Highwoods Properties, Inc. (HIW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.14	$0.13	-7.1%	—	—	—
Q1 26	$0.1	$0.13	+30.0%	—	$214M	—
Q4 25	$0.12	$0.08	-33.3%	—	$203.4M	—
Q3 25	$0.14	$0.14	0.0%	—	$201.8M	—
Q2 25	$0.16	$0.17	+6.3%	—	$200.6M	—
Q1 25	$0.32	$0.91	+184.4%	—	$200.4M	—
Q4 24	$0.08	-$0.09	-212.5%	—	$205.5M	—
Q3 24	$0.16	$0.13	-18.8%	—	$204.3M	—
Q2 24	$0.18	$0.26	+44.4%	—	$204.7M	—
Q1 24	$0.21	$0.17	-19.0%	—	$211.3M	—
Q4 23	$0.3	$0.09	-70.0%	—	$206.9M	—
Q3 23	$0.21	$0.21	0.0%	—	$207.1M	—
Q2 23	$0.29	$0.4	+37.9%	—	$207.3M	—
Q1 23	$0.23	$0.31	+34.8%	—	$212.8M	—
Q4 22	$0.27	$0.26	-3.7%	—	$211.7M	—
Q3 22	$0.32	$0.36	+12.5%	—	$207M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.45	—	—	$806.1M	—
FY24	—	$0.94	—	—	$825.9M	—
FY23	—	$1.39	—	—	$834M	—
FY22	—	$1.49	—	—	$828.9M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$665.6M	$702.7M	$720M	$736M	$736.9M	$768M	$828.9M	$834M	$825.9M	$806.1M
YoY change	+10.1%	+5.57%	+2.46%	+2.21%	+0.13%	+4.22%	+7.93%	+0.61%	-0.98%	-2.39%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	665.6M	702.7M	720M	736M	736.9M	768M	828.9M	834M	825.9M	806.1M
Cost of revenue	231.1M	236.9M	242.4M	248.5M	231.8M	236.4M	259.8M	268.8M	272.2M	261.4M
Gross profit	434.5M	465.8M	477.6M	487.5M	505.1M	531.6M	569.1M	565.2M	553.7M	544.7M
Gross margin	65.3%	66.3%	66.3%	66.2%	68.5%	69.2%	68.7%	67.8%	67%	67.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	38.2M	39.6M	40M	44.1M	41M	40.6M	42.3M	42.9M	41.9M	40.3M
Operating expenses	38.2M	39.6M	40M	44.1M	41M	40.6M	42.3M	42.9M	41.9M	40.3M
Operating income	176.3M	198.4M	207.7M	188.9M	222.5M	231.8M	239.2M	222.9M	212.7M	209.5M
Operating margin	26.5%	28.2%	28.8%	25.7%	30.2%	30.2%	28.9%	26.7%	25.8%	26%
Non-operating income, net	20.6M	62.4M	41.4M	34.4M	216.4M	177.4M	30.1M	65.1M	38.7M	105.6M
Pretax income	122.5M	191.7M	177.6M	141.7M	357.9M	323.3M	164M	151.3M	104.3M	162.7M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	541.1M	191.7M	177.6M	141.7M	357.9M	323.3M	164M	151.3M	104.3M	162.7M
Net margin	81.3%	27.3%	24.7%	19.3%	48.6%	42.1%	19.8%	18.1%	12.6%	20.2%
EBITDA	404.5M	435.9M	441.8M	444.2M	466.3M	494.4M	529.9M	527.9M	528.3M	516.4M
EPS	5.3	1.78	1.64	1.3	3.32	2.98	1.49	1.39	0.94	1.45
Diluted EPS	5.3	1.78	1.64	1.3	3.32	2.98	1.49	1.39	0.94	1.45

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	207.1M	206.9M	211.3M	204.7M	204.3M	205.5M	200.4M	200.6M	201.8M	203.4M	214M	—
Cost of revenue	67.2M	69.6M	70.4M	64.6M	65.7M	71.5M	65M	63.7M	65.9M	66.8M	71.1M	—
Gross profit	139.9M	137.3M	140.8M	140.2M	138.6M	134.1M	135.3M	136.9M	135.8M	136.6M	142.9M	—
Gross margin	67.6%	66.4%	66.7%	68.5%	67.8%	65.2%	67.5%	68.3%	67.3%	67.2%	66.8%	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	8.9M	12.2M	12.5M	9.4M	9.9M	10.1M	12.5M	10.3M	9M	8.5M	13.4M	—
Operating expenses	8.9M	12.2M	12.5M	9.4M	9.9M	10.1M	12.5M	10.3M	9M	8.5M	13.4M	—
Operating income	56.3M	46.1M	54.7M	57.1M	49.6M	51.4M	51.5M	51.9M	53M	53.1M	51.9M	—
Operating margin	27.2%	22.3%	25.9%	27.9%	24.3%	25%	25.7%	25.9%	26.2%	26.1%	24.3%	—
Non-operating income, net	1.2M	28.5M	9.1M	43.6M	3.3M	-17.3M	85.2M	4.9M	-775K	16.3M	23.1M	—
Pretax income	23.2M	39.3M	27.2M	64.8M	15.5M	-3.2M	100M	19.2M	13.7M	29.7M	33.4M	—
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	23.2M	39.3M	27.2M	64.8M	15.5M	-3.2M	100M	19.2M	13.7M	29.7M	33.4M	—
Net margin	11.2%	19%	12.9%	31.6%	7.57%	-1.56%	49.9%	9.58%	6.79%	14.6%	15.6%	—
EBITDA	132.2M	125.7M	130.2M	139.4M	131.7M	127M	125.8M	131.6M	129.2M	129.8M	135.6M	—
EPS	0.21	—	0.25	0.59	0.14	—	0.91	0.17	0.12	—	0.29	0.85
Diluted EPS	0.21	—	0.25	0.59	0.14	—	0.91	0.17	0.12	—	0.29	0.85

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5B	5.2B	4B	5.1B	4.1B	4.6B	2.9B	2.4B	3.2B	2.8B	3.5B
Enterprise value	6.9B	7.2B	6.1B	7.6B	6.5B	7.4B	6.1B	5.6B	6.5B	6.3B	7.2B
Shares outstanding	98.4M	102.7M	103.4M	103.7M	103.9M	104.2M	105.1M	105.5M	106.2M	108.5M	108.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	9.28	27.3	22.5	35.8	11.5	14.4	17.9	16	31.1	17.2	21.9
P/S	7.54	7.44	5.56	6.89	5.59	6.05	3.55	2.91	3.93	3.47	4.34
P/B	2.18	2.2	1.69	2.2	1.67	1.78	1.15	0.97	1.34	1.15	1.51
EV/EBITDA	17.1	16.6	13.8	17.1	13.9	15	11.5	10.6	12.3	12.3	15
EV/Sales	10.4	10.3	8.45	10.3	8.79	9.65	7.38	6.73	7.89	7.85	8.62
Earnings yield	10.8%	3.67%	4.44%	2.79%	8.69%	6.96%	5.57%	6.25%	3.21%	5.81%	4.57%
FCF yield	6.09%	6.74%	8.96%	7.21%	8.7%	8.92%	14.3%	16%	12.4%	12.8%	7.66%
PEG	—	—	—	—	—	—	—	—	—	—	0.05

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	65.3%	66.3%	66.3%	66.2%	68.5%	69.2%	68.7%	67.8%	67%	67.6%	67.4%
Operating margin	26.5%	28.2%	28.8%	25.7%	30.2%	30.2%	28.9%	26.7%	25.8%	26%	26.3%
Net margin	81.3%	27.3%	24.7%	19.3%	48.6%	42.1%	19.8%	18.1%	12.6%	20.2%	20.1%
ROE	23.5%	8.05%	7.49%	6.14%	14.5%	12.4%	6.39%	6.08%	4.29%	6.68%	6.82%
ROA	11.9%	4.15%	3.8%	2.76%	6.87%	5.68%	2.7%	2.52%	1.73%	2.59%	2.18%
Return on tangible assets	11.9%	4.15%	3.8%	2.76%	6.87%	5.68%	2.7%	2.52%	1.73%	2.59%	1.46%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.01	1.53	1.33	1.17	2.01	1.33	1.38	1.46	1.68	1.71	1.05
Quick ratio	1.01	1.53	1.33	1.17	2.01	1.33	1.38	1.46	1.5	1.63	1.73
Debt / equity	0.85	0.85	0.88	1.1	1	1.07	1.25	1.29	1.35	1.46	1.33
Debt / assets	0.43	0.44	0.45	0.5	0.47	0.49	0.53	0.54	0.55	0.57	0.56
Net debt / EBITDA	4.69	4.61	4.71	5.71	5.06	5.59	5.99	6.04	6.19	6.83	6.98
Interest coverage	2.6	3.77	3.49	2.74	5.42	4.77	2.56	2.11	1.71	2.07	1.61

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.76	6.84	6.96	7.1	7.09	7.37	7.89	7.9	7.78	7.43	7.65
EPS (basic)	5.3	1.78	1.64	1.3	3.32	2.98	1.49	1.39	0.94	1.45	1.45
EPS (diluted)	5.3	1.78	1.64	1.3	3.32	2.98	1.49	1.39	0.94	1.45	1.48
Book value per share	23.4	23.2	22.9	22.3	23.8	25.1	24.4	23.6	22.9	22.5	21.4
FCF per share	3.11	3.43	3.47	3.53	3.45	3.98	4.01	3.67	3.8	3.31	3.35
Cash per share	0.5	0.03	0.04	0.09	1.05	0.22	0.2	0.24	0.21	0.25	1.32

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	31.3%	138%	109.1%	140.8%	56.4%	63.9%	129.7%	141.1%	206.1%	134.7%	132.4%
Dividend yield	3.37%	5.06%	4.84%	3.93%	4.9%	4.45%	7.23%	8.81%	6.62%	7.82%	6.35%

Yield

6.35%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.50

ex-dividend Aug 17, 2026

Payout ratio

132%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.50
May 18, 2026	$0.50
Feb 17, 2026	$0.50

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$207.1M	$206.9M	$211.3M	$204.7M	$204.3M	$205.5M	$200.4M	$200.6M	$201.8M	$203.4M	$214M	—
YoY change	+0.05%	-2.29%	-0.69%	-1.23%	-1.34%	-0.64%	-5.16%	-2.02%	-1.25%	-1.06%	+6.81%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	49.5M	3.3M	3.8M	9.5M	109.3M	23.2M	21.4M	25.1M	22.4M	27.4M
Receivables	190.2M	225.1M	246M	260.1M	286.9M	282.3M	25.5M	28.1M	28.3M	28.3M
Inventory	0	—	0	—	—	—	—	—	55.4M	23.2M
Total current assets	318.1M	348.4M	290.6M	335.3M	540.3M	393.3M	414.4M	440.2M	512.3M	486M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	4.6B	4.6B	4.7B	5.1B	5.2B	5.7B	6.1B	6B	6B	6.3B
Accounts payable	313.9M	228.2M	218.9M	286.9M	268.7M	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	313.9M	228.2M	218.9M	286.9M	268.7M	295M	301.2M	302.2M	304.6M	284M
Long-term debt	1.9B	2B	2.1B	2.5B	2.5B	2.8B	3.2B	3.2B	3.3B	3.6B
Total liabilities	2.3B	2.2B	2.3B	2.8B	2.7B	3.1B	3.5B	3.5B	3.6B	3.8B
Shareholders' equity	2.3B	2.4B	2.4B	2.3B	2.5B	2.6B	2.6B	2.5B	2.4B	2.4B
Total debt	1.9B	2B	2.1B	2.5B	2.5B	2.8B	3.2B	3.2B	3.3B	3.6B
Net debt	1.9B	2B	2.1B	2.5B	2.4B	2.8B	3.2B	3.2B	3.3B	3.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	17M	16.9M	25.1M	16.4M	27M	23.6M	22.4M	20.1M	21.2M	26.3M	27.4M	32.4M
Receivables	324.3M	333.9M	28.1M	347.2M	344.2M	341.2M	28.3M	340.5M	342.3M	30.3M	28.3M	29.8M
Inventory	—	—	—	—	3.8M	—	55.4M	0	0	10.5M	23.2M	0
Total current assets	434.6M	436.5M	440.2M	460M	474.4M	461M	512.3M	453.4M	458M	470.5M	486M	482.4M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	6B	6B	6B	6B	6B	6B	6B	6.1B	6.1B	6.1B	6.3B	6.6B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	297.6M	310.4M	302.2M	287.2M	304.7M	295.2M	304.6M	258M	281.2M	283.9M	284M	279.4M
Long-term debt	3.2B	3.2B	3.2B	3.3B	3.2B	3.3B	3.3B	3.3B	3.3B	3.4B	3.6B	3.7B
Total liabilities	3.5B	3.5B	3.5B	3.5B	3.5B	3.6B	3.6B	3.6B	3.6B	3.7B	3.8B	4B
Shareholders' equity	2.5B	2.5B	2.5B	2.5B	2.5B	2.4B	2.4B	2.5B	2.4B	2.5B	2.4B	2.6B
Total debt	3.2B	3.2B	3.2B	3.3B	3.2B	3.3B	3.3B	3.3B	3.3B	3.4B	3.6B	3.7B
Net debt	3.2B	3.2B	3.2B	3.2B	3.2B	3.3B	3.3B	3.3B	3.3B	3.4B	3.5B	3.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	541.1M	191.7M	177.6M	141.7M	357.9M	323.3M	164M	151.3M	104.3M	162.7M
Depreciation & amortization	220.1M	227.8M	230M	254.5M	241.6M	259.3M	287.6M	299.4M	299M	295M
Stock-based compensation	6.3M	6.7M	7.5M	7.2M	6.2M	8.6M	7.6M	7M	8M	8.2M
Change in working capital	-32.5M	-38.7M	-28.5M	-8.9M	-42.1M	-8.2M	-18.2M	-21.2M	1.2M	-26.5M
Operating cash flow	735.8M	389.6M	388.4M	398.4M	565.7M	586.8M	448.3M	445.3M	421.4M	359.2M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-10.7M	-15.2M	-4.9M	-15.7M	-10.6M	-136.5M	-278.4M	-49.1M	-172M	2.3M
Dividends paid	-169.4M	-264.5M	-193.8M	-199.4M	-201.8M	-206.7M	-212.7M	-213.5M	-214.8M	-219.1M
Share repurchases	-4.4M	-4M	-1.7M	-1.8M	-1.2M	-1.7M	-5.9M	-1.5M	-1.4M	-2M
Financing cash flow	-1.1B	-677.8M	-632M	-319.4M	-644.3M	-594.9M	-171.1M	-820.4M	-354M	-462.1M
Net change in cash	-326.5M	-303.3M	-248.5M	63.4M	-89.1M	-144.6M	-1.2M	-424.2M	-104.7M	-100.6M
Free cash flow	305.8M	352.5M	358.6M	365.8M	358.2M	414.6M	421.8M	387M	403.6M	359.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	43.9M	23.2M	39.3M	27.2M	64.8M	15.5M	-3.2M	100M	19.2M	13.7M	29.7M	33.4M
Depreciation & amortization	75M	74.8M	79M	73.7M	73.7M	79.1M	72.5M	71.4M	74.7M	73.9M	75M	77.5M
Stock-based compensation	796K	833K	830K	4.8M	1.1M	1M	999K	5M	1.3M	1.2M	763K	6.5M
Change in working capital	18.8M	-1.1M	1.5M	-25.9M	25.1M	-4.8M	6.8M	-48.6M	21.6M	-1.1M	1.6M	-38.9M
Operating cash flow	141M	99.2M	124.2M	81.3M	167M	93.7M	79.4M	130.1M	118.1M	96.7M	99.7M	62.8M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	22.6M	-21.1M	-26.7M	-38.3M	-13.9M	-106M	-13.9M	8.2M	-10M	-6.6M	10.7M	-24.3M
Dividends paid	-53.3M	-53.5M	-53.5M	-53.5M	-53.6M	-53.6M	-54.1M	-54.4M	-54.5M	-54.6M	-55.5M	-55.5M
Share repurchases	-163K	0	0	-1.4M	-2K	-8K	-1K	-2M	0	0	0	-1.9M
Financing cash flow	-253.1M	-86.9M	-268.2M	-40M	-211.2M	15.6M	-118.5M	-152.3M	-114M	-49.3M	-178.1M	234M
Net change in cash	-89.5M	-8.8M	-170.7M	3M	-58M	3.4M	-53.1M	-14M	-5.9M	40.7M	-67.7M	272.5M
Free cash flow	115.5M	103.1M	102.8M	72.4M	130M	97.5M	103.7M	46.3M	116.5M	96.7M	99.7M	62.8M

Highwoods Properties, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement