Filing Flows › Hines Global Income Trust (HGIT) › Q3 2025
Hines Global Income Trust (HGIT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
Hines Global Income Trust (HGIT) reported revenue of $107M for the third quarter 2025 (Q3 2025), +23% from a year earlier and +5% from the quarter before. Operating margin was 8.8%, net loss $20.1M (18.9% of revenue).
Hines Global Income Trust, Q3 2025: revenue $107M (+23% year over year), operating margin 8.8%, net loss $20.1M, operating cash flow $30.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $107M | +5% | +23% |
| Operating profit | $9.4M | +48% | — |
| Net earnings | −$20.1M | — | — |
| Operating cash flow | $30.6M | +266% | +19% |
What changed
Revenue was $106.6M in Q3 2025, up 23% year over year and up 5% from the previous quarter. Industrial investments was the largest line at 31% of revenue. Industrial investments added $8.7M year over year (up 36%), 44% of the total change. Office investments declined 9%.
Gross margin was 61.2%, down 0.2 points from a year earlier. Operating profit was $9.4M, a 8.8% margin (down 2.2 points year over year). Operating profit fell $176K even though revenue rose $19.8M versus a year earlier, so costs grew faster than sales. Operating expenses grew 28% against revenue growth of 23%. The fastest-growing cost line was Other operating costs (+30%). The quarter ended with a net loss of $20.1M, narrower than the previous quarter's $26.3M loss. Net interest and other expense of $29.1M was the main reason.
Operating cash flow was $30.6M (up 19% year over year). Non-cash charges added back $37.9M of depreciation and amortization. Working capital and other items added $12.9M. Capital expenditures of $33.1M exceeded it, leaving free cash flow of −$2.5M.
Questions
What was Hines Global Income Trust's revenue in the third quarter 2025?
Hines Global Income Trust (HGIT) reported revenue of $107M for the third quarter 2025 (Q3 2025), +23% from a year earlier and +5% from the quarter before.
Was Hines Global Income Trust profitable in the third quarter 2025?
Operating profit was $9.4M (8.8% of revenue) and net loss $20.1M.