Saturday 17 October 2026 Export HIW’s income statement to Excel — free account

Highwoods Properties, Inc.

Highwoods Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $806.1 million, down 2.39% from fiscal 2024. In the quarter to June 2026, revenue grew 7.87%, EPS grew 400.0%, free cash flow grew 364.5% and total debt rose 5.43%, each against the same quarter a year earlier. Dividend growth for five consecutive years.

29.34 0.13 +0.45%

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Market cap: $3.2B
P/E: 19.3×
Fwd P/E: 31.1×
Dividend yield: 6.82%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 1.31%

Capital & Financial Ratios $m

Market Cap 3,220.00

Revenue 835.54

Net Income 173.55

Free Cash Flow (107.94)

Net Debt 3,349.58

Current Ratio 1.68

Debt/Equity 1.36

P/E ratio 19.30

Fwd P/E 31.10

P/S ratio 3.87

P/B ratio 1.26

Past 5Y EPS Growth (15.27%)

This Y EPS Growth (2.55%)

Next Y EPS Growth (48.94%)

Next Y revenue growth 7.65%

Next 5Y EPS Growth (19.61%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 45.34%

10-year low 10-year high

P/S against its own 10 years 26.50%

10-year low 10-year high

P/B against its own 10 years 22.01%

10-year low 10-year high

EV/Sales against its own 10 years 29.19%

10-year low 10-year high

Dividends

Payout Ratio 1.32

Annual Dividend Rate 2.00

Annual Dividend Yield 6.82%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.00	0.50 0.50 0.50
2025	2.00	0.50 0.50 0.50 0.50
2024	2.00	0.50 0.50 0.50 0.50
2023	2.00	0.50 0.50 0.50 0.50
2022	2.00	0.50 0.50 0.50 0.50
2021	1.96	0.48 0.48 0.50 0.50
2020	1.92	0.48 0.48 0.48 0.48
2019	1.90	0.48 0.48 0.48 0.48
2018	2.31	0.46 0.46 0.46 0.46 0.46
2017	1.76	0.44 0.44 0.44 0.44
2016	1.70	0.43 0.43 0.43 0.43 0.80

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	32	34	43	166
Receivables	339	337	346	336
Inventory	—	—	—	—
Other	—	—	—	—
	375	382	402	515

	2023	2024	2025	Q'26
Payables	302	305	284	306
ST’ Debt	—	—	—	—
Other	—	—	—	—
	302	305	284	306

Compound Annual Growth %

	10y	5y	3y
Sales	2.92%	1.81%	(0.93%)
Cash Flow	2.20%	0.06%	(5.21%)
Earnings	5.22%	(14.54%)	0.14%
Book Value	3.94%	0.21%	(1.57%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	214	216	—	—	—
’25	200	201	202	203	806
’24	211	205	204	206	826
’23	213	207	207	207	834
’22	206	204	207	212	829
’21	184	186	195	203	768
’20	193	183	181	180	737

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	63	125	—	—	—
’25	46	117	97	100	359
’24	72	130	97	104	404
’23	66	115	103	103	387
’22	74	128	118	102	422
’21	83	114	112	105	415
’20	64	117	95	83	358

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(257)	320	—	—	—
’25	10	69	(56)	(114)	(92)
’24	48	145	54	18	265
’23	10	97	59	93	260
’22	25	150	(112)	23	85
’21	56	89	(86)	204	263
’20	294	19	49	117	479

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.29	0.85	—	—	—
’25	0.91	0.17	0.12	0.26	1.45
’24	0.25	0.59	0.14	(0.03)	0.94
’23	0.42	0.40	0.21	0.36	1.39
’22	0.38	0.47	0.36	0.26	1.49
’21	0.52	0.57	0.69	1.19	2.98
’20	1.79	0.36	0.39	0.79	3.32

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	38.08	48.42	37.09	37.59	25.10	36.90	24.51	17.06	21.37	24.19	Analyst estimates 2026–2028 Powerpack
	High	56.23	53.34	52.00	49.04	52.76	48.98	47.44	31.88	36.78	32.76
People
People	Employees	438	441	442	431	359	348	345	349	350	315
	Revenue/emp, $m	1.52	1.59	1.63	1.71	2.05	2.21	2.40	2.39	2.36	2.56
Income, $m
Income, $m	Revenue	666	703	720	736	737	768	829	834	826	806
	Gross margin, %	65.28	66.29	66.33	66.23	68.54	69.21	68.66	67.77	67.04	67.58
	EBT	123	192	178	142	358	323	164	151	104	163
	EBT margin, %	18.41	27.27	24.67	19.25	48.57	42.10	19.78	18.15	12.62	20.18
	Net income	541	192	178	142	358	323	164	151	104	163
	Depreciation	224	232	230	257	244	263	292	305	306	303
Per share, $
Per share, $	Revenue	6.76	6.84	6.96	7.10	7.09	7.37	7.89	7.90	7.78	7.43
	Earnings	5.30	1.78	1.64	1.30	3.32	2.98	1.49	1.39	0.94	1.45
	Cash flow	3.11	3.43	3.47	3.53	3.45	3.98	4.01	3.67	3.80	3.31
	Capex	2.28	(1.92)	(2.92)	(5.78)	1.17	(1.45)	(3.20)	(1.20)	(1.31)	(4.16)
	Free cash flow	5.38	1.52	0.55	(2.25)	4.61	2.53	0.81	2.46	2.49	(0.85)
	Book value	21.88	21.79	21.89	20.97	22.70	23.98	23.77	23.10	22.28	21.97
	Shares, m	98	103	103	104	104	104	105	106	106	108
Valuation, ×
Valuation, ×	P/E	9.55	28.53	23.74	37.62	11.90	15.01	18.99	16.78	32.26	17.68
	P/S	7.60	7.42	5.56	6.89	5.59	6.05	3.56	2.95	3.93	3.47
	P/B	2.38	2.36	1.79	2.36	1.77	1.88	1.20	1.02	1.39	1.19
	EV/Sales	10.40	10.16	8.44	10.33	8.68	9.64	7.39	6.77	7.88	7.83
	EV/FCF	13.07	45.85	107.21	(32.51)	13.35	28.12	71.74	21.72	24.58	(68.72)
Cash, $m
Cash, $m	Operating cash flow	306	353	359	366	358	415	422	387	404	359
	Capex	224	(197)	(302)	(600)	121	(151)	(336)	(127)	(139)	(451)
	Free cash flow	530	156	57	(234)	479	263	85	260	265	(92)
Balance, $m
Balance, $m	Working capital	(36)	91	43	(13)	209	20	45	73	77	118
	Total debt	1,948	2,014	2,086	2,544	2,470	2,789	3,197	3,213	3,294	3,554
	Net debt	1,869	1,926	2,076	2,529	2,281	2,758	3,171	3,182	3,260	3,511
	Shareholders’ equity	2,154	2,237	2,264	2,174	2,358	2,500	2,499	2,438	2,365	2,383
Returns, %
Returns, %	ROA	11.54	3.98	3.64	2.74	6.67	5.70	2.66	2.42	1.66	2.56
	ROIC	2.74	2.96	2.98	2.43	2.97	2.76	2.23	2.48	2.09	2.13
	ROE	28.09	8.44	7.62	6.14	15.42	12.95	6.34	5.99	4.20	6.70

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CDP COPT Defense Properties	$7.5B	23.1×	24.5×	+3.94% (above 0%: growing)	+17.65% (above 0%: growing)	+76.90% (above 0%: growing)	60.18%	32.03%	Compare
ARE Alexandria Real Estate Equities, Inc.	$7.4B	— (loss-making)	— (loss-making)	−13.03% (below 0%: shrinking)	n/m	−158.14% (below 0%: shrinking)	68.72%	17.23%	Compare
VNO Vornado Realty Trust	$6.8B	1,642×	— (loss-making)	+4.71% (above 0%: growing)	−97.93% (below 0%: shrinking)	−90.54% (below 0%: shrinking)	51.58%	5.54%	Compare
CUZ Cousins Properties Incorporated	$4.5B	691×	145×	+11.83% (above 0%: growing)	+77.78% (above 0%: growing)	+811.42% (above 0%: growing)	68.47%	24.85%	Compare
KRC Kilroy Realty Corporation	$4.1B	24.4×	155×	−6.04% (below 0%: shrinking)	−70.69% (below 0%: shrinking)	−83.18% (below 0%: shrinking)	65.29%	23.99%	Compare
SLG SL Green Realty Corporation	$3.6B	— (loss-making)	— (loss-making)	+9.13% (above 0%: growing)	n/m	+7,443.12% (above 0%: growing)	48.82%	7.84%	Compare
HIW Highwoods Properties, Inc.	$3.2B	19.3×	31.1×	+7.87% (above 0%: growing)	+400.00% (above 0%: growing)	+364.51% (above 0%: growing)	67.58%	26.47%
DEI Douglas Emmett, Inc.	$1.6B	— (loss-making)	— (loss-making)	+1.63% (above 0%: growing)	n/m	+41.06% (above 0%: growing)	63.19%	19.62%	Compare
PDM Piedmont Realty Trust, Inc.	$1.1B	— (loss-making)	— (loss-making)	+2.73% (above 0%: growing)	n/m	−9.08% (below 0%: shrinking)	61.15%	14.29%	Compare
Median of peers	$4.3B	358×	145×	+3.34%	−26.52%	+15.99%	62.17%	18.43%

All 18 Reit Office stocks →

Highwoods Properties, Inc. (HIW) key facts

Concern: Highwoods Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $806.1 million, down 2.39% from fiscal 2024.
Highwoods Properties, Inc. (HIW) is a Reit Office company in the Real Estate sector, listed on the New York Stock Exchange.
As of October 16, 2026, HIW traded at $29.34, a market capitalization of $3.2 billion.
Highwoods Properties, Inc. pays an annual dividend of $2.00 per share, a yield of 6.82%, with a payout ratio of 131.6%.
Return on equity was 6.70% and debt-to-equity 1.36.
Its Piotroski F-score is 6 out of 9 for fiscal 2025.