Revenue contracted by 8.4% in 2026Q1, while the company reported an anomalous negative NOI margin of -44.6%, reflecting significant operational instability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Revenue | 814.5M | 831.11M | 842.08M | 952.3M | 1.03B | 896.84M | 805.7M | 817.43M | 728.42M | 728.14M | 639.64M | 520.85M | 253.41M | 205.56M | 166.16M | 142.19M | 60.64M | 44.52M | 35.59M | 6.96M |
| Revenue Growth % | -1.45% | -1.3% | -11.57% | -7.2% | 14.43% | 11.31% | -1.44% | 12.22% | 0.04% | 13.84% | 22.81% | 105.53% | 23.28% | 23.71% | 16.86% | 134.48% | 36.21% | 25.1% | 411.1% | - |
| Property Operating Expenses | 577.46M | 1.18B | 454.08M | 450.46M | 413.82M | 335.85M | 300.22M | 302.19M | 268.25M | 254.1M | 229.12M | 189.86M | 104.27M | 89.03M | 75.99M | 67.19M | 30.03M | 25.79M | 17.34M | 4.05M |
| Net Operating Income (NOI) | 237.04M | -350.16M | 388M | 501.83M | 612.41M | 560.99M | 505.48M | 515.25M | 460.17M | 474.03M | 410.52M | 330.99M | 149.15M | 116.53M | 90.17M | 75M | 30.61M | 18.73M | 18.25M | 2.92M |
| NOI Margin % | 29.1% | -42.13% | 46.08% | 52.7% | 59.68% | 62.55% | 62.74% | 63.03% | 63.17% | 65.1% | 64.18% | 63.55% | 58.85% | 56.69% | 54.27% | 52.75% | 50.48% | 42.08% | 51.28% | 41.88% |
| Operating Expenses | 270.17M | -302.6M | 433.88M | 472.8M | 452.72M | 414.96M | 77.88M | 71.95M | 312.03M | 338.03M | 321.49M | 283.61M | 100.47M | 90.02M | 71.16M | 55.02M | 20.41M | 10.91M | 8.7M | 1.36M |
| G&A Expenses | 54.47M | 72.95M | 79.45M | 74.96M | 79.5M | 71.35M | 77.88M | 71.95M | 61.03M | 54.46M | 52.4M | 38.53M | 28.25M | 19.95M | 16.5M | 13.04M | 4.49M | -1.29M | 2.1M | 618K |
| EBITDA | 329.48M | 327.41M | 308.55M | 426.87M | 532.9M | 489.64M | 678.66M | 669.83M | 399.68M | 420.17M | 358.49M | 292.46M | 120.89M | 98.02M | 68.18M | 61.97M | 26.12M | 18.76M | 16.52M | 2.3M |
| EBITDA Margin % | 40.45% | 39.39% | 36.64% | 44.83% | 51.93% | 54.6% | 84.23% | 81.94% | 54.87% | 57.71% | 56.05% | 56.15% | 47.71% | 47.69% | 41.03% | 43.58% | 43.07% | 42.13% | 46.41% | 33% |
| Depreciation & Amortization | 362.6M | 374.97M | 354.43M | 397.85M | 373.22M | 343.61M | 251.06M | 226.53M | 251M | 283.57M | 269.09M | 245.07M | 72.22M | 70.06M | 53.46M | 44.66M | 15.91M | 10.93M | 6.96M | 741K |
| D&A / Revenue % | 44.52% | 45.12% | 42.09% | 41.78% | 36.37% | 38.31% | 31.16% | 27.71% | 34.46% | 38.94% | 42.07% | 47.05% | 28.5% | 34.08% | 32.17% | 31.41% | 26.24% | 24.55% | 19.57% | 10.64% |
| Operating Income | -33.13M | -47.55M | -45.87M | 29.03M | 159.69M | 146.03M | 427.6M | 443.3M | 148.68M | 136.6M | 89.41M | 47.39M | 48.68M | 27.96M | 14.72M | 17.3M | 10.21M | 7.83M | 9.55M | 1.56M |
| Operating Margin % | -4.07% | -5.72% | -5.45% | 3.05% | 15.56% | 16.28% | 53.07% | 54.23% | 20.41% | 18.76% | 13.98% | 9.1% | 19.21% | 13.6% | 8.86% | 12.17% | 16.83% | 17.58% | 26.84% | 22.36% |
| Interest Expense | 4M | 172.22M | 177.39M | 214.41M | 149.9M | 121.94M | 0 | 0 | 83.17M | 90.04M | 76.04M | 50.67M | 25.93M | 25.47M | 19.07M | 17.48M | 8.83M | 8.79M | 10.24M | 3.86M |
| Interest Coverage | - | -2.44x | -1.14x | 0.24x | 0.89x | 1.24x | - | - | 2.27x | 1.98x | 1.52x | 0.59x | 1.91x | 1.06x | 0.71x | 0.68x | 0.70x | 0.89x | 0.93x | 0.40x |
| Non-Operating Income | 363.21M | 372.8M | 156.5M | -21.48M | 26.3M | -4.92M | 299.68M | 282.09M | -40.3M | -41.96M | -25.93M | 17.55M | -941K | 1.07M | 1.1M | 5.42M | 4.06M | 0 | 0 | 0 |
| Pretax Income | -563.04M | -592.57M | -379.76M | -163.9M | -16.52M | 29.01M | 16.43M | 55.85M | 111.78M | 94.56M | 43.76M | -16.08M | 23.69M | 1.42M | -5.01M | -5.6M | -2.68M | 8.37M | 8.7M | 0 |
| Pretax Margin % | -69.13% | -71.3% | -45.1% | -17.21% | -1.61% | 3.23% | 2.04% | 6.83% | 15.35% | 12.99% | 6.84% | -3.09% | 9.35% | 0.69% | -3.01% | -3.94% | -4.42% | 18.79% | 24.44% | 0% |
| Income Tax | -119K | -273K | 1.64M | 6.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 451K | -3.36M | 0 | 8.34M | 10.41M | 2.26M |
| Effective Tax Rate % | 0.02% | 0.05% | -0.43% | -4.15% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -9.01% | 60.03% | 0% | 99.63% | 119.66% | - |
| Net Income | -537.82M | -551.69M | -343.34M | -173.89M | -34.97M | 10.11M | 2.04M | 44.03M | 99.37M | 69.23M | 28.62M | 2.03M | 23.01M | -2.27M | -4.27M | -3.04M | -2.8M | -615K | -1.71M | -2.26M |
| Net Margin % | -66.03% | -66.38% | -40.77% | -18.26% | -3.41% | 1.13% | 0.25% | 5.39% | 13.64% | 9.51% | 4.47% | 0.39% | 9.08% | -1.11% | -2.57% | -2.14% | -4.62% | -1.38% | -4.8% | -32.46% |
| Net Income Growth % | -42.97% | -60.68% | -97.45% | -397.24% | -445.97% | 396.46% | -95.38% | -55.69% | 43.55% | 141.88% | 1307.08% | -91.16% | 1112.49% | 46.72% | -40.28% | -8.57% | -355.45% | 64.04% | 24.34% | - |
| Funds From Operations (FFO) | -175.22M | -176.73M | 11.08M | 223.96M | 338.25M | 353.72M | 253.1M | 270.56M | 350.37M | 352.8M | 297.71M | 247.1M | 95.23M | 67.79M | 49.19M | 41.62M | 13.11M | 10.31M | 5.25M | -1.52M |
| FFO Margin % | -21.51% | -21.26% | 1.32% | 23.52% | 32.96% | 39.44% | 31.41% | 33.1% | 48.1% | 48.45% | 46.54% | 47.44% | 37.58% | 32.98% | 29.61% | 29.27% | 21.62% | 23.17% | 14.77% | -21.82% |
| FFO Growth % | -504.98% | -1694.71% | -95.05% | -33.79% | -4.37% | 39.76% | -6.45% | -22.78% | -0.69% | 18.5% | 20.48% | 159.48% | 40.48% | 37.8% | 18.2% | 217.44% | 27.11% | 96.29% | 445.95% | - |
| FFO per Share | -2.72 | -3.96 | 0.55 | 11.12 | 16.47 | 16.30 | 11.57 | 12.09 | 15.75 | 16.05 | 18.88 | 20.13 | 10.02 | 8.60 | 8.27 | 9.91 | 4.18 | 3.56 | 1.81 | -0.52 |
| FFO Payout Ratio % | -0% | -0.2% | 138.76% | 24.54% | 42.99% | 43.7% | 61.24% | 58.33% | 44.81% | 44.94% | 39.58% | 30.71% | 36.72% | 59.83% | 47.16% | 40.14% | 49.39% | 9.69% | 0% | 0% |
| EPS (Diluted) | -8.34 | -12.81 | -18.06 | -9.52 | -2.73 | 0.28 | 0.02 | 1.96 | 4.41 | 3.08 | 1.75 | -1.33 | 1.05 | -1.89 | -2.87 | -2.45 | -0.84 | -0.21 | -0.59 | -0.77 |
| EPS Growth % | 47.15% | 29.07% | -89.71% | -248.72% | -1075% | 1500% | -99.11% | -55.56% | 43.18% | 76% | 231.58% | -226.67% | 155.56% | 34.15% | -17.14% | -191.67% | -296.04% | 64.01% | 23.45% | - |
| EPS (Basic) | - | -12.81 | -18.06 | -9.52 | -2.73 | 0.28 | 0.02 | 1.96 | 4.41 | 3.08 | 1.82 | -1.33 | 1.05 | -1.89 | -2.87 | -2.45 | -0.84 | -0.21 | -0.59 | -0.77 |
| Diluted Shares Outstanding | 64.46M | 44.68M | 20.17M | 20.14M | 20.53M | 21.71M | 21.88M | 22.37M | 22.24M | 21.98M | 15.77M | 12.28M | 9.5M | 7.88M | 5.95M | 4.2M | 3.14M | 2.9M | 2.9M | 2.9M |
High leverage and vacancy
As reported in financial statements, Hudson Pacific Properties experienced a revenue decline of 8.4% in 2026Q1, reflecting persistent challenges in its core West Coast office portfolio and the ongoing volatility associated with the studio services segment following recent industry-wide labor disruptions and production scheduling shifts.
The consistent year-over-year revenue contraction suggests that the firm is struggling to offset structural vacancy in its San Francisco assets with growth from its studio-office hybrid model. Investors should monitor whether the recent revenue stabilization attempts are sufficient to counter the broader secular decline in office demand.
Based on the provided income statement data, the company reported a highly anomalous negative NOI margin of -44.6% in 2026Q1, which deviates sharply from the 60.0% margin observed in 2025Q4 and indicates significant operational volatility or non-recurring accounting adjustments impacting property-level performance.
This extreme margin swing suggests that the underlying cost structure is currently burdened by either high carry costs for vacant space or significant impairment charges. The lack of consistent margin performance warrants further investigation into whether these figures represent sustainable operating costs or temporary accounting distortions.
According to recent SEC filings, HPP's FFO per share reached $0.51 in 2026Q1, a figure that appears highly volatile when compared to the negative $4.10 reported in 2025Q4, highlighting the difficulty in relying on headline FFO as a consistent indicator of cash flow health.
The erratic FFO trajectory suggests that non-recurring items and potential lease termination fees are significantly clouding the true earnings power of the portfolio. Analysts should exercise caution, as the current FFO levels may not reflect the long-term cash-generating capacity of the studio and office assets.
Based on the reported figures, the persistent gap between GAAP net income and FFO, combined with recurring negative net income, suggests that the company's earnings quality may be compromised by aggressive capitalization of leasing commissions and tenant improvements rather than organic cash flow growth.
The consistent divergence between accounting losses and FFO metrics may indicate that the company is relying on non-cash adjustments to maintain the appearance of operational viability. Investors should monitor the sustainability of these accounting practices, as they may mask underlying cash flow deficits.
Quick answers to the most common questions about buying HPP stock.
For fiscal year 2025, Hudson Pacific Properties, Inc. (HPP) reported total revenue of $831.1M. This represents a 11836.0% increase compared to $7.0M in 2007.
Hudson Pacific Properties, Inc. (HPP) reported a net loss of $551.7M for the fiscal year ending 2025.
Hudson Pacific Properties, Inc. (HPP) reported an operating income of $-47.6M, resulting in an operating profit margin of -5.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Hudson Pacific Properties, Inc. (HPP) generated $-350.2M in gross profit for the year, representing a gross profit margin of -42.1%. This demonstrates the company's core pricing power and production efficiency.