Filing Flows › Hudson Pacific Properties (HPP) › Q1 2026
Hudson Pacific Properties (HPP) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Hudson Pacific Properties (HPP) reported revenue of $182M for the first quarter 2026 (Q1 2026), -8% from a year earlier and -29% from the quarter before. Operating margin was -27.8%, net loss $50.9M (28.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $182M | -29% | -8% |
| Operating profit | −$50.6M | — | — |
| Net earnings | −$50.9M | — | — |
| Operating cash flow | $44.3M | -25% | +45% |
| Free cash flow | $19.9M | -18% | — |
What changed
Revenue was $181.9M in Q1 2026, down 8% year over year and down 29% from the previous quarter. Office was the largest line at 82% of revenue. Office lost $16.5M year over year (down 10%), 100% of the total change.
Gross margin was 44.2%, up 1.2 points from Q1 2025. Operating costs exceeded revenue by $50.6M, an operating margin of -27.8%. Operating expenses fell 21% while revenue fell 8%. The quarter ended with a net loss of $50.9M, narrower than the previous quarter's $280.2M loss.
Operating cash flow was $44.3M (up 45% year over year). Non-cash charges added back $80.7M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $12.5M. Capital expenditures of $24.4M left free cash flow of $19.9M.
Questions
What was Hudson Pacific Properties' revenue in the first quarter 2026?
Hudson Pacific Properties (HPP) reported revenue of $182M for the first quarter 2026 (Q1 2026), -8% from a year earlier and -29% from the quarter before.
Was Hudson Pacific Properties profitable in the first quarter 2026?
Operating loss was $50.6M (-27.8% of revenue) and net loss $50.9M.