Filing Flows › Hudson Pacific Properties (HPP) › Q1 2025
Hudson Pacific Properties (HPP) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Hudson Pacific Properties (HPP) reported revenue of $198M for the first quarter 2025 (Q1 2025), -7% from a year earlier and -5% from the quarter before. Operating margin was -40.4%, net loss $80.3M (40.5% of revenue).
Hudson Pacific Properties, Q1 2025: revenue $198M (-7% year over year), operating margin -40.4%, net loss $80.3M, operating cash flow $30.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $198M | -5% | -7% |
| Operating profit | −$80.1M | — | — |
| Net earnings | −$80.3M | — | — |
| Operating cash flow | $30.5M | 188× | -53% |
What changed
Revenue was $198.5M in Q1 2025, down 7% year over year and down 5% from the previous quarter. Office was the largest line at 83% of revenue. Office lost $9.9M year over year (down 6%), 63% of the total change.
Gross margin was 42.9%, down 5.6 points from a year earlier. Operating costs exceeded revenue by $80.1M, an operating margin of -40.4%. Operating expenses grew 5% against a revenue fall of 7%. The quarter ended with a net loss of $80.3M, narrower than the previous quarter's $173.5M loss. Minority interests bore $5.6M of it: to shareholders the quarter was a loss of $74.7M.
Operating cash flow was $30.5M (down 53% year over year). Non-cash charges added back $93.1M of depreciation and amortization and $5.1M of share-based compensation. Working capital and other items added $12.6M. Capital expenditures of $37.1M exceeded it, leaving free cash flow of −$6.6M.
Questions
What was Hudson Pacific Properties' revenue in the first quarter 2025?
Hudson Pacific Properties (HPP) reported revenue of $198M for the first quarter 2025 (Q1 2025), -7% from a year earlier and -5% from the quarter before.
Was Hudson Pacific Properties profitable in the first quarter 2025?
Operating loss was $80.1M (-40.4% of revenue) and net loss $80.3M.