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HIGHWOODS PROPERTIES, INC.

HIW Clue Score45
United States Fiscal year ends December CIK 0000921082
$29.04 -0.48% Close, 9 Oct 2026
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Price $29.04 −36.65% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Operating income434.5Net income541.1EPS, diluted5.30Fiscal year 2017Revenue702.7Operating income465.8Net income191.7 −64.6%EPS, diluted1.78 −66.4%Fiscal year 2018Revenue720.0 +2.5%Operating income477.6Net income177.6 −7.3%EPS, diluted1.64 −7.9%Fiscal year 2019Revenue736.0 +2.2%Operating income487.5Net income141.7 −20.2%EPS, diluted1.30 −20.7%Fiscal year 2020Revenue736.9 +0.1%Operating income505.1Net income357.9 +152.6%EPS, diluted3.32 +155.4%Fiscal year 2021Revenue768.0 +4.2%Operating income531.6Net income323.3 −9.7%EPS, diluted2.98 −10.2%Fiscal year 2022Revenue828.9 +7.9%Operating income569.1Net income164.0 −49.3%EPS, diluted1.49 −50.0%Fiscal year 2023Revenue834.0 +0.6%Operating income565.2Net income151.3 −7.7%EPS, diluted1.39 −6.7%Fiscal year 2024Revenue825.9 −1.0%Operating income553.7Net income104.3 −31.1%EPS, diluted0.94 −32.4%Fiscal year 2025Revenue806.1 −2.4%Operating income544.7Net income162.7 +56.0%EPS, diluted1.45 +54.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue n/a 702.7 720.0 736.0 736.9 768.0 828.9 834.0 825.9 806.1
Growth +2.5% +2.2% +0.1% +4.2% +7.9% +0.6% −1.0% −2.4%
Operating income 434.5 465.8 477.6 487.5 505.1 531.6 569.1 565.2 553.7 544.7
Net income 541.1 191.7 177.6 141.7 357.9 323.3 164.0 151.3 104.3 162.7
Growth −64.6% −7.3% −20.2% +152.6% −9.7% −49.3% −7.7% −31.1% +56.0%
EPS, diluted 5.30 1.78 1.64 1.30 3.32 2.98 1.49 1.39 0.94 1.45
Growth −66.4% −7.9% −20.7% +155.4% −10.2% −50.0% −6.7% −32.4% +54.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Fiscal year 2017Operating margin66.3%Net margin27.3%Fiscal year 2018Operating margin66.3%Net margin24.7%Fiscal year 2019Operating margin66.2%Net margin19.3%Fiscal year 2020Operating margin68.5%Net margin48.6%Fiscal year 2021Operating margin69.2%Net margin42.1%Fiscal year 2022Operating margin68.7%Net margin19.8%Fiscal year 2023Operating margin67.8%Net margin18.1%Fiscal year 2024Operating margin67.0%Net margin12.6%Fiscal year 2025Operating margin67.6%Net margin20.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin n/a 66.3% 66.3% 66.2% 68.5% 69.2% 68.7% 67.8% 67.0% 67.6%
Net margin n/a 27.3% 24.7% 19.3% 48.6% 42.1% 19.8% 18.1% 12.6% 20.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow305.8Dividends paid−166.9Fiscal year 2017Operating cash flow352.5Dividends paid−180.8Fiscal year 2018Operating cash flow358.6Dividends paid−191.3Fiscal year 2019Operating cash flow365.8Dividends paid−196.9Fiscal year 2020Operating cash flow358.2Dividends paid−199.3Fiscal year 2021Operating cash flow414.6Dividends paid−204.2Fiscal year 2022Operating cash flow421.8Dividends paid−210.2Fiscal year 2023Operating cash flow387.0Dividends paid−211.0Fiscal year 2024Operating cash flow403.6Dividends paid−212.4Fiscal year 2025Operating cash flow359.2Dividends paid−216.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 305.8 352.5 358.6 365.8 358.2 414.6 421.8 387.0 403.6 359.2
Dividends paid −166.9 −180.8 −191.3 −196.9 −199.3 −204.2 −210.2 −211.0 −212.4 −216.7

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash49.5Shareholders’ equity2,136.4Fiscal year 2017Cash3.3Shareholders’ equity2,219.8Fiscal year 2018Cash3.8Shareholders’ equity2,246.7Fiscal year 2019Cash9.5Shareholders’ equity2,152.4Fiscal year 2020Cash109.3Shareholders’ equity2,336.1Fiscal year 2021Cash23.2Shareholders’ equity2,477.1Fiscal year 2022Cash21.4Shareholders’ equity2,476.8Fiscal year 2023Cash25.1Shareholders’ equity2,433.3Fiscal year 2024Cash22.4Shareholders’ equity2,361.2Fiscal year 2025Cash27.4Shareholders’ equity2,379.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 49.5 3.3 3.8 9.5 109.3 23.2 21.4 25.1 22.4 27.4
Shareholders’ equity 2,136.4 2,219.8 2,246.7 2,152.4 2,336.1 2,477.1 2,476.8 2,433.3 2,361.2 2,379.0

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
305.8 352.5 358.6 365.8 358.2 414.6 421.8 387.0 403.6 359.2
Growth +15.3% +1.7% +2.0% −2.1% +15.7% +1.7% −8.3% +4.3% −11.0%
Investment
216.3 −200.3 −306.7 −607.4 110.7 −287.7 −614.8 −169.7 −302.4 −440.7
Financing
−465.2 −142.5 −130.1 246.2 −294.3 −284.9 187.9 −205.4 −99.0 90.8
−166.9 −180.8 −191.3 −196.9 −199.3 −204.2 −210.2 −211.0 −212.4 −216.7

Capital expenditure, dividends and buybacks are shown as money out, so negative.