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Hudson Pacific Properties, L.P. earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026

Q3 2026 Revenue down 3% year over year to $181M · 123¢ of every $1 of revenue lost · operating margin -122.7%

Hudson Pacific Properties, L.P. made $181M in Q3 2026 (-3% Y/Y): Office $149M, Studio $32.3M. Operating margin -122.7%, net loss $222M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$181M
Year over year-3%
Operating margin-122.7%
Net earnings−$222M
Operating cash flow$41.4M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $180.9M in Q3 2026, down 3% year over year and down 4% from the previous quarter. Office was the largest line at 82% of revenue. Office lost $6.0M year over year (down 4%), 104% of the total change.

Gross margin was 45.6%, up 1.3 points from Q3 2025. Operating costs exceeded revenue by $221.9M, an operating margin of -122.7%. Operating expenses grew 34% against a revenue fall of 3%. The fastest-growing cost line was Other operating costs (+37%). The quarter ended with a net loss of $222.2M, wider than the previous quarter's $104.7M loss. Minority interests bore $4.1M of it: to shareholders the quarter was a loss of $218.1M.

Operating cash flow was $41.4M (up 25% year over year). Non-cash charges added back $77.9M of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items added $184.1M. Capital expenditures of $25.6M left free cash flow of $15.7M.

Quarterly history

Hudson Pacific Properties, L.P. revenue by quarterHudson Pacific Properties, L.P. revenue by quarter$190MQ2 2025$187MQ3 2025$256MQ4 2025$182MQ1 2026$188MQ2 2026$181MQ3 2026
Hudson Pacific Properties, L.P. net earnings by quarterHudson Pacific Properties, L.P. net earnings by quarter−$87.8MQ2 2025−$144MQ3 2025−$280MQ4 2025−$50.9MQ1 2026−$105MQ2 2026−$222MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$181M-3%-122.7%−$222M$41.4M
Q2 202610-QAug 10, 2026$188M-0.9%-55.4%−$105M−$8.0M
Q1 202610-QMay 8, 2026$182M-8%-27.8%−$50.9M$44.3M
Q4 202510-KFeb 27, 2026$256M+22%-109.8%−$280M$59.3M
Q3 202510-QNov 6, 2025$187M-7%-77.2%−$144M$33.2M
Q2 202510-QAug 7, 2025$190M-13%-46.0%−$87.8M—

Charts

Hudson Pacific Properties, L.P.: revenue growth, year over year and quarter over quarterHudson Pacific Properties, L.P.: revenue growth, year over year and quarter over quarterY/YQ/Q-13%Q2 2025-7%-2%Q3 2025+22%+37%Q4 2025-8%-29%Q1 2026-1%+4%Q2 2026-3%-4%Q3 2026
Latest (Q3 2026): Y/Y -3%, Q/Q -4%.
Hudson Pacific Properties, L.P.: where the cash came from (+) and went (−), FY2014Hudson Pacific Properties, L.P.: where the cash came from (+) and went (−), FY2014Shares issued$197MCapital spending−$123MReal estate bought−$114MAcquisitions−$114MOther investing$85.5MOperating cash flow$63.2MDividends−$35.0MNet borrowing (+) / repaid (−)$31.5MOther financing−$20.2MAsset & business sales$18.6MCash drawn (+) / kept (−)$12.6MBuybacks−$3.1M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Hudson Pacific Properties, L.P.: profit against cash, quarter by quarterHudson Pacific Properties, L.P.: profit against cash, quarter by quarterNet incomeOperating cash flow$6.7MQ2 2014$11.4MQ3 2014$885KQ4 2014$24.6M$27.1MQ1 2015−$87.8MQ2 2025−$144M$33.2MQ3 2025−$105MQ2 2026−$222M$41.4MQ3 2026
Latest (Q3 2026): Net income −$222M, Operating cash flow $41.4M.
Hudson Pacific Properties, L.P.: diluted shares by fiscal yearHudson Pacific Properties, L.P.: diluted shares by fiscal year42MFY201255MFY201367MFY2014
+59.7% since FY2012: more shares outstanding (issuance, stock pay).
Hudson Pacific Properties, L.P.: long-term debt falling due (FY2014)Hudson Pacific Properties, L.P.: long-term debt falling due (FY2014)$138M2016$62.2M2017$328M2018$153M2019$215MLater
Cash $17.8M, short-term investments —, long-term debt $961M at 2014-12-31.
Hudson Pacific Properties, L.P. in its industry: growth against margin (35 companies, SIC 6500)Hudson Pacific Properties, L.P. in its industry: growth against margin (35 companies, SIC 6500)revenue growth, year over year →↑ operating marginmedian +8%median 10%CBRECWKPrologis, L.P.Digital Realty Trust, L.P.FORRegency Centers LPTiaa Real Estate AccountMRPHPPTRNOUEUrban Edge Properties LPEFCOPICURBIIPRGTYAHRTCMTGTRCCHCIFPHFRPHSKYHSealy Industrial Partners IV, LPBEEPOZCWDMLPSRG-PARWDMUAIREAEIAOXYHudson Pacific Properties, L.P. (-3%, -100%)
Real Estate; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

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About Hudson Pacific Properties, L.P.

We are a vertically integrated real estate investment trust (“REIT”) offering end-to-end real estate solutions for dynamic tenants in the synergistic, converging and secular growth industries of tech and media. We acquire, reposition, develop and operate sustainable high-quality office and state-of-the-art studio properties in high-barrier-to-entry tech and media epicenters. Our primary investment markets include Los Angeles, the San Francisco Bay Area, Seattle, New York and Vancouver, British Columbia. We invest across the risk-return spectrum, favoring opportunities that allow us to leverage leasing, capital investment and operating expertise along with deep strategic relationships to create incremental stakeholder value.

In its own words, from its 10-K, filed Feb 27, 2026.

Hudson Pacific Properties, L.P. against its Real Estate peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -3% against the peers' median +8%. Operating margin: -122.7% against the peers' median 15.9%.

CompanyQuarterRevenueY/YOp. margin
Hudson Pacific Properties, L.P.Q3 2026$181M-3%-122.7%
CBRE CBRE GroupQ3 2026$11.5B+13%4.9%
CWK Cushman & WakefieldQ3 2026$2.8B+8%4.6%
Prologis, L.P.Q3 2026$2.4B+8%43.8%
Digital Realty Trust, L.P.Q3 2026$1.9B+21%15.9%
FOR Forestar GroupQ4 FY26$581M-13%13.5%
Regency Centers LPQ3 2026$419M+8%72.3%
Tiaa Real Estate AccountQ3 2026$303M-0.8%298.8%
MRP Millrose PropertiesQ3 2026$211M+18%85.5%

Source: Hudson Pacific Properties, L.P. 10-Q on SEC EDGAR · CIK 1496264 · Real Estate