What is Highwoods Pptys Inc's earnings per share (EPS)?

Highwoods Pptys Inc (HIW) reported diluted earnings per share of $1.45 for fiscal year 2025. This represents a 54.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Highwoods Pptys Inc Financials

HIW

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Highwoods Pptys Inc (HIW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HIW FY2025 2026-04-22

HIW’s asset-heavy model still throws off cash, but rising financing costs increasingly determine how much profit survives.

Across FY2021-FY2025, operating income stayed broadly level while interest expense climbed from $85.9M to $152.4M, which explains much of the drop in ROE and net margin even though the underlying operating economics barely changed. The FY2025 net-income rebound to $162.7M arrived despite lower revenue, lower operating income, and lower operating cash flow than FY2024, so the earnings recovery came from below-the-operating-line items rather than a stronger operating engine.

FY2025 operating cash flow of $359.2M still covered the dividend bill of $216.7M, which shows the payout is supported by recurring cash generation rather than by borrowing alone. But once the $440.7M investing outflow is included, expansion or repositioning spending still needs outside capital.

The balance sheet is organized around long-lived assets, not a big liquidity buffer: cash was just $27.4M against $3.84B of liabilities in FY2025. With debt-to-equity rising from 1.2x in FY2021 to 1.6x in FY2025, resilience depends more on steady operating cash inflow than on idle cash.

Financial Health Signals

Financial Health Score 59/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Highwoods Pptys Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Growth

Interest Cov.

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

4/6

Highwoods Pptys Inc passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.21x

For every $1 of reported earnings, Highwoods Pptys Inc generates $2.21 in operating cash flow ($359.2M OCF vs $162.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

3.6x

Highwoods Pptys Inc earns $3.6 in operating income for every $1 of interest expense ($544.7M vs $152.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$806.1M

YoY-2.4%

5Y CAGR+1.8%

Highwoods Pptys Inc generated $806.1M in revenue in fiscal year 2025. This represents a decrease of 2.4% from the prior year.

EBITDA

$839.7M

YoY-1.5%

5Y CAGR+2.4%

10Y CAGR+3.6%

Highwoods Pptys Inc's EBITDA was $839.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.5% from the prior year.

Net Income

$162.7M

YoY+56.0%

5Y CAGR-14.6%

10Y CAGR+4.9%

Highwoods Pptys Inc reported $162.7M in net income in fiscal year 2025. This represents an increase of 56.0% from the prior year.

EPS (Diluted)

$1.45

YoY+54.3%

5Y CAGR-15.3%

10Y CAGR+3.8%

Highwoods Pptys Inc earned $1.45 per diluted share (EPS) in fiscal year 2025. This represents an increase of 54.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$27.4M

YoY+22.1%

5Y CAGR-24.2%

10Y CAGR+18.4%

Highwoods Pptys Inc held $27.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

110M

YoY+2.1%

5Y CAGR+1.1%

10Y CAGR+1.4%

Highwoods Pptys Inc had 110M shares outstanding in fiscal year 2025. This represents an increase of 2.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

67.6%

YoY+0.5pp

5Y CAGR-1.0pp

Highwoods Pptys Inc's operating margin was 67.6% in fiscal year 2025, reflecting core business profitability. This is up 0.5 percentage points from the prior year.

Net Margin

20.2%

YoY+7.6pp

5Y CAGR-28.4pp

Highwoods Pptys Inc's net profit margin was 20.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.6 percentage points from the prior year.

Return on Equity

6.8%

YoY+2.4pp

5Y CAGR-8.5pp

10Y CAGR+0.5pp

Highwoods Pptys Inc's ROE was 6.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

HIW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$806.1M-2.4%	$825.9M-1.0%	$834.0M+0.6%	$828.9M+7.9%	$768.0M+4.2%	$736.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$40.3M-3.8%	$41.9M-2.2%	$42.9M+1.4%	$42.3M+4.2%	$40.6M-1.2%	$41.0M
Operating Income	$544.7M-1.6%	$553.7M-2.0%	$565.2M-0.7%	$569.1M+7.1%	$531.6M+5.2%	$505.1M
Interest Expense	$152.4M+3.6%	$147.2M+7.7%	$136.7M+29.7%	$105.4M+22.8%	$85.9M+6.0%	$81.0M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$162.7M+56.0%	$104.3M-31.1%	$151.3M-7.7%	$164.0M-49.3%	$323.3M-9.7%	$357.9M
EPS (Diluted)	$1.45+54.3%	$0.94-32.4%	$1.39-6.7%	$1.49-50.0%	$2.98-10.2%	$3.32

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$214.0M+5.3%	$203.4M+0.8%	$201.8M+0.6%	$200.6M+0.1%	$200.4M-2.5%	$205.5M+0.6%	$204.3M-0.2%	$204.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$13.4M+57.4%	$8.5M-5.1%	$9.0M-12.8%	$10.3M-17.2%	$12.5M+22.7%	$10.1M+2.5%	$9.9M+5.8%	$9.4M
Operating Income	$142.9M+4.6%	$136.6M+0.5%	$135.8M-0.8%	$136.9M+1.2%	$135.3M+1.0%	$134.1M-3.3%	$138.6M-1.1%	$140.2M
Interest Expense	$41.7M+5.2%	$39.7M+3.1%	$38.5M+2.2%	$37.7M+2.8%	$36.6M-1.7%	$37.3M-0.5%	$37.5M+4.4%	$35.9M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$33.4M+12.3%	$29.7M+116.8%	$13.7M-28.7%	$19.2M-80.8%	$100.0M+3227.0%	-$3.2M-120.7%	$15.5M-76.1%	$64.8M
EPS (Diluted)	$0.29	N/A	$0.12-29.4%	$0.17-81.3%	$0.91	N/A	$0.14-76.3%	$0.59

HIW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.3B+4.1%	$6.0B+0.4%	$6.0B-1.0%	$6.1B+6.5%	$5.7B+9.3%	$5.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$27.4M+22.1%	$22.4M-10.8%	$25.1M+17.6%	$21.4M-7.8%	$23.2M-78.8%	$109.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$28.3M-0.1%	$28.3M+0.7%	$28.1M+10.3%	$25.5M+82.0%	$14.0M-49.1%	$27.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.8B+6.7%	$3.6B+2.4%	$3.5B+0.5%	$3.5B+13.4%	$3.1B+12.6%	$2.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.4B+0.8%	$2.4B-3.0%	$2.4B-1.8%	$2.5B0.0%	$2.5B+6.0%	$2.3B
Retained Earnings	-$870.1M-7.3%	-$810.6M-16.1%	-$698.0M-10.2%	-$633.2M-9.2%	-$579.6M+15.5%	-$686.2M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$6.6B+5.1%	$6.3B+2.2%	$6.1B+1.3%	$6.1B-0.3%	$6.1B+0.8%	$6.0B0.0%	$6.0B+0.9%	$6.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$32.4M+18.5%	$27.4M+4.2%	$26.3M+23.9%	$21.2M+5.4%	$20.1M-10.3%	$22.4M-5.2%	$23.6M-12.4%	$27.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$29.8M+5.4%	$28.3M-6.9%	$30.3M+9.0%	$27.8M-3.3%	$28.8M+1.8%	$28.3M+8.4%	$26.1M-14.3%	$30.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.0B+3.8%	$3.8B+4.1%	$3.7B+2.0%	$3.6B+0.5%	$3.6B0.0%	$3.6B+0.2%	$3.6B+2.7%	$3.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.4B-0.4%	$2.4B-0.1%	$2.4B+0.4%	$2.4B-1.6%	$2.4B+2.1%	$2.4B0.0%	$2.4B-2.2%	$2.4B
Retained Earnings	-$893.7M-2.7%	-$870.1M-3.1%	-$843.8M-5.1%	-$802.6M-4.6%	-$767.0M+5.4%	-$810.6M-7.6%	-$753.4M-5.4%	-$715.0M

HIW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$359.2M-11.0%	$403.6M+4.3%	$387.0M-8.3%	$421.8M+1.7%	$414.6M+15.7%	$358.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$440.7M-45.7%	-$302.4M-78.2%	-$169.7M+72.4%	-$614.8M-113.7%	-$287.7M-359.9%	$110.7M
Financing Cash Flow	$90.8M+191.7%	-$99.0M+51.8%	-$205.4M-209.3%	$187.9M+166.0%	-$284.9M+3.2%	-$294.3M
Dividends Paid	$216.7M+2.1%	$212.4M+0.6%	$211.0M+0.4%	$210.2M+2.9%	$204.2M+2.4%	$199.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$62.8M-37.0%	$99.7M+3.1%	$96.7M-17.0%	$116.5M+151.6%	$46.3M-55.3%	$103.7M+6.4%	$97.5M-25.0%	$130.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$340.2M-69.0%	-$201.3M-28.1%	-$157.2M-186.1%	-$54.9M-101.9%	-$27.2M+72.1%	-$97.5M+34.6%	-$149.0M-2702.7%	$5.7M
Financing Cash Flow	$286.9M+178.7%	$102.9M+65.3%	$62.3M+201.9%	-$61.1M-360.1%	-$13.3M-104.0%	-$6.5M-113.4%	$48.6M+138.6%	-$126.2M
Dividends Paid	$55.0M0.0%	$55.0M+1.7%	$54.0M+0.2%	$53.9M+0.2%	$53.8M+0.6%	$53.5M+0.9%	$53.0M0.0%	$53.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HIW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	67.6%+0.5pp	67.0%-0.7pp	67.8%-0.9pp	68.7%-0.6pp	69.2%+0.7pp	68.5%
Net Margin	20.2%+7.6pp	12.6%-5.5pp	18.1%-1.6pp	19.8%-22.3pp	42.1%-6.5pp	48.6%
Return on Equity	6.8%+2.4pp	4.4%-1.8pp	6.2%-0.4pp	6.6%-6.4pp	13.1%-2.3pp	15.3%
Return on Assets	2.6%+0.9pp	1.7%-0.8pp	2.5%-0.2pp	2.7%-3.0pp	5.7%-1.2pp	6.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.61+0.1	1.52+0.1	1.44+0.0	1.41+0.2	1.24+0.1	1.17
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	66.8%-0.4pp	67.2%-0.2pp	67.3%-0.9pp	68.3%+0.7pp	67.5%+2.3pp	65.2%-2.6pp	67.8%-0.6pp	68.5%
Net Margin	15.6%+1.0pp	14.6%+7.8pp	6.8%-2.8pp	9.6%-40.3pp	49.9%+51.5pp	-1.6%-9.1pp	7.6%-24.1pp	31.6%
Return on Equity	1.4%+0.2pp	1.3%+0.7pp	0.6%-0.2pp	0.8%-3.3pp	4.2%+4.3pp	-0.1%-0.8pp	0.7%-2.0pp	2.7%
Return on Assets	0.5%+0.0pp	0.5%+0.3pp	0.2%-0.1pp	0.3%-1.3pp	1.7%+1.7pp	-0.1%-0.3pp	0.3%-0.8pp	1.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.68+0.1	1.61+0.1	1.55+0.0	1.52+0.0	1.49-0.0	1.520.0	1.52+0.1	1.45
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Highwoods Pptys Inc's annual revenue?

Highwoods Pptys Inc (HIW) reported $806.1M in total revenue for fiscal year 2025. This represents a -2.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Highwoods Pptys Inc's revenue growing?

Highwoods Pptys Inc (HIW) revenue declined by 2.4% year-over-year, from $825.9M to $806.1M in fiscal year 2025.

Is Highwoods Pptys Inc profitable?

Yes, Highwoods Pptys Inc (HIW) reported a net income of $162.7M in fiscal year 2025, with a net profit margin of 20.2%.

What is Highwoods Pptys Inc's EBITDA?

Highwoods Pptys Inc (HIW) had EBITDA of $839.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Highwoods Pptys Inc's operating margin?

Highwoods Pptys Inc (HIW) had an operating margin of 67.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Highwoods Pptys Inc's net profit margin?

Highwoods Pptys Inc (HIW) had a net profit margin of 20.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Highwoods Pptys Inc's return on equity (ROE)?

Highwoods Pptys Inc (HIW) has a return on equity of 6.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Highwoods Pptys Inc's operating cash flow?

Highwoods Pptys Inc (HIW) generated $359.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Highwoods Pptys Inc's total assets?

Highwoods Pptys Inc (HIW) had $6.3B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Highwoods Pptys Inc have outstanding?

Highwoods Pptys Inc (HIW) had 110M shares outstanding as of fiscal year 2025.

What is Highwoods Pptys Inc's debt-to-equity ratio?

Highwoods Pptys Inc (HIW) had a debt-to-equity ratio of 1.61 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Highwoods Pptys Inc's return on assets (ROA)?

Highwoods Pptys Inc (HIW) had a return on assets of 2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Highwoods Pptys Inc's Piotroski F-Score?

Highwoods Pptys Inc (HIW) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Highwoods Pptys Inc's earnings high quality?

Highwoods Pptys Inc (HIW) has an earnings quality ratio of 2.21x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Highwoods Pptys Inc cover its interest payments?

Highwoods Pptys Inc (HIW) has an interest coverage ratio of 3.6x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Highwoods Pptys Inc?

Highwoods Pptys Inc (HIW) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.