating income in 2025 was -$44.56 million, based on the following breakdown:

Total Gross Profit: $831.11 million
Total Operating Expenses: $875.66 million

Over the last 10 years, Hudson Pacific Properties' total revenue changed from $1.56 billion in 2015 to $831.11 million in 2025, a change of -46.8%.

Hudson Pacific Properties' total liabilities were at $4.06 billion at the end of 2025, a 18.0% decrease from 2024, and a 61.6% increase since 2015.

In the past 10 years, Hudson Pacific Properties' cash and equivalents has ranged from $46.22 million in 2019 to $255.76 million in 2022, and is currently $138.36 million as of their latest financial filing in 2025.

Over the last 10 years, Hudson Pacific Properties' book value per share changed from 57.35 in 2015 to 6.71 in 2025, a change of -88.3%.

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Financial statements for NYSE:HPP last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Hudson Pacific Properties (HPP) Financials

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Hudson Pacific Properties (HPP) Financials

Annual Income Statements for Hudson Pacific Properties

Quarterly Income Statements for Hudson Pacific Properties

Annual Cash Flow Statements for Hudson Pacific Properties

Quarterly Cash Flow Statements for Hudson Pacific Properties

Annual Balance Sheets for Hudson Pacific Properties

Quarterly Balance Sheets for Hudson Pacific Properties

Annual Metrics And Ratios for Hudson Pacific Properties

Quarterly Metrics And Ratios for Hudson Pacific Properties

Financials Breakdown Chart

Key Financial Trends

Hudson Pacific Properties Financials - Frequently Asked Questions

When does Hudson Pacific Properties' financial year end?

How has Hudson Pacific Properties' net income changed over the last 10 years?

What is Hudson Pacific Properties' operating income?

How has Hudson Pacific Properties' revenue changed over the last 10 years?

How much debt does Hudson Pacific Properties have?

How much cash does Hudson Pacific Properties have?

How has Hudson Pacific Properties' book value per share changed over the last 10 years?

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