Highwoods Properties (HIW) financial statements
Highwoods Properties reported revenue of $806M in fiscal 2025, up 1.7% a year over 8 years.
Net income was $157M.
The diluted share count rose 9% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Highwoods Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $703M | $720M | $736M | $737M | $768M | $829M | $834M | $826M | $806M |
| Selling, general and admin | $38M | $40M | $40M | $44M | $41M | $41M | $42M | $43M | $42M | $40M |
| Operating income | $435M | $466M | $478M | $487M | $505M | $532M | $569M | $565M | $554M | $545M |
| Interest expense | $77M | $69M | $71M | $82M | $81M | $86M | $105M | $137M | $147M | $152M |
| Pre-tax income | $102M | $130M | $138M | — | — | — | — | — | — | — |
| Net income | $522M | $183M | $169M | $134M | $345M | $311M | $157M | $146M | $100M | $157M |
| EPS (diluted) | $5.30 | $1.78 | $1.64 | $1.30 | $3.32 | $2.98 | $1.49 | $1.39 | $0.94 | $1.45 |
| Diluted shares | 101M | 106M | 106M | 106M | 107M | 107M | 108M | 108M | 108M | 111M |
| Operating margin | — | 66.3% | 66.3% | 66.2% | 68.5% | 69.2% | 68.7% | 67.8% | 67.0% | 67.6% |
| Net margin | — | 26.0% | 23.5% | 18.3% | 46.8% | 40.5% | 18.9% | 17.5% | 12.1% | 19.5% |
Balance sheet
Fiscal years, from Highwoods Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $49M | $3M | $4M | $10M | $109M | $23M | $21M | $25M | $22M | $27M |
| Total assets | $4.6B | $4.6B | $4.7B | $5.1B | $5.2B | $5.7B | $6.1B | $6.0B | $6.0B | $6.3B |
| Total liabilities | $2.3B | $2.2B | $2.3B | $2.8B | $2.7B | $3.1B | $3.5B | $3.5B | $3.6B | $3.8B |
| Shareholders' equity | $2.1B | $2.2B | $2.2B | $2.2B | $2.3B | $2.5B | $2.5B | $2.4B | $2.4B | $2.4B |
| Net debt | -$49M | -$3M | -$4M | -$10M | -$109M | -$23M | -$21M | -$25M | -$22M | -$27M |
Cash flow
Fiscal years, from Highwoods Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $306M | $353M | $359M | $366M | $358M | $415M | $422M | $387M | $404M | $359M |
| Stock-based compensation | $6M | $7M | $7M | $7M | $6M | $9M | $8M | $7M | $8M | $8M |
| Dividends paid | $167M | $181M | $191M | $197M | $199M | $204M | $210M | $211M | $212M | $217M |
| Net borrowing | -$246M | -$177M | $134M | $421M | $146M | -$154M | $94M | $384M | -$7M | $341M |
| Dividends per share | $1.65 | $1.71 | $1.80 | $1.85 | $1.87 | $1.91 | $1.95 | $1.96 | $1.96 | $1.96 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for HIW.
Open HIW in InvestinglyQuestions
What was Highwoods Properties's revenue in 2025?
$806M in fiscal 2025, from its 10-K filing.
From Highwoods Properties's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.