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Hudson Pacific Properties (HPP) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Hudson Pacific Properties (HPP) Q2 2026 earnings results →
Q2 2026 Revenue down 1% year over year to $188M · 56¢ of every $1 of revenue lost · operating margin -55.4%
Hudson Pacific Properties made $188M in Q2 2026 (-0.9% Y/Y): Office $153M, Studio $35.2M. Operating margin -55.4%, net loss $105M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
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What changed this quarter
Revenue was $188.3M in Q2 2026, down 1% year over year and up 4% from the previous quarter. Office was the largest line at 81% of revenue. Office lost $2.7M year over year (down 2%), 159% of the total change.
Gross margin was 44.9%, up 1.8 points from Q2 2025. Operating costs exceeded revenue by $104.3M, an operating margin of -55.4%. Operating expenses grew 12% against a revenue fall of 1%. The fastest-growing cost line was Other operating costs (+25%). The quarter ended with a net loss of $104.7M, wider than the previous quarter's $50.9M loss.
Operating cash flow was −$8.0M. Non-cash charges added back $82.1M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items added $13.2M. Capital expenditures of $33.5M exceeded it, leaving free cash flow of −$41.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $188M | -0.9% | -55.4% | −$105M | −$8.0M |
| Q1 2026 | 10-Q | May 8, 2026 | $182M | -8% | -27.8% | −$50.9M | $44.3M |
| Q4 2025 | 10-K | Feb 27, 2026 | $256M | +22% | -109.8% | −$280M | $59.3M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $187M | -7% | -77.2% | −$144M | $33.2M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $190M | -13% | -46.0% | −$87.8M | −$2.0M |
| Q1 2025 | 10-Q | May 8, 2025 | $198M | -7% | -40.4% | −$80.3M | $30.5M |
| Q4 2024 | 10-K | Feb 25, 2025 | $210M | -6% | -83.2% | −$173M | $162K |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
About Hudson Pacific Properties
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 against its Real Estate peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.9% against the peers' median +8%. Operating margin: -55.4% against the peers' median 15.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HPP Hudson Pacific Properties | Q2 2026 | $188M | -0.9% | -55.4% |
| CBRE CBRE Group | Q3 2026 | $11.5B | +13% | 4.9% |
| CWK Cushman & Wakefield | Q3 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 Group | Q4 FY26 | $581M | -13% | 13.5% |
| Regency Centers LP | Q3 2026 | $419M | +8% | 72.3% |
| Tiaa Real Estate Account | Q3 2026 | $303M | -0.8% | 298.8% |
| MRP Millrose Properties | Q3 2026 | $211M | +18% | 85.5% |
Source: Hudson Pacific Properties 10-Q on SEC EDGAR · CIK 1482512 · Real Estate
Guidance and outlook
13F: who owns HPP and who is buying
More on HPP
- How Hudson Pacific Properties makes money: revenue by segment
- Hudson Pacific Properties next earnings date and what analysts expect
- Hudson Pacific Properties stock forecast, price target and fair value
- Who owns Hudson Pacific Properties stock: holders, funds and Congress trades
- Hudson Pacific Properties guidance and outlook
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results