Hudson Pacific Properties, Inc. (HPP) Cash Flow Statement
Where HPP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $121.0M −26.5% vs 2024
- Capital expenditures
- $22.1M 2.7% of revenue
- Free cash flow
- $98.9M 11.9% margin
- Returned to shareholders
- $28.2M 29% of free cash flow
- Change in cash
- $63.0M cash at year-end $162.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HPP operating cash flow, capex and free cash flow
HPP cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $293.0M2017 | $121.0M2025 | −9.4%/yr | |
| Capital expenditures | $257.7M2017 | $22.1M2025 | −23.9%/yr | |
| Free cash flow | $35.2M2017 | $98.9M2025 | +12.2%/yr | |
| Free cash flow margin | 4.8%2017 | 11.9%2025 | +7.1 pts | |
| Operating cash flow / net income | 3.102017 | 10.852021 | +7.75 | |
| Stock-based compensation | $15.1M2017 | $30.4M2025 | +8.1%/yr | |
| Dividends paid | $159.2M2017 | $20.9M2025 | −20.2%/yr | |
| Share buybacks (net) | $310.9M2017 | $7.3M2025 | −34.0%/yr | |
| Capex / revenue | 35.4%2017 | 2.7%2025 | −32.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HPP cash flow by activity
HPP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HPP cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$592.3M | −$381.4M | −$171.4M | −$16.5M | $29.0M | $16.4M | $55.8M | $111.8M | $32.5M | $94.6M |
| Depreciation & amortization | $373.7M | $352.1M | $394.4M | $367.9M | $334.6M | $292.4M | $271.7M | $235.8M | $0 | $268.0M |
| Stock-based compensation | $30.4M | $26.0M | $23.9M | $24.3M | $21.2M | $22.7M | $19.5M | $17.0M | — | $15.1M |
| Change in working capital | −$104.7M | −$25.7M | −$33.0M | −$10.6M | −$54.3M | −$13.8M | −$21.4M | −$79.0M | — | −$18.4M |
| Other non-cash items | $413.9M | $193.6M | $18.4M | $4.4M | −$15.6M | −$15.7M | −$37.6M | −$71.0M | $260.5M | −$66.3M |
| Cash from operating activities | $121.0M | $164.7M | $232.3M | $369.5M | $314.9M | $302.0M | $288.0M | $214.6M | $293.0M | $293.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$22.1M | −$23.1M | −$5.7M | −$116.7M | −$125.2M | −$593.9M | −$20.5M | −$362.7M | $0 | −$257.7M |
| Investments (net) | −$4.3M | −$250.5M | −$167.2M | $91.1M | −$68.2M | −$9.5M | −$78.5M | −$132.9M | — | $14.9M |
| Acquisitions & other investing | $69.2M | $23.1M | $640.8M | −$352.5M | −$560.8M | −$403.4M | −$217.4M | $103.3M | −$333.0M | −$90.2M |
| Cash from investing activities | $42.8M | −$250.5M | $467.8M | −$378.1M | −$754.2M | −$1.01B | −$316.4M | −$392.3M | −$333.0M | −$333.0M |
| Financing activities | ||||||||||
| Dividends paid | −$20.9M | −$36.2M | −$75.8M | −$168.8M | −$155.2M | −$155.6M | −$158.4M | −$157.6M | $0 | −$159.2M |
| Share repurchases & issuance (net) | −$7.3M | −$571,000 | −$1.4M | −$237.2M | −$46.1M | −$80.2M | −$525,000 | −$50.0M | $647.4M | −$310.9M |
| Net borrowing (repayment) | −$719.2M | $142.7M | −$675.7M | $681.0M | $317.5M | $572.7M | $186.3M | $193.2M | — | −$57.2M |
| Shares issued | $523.4M | $0 | $0 | $413.0M | $458.0M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $123.2M | −$40.1M | −$113.8M | −$590.6M | −$87.5M | $459.3M | −$8.9M | $159.0M | −$614.2M | $560.4M |
| Cash from financing activities | −$100.9M | $65.9M | −$866.7M | $97.4M | $486.7M | $796.1M | $18.5M | $144.6M | $33.2M | $33.2M |
| Summary | ||||||||||
| Net change in cash | $63.0M | −$20.0M | −$166.6M | $88.9M | $47.3M | $91.3M | −$9.9M | −$33.1M | — | −$6.9M |
| Cash at end of period | $162.1M | $99.2M | $119.2M | $285.7M | $196.9M | $149.5M | $58.3M | $68.2M | $101.3M | $101.3M |
| Free cash flow | $98.9M | $141.6M | $226.5M | $252.8M | $189.6M | −$291.9M | $267.5M | −$148.1M | $293.0M | $35.2M |
| Free cash flow margin | 11.9% | 16.8% | 23.8% | 24.6% | 21.1% | −36.2% | 32.7% | −20.3% | — | 4.8% |
| Capex / revenue | 2.7% | 2.7% | 0.6% | 11.4% | 14.0% | 73.7% | 2.5% | 49.8% | — | 35.4% |
| Operating cash flow / net income | — | — | — | — | 10.85 | 18.38 | 5.16 | 1.92 | 9.03 | 3.10 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$104.7M | −$50.9M | −$280.2M | −$144.1M | −$87.8M | −$80.3M | −$161.8M | −$92.7M | −$47.6M | −$53.4M | −$88.7M | −$32.4M |
| Depreciation & amortization | $81.8M | $80.4M | $92.7M | $93.7M | $94.4M | $93.1M | $88.7M | $86.1M | $86.8M | $91.9M | $102.4M | $88.4M |
| Stock-based compensation | $1.3M | $1.9M | $3.8M | $3.6M | $17.9M | $5.1M | $6.6M | $6.0M | $6.9M | $6.6M | $6.8M | $5.5M |
| Change in working capital | −$39.8M | $9.6M | −$62.4M | −$5.0M | −$32.3M | −$5.0M | −$1.3M | −$6.8M | −$17.4M | $13.0M | −$37.3M | −$409,000 |
| Other non-cash items | $53.4M | $3.3M | $305.4M | $85.0M | $5.7M | $17.6M | $68.0M | $71.2M | $6.9M | $7.1M | $26.0M | $10.3M |
| Cash from operating activities | −$8.0M | $44.3M | $59.3M | $33.2M | −$2.0M | $30.5M | $162,000 | $63.7M | $35.6M | $65.1M | $9.2M | $71.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.0M | −$4.0M | −$6.2M | −$5.3M | −$5.8M | −$4.7M | −$4.7M | −$8.0M | −$5.3M | −$5.1M | −$1.3M | −$2.8M |
| Investments (net) | −$1.4M | −$589,000 | −$1.3M | −$56.0M | −$24.0M | $15.9M | −$54.8M | −$74.7M | −$49.7M | −$71.4M | $592.3M | −$21.5M |
| Acquisitions & other investing | −$37.4M | −$29.8M | $114.4M | $5.3M | $5.8M | $4.7M | $4.7M | $8.0M | $5.3M | $5.1M | $1.3M | −$100.2M |
| Cash from investing activities | −$39.9M | −$34.3M | $106.9M | −$56.0M | −$24.0M | $15.9M | −$54.8M | −$74.7M | −$49.7M | −$71.4M | $592.3M | −$124.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$5.1M | −$58.3M | −$5.1M | −$5.1M | −$5.2M | −$5.5M | −$21.8M | −$109.2M | −$12.7M | −$13.1M | −$103.2M | −$55.7M |
| Share repurchases & issuance (net) | $78,000 | −$78,000 | −$2.8M | −$3.1M | −$2.8M | −$1.4M | −$76,000 | −$447,000 | $0 | −$48,000 | −$1,000 | −$1.4M |
| Net borrowing (repayment) | −$2.5M | −$2.5M | −$208.8M | −$31.8M | −$488.0M | $9.3M | $36.0M | $24.4M | — | — | — | −$58.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.6M | $51.2M | −$1.9M | $10.2M | $655.2M | −$14.1M | $25.8M | $110.3M | −$6.9M | $33.8M | −$473.3M | $41.1M |
| Cash from financing activities | −$9.1M | −$9.7M | −$218.6M | −$29.8M | $159.3M | −$11.7M | $39.9M | $25.0M | −$19.6M | $20.6M | −$576.5M | −$74.0M |
| Summary | ||||||||||||
| Net change in cash | −$57.0M | $312,000 | −$52.3M | −$52.7M | $133.2M | $34.7M | −$14.8M | $14.0M | −$33.6M | $14.4M | $25.1M | −$33.7M |
| Cash at end of period | $105.4M | $162.4M | $162.1M | $214.4M | $267.1M | $133.9M | $99.2M | $113.9M | $99.9M | $133.6M | $119.2M | $94.1M |
| Free cash flow | −$9.1M | $40.3M | $53.1M | $27.9M | −$7.9M | $25.8M | −$4.6M | $55.8M | $30.3M | $60.1M | $7.9M | $68.6M |
| Free cash flow margin | −4.8% | 22.2% | 20.7% | 14.9% | −4.1% | 13.0% | −2.2% | 27.8% | 13.9% | 28.1% | 3.6% | 29.6% |
| Capex / revenue | 0.6% | 2.2% | 2.4% | 2.9% | 3.1% | 2.4% | 2.3% | 4.0% | 2.4% | 2.4% | 0.6% | 1.2% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HPP cash generation
In fiscal 2025 (ended December 31, 2025), Hudson Pacific Properties generated $121.0 million of cash from operations (down 26.5%) and spent $22.1 million on capital expenditures, leaving free cash flow of $98.9 million, 11.9% of revenue. It returned $28.2 million to shareholders through dividends ($20.9 million) and net share buybacks ($7.3 million). Cash and equivalents rose by $63.0 million over the year.
Related: HPP income statement, HPP balance sheet. See the HPP stock overview for the latest quote and news.
HPP cash flow FAQ
What is Hudson Pacific Properties's free cash flow?
Hudson Pacific Properties's free cash flow was $98.9 million in fiscal 2025: $121.0 million of operating cash flow minus $22.1 million of capital expenditures It was $141.6 million a year earlier..
How much cash does Hudson Pacific Properties generate from operations?
Hudson Pacific Properties generated $121.0 million of cash from operating activities in fiscal 2025.
How much does Hudson Pacific Properties spend on capital expenditures?
Hudson Pacific Properties spent $22.1 million on capital expenditures in fiscal 2025, 2.7% of revenue, compared with $23.1 million the year before.
How much stock does Hudson Pacific Properties buy back?
Hudson Pacific Properties spent $7.3 million on net share repurchases in fiscal 2025.
How much does Hudson Pacific Properties pay in dividends?
Hudson Pacific Properties paid $20.9 million in dividends in fiscal 2025, 21.1% of free cash flow.