Filing Flows › Hudson Pacific Properties (HPP) › Q3 2025
Hudson Pacific Properties (HPP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Hudson Pacific Properties (HPP) reported revenue of $187M for the third quarter 2025 (Q3 2025), -7% from a year earlier and -2% from the quarter before. Operating margin was -77.2%, net loss $144M (77.2% of revenue).
Hudson Pacific Properties, Q3 2025: revenue $187M (-7% year over year), operating margin -77.2%, net loss $144M, operating cash flow $33.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $187M | -2% | -7% |
| Operating profit | −$144M | — | — |
| Net earnings | −$144M | — | — |
| Operating cash flow | $33.2M | — | -48% |
What changed
Revenue was $186.6M in Q3 2025, down 7% year over year and down 2% from the previous quarter. Office was the largest line at 83% of revenue. Office lost $12.4M year over year (down 7%), 90% of the total change.
Gross margin was 44.3%, up 1.6 points from a year earlier. Operating costs exceeded revenue by $144.1M, an operating margin of -77.2%. Operating expenses grew 19% against a revenue fall of 7%. The fastest-growing cost line was Other operating costs (+25%). The quarter ended with a net loss of $144.1M, wider than the previous quarter's $87.8M loss. Minority interests bore $7.6M of it: to shareholders the quarter was a loss of $136.5M.
Operating cash flow was $33.2M (down 48% year over year). Non-cash charges added back $94.1M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items added $79.6M. Capital expenditures of $33.6M exceeded it, leaving free cash flow of −$445K.
Questions
What was Hudson Pacific Properties' revenue in the third quarter 2025?
Hudson Pacific Properties (HPP) reported revenue of $187M for the third quarter 2025 (Q3 2025), -7% from a year earlier and -2% from the quarter before.
Was Hudson Pacific Properties profitable in the third quarter 2025?
Operating loss was $144M (-77.2% of revenue) and net loss $144M.