Filing Flows › Hudson Pacific Properties (HPP) › Q4 2025
Hudson Pacific Properties (HPP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Hudson Pacific Properties (HPP) reported revenue of $256M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and +37% from the quarter before. Operating margin was -109.8%, net loss $280M (109.4% of revenue).
Hudson Pacific Properties, Q4 2025: revenue $256M (+22% year over year), operating margin -109.8%, net loss $280M, operating cash flow $59.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $256M | +37% | +22% |
| Operating profit | −$281M | — | — |
| Net earnings | −$280M | — | — |
| Operating cash flow | $59.3M | +79% | 366× |
| Free cash flow | $24.4M | — | — |
What changed
Revenue was $256.0M in Q4 2025, up 22% year over year and up 37% from the previous quarter. Office was the largest line at 86% of revenue.
Gross margin was 60.0%, up 15.3 points from Q4 2024. Operating costs exceeded revenue by $281.1M, an operating margin of -109.8%. Operating expenses grew 62% against revenue growth of 22%. The fastest-growing cost line was Other operating costs (+70%). The quarter ended with a net loss of $280.2M, wider than the previous quarter's $144.1M loss. Minority interests bore $2.3M of it: to shareholders the quarter was a loss of $277.9M.
Operating cash flow was $59.3M (up 36507% year over year). Non-cash charges added back $93.0M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items added $242.6M. Capital expenditures of $34.9M left free cash flow of $24.4M.
Questions
What was Hudson Pacific Properties' revenue in the fourth quarter 2025?
Hudson Pacific Properties (HPP) reported revenue of $256M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and +37% from the quarter before.
Was Hudson Pacific Properties profitable in the fourth quarter 2025?
Operating loss was $281M (-109.8% of revenue) and net loss $280M.