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Highwoods Realty Ltd Partnership earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 27, 2026
Q3 2026 Revenue up 8% year over year to $218M · 15¢ of every $1 of revenue kept as net profit · operating margin 67.2%
Highwoods Realty Ltd Partnership made $218M in Q3 2026 (+8% Y/Y). Operating margin 67.2%, net earnings $31.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.
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What changed this quarter
Revenue was $218.2M in Q3 2026, up 8% year over year and up 1% from the previous quarter.
Operating profit was $146.6M, a 67.2% margin (down 0.2 points year over year). Of the extra revenue versus Q3 2025, 65% reached operating profit, below the 67% margin then. Total costs grew 9% against revenue growth of 8%. Net earnings were $31.8M, up 147% year over year. The effective tax rate was 0.0%.
Operating cash flow was $91.8M (down 5% year over year), 269% of net income including minority interests. Non-cash charges added back $79.5M of depreciation and $900K of share-based compensation. Working capital and other items used $22.7M. Capital expenditures of $7.2M left free cash flow of $84.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 27, 2026 | $218M | +8% | 67.2% | $31.8M | $91.8M |
| Q2 2026 | 10-Q | Jul 28, 2026 | $216M | +8% | 67.6% | $93.5M | $125M |
| Q1 2026 | 10-Q | Apr 28, 2026 | $214M | +7% | 66.8% | $31.4M | $62.8M |
| Q4 2025 | 10-K | Feb 10, 2026 | $203M | -1% | 67.2% | $28.7M | $99.7M |
| Q3 2025 | 10-Q | Oct 28, 2025 | $202M | — | 67.3% | $12.9M | $96.7M |
| Q2 2025 | 10-Q | Jul 29, 2025 | $201M | — | 68.3% | $18.3M | — |
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About Highwoods Realty Ltd Partnership
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded real estate investment trust (“REIT”). The Company is a fully integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Our Common Stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “HIW.” As of December 31, 2025, the Company owned all of the Preferred Units and 109.5 million, or 98.2%, of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.0 million Common Units.
In its own words, from its 10-K, filed Feb 10, 2026.
Highwoods Realty Ltd Partnership against its Lessors of Real Property, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +8%. Operating margin: 67.2% against the peers' median 8.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Highwoods Realty Ltd Partnership | Q3 2026 | $218M | +8% | 67.2% |
| GOOD Gladstone Commercial | Q3 2026 | $42.4M | +4% | -4.9% |
| STHO Star | Q3 2026 | $39.9M | +42% | 8.9% |
| RHEP Regional Health Properties | Q2 2026 | $24.4M | +143% | -0.9% |
| ALCO Alico | Q3 FY26 | $9.0M | +8% | 20.9% |
Source: Highwoods Realty Ltd Partnership 10-Q on SEC EDGAR · CIK 941713 · Lessors of Real Property, NEC