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HHH

Howard Hughes Holdings Inc.

HHH

Howard Hughes Holdings Inc. • NYSE
$89.53 ▼ -0.20% (-0.18)
Market Cap $5.32 B
52w High $91.07
52w Low $61.41
Dividend Yield 3.50%
P/E 16.58
Volume 267.21K
Outstanding Shares 59.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $390.235M ▲ $14.374M ▼ $119.508M ▲ 30.625% ▲ $2.03 ▲ $248.537M ▲
Q2-2025 $260.88M ▲ $81.151M ▲ $-12.144M ▼ -4.655% ▼ $-0.22 ▼ $72.182M ▼
Q1-2025 $199.328M ▼ $59.854M ▼ $10.533M ▼ 5.284% ▼ $0.21 ▼ $100.568M ▼
Q4-2024 $983.59M ▲ $71.097M ▲ $156.318M ▲ 15.893% ▼ $3.15 ▲ $380.783M ▲
Q3-2024 $327.147M $-20.932M $72.77M 22.244% $1.46 $194.666M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.457B ▲ $10.696B ▲ $6.862B ▲ $3.768B ▲
Q2-2025 $1.441B ▲ $10.298B ▲ $6.586B ▲ $3.645B ▲
Q1-2025 $493.657M ▼ $9.289B ▲ $6.434B ▲ $2.788B ▲
Q4-2024 $596.083M ▲ $9.211B ▼ $6.369B ▼ $2.776B ▲
Q3-2024 $400.728M $9.439B $6.758B $2.614B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $119.402M ▲ $149.758M ▼ $-39.387M ▲ $64.604M ▼ $174.975M ▼ $149.082M ▼
Q2-2025 $-12.076M ▼ $177.273M ▲ $-59.08M ▲ $842.584M ▲ $960.777M ▲ $177.076M ▲
Q1-2025 $10.838M ▼ $-224.924M ▼ $-63.591M ▼ $128.064M ▲ $-160.451M ▼ $-225.207M ▼
Q4-2024 $162.32M ▲ $337.094M ▲ $-54.495M ▲ $-204.708M ▼ $77.777M ▲ $335.878M ▲
Q3-2024 $96.801M $248.856M $-78.646M $-155.201M $14.96M $238.967M

Five-Year Company Overview

Income Statement

Income Statement Over the past five years, Howard Hughes has grown its revenue meaningfully from early-pandemic levels, but with noticeable ups and downs along the way. Profitability has been quite volatile: several years of modest profits, a sizeable loss in 2023, followed by a much stronger profit in the most recent year. This pattern fits a real estate developer whose results depend heavily on the timing of land and condo sales, leasing, and market conditions. Underlying operating performance looks healthier than the headline earnings swings suggest, with core operating and EBITDA results mostly positive. Still, the sharp movements in net income and earnings per share highlight a business that is sensitive to the property cycle, interest rates, and one‑off items like asset sales or write‑downs rather than a smooth, predictable earner.

Balance Sheet

Balance Sheet The balance sheet is dominated by long‑lived real estate assets and has stayed fairly stable in overall size. This reflects a large, patient land and property portfolio that can be developed and monetized over many years. Debt is high and has edged up over time, while shareholder equity has slipped from earlier levels. That combination points to a more leveraged capital structure, which is common in real estate but increases sensitivity to interest rates and refinancing conditions. Cash on hand is reasonable but not large relative to total debt, making disciplined capital allocation and access to financing particularly important. Overall, the company sits on valuable assets but runs with meaningful financial leverage.

Cash Flow

Cash Flow Cash flow has been choppy, mirroring the income statement. The company spent multiple years with weak or negative operating cash flow, then produced a solid positive inflow in the most recent year. Free cash flow follows the same pattern, suggesting that when development and sales line up well, the business can generate healthy cash, but the timing is uneven. Reported capital spending is very low, which is typical for a developer that treats much of its outlay as inventory or project spending rather than traditional “capex.” The main takeaway is that cash generation depends heavily on the pace of sales and leasing, so strong recent cash flow is encouraging but not yet a steady, proven trend.

Competitive Edge

Competitive Edge Howard Hughes has an unusual and strong position in real estate through its large master planned communities. By controlling huge land holdings around growing metropolitan areas, it effectively sets the pace and character of development in those regions. This creates a powerful ecosystem: selling residential lots attracts residents, which justifies building offices, retail, and entertainment, which then generates recurring rental income and supports further development. This scale and control are hard for rivals to replicate and give the company a local “mini‑monopoly” within its communities. Its projects like The Woodlands and Summerlin have strong brand recognition and are consistently seen as desirable places to live and work. The flip side is concentration risk: results depend on a limited set of markets and on continued demand for its live‑work‑play model amid changing work patterns and regional economic conditions.

Innovation and R&D

Innovation and R&D Innovation here is less about pure technology and more about how communities are designed and managed. Howard Hughes focuses on “placemaking”: building walkable, mixed‑use environments with integrated housing, retail, offices, and amenities rather than isolated projects. It also leans into sustainability with green building standards, mass‑timber construction in some projects, and water‑efficient, environmentally sensitive planning in new communities like Teravalis. On top of that, the company is evolving into a broader holding company, aiming to own stakes in durable, high‑quality businesses beyond traditional real estate, supported by an anchor investor in Pershing Square. This could diversify earnings and extend its long‑term, value‑oriented approach, but it is early days, and the track record for this new strategy has yet to be established. Execution and integration risks are important to keep in mind.

Summary

Howard Hughes combines a distinctive real estate model with a more recent shift toward a diversified holding company structure. Financially, it has moved from a difficult, loss‑making year in 2023 to a much stronger performance and better cash generation most recently, but its history shows that earnings and cash flows can be lumpy and closely tied to the real estate cycle. The company’s core strength lies in its large, high‑quality master planned communities, which provide a long runway for development and a built‑in moat through scale, control, and brand. At the same time, it carries substantial debt and operates in a cyclical sector, making interest rates, financing access, and market demand key variables to monitor. Looking ahead, the success of new flagship projects like Teravalis, the stability of recurring rental income from existing assets, and the execution of the new holding company strategy will likely shape whether the recent improvements in profitability and cash flow can become more durable over time.

NEWS

November 17, 2025 · 4:01 PM UTC

Howard Hughes Communities™ Celebrates Grand Opening of Teravalis™ in Phoenix West Valley

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November 10, 2025 · 7:00 AM UTC

Howard Hughes Holdings Inc. Reports Third Quarter 2025 Results

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October 8, 2025 · 8:31 AM UTC

Howard Hughes Holdings Inc. Announces Dates and Times for 2025 Third Quarter Earnings Release and Conference Call

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September 30, 2025 · 4:02 PM UTC

Howard Hughes Holdings Announces Appointment of Thom Lachman and Susan Panuccio to Board of Directors

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September 4, 2025 · 4:57 PM UTC

Howard Hughes Communities Reports $1.2 Billion in Sales at Launch of Newest Luxury Residential Towers at Ward Village® Including Discovery Land Company's Exclusive Residential Offering on O‘ahu

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