NYSE : HHH
Howard Hughes Holdings Inc. — Financial statements
Real Estate · Real Estate - Development · United States
Last price 76.23 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.51B
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Financial statements
Howard Hughes Holdings Inc. (HHH) reported revenue of 2.37B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 2.37B | 1.47B | 1.75B | 908.75M | 1.49B | 1.43B |
| Other Revenue | 6.70M | |||||
| Revenue | 2.37B | 1.47B | 1.75B | 908.75M | 1.49B | 1.43B |
| Cost of Revenue | 1.38B | 771.56M | 960.34M | 400.92M | 795.30M | 861.83M |
| Gross Profit | 994.04M | 703.33M | 790.35M | 507.83M | 694.18M | 566.07M |
| Selling, General & Admin | 127.15M | 122.24M | 91.75M | 86.67M | 81.77M | 81.99M |
| Other Operating Expenses | 77.55M | 76.14M | 71.28M | 63.13M | 62.62M | 77.58M |
| Operating Expenses | 403.62M | 381.84M | 343.33M | 315.77M | 299.62M | 364.21M |
| Operating Income | 590.42M | 321.49M | 447.01M | 192.06M | 394.56M | 201.86M |
| Interest Expense | -172.75M | -169.93M | -164.93M | -157.57M | -112.50M | -130.04M |
| Interest & Investment Income | 59.02M | 47.00M | 25.35M | 25.50M | 3.82M | 107.00K |
| Earnings From Equity Investments | 1.77M | -5.83M | 25.78M | 21.72M | -9.85M | |
| Other Non Operating Income (Expenses) | -555.00K | -48.20M | -48.65M | |||
| EBT Excluding Unusual Items | 476.14M | 152.13M | 252.96M | 85.76M | 307.60M | 62.08M |
| Gain (Loss) on Sale of Assets | 66.24M | 29.82M | 22.91M | 24.16M | 29.68M | 53.08M |
| Asset Writedown | -13.07M | |||||
| Legal Settlements | -19.80M | -19.80M | ||||
| Other Unusual Items | -103.62M | -698.00K | -465.00K | -97.00K | -2.38M | -38.01M |
| Pretax Income | 380.68M | 161.46M | 365.40M | 109.83M | 334.90M | 64.08M |
| Income Tax Expense | 90.58M | 37.62M | 80.18M | 26.42M | 82.20M | 15.15M |
| Earnings From Continuing Operations | 290.10M | 123.84M | 285.21M | 83.41M | 252.71M | 48.92M |
| Earnings From Discontinued Operations | -88.22M | -634.94M | -68.07M | |||
| Net Income to Company | 290.10M | 123.84M | 196.99M | -551.53M | 184.64M | 48.92M |
| Minority Interest in Earnings | 2.00M | 54.00K | 711.00K | -243.00K | -103.00K | 7.18M |
| Net Income | 292.10M | 123.90M | 197.70M | -551.77M | 184.53M | 56.10M |
| Net Income to Common | 292.10M | 123.90M | 197.70M | -551.77M | 184.53M | 56.10M |
| Shares Outstanding (Basic) | 58.93M | 55.72M | 49.69M | 49.57M | 50.51M | 54.60M |
| Shares Outstanding (Diluted) | 59.34M | 56.05M | 49.91M | 49.62M | 50.56M | 54.65M |
| EPS (Basic) | 4.96 | 2.22 | 3.98 | -11.13 | 3.65 | 1.03 |
| EPS (Diluted) | 4.92 | 2.21 | 3.96 | -11.13 | 3.65 | 1.03 |
| Free Cash Flow | 776.92M | 440.76M | 375.99M | -271.72M | 323.25M | -285.77M |
| Free Cash Flow Per Share | 13.09 | 7.86 | 7.53 | -5.48 | 6.39 | -5.23 |
| Gross Margin | 41.89% | 47.69% | 45.15% | 55.88% | 46.61% | 39.64% |
| Operating Margin | 24.88% | 21.80% | 25.53% | 21.14% | 26.49% | 14.14% |
| Profit Margin | 12.31% | 8.40% | 11.29% | -60.72% | 12.39% | 3.93% |
| Free Cash Flow Margin | 32.74% | 29.88% | 21.48% | -29.90% | 21.70% | -20.01% |
| EBITDA | 810.01M | 505.08M | 627.13M | 361.02M | 549.38M | 407.01M |
| EBITDA Margin | 34.14% | 34.25% | 35.82% | 39.73% | 36.88% | 28.50% |
| D&A For EBITDA | 219.59M | 183.59M | 180.12M | 168.96M | 154.82M | 205.15M |
| EBIT | 590.42M | 321.49M | 447.01M | 192.06M | 394.56M | 201.86M |
| EBIT Margin | 24.88% | 21.80% | 25.53% | 21.14% | 26.49% | 14.14% |
| Effective Tax Rate | 23.79% | 23.30% | 21.94% | 24.05% | 24.54% | 23.65% |
| Revenue as Reported | 2.37B | 1.47B | 1.75B | 908.75M | 1.49B | 1.43B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.65B | 1.47B | 596.08M | 629.71M | 626.65M | 843.21M |
| Trading Asset Securities | 6.48M | 3.11M | 9.08M | 10.32M | ||
| Cash & Short-Term Investments | 2.68B | 1.47B | 605.16M | 640.03M | 626.65M | 843.21M |
| Accounts Receivable | 106.85M | 105.27M | 95.50M | 92.69M | 99.08M | 89.30M |
| Other Receivables | 1.57B | 601.05M | 590.63M | 654.56M | 554.55M | 480.84M |
| Receivables | 1.68B | 709.25M | 687.00M | 748.66M | 656.98M | 577.70M |
| Inventory | 10.50M | 3.94M | 525.00K | 671.00K | 22.45M | 58.55M |
| Prepaid Expenses | 34.80M | 19.67M | 22.79M | 15.55M | 18.81M | 21.37M |
| Restricted Cash | 717.39M | 628.65M | 402.42M | 379.50M | 472.28M | 373.43M |
| Other Current Assets | 684.53M | 54.61M | 66.35M | 682.97M | 48.58M | 45.55M |
| Total Current Assets | 5.81B | 2.89B | 1.78B | 2.47B | 1.85B | 1.92B |
| Property, Plant & Equipment | 6.98B | 7.37B | 7.05B | 6.74B | 7.27B | 7.09B |
| Long-Term Investments | 1.52B | 170.12M | 169.57M | 182.80M | 277.03M | 371.21M |
| Goodwill | 282.22M | 1.31M | ||||
| Other Intangible Assets | 586.44M | 36.42M | 36.35M | 36.85M | 64.87M | 72.67M |
| Long-Term Deferred Charges | 175.24M | 160.97M | 139.35M | 138.18M | 128.87M | 119.83M |
| Other Long-Term Assets | 551.01M | 11.93M | 28.43M | 16.53M | 12.55M | 6.62M |
| Total Assets | 15.91B | 10.64B | 9.21B | 9.58B | 9.60B | 9.58B |
| Accounts Payable | 58.46M | 69.02M | 48.32M | 47.60M | 36.17M | 72.83M |
| Accrued Expenses | 142.93M | 117.56M | 113.27M | 115.67M | 117.86M | 104.35M |
| Current Portion of Long-Term Debt | 10.00K | 689.00K | ||||
| Current Portion of Leases | 1.52M | 956.00K | ||||
| Current Unearned Revenue | 153.23M | 166.12M | 125.78M | 114.40M | 85.01M | 71.90M |
| Other Current Liabilities | 1.32B | 1.16B | 807.07M | 1.00B | 705.47M | 707.63M |
| Total Current Liabilities | 1.67B | 1.52B | 1.09B | 1.28B | 944.51M | 956.72M |
| Long-Term Debt | 5.46B | 5.11B | 5.13B | 5.15B | 4.75B | 4.62B |
| Long-Term Leases | 6.01M | 3.91M | 5.46M | 5.36M | 51.32M | 69.36M |
| Long-Term Deferred Tax Liabilities | 223.11M | 164.47M | 142.10M | 84.29M | 254.34M | 204.84M |
| Other Long-Term Liabilities | 3.11B | |||||
| Total Liabilities | 11.88B | 6.80B | 6.37B | 6.52B | 6.00B | 5.85B |
| Common Stock | 663.00K | 659.00K | 566.00K | 565.00K | 564.00K | 563.00K |
| Additional Paid-In Capital | 4.48B | 4.46B | 3.58B | 3.99B | 3.97B | 3.96B |
| Retained Earnings | 104.50M | -62.10M | -185.99M | -383.70M | 168.08M | -16.46M |
| Treasury Stock | -624.59M | -620.12M | -616.59M | -613.77M | -611.04M | -220.07M |
| Comprehensive Income & Other | 1.54M | -1.83M | 1.97M | 1.27M | 10.34M | -14.46M |
| Total Common Equity | 3.96B | 3.78B | 2.78B | 2.99B | 3.54B | 3.71B |
| Minority Interest | 73.58M | 66.79M | 65.55M | 66.05M | 65.61M | 23.18M |
| Shareholders' Equity | 4.03B | 3.84B | 2.84B | 3.06B | 3.61B | 3.73B |
| Total Liabilities & Equity | 15.91B | 10.64B | 9.21B | 9.58B | 9.60B | 9.58B |
| Total Debt | 5.46B | 5.12B | 5.13B | 5.15B | 4.80B | 4.69B |
| Net Cash (Debt) | -2.78B | -3.64B | -4.53B | -4.51B | -4.17B | -3.84B |
| Net Cash Per Share | -46.87 | -65.01 | -90.71 | -90.94 | -82.52 | -70.34 |
| Filing Date Shares Outstanding | 59.22M | 59.14M | 50.03M | 49.86M | 49.45M | 53.68M |
| Total Common Shares Outstanding | 59.16M | 58.87M | 49.74M | 49.64M | 49.45M | 53.66M |
| Working Capital | 4.14B | 1.37B | 689.81M | 1.19B | 901.24M | 963.09M |
| Book Value Per Share | 66.95 | 64.13 | 55.81 | 60.29 | 71.60 | 69.14 |
| Tangible Book Value | 3.09B | 3.74B | 2.74B | 2.96B | 3.48B | 3.64B |
| Tangible Book Value Per Share | 52.26 | 63.51 | 55.08 | 59.54 | 70.29 | 67.76 |
| Land | 335.87M | 307.62M | 302.45M | 294.19M | 312.23M | 322.44M |
| Buildings | 4.03B | 4.03B | 3.84B | 3.65B | 4.25B | 3.96B |
| Construction In Progress | 1.07B | 1.48B | 1.34B | 1.17B | 1.13B | 1.21B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 292.10M | 123.90M | 197.70M | -551.77M | 184.53M | 56.10M |
| Depreciation & Amortization | 219.59M | 183.59M | 180.12M | 168.96M | 154.82M | 205.15M |
| Other Amortization | 12.59M | 12.38M | 12.40M | 11.84M | 10.25M | 10.30M |
| Loss (Gain) From Sale of Assets | -66.24M | -29.82M | -22.91M | -24.16M | -29.69M | -53.06M |
| Asset Writedown & Restructuring Costs | 15.34M | |||||
| Loss (Gain) From Sale of Investments | 38.12M | -5.02M | ||||
| Loss (Gain) on Equity Investments | 7.01M | 4.50M | 12.44M | -15.54M | -8.19M | 52.39M |
| Stock-Based Compensation | 16.48M | 19.80M | 16.01M | 16.39M | 11.89M | 9.88M |
| Provision & Write-off of Bad Debts | 4.00M | 3.41M | -499.00K | 8.27M | 34.00K | -2.03M |
| Other Operating Activities | 124.03M | -207.91M | -25.56M | -77.74M | -40.70M | -670.52M |
| Change in Accounts Receivable | -11.70M | -18.21M | 83.78M | 117.33M | 82.77M | 30.59M |
| Change in Accounts Payable | 95.60M | 95.60M | 28.78M | 38.85M | 14.44M | 42.83M |
| Change in Other Net Operating Assets | 33.26M | 275.15M | -34.51M | 92.41M | -33.16M | 19.07M |
| Operating Cash Flow | 787.15M | 462.37M | 396.59M | -258.48M | 325.25M | -283.96M |
| Capital Expenditures | -10.23M | -21.61M | -20.60M | -13.24M | -2.00M | -1.81M |
| Sale of Property, Plant & Equipment | 131.63M | 12.34M | 48.41M | 39.54M | 81.72M | 322.45M |
| Sale (Purchase) of Real Estate | -166.67M | -215.72M | -300.90M | -271.25M | -311.61M | -310.66M |
| Investment in Securities | 1.23B | 804.00K | 3.16M | 12.99M | 207.39M | 90.81M |
| Other Investing Activities | 4.62M | 5.12M | -30.86M | -104.19M | -196.19M | 667.00K |
| Investing Cash Flow | -453.85M | -219.07M | -300.79M | -336.14M | -220.69M | 101.46M |
| Long-Term Debt Issued | 759.54M | 761.43M | 677.44M | 1.24B | 2.42B | |
| Long-Term Debt Repaid | -782.46M | -807.55M | -147.62M | -1.06B | -2.14B | |
| Net Debt Issued (Repaid) | 247.06M | -22.91M | -46.12M | 529.82M | 172.46M | 282.52M |
| Issuance of Common Stock | 10.96M | 862.85M | 345.00K | 4.08M | ||
| Repurchase of Common Stock | -6.88M | -3.64M | -2.31M | -2.70M | -406.88M | -83.63M |
| Other Financing Activities | -15.27M | 19.06M | -101.93M | 21.62M | 11.81M | -46.83M |
| Financing Cash Flow | 1.23B | 855.35M | -150.35M | 548.74M | -222.26M | 156.14M |
| Net Cash Flow | 1.57B | 1.10B | -54.55M | -45.88M | -117.70M | -26.36M |
| Free Cash Flow | 776.92M | 440.76M | 375.99M | -271.72M | 323.25M | -285.77M |
| Free Cash Flow Margin | 32.74% | 29.88% | 21.48% | -29.90% | 21.70% | -20.01% |
| Free Cash Flow Per Share | 13.09 | 7.86 | 7.53 | -5.48 | 6.39 | -5.23 |
| Levered Free Cash Flow | -1.13B | 474.77M | 825.50M | -65.83M | 196.55M | 149.43M |
| Unlevered Free Cash Flow | -1.04B | 568.60M | 916.18M | 20.82M | 256.61M | 220.40M |
| Cash Interest Paid | 182.65M | |||||
| Cash Income Tax Paid | -4.00M | 3.94M | 10.61M | 24.97M | 1.79M | |
| Change in Working Capital | 139.48M | 352.53M | 78.05M | 248.59M | 64.04M | 92.48M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.61B | 4.71B | 3.83B | 4.28B | 3.78B | 5.57B |
| Enterprise Value | 7.40B | 8.61B | 8.80B | 9.11B | 8.17B | 9.11B |
| Last Close Price | 77.91 | 79.77 | 76.92 | 81.51 | 72.81 | 96.98 |
| PE Ratio | 15.82 | 37.98 | 19.35 | 20.50 | 99.27 | |
| Forward PE | 29.68 | 20.34 | 36.73 | 38.83 | 24.64 | 178.07 |
| PS Ratio | 1.94 | 3.19 | 2.19 | 4.71 | 2.54 | 3.90 |
| PB Ratio | 1.16 | 1.23 | 1.35 | 1.40 | 1.05 | 1.49 |
| P/TBV Ratio | 1.49 | 1.26 | 1.40 | 1.45 | 1.09 | 1.53 |
| P/FCF Ratio | 5.94 | 10.68 | 10.18 | 11.70 | ||
| P/OCF Ratio | 5.86 | 10.18 | 9.65 | 11.63 | ||
| PEG Ratio | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 | |
| EV/Sales Ratio | 3.12 | 5.83 | 5.03 | 10.02 | 5.49 | 6.38 |
| EV/EBITDA Ratio | 9.13 | 17.04 | 14.03 | 25.22 | 14.88 | 22.38 |
| EV/EBIT Ratio | 12.53 | 26.77 | 19.68 | 47.41 | 20.71 | 45.13 |
| EV/FCF Ratio | 9.52 | 19.53 | 23.40 | 25.28 | ||
| Debt / Equity Ratio | 1.35 | 1.33 | 1.81 | 1.68 | 1.33 | 1.25 |
| Debt / EBITDA Ratio | 6.75 | 10.13 | 8.08 | 13.97 | 8.60 | 11.32 |
| Debt / FCF Ratio | 7.03 | 11.61 | 13.65 | 14.85 | ||
| Net Debt / Equity Ratio | 0.69 | 0.95 | 1.59 | 1.48 | 1.16 | 1.03 |
| Net Debt / EBITDA Ratio | 3.43 | 7.21 | 7.22 | 12.50 | 7.59 | 9.44 |
| Net Debt / FCF Ratio | 3.58 | 8.27 | 12.04 | -16.61 | 12.91 | -13.45 |
| Asset Turnover | 0.18 | 0.15 | 0.19 | 0.10 | 0.15 | 0.15 |
| Inventory Turnover | 252.22 | 345.84 | 1,605.92 | 34.68 | 19.64 | 14.93 |
| Quick Ratio | 2.61 | 1.43 | 1.18 | 1.08 | 1.36 | 1.48 |
| Current Ratio | 3.48 | 1.90 | 1.63 | 1.93 | 1.95 | 2.01 |
| Return on Equity (ROE) | 7.49% | 3.71% | 9.67% | 2.50% | 6.89% | 1.31% |
| Return on Assets (ROA) | 2.82% | 2.02% | 2.97% | 1.25% | 2.57% | 1.35% |
| Return on Invested Capital (ROIC) | 6.15% | 3.32% | 4.67% | 1.90% | 3.88% | 2.10% |
| Return on Capital Employed (ROCE) | 4.10% | 3.50% | 5.50% | 2.30% | 4.60% | 2.30% |
| Earnings Yield | 6.32% | 2.63% | 5.17% | -12.88% | 4.88% | 1.01% |
| FCF Yield | 16.84% | 9.37% | 9.83% | -6.34% | 8.55% | -5.13% |
| Buyback Yield / Dilution | -15.60% | -12.29% | -0.60% | 1.86% | 7.49% | -4.05% |