Highwoods Properties (HIW) Cash Flow: Operating & Free Cash Flow

Highwoods Properties (HIW) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Highwoods Properties generated $359.21M of operating cash flow and spent $200.75M on capital expenditures. That left free cash flow of $359.21M, down 11.0% from $403.58M a year earlier, or 44.6% of revenue. It returned $221.11M to shareholders through $219.09M in dividends and $2.02M in share buybacks.

Highwoods Properties Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Highwoods Properties, Inc. (HIW) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	0.07	104.25	151.33	163.96	323.31	357.91	141.68	177.63	191.66
Depreciation & Amortization	294.95	299.05	299.41	287.57	259.26	239.05	254.00	228.01	226.66
Deferred Income Tax	0.00	0.00	0.00	0.00	0.00	-207.21	-34.21	-31.01	-45.03
Stock Based Compensation	8.21	8.00	6.98	7.55	8.65	6.21	7.18	7.47	6.69
Change in Working Capital	-24.30	3.86	-19.93	-16.47	-6.59	-42.46	-7.26	-27.33	-30.82
Change in Accounts Receivable	-12.53	-3.22	-0.55	-40.38	-16.36	-36.14	-33.10	-21.44	-37.21
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-70.49	-112.61
Change in Accounts Payable	-13.98	14.04	3.87	22.22	8.19	-5.95	24.23	-7.10	-1.52
Change in Other Working Capital	7.12	8.90	8.76	1.69	1.58	-0.37	1.61	71.70	120.52
Other Operating Activities	7.12	8.90	8.76	-20.83	-170.06	4.66	4.41	3.86	3.36
Net Cash from Operating Activities	359.21	403.58	386.96	421.78	414.56	358.16	365.80	358.63	352.53
Investing Activities
Capital Expenditures	-200.75	-239.81	-228.99	-0.26	0.00	-2.36	-424.22	-50.65	-1.84
Acquisitions	-28.49	-153.36	-132.61	-261.77	-133.42	-2.36	-9.98	-50.65	-10.06
Purchases of Investments	-41.51	0.00	-14.46	-0.02	-0.08	-160.64	-126.09	-150.31	-161.01
Sales/Maturities of Investments	227.14	0.00	9.89	0.29	0.30	484.62	133.62	90.13	132.42
Other Investing Activities	7.88	-163.56	-42.52	-353.03	-154.48	-208.57	-180.74	-256.10	-244.32
Net Cash from Investing Activities	-440.66	-302.44	-169.69	-614.80	-287.68	110.68	-607.41	-306.75	-256.22
Financing Activities
Debt Repayment	-593.87	-262.06	-821.73	409.56	-83.78	-74.59	460.11	71.06	68.45
Common Stock Issued	63.02	53.52	1.74	7.57	23.92	3.57	2.09	3.64	76.27
Common Stock Repurchased	-2.02	-1.44	-1.49	-5.92	-1.72	-1.16	-1.79	-1.68	-4.01
Dividends Paid	-219.09	-214.84	-213.51	-212.67	-206.67	-201.82	-199.42	-193.79	-264.50
Other Financing Activities	-10.98	-13.23	-9.79	-10.61	-16.68	-20.34	-14.78	-9.30	-18.73
Net Cash from Financing Activities	90.83	-99.04	-205.43	187.93	-284.93	-294.34	246.21	-130.07	-142.53
Summary
Effect of Forex Changes on Cash	0.00	0.00	-6.39	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	9.37	2.11	11.85	-5.09	-158.05	174.50	4.60	-78.19	-46.22
Cash at Beginning of Period	33.68	31.57	26.11	31.20	189.24	14.74	10.14	88.33	49.49
Cash at End of Period	43.05	33.68	31.57	26.11	31.20	189.24	14.74	10.14	3.27
Free Cash Flow	359.21	403.58	386.96	421.52	414.56	355.80	-58.43	307.98	350.69
Supplemental Disclosures
Interest Paid	144.60	133.58	129.76	102.50	79.47	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Highwoods Properties Cash Flow

What is Highwoods Properties's free cash flow?

Highwoods Properties generated free cash flow of $359.21M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $359.21M minus $200.75M of capital expenditures. That was down 11.0% from $403.58M a year earlier. Free cash flow equaled 44.6% of revenue.

How much does Highwoods Properties spend on capital expenditures?

Highwoods Properties spent $200.75M on capital expenditures in fiscal 2025, compared with $239.81M a year earlier. That equals 55.9% of operating cash flow.

Does Highwoods Properties pay dividends or buy back shares?

Yes. In fiscal 2025 Highwoods Properties returned $219.09M in dividends and $2.02M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition