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REITs · Real Estate · Fiscal year ends Dec 31
Highwoods Properties reported revenue of $806M in the fiscal year ended Dec 2025, down 2.4% from the year before. Operating income was $545M, an operating margin of 67.6%, and net income was $163M. Operating cash flow of $359M less capital expenditure of $4M left free cash flow of $355M.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 768 | 829 | 834 | 826 | 806 |
| Operating income | 532 | 569 | 565 | 554 | 545 |
| Interest expense | 85.9 | 105 | 137 | 147 | 152 |
| Net income | 323 | 164 | 151 | 104 | 163 |
| Diluted EPS | 2.98 | 1.49 | 1.39 | 0.94 | 1.45 |
| Diluted shares | 107 | 108 | 108 | 108 | 111 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 23.2 | 21.4 | 25.1 | 22.4 | 27.4 |
| Total assets | 5,695 | 6,063 | 6,003 | 6,029 | 6,274 |
| Total liabilities | 3,084 | 3,498 | 3,515 | 3,598 | 3,838 |
| Shareholders' equity | 2,477 | 2,477 | 2,433 | 2,361 | 2,379 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 415 | 422 | 387 | 404 | 359 |
| Capital expenditure | 77.9 | 44.4 | 33.8 | 4.1 | 3.9 |
| Free cash flow | 337 | 377 | 353 | 399 | 355 |
| Depreciation & amortisation | 259 | 288 | 299 | 299 | 295 |
| Stock-based compensation | 8.6 | 7.6 | 7.0 | 8.0 | 8.2 |
| Dividends paid | 204 | 210 | 211 | 212 | 217 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.9% | 0.6% | −1.0% | −2.4% |
| Operating income growth (YoY) | – | 7.1% | −0.7% | −2.0% | −1.6% |
| EPS growth (YoY) | – | −50.0% | −6.7% | −32.4% | 54.3% |
| Operating margin | 69.2% | 68.7% | 67.8% | 67.0% | 67.6% |
| Net margin | 42.1% | 19.8% | 18.1% | 12.6% | 20.2% |
| Return on equityBlank when equity is negative | 13.1% | 6.6% | 6.2% | 4.4% | 6.8% |
| Free cash flow margin | 43.8% | 45.5% | 42.3% | 48.4% | 44.1% |
| Cash conversion (CFO ÷ net income) | 1.28x | 2.57x | 2.56x | 3.87x | 2.21x |
| Interest cover | 6.19x | 5.40x | 4.13x | 3.76x | 3.57x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.