Filing Flows › Hudson Pacific Properties (HPP) › Q1 2026 › vs Q1 2025
Hudson Pacific Properties (HPP) Q1 2026 vs Q1 2025 (year over year)
Hudson Pacific Properties's revenue fell $16.6M (-8%) from $198M in Q1 2025 to $182M in Q1 2026. The biggest changes: Office −$16.5M (-10%); Studio −$70K (-0.2%).
Hudson Pacific Properties, Q1 2026: revenue $182M (-8% year over year), operating margin -27.8%, net loss $50.9M, operating cash flow $44.3M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 10.9% | -3.3% | +14.3 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Office | $149M | $165M | −$16.5M | -10% |
| Studio | $33.2M | $33.2M | −$70K | -0.2% |
| Revenue | $182M | $198M | −$16.6M | -8% |
| Net loss | $50.9M | $80.3M | −$29.4M | -37% |
| Costs & expenses | $233M | $279M | −$46.0M | -16% |
| Operating costs | $232M | $279M | −$46.1M | -17% |
| Income tax | $348K | $194K | $154K | +79% |
| Cost of revenue | $102M | $113M | −$11.7M | -10% |
| General & admin | $12.6M | $18.5M | −$5.9M | -32% |
| Other operating costs | $118M | $147M | −$28.5M | -19% |
| Operating cash sources | $95.2M | $111M | −$15.6M | -14% |
| Depreciation & amortization | $80.7M | $93.1M | −$12.4M | -13% |
| Share-based compensation | $1.9M | $5.1M | −$3.2M | -62% |
| Working capital & other | $12.5M | $12.6M | −$56K | -0.4% |
| Net loss absorbed | $50.9M | $80.3M | −$29.4M | -37% |
| Operating cash flow | $44.3M | $30.5M | $13.8M | +45% |
| Free cash flow (OCF − capex) | $19.9M | −$6.6M | $26.5M | — |
| Capital expenditures | $24.4M | $37.1M | −$12.7M | -34% |
Questions
How much did Hudson Pacific Properties's revenue grow year over year in Q1 2026?
Hudson Pacific Properties's revenue fell $16.6M (-8%) from $198M in Q1 2025 to $182M in Q1 2026.
What drove Hudson Pacific Properties's revenue change in Q1 2026?
Office −$16.5M (-10%); Studio −$70K (-0.2%).