Filing Flows › Hudson Pacific Properties (HPP) › Q2 2025
Hudson Pacific Properties (HPP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Hudson Pacific Properties (HPP) reported revenue of $190M for the second quarter 2025 (Q2 2025), -13% from a year earlier and -4% from the quarter before. Operating margin was -46.0%, net loss $87.8M (46.2% of revenue).
Hudson Pacific Properties, Q2 2025: revenue $190M (-13% year over year), operating margin -46.0%, net loss $87.8M, operating cash flow −$2.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $190M | -4% | -13% |
| Operating profit | −$87.3M | — | — |
| Net earnings | −$87.8M | — | — |
| Operating cash flow | −$2.0M | -107% | — |
What changed
Revenue was $190.0M in Q2 2025, down 13% year over year and down 4% from the previous quarter. Office was the largest line at 82% of revenue. Office lost $20.2M year over year (down 11%), 72% of the total change.
Gross margin was 43.1%, down 4.9 points from a year earlier. Operating costs exceeded revenue by $87.3M, an operating margin of -46.0%. Operating expenses grew 12% against a revenue fall of 13%. The fastest-growing cost line was General & admin (+34%). The quarter ended with a net loss of $87.8M, wider than the previous quarter's $80.3M loss. Minority interests bore $4.6M of it: to shareholders the quarter was a loss of $83.1M.
Operating cash flow was −$2.0M. Non-cash charges added back $94.8M of depreciation and amortization and $17.9M of share-based compensation. Working capital and other items used $26.9M. Capital expenditures of $38.4M exceeded it, leaving free cash flow of −$40.4M.
Questions
What was Hudson Pacific Properties' revenue in the second quarter 2025?
Hudson Pacific Properties (HPP) reported revenue of $190M for the second quarter 2025 (Q2 2025), -13% from a year earlier and -4% from the quarter before.
Was Hudson Pacific Properties profitable in the second quarter 2025?
Operating loss was $87.3M (-46.0% of revenue) and net loss $87.8M.