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Highwoods Properties Inc (HIW) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · REIT - OFFICE · DATA UPDATED 2026-08-28

Highwoods Properties Inc (HIW) operates in the REIT - OFFICE industry and is headquartered in Raleigh, United States with about 315 employees. Its market capitalization is roughly $3 billion. In the fiscal year ended 2025-12-31, HIW reported $806M in revenue and $160M in net income.

Highwoods Properties, Inc. is a publicly traded fully integrated office real estate investment trust that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa.

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HIW Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$836M	$806M	$826M	$834M	$829M	$768M	$737M	$736M	$720M	$703M	$666M	$605M	$608M	$557M	$516M	$483M	$463M	$454M	$461M	$437M	$417M
Gross Profit	$562M	$545M	$554M	$565M	$569M	$532M	$505M	$487M	$478M	$466M	$435M	$389M	$383M	$353M	$329M	$307M	$299M	$290M	$295M	$280M	$263M
Gross Margin %	67.2%	67.6%	67.0%	67.8%	68.7%	69.2%	68.5%	66.2%	66.3%	66.3%	65.3%	64.3%	62.9%	63.5%	63.7%	63.5%	64.5%	63.8%	64.0%	64.0%	63.1%
Operating Income (EBIT)	$215M	$209M	$213M	$223M	$239M	$232M	$222M	$189M	$208M	$198M	$176M	$149M	$151M	$53M	$46M	$39M	$130M	$35M	$130M	$115M	$108M
Operating Margin %	25.8%	26.0%	25.8%	26.7%	28.9%	30.2%	30.2%	25.7%	28.8%	28.2%	26.5%	24.7%	24.8%	9.6%	8.9%	8.2%	28.1%	7.8%	28.3%	26.4%	26.0%
Net Income	$169M	$160M	$102M	$149M	$159M	$313M	$347M	$137M	$172M	$185M	$524M	$97M	$111M	$125M	$80M	$45M	$68M	$58M	$32M	$91M	$54M
Net Margin %	20.2%	19.8%	12.4%	17.8%	19.2%	40.8%	47.1%	18.6%	23.9%	26.4%	78.8%	16.1%	18.2%	22.5%	15.4%	9.3%	14.8%	12.9%	6.9%	20.8%	12.9%
EBITDA	$559M	$610M	$550M	$587M	$557M	$668M	$680M	$478M	$408M	$419M	$343M	$388M	$312M	$317M	$295M	$270M	$235M	$167M	$250M	$178M	$151M
Earnings Per Share (EPS)	$1.51	$1.44	$0.94	$1.38	$1.51	$2.93	$3.26	$1.29	$1.62	$1.76	$5.17	$1.00	$1.18	$1.41	$1.00	$0.59	$0.91	$0.81	$0.54	$1.47	$0.88
Shares Outstanding (M)	112M	111M	108M	108M	105M	107M	107M	106M	106M	106M	101M	97M	94M	89M	80M	76M	76M	72M	59M	62M	61M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HIW Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$216M	$214M	$203M	$202M	$201M	$200M	$207M	$204M
Gross Profit	$146M	$143M	$137M	$136M	$137M	$135M	$135M	$139M
Gross Margin %	67.6%	66.8%	67.2%	67.3%	68.3%	67.5%	65.4%	67.8%
Operating Income (EBIT)	$57M	$52M	$53M	$53M	$52M	$51M	$125M	$50M
Operating Margin %	26.5%	24.3%	26.1%	26.2%	25.9%	25.7%	60.5%	24.3%
Net Income	$94M	$32M	$29M	$13M	$19M	$98M	($3M)	$15M
Net Margin %	43.5%	14.9%	14.4%	6.7%	9.4%	48.9%	-1.5%	7.4%
EBITDA	$136M	$153M	$144M	$126M	$132M	$208M	$116M	$132M
Earnings Per Share (EPS)	$0.84	$0.28	$0.27	$0.12	$0.17	$0.89	$-0.03	$0.14
Shares Outstanding (M)	112M	112M	110M	111M	110M	110M	108M	108M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HIW Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$386M	$367M	$404M	$394M	$422M	$415M	$358M	$366M	$359M	$353M	$306M	$289M	$267M	$256M	$193M	$195M	$191M	$189M	$158M	$162M	$146M
Capital Expenditures (CapEx)	$141M	$201M	$185M	$177M	$269M	$383M	$2M	$424M	$51M	$2M	$110M	$409M	$164M	$419M	$270M	$185M	$103M	$151M	$231M	$287M	$222M
Free Cash Flow (FCF)	$245M	$167M	$219M	$217M	$152M	$31M	$356M	($58M)	$308M	$351M	$196M	($120M)	$103M	($162M)	($76M)	$11M	$88M	$38M	($74M)	($126M)	($77M)
FCF Margin %	29.3%	20.7%	26.5%	26.0%	18.4%	4.1%	48.3%	-7.9%	42.8%	49.9%	29.4%	-19.8%	17.0%	-29.2%	-14.8%	2.2%	18.9%	8.3%	-16.0%	-28.8%	-18.4%
Dividends Paid	$221M	$219M	$215M	$214M	$213M	$207M	$202M	$199M	$194M	$265M	$169M	$163M	$157M	$148M	$131M	$127M	$128M	$121M	$117M	$117M	$119M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HIW Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$125M	$63M	$102M	$97M	$117M	$46M	$104M	$97M
Capital Expenditures (CapEx)	$49M	$0M	$60M	$33M	$84M	$36M	$189M	$48M
Free Cash Flow (FCF)	$77M	$63M	$42M	$64M	$32M	$10M	($85M)	$49M
FCF Margin %	35.4%	29.4%	20.4%	31.7%	16.2%	5.0%	-41.2%	24.1%
Dividends Paid	$56M	$56M	$56M	$55M	$55M	$54M	$54M	$54M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HIW Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$6.5B	$6.3B	$6.0B	$6.0B	$6.1B	$5.7B	$5.2B	$5.1B	$4.7B	$4.6B	$4.6B	$4.5B	$4.0B	$3.8B	$3.4B	$3.2B	$2.9B	$2.9B	$2.9B	$2.9B	$2.8B
Cash & Cash Equivalents	$145M	$27M	$22M	$25M	$21M	$23M	$109M	$10M	$4M	$3M	$49M	$5M	$9M	$10M	$14M	$11M	$14M	$24M	$14M	$3M	$17M
Total Liabilities	$3.9B	$3.8B	$3.6B	$3.5B	$3.5B	$3.1B	$2.7B	$2.8B	$2.3B	$2.2B	$2.3B	$2.7B	$2.3B	$2.2B	$2.1B	$2.1B	$1.7B	$1.6B	$1.8B	$1.8B	$1.7B
Total Debt (Short + Long-Term)	$0M	$3.6B	$3.3B	$3.2B	$3.2B	$3.0B	$2.6B	$2.5B	$2.1B	$4.0B	$3.9B	$5.0B	$4.1B	$2.0B	$1.9B	$3.8B	$3.0B	$2.9B	$2.9B	$3.2B	$1.4B
Total Shareholders' Equity	$2.4B	$2.4B	$2.4B	$2.4B	$2.6B	$2.6B	$2.5B	$2.3B	$2.4B	$2.4B	$2.3B	$1.7B	$1.7B	$1.5B	$1.2B	$1.1B	$1.2B	$1.1B	$1.1B	$1.0B	$1.1B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive HIW viewer.

Other Companies in REIT - OFFICE

VNO · Vornado Realty Trust — $7 billion
CUZ · Cousins Properties Incorporated — $5 billion
KRC · Kilroy Realty Corp — $4 billion
SLG · SL Green Realty Corp — $4 billion
HPP · Hudson Pacific Properties Inc — $1 billion
DEA · Eerly Govt Ppty Inc — $1 billion
PDM · Piedmont Office Realty Trust Inc — $1 billion
PSTL · Postal Realty Trust Inc — $940 million

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