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Howard Hughes (HHH) Financials

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$82.53 +0.68 (+0.83%)
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Annual Income Statements for Howard Hughes

Annual Income Statements for Howard Hughes

This table shows Howard Hughes' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 56 185 -552 198
Consolidated Net Income / (Loss)		 49 185 -552 197
Net Income / (Loss) Continuing Operations		 49 253 83 285
Total Pre-Tax Income 		64 335 110 365
Total Revenue		 1,288 1,408 801 1,634
Net Interest Income / (Expense)		 -130 -109 -132 -140
Total Interest Income		 0.11 3.82 26 25
Investment Securities Interest Income		 0.11 3.82 26 25
Total Interest Expense		 130 112 158 165
Long-Term Debt Interest Expense		 130 112 158 165
Total Non-Interest Income		 1,418 1,517 933 1,773
Net Realized & Unrealized Capital Gains on Investments		 -38 27 24 22
Other Non-Interest Income		 1,428 1,489 909 1,751
Provision for Credit Losses		 - 0.63 -2.76 0.50
Total Non-Interest Expense		 1,215 1,096 725 1,354
Other Operating Expenses		 1,009 941 557 1,125
Depreciation Expense		 205 155 169 180
Other Special Charges		 - 0.00 0.00 49
Nonoperating Income / (Expense), net		 -9.85 23 32 86
Income Tax Expense		 15 82 26 80
Net Income / (Loss) Discontinued Operations		 - -68 -635 -88
Net Income / (Loss) Attributable to Noncontrolling Interest		 -7.18 0.10 0.24 -0.71
Basic Earnings per Share		 $1.03 $3.65 ($11.13) $3.98
Weighted Average Basic Shares Outstanding		 - - 50.26M 50.41M
Diluted Earnings per Share		 $1.03 $3.65 ($11.12) $3.96
Weighted Average Diluted Shares Outstanding		 - - 50.26M 50.41M
Weighted Average Basic & Diluted Shares Outstanding		 - - 50.26M 50.41M

Quarterly Income Statements for Howard Hughes

This table shows Howard Hughes' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -23 -19 -544 34 -52 21 73 156 11
Consolidated Net Income / (Loss)		 -23 -19 -544 34 -52 21 72 156 11
Net Income / (Loss) Continuing Operations		 -23 -19 32 93 -52 21 97 220 11
Total Pre-Tax Income 		-24 -35 43 125 -70 27 107 301 14
Total Revenue		 167 227 213 194 142 324 292 876 178
Net Interest Income / (Expense)		 -34 4.99 -32 -71 -34 6.19 -38 -74 -35
Total Interest Income		 4.09 4.99 7.68 8.73 8.12 6.19 5.34 5.71 6.12
Investment Securities Interest Income		 4.09 4.99 7.68 8.73 8.12 6.19 5.34 5.71 6.12
Total Interest Expense		 38 0.00 39 80 42 0.00 44 79 41
Long-Term Debt Interest Expense		 38 - 39 - 42 - 44 - 41
Total Non-Interest Income		 201 222 245 265 176 318 330 949 213
Net Realized & Unrealized Capital Gains on Investments		 4.73 0.00 16 3.05 4.79 -0.20 3.17 15 14
Other Non-Interest Income		 196 223 228 261 171 317 327 935 199
Provision for Credit Losses		 -2.42 -0.03 1.40 -1.72 0.83 1.56 0.19 -2.08 -0.16
Total Non-Interest Expense		 193 255 184 93 193 295 274 593 164
Other Operating Expenses		 141 202 141 72 140 242 178 565 119
Depreciation Expense		 52 53 43 21 52 53 44 31 45
Nonoperating Income / (Expense), net		 0.18 -6.19 16 22 -18 -0.30 89 16 -0.05
Income Tax Expense		 -1.28 -15 11 32 -17 6.36 10 81 3.44
Net Income / (Loss) Discontinued Operations		 - - -576 - - - -24 - 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.12 0.00 0.05 0.08 0.01 -0.03 -0.27 -0.41 0.31
Basic Earnings per Share		 ($0.46) ($0.39) ($10.97) $0.68 ($1.06) $0.42 $1.46 $3.10 $0.21
Weighted Average Basic Shares Outstanding		 - - - 50.26M 50.26M 50.24M 50.14M 50.41M 50.39M
Diluted Earnings per Share		 ($0.46) ($0.39) ($10.96) $0.68 ($1.06) $0.42 $1.46 $3.10 $0.21
Weighted Average Diluted Shares Outstanding		 - - - 50.26M 50.26M 50.24M 50.14M 50.41M 50.39M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 50.26M 50.26M 50.24M 50.14M 50.41M 50.39M

Annual Cash Flow Statements for Howard Hughes

This table details how cash moves in and out of Howard Hughes' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -26 -118 -46 -55
Net Cash From Operating Activities		 -284 325 -258 397
Net Cash From Continuing Operating Activities		 -284 342 -215 448
Net Income / (Loss) Continuing Operations		 49 253 -1,103 394
Consolidated Net Income / (Loss)		 49 185 -468 482
Net Income / (Loss) Discontinued Operations		 - -68 -635 -88
Provision For Loan Losses		 -2.03 0.03 8.27 -0.50
Depreciation Expense		 185 138 152 161
Amortization Expense		 30 27 12 32
Non-Cash Adjustments to Reconcile Net Income		 -639 -140 -39 -333
Changes in Operating Assets and Liabilities, net		 92 64 160 78
Net Cash From Discontinued Operating Activities		 - -17 -43 -51
Net Cash From Investing Activities		 101 -221 -336 -301
Net Cash From Continuing Investing Activities		 101 -249 -346 -431
Purchase of Property, Leasehold Improvements and Equipment		 -38 -45 -40 -50
Purchase of Investment Securities		 -276 -494 -237 -275
Sale and/or Maturity of Investments		 415 289 53 55
Other Investing Activities, net		 0.67 0.13 110 8.72
Net Cash From Discontinued Investing Activities		 - 29 9.52 130
Net Cash From Financing Activities		 156 -222 549 -150
Net Cash From Continuing Financing Activities		 156 -220 538 -28
Issuance of Debt		 2,423 1,236 677 761
Issuance of Preferred Equity		 - 0.00 0.00 9.85
Repayment of Debt		 -2,170 -1,063 -148 -808
Repurchase of Common Equity		 -81 -404 0.00 0.00
Other Financing Activities, Net		 -15 11 -3.27 8.52
Net Cash From Discontinued Financing Activities		 - -2.20 11 -123
Cash Interest Paid		 254 295 240 450
Cash Income Taxes Paid		 1.79 25 11 3.94

Quarterly Cash Flow Statements for Howard Hughes

This table details how cash moves in and out of Howard Hughes' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 - -210 -46 93 117 -161 14 15 78 -160
Net Cash From Operating Activities		 - -144 -106 -109 101 -171 -18 248 337 -225
Net Cash From Continuing Operating Activities		 - -144 -106 -89 125 -171 -18 300 337 -225
Net Income / (Loss) Continuing Operations		 - -23 -19 -575 -487 -52 21 154 271 11
Consolidated Net Income / (Loss)		 - -23 -19 - - -52 21 72 441 11
Net Income / (Loss) Discontinued Operations		 - - - - -18 - - - -6.42 0.00
Provision For Loan Losses		 - 0.47 1.61 2.31 3.89 1.64 0.29 -2.95 0.52 0.62
Depreciation Expense		 - 47 48 - - 46 47 27 40 40
Amortization Expense		 - 7.90 7.95 - - 9.59 8.31 5.71 8.26 8.35
Non-Cash Adjustments to Reconcile Net Income		 - -183 -162 351 -45 -167 -184 27 -9.08 -217
Changes in Operating Assets and Liabilities, net		 - 5.92 17 -75 212 -9.00 89 89 -91 -68
Net Cash From Discontinued Operating Activities		 - - - - -23 - - - 0.34 0.00
Net Cash From Investing Activities		 - -94 -106 -54 -82 -74 -95 -78 -54 -64
Net Cash From Continuing Investing Activities		 - -94 -106 -46 -99 -74 -95 -208 -54 -64
Purchase of Property, Leasehold Improvements and Equipment		 - -11 -21 0.53 -9.27 -11 -7.78 -9.89 -21 -14
Purchase of Investment Securities		 - -86 -92 3.39 -62 -79 -91 -204 99 -53
Sale and/or Maturity of Investments		 - 3.11 6.33 22 21 13 0.68 4.59 37 3.57
Other Investing Activities, net		 - 0.00 - - - 3.57 3.45 1.24 0.46 0.01
Net Cash From Discontinued Investing Activities		 - - - - 17 - - - -0.34 0.00
Net Cash From Financing Activities		 - 29 166 256 98 84 126 -155 -205 128
Net Cash From Continuing Financing Activities		 - 29 166 256 87 84 126 -33 -205 128
Issuance of Debt		 - 32 169 243 233 89 250 137 285 133
Repayment of Debt		 - -3.29 -4.06 -2.61 -138 -3.70 -125 -195 -484 -12
Other Financing Activities, Net		 - -0.19 0.96 -3.42 -0.62 -1.68 0.32 15 -5.21 7.28
Net Cash From Discontinued Financing Activities		 - - - - - - - - - 0.00
Cash Interest Paid		 - 106 66 21 47 136 93 136 84 129
Cash Income Taxes Paid		 - - - - 6.34 - - 0.10 -0.02 -0.06

Annual Balance Sheets for Howard Hughes

This table presents Howard Hughes' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 9,603 9,577 9,211
Cash and Due from Banks		 627 630 596
Restricted Cash		 472 379 402
Trading Account Securities		 312 294 302
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Premises and Equipment, Net		 4,504 3,990 4,233
Deferred Acquisition Cost		 129 138 139
Other Assets		 3,560 4,145 3,538
Total Liabilities & Shareholders' Equity		 9,603 9,577 9,211
Total Liabilities		 5,997 6,518 6,369
Long-Term Debt		 4,747 5,147 5,127
Other Long-Term Liabilities		 1,250 1,371 1,242
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,606 3,059 2,842
Total Preferred & Common Equity		 3,540 2,993 2,776
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 3,540 2,993 2,776
Common Stock		 3,973 3,989 3,577
Retained Earnings		 168 -384 -186
Treasury Stock		 -611 -614 -617
Accumulated Other Comprehensive Income / (Loss)		 10 1.27 1.97
Noncontrolling Interest		 66 66 66

Quarterly Balance Sheets for Howard Hughes

This table presents Howard Hughes' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets		 9,636 9,903 9,439 9,289
Cash and Due from Banks		 463 437 401 494
Restricted Cash		 429 469 520 344
Trading Account Securities		 303 310 299 301
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 4,576 4,757 4,585 4,410
Deferred Acquisition Cost		 146 153 153 139
Other Assets		 3,719 3,778 3,481 3,601
Total Liabilities & Shareholders' Equity		 9,636 9,903 9,439 9,289
Total Liabilities		 6,623 6,867 6,758 6,434
Long-Term Debt		 5,391 5,512 5,299 5,249
Other Long-Term Liabilities		 1,232 1,355 1,460 1,185
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,013 3,037 2,680 2,855
Total Preferred & Common Equity		 2,947 2,971 2,614 2,788
Preferred Stock		 0.00 0.00 0.00 0.00
Total Common Equity		 2,947 2,971 2,614 2,788
Common Stock		 3,994 3,997 3,573 3,581
Retained Earnings		 -436 -415 -342 -175
Treasury Stock		 -615 -615 -615 -618
Accumulated Other Comprehensive Income / (Loss)		 3.90 3.94 -1.38 0.15
Noncontrolling Interest		 66 66 66 67

Annual Metrics And Ratios for Howard Hughes

This table displays calculated financial ratios and metrics derived from Howard Hughes' official financial filings.

Metric 2021 2022 2023 2024
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - -
Revenue Growth		 0.00% 9.29% -43.13% 104.00%
EBITDA Growth		 0.00% 64.78% -49.23% 94.83%
EBIT Growth		 0.00% 321.70% -74.91% 256.78%
NOPAT Growth		 0.00% 316.76% -74.74% 266.69%
Net Income Growth		 0.00% 277.39% -398.71% 135.72%
EPS Growth		 0.00% 277.39% -398.71% 135.61%
Operating Cash Flow Growth		 0.00% 214.54% -179.47% 253.43%
Free Cash Flow Firm Growth		 0.00% 0.00% 102.55% 119.80%
Invested Capital Growth		 0.00% 0.00% -1.76% -2.88%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 308.71%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 212.28%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 143.80%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 148.57%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 161.05%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 162.25%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 146.71%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -0.12%
Profitability Metrics		 - - - -
EBITDA Margin		 22.46% 33.86% 30.23% 28.87%
EBIT Margin		 5.74% 22.14% 9.77% 17.09%
Profit (Net Income) Margin		 3.80% 13.11% -68.88% 12.06%
Tax Burden Percent		 76.35% 55.13% -502.18% 53.91%
Interest Burden Percent		 86.67% 107.42% 140.39% 130.92%
Effective Tax Rate		 23.65% 24.54% 24.05% 21.94%
Return on Invested Capital (ROIC)		 0.00% 5.63% 0.72% 2.69%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 3.50% -11.63% 2.29%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 4.61% -17.27% 3.98%
Return on Equity (ROE)		 0.00% 10.24% -16.55% 6.68%
Cash Return on Invested Capital (CROIC)		 0.00% -194.37% 2.50% 5.62%
Operating Return on Assets (OROA)		 0.00% 3.25% 0.82% 2.97%
Return on Assets (ROA)		 0.00% 1.92% -5.75% 2.10%
Return on Common Equity (ROCE)		 0.00% 10.05% -16.22% 6.53%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 5.22% -18.43% 7.10%
Net Operating Profit after Tax (NOPAT)		 56 235 59 218
NOPAT Margin		 4.38% 16.71% 7.42% 13.34%
Net Nonoperating Expense Percent (NNEP)		 0.00% 2.13% 12.35% 0.41%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 94.26% 77.82% 90.58% 82.88%
Earnings before Interest and Taxes (EBIT)		 74 312 78 279
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 289 477 242 472
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 1.39
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 1.39
Price to Revenue (P/Rev)		 0.00 0.00 0.00 2.36
Price to Earnings (P/E)		 0.00 0.00 0.00 19.51
Dividend Yield		 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 5.13%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 1.01
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 4.93
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 17.07
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 28.85
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 36.96
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 20.30
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 17.71
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 1.32 1.68 1.80
Long-Term Debt to Equity		 0.00 1.32 1.68 1.80
Financial Leverage		 0.00 1.32 1.48 1.74
Leverage Ratio		 0.00 2.66 2.88 3.18
Compound Leverage Factor		 0.00 2.86 4.04 4.17
Debt to Total Capital		 0.00% 56.83% 62.72% 64.34%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 56.83% 62.72% 64.34%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.79% 0.80% 0.82%
Common Equity to Total Capital		 0.00% 42.38% 36.47% 34.84%
Debt to EBITDA		 0.00 9.96 21.26 10.87
Net Debt to EBITDA		 0.00 7.65 17.09 8.75
Long-Term Debt to EBITDA		 0.00 9.96 21.26 10.87
Debt to NOPAT		 0.00 20.18 86.63 23.54
Net Debt to NOPAT		 0.00 15.51 69.65 18.95
Long-Term Debt to NOPAT		 0.00 20.18 86.63 23.54
Noncontrolling Interest Sharing Ratio		 0.00% 1.82% 1.98% 2.23%
Liquidity Ratios		 - - - -
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -8,118 207 455
Operating Cash Flow to CapEx		 -752.63% 719.63% -642.81% 791.73%
Free Cash Flow to Firm to Interest Expense		 0.00 -72.16 1.31 2.76
Operating Cash Flow to Interest Expense		 -2.18 2.89 -1.64 2.40
Operating Cash Flow Less CapEx to Interest Expense		 -2.47 2.49 -1.90 2.10
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 0.15 0.08 0.17
Fixed Asset Turnover		 0.00 0.31 0.19 0.40
Capital & Investment Metrics		 - - - -
Invested Capital		 0.00 8,353 8,206 7,969
Invested Capital Turnover		 0.00 0.34 0.10 0.20
Increase / (Decrease) in Invested Capital		 0.00 8,353 -147 -237
Enterprise Value (EV)		 0.00 0.00 0.00 8,051
Market Capitalization		 0.00 0.00 0.00 3,857
Book Value per Share		 $0.00 $0.00 $59.55 $55.37
Tangible Book Value per Share		 $0.00 $0.00 $59.55 $55.37
Total Capital		 0.00 8,353 8,206 7,969
Total Debt		 0.00 4,747 5,147 5,127
Total Long-Term Debt		 0.00 4,747 5,147 5,127
Net Debt		 0.00 3,648 4,138 4,129
Capital Expenditures (CapEx)		 38 45 40 50
Net Nonoperating Expense (NNE)		 7.52 51 611 21
Net Nonoperating Obligations (NNO)		 0.00 4,747 5,147 5,127
Total Depreciation and Amortization (D&A)		 215 165 164 193
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($10.60) $3.98
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 52.75M 50.41M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($10.60) $3.96
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 52.75M 50.41M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 52.75M 50.41M
Normalized Net Operating Profit after Tax (NOPAT)		 56 235 59 256
Normalized NOPAT Margin		 4.38% 16.71% 7.42% 15.66%
Pre Tax Income Margin		 4.97% 23.78% 13.72% 22.37%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 0.57 2.77 0.50 1.69
NOPAT to Interest Expense		 0.43 2.09 0.38 1.32
EBIT Less CapEx to Interest Expense		 0.28 2.37 0.24 1.39
NOPAT Less CapEx to Interest Expense		 0.14 1.69 0.12 1.02
Payout Ratios		 - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 165.82% 218.73% 0.00% 0.00%

Quarterly Metrics And Ratios for Howard Hughes

This table displays calculated financial ratios and metrics derived from Howard Hughes' official financial filings.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% -14.88% 42.83% 36.94% 351.57% 36.96%
EBITDA Growth		 0.00% 0.00% 0.00% 0.00% -86.99% 200.09% -28.06% 169.74% 126.26%
EBIT Growth		 0.00% 0.00% 0.00% 0.00% -113.49% 197.89% -35.80% 177.19% 173.30%
NOPAT Growth		 0.00% 0.00% 0.00% 0.00% -113.49% 207.35% -21.27% 171.63% 179.51%
Net Income Growth		 0.00% 0.00% 0.00% 0.00% -131.88% 210.02% 113.32% 353.57% 120.66%
EPS Growth		 0.00% 0.00% 0.00% 0.00% -130.43% 207.69% 113.32% 355.88% 119.81%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% -18.69% 83.47% 326.98% 232.91% -31.35%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 103.69%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -2.88% -3.57%
Revenue Q/Q Growth		 0.00% 35.77% -5.99% -9.00% 0.00% 127.81% -9.86% 200.08% -79.67%
EBITDA Q/Q Growth		 0.00% -9.60% 153.55% 75.32% 0.00% 1,985.28% -39.22% 557.38% -81.21%
EBIT Q/Q Growth		 0.00% -17.54% 198.29% 269.46% 0.00% 153.90% -35.54% 1,495.10% -94.97%
NOPAT Q/Q Growth		 0.00% -17.61% 203.50% 273.89% 0.00% 159.14% -24.09% 1,189.89% -94.78%
Net Income Q/Q Growth		 0.00% 15.41% -2,742.77% 106.32% 0.00% 140.14% 244.27% 115.05% -93.05%
EPS Q/Q Growth		 0.00% 15.22% -2,742.77% 106.32% 0.00% 139.62% 247.62% 112.33% -93.23%
Operating Cash Flow Q/Q Growth		 0.00% 26.47% -3.10% 192.57% 0.00% 89.76% 1,515.93% 35.78% -166.72%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -1.04% 6.62% 105.59% -30.18%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.51% 1.72% -6.66% -0.12% 1.69%
Profitability Metrics		 - - - - - - - - -
EBITDA Margin		 18.42% 12.27% 33.08% 63.74% 2.82% 25.77% 17.38% 38.07% 35.18%
EBIT Margin		 -14.42% -12.49% 13.06% 53.00% -36.18% 8.56% 6.12% 32.54% 8.04%
Profit (Net Income) Margin		 -13.55% -8.44% -255.31% 17.72% -36.91% 6.50% 24.84% 17.80% 6.09%
Tax Burden Percent		 94.65% 55.46% -1,251.63% 27.55% 75.32% 76.81% 67.93% 51.81% 75.93%
Interest Burden Percent		 99.26% 121.91% 156.25% 121.37% 135.48% 98.93% 597.42% 105.61% 99.67%
Effective Tax Rate		 0.00% 0.00% 26.25% 25.37% 0.00% 23.19% 9.55% 26.86% 24.07%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 3.86% -1.35% 0.49% 0.55% 4.81% 1.24%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 3.04% -1.96% 0.49% 2.68% 3.78% 1.24%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 5.11% -3.51% 0.88% 5.30% 6.59% 2.25%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 8.97% -4.86% 1.37% 5.86% 11.40% 3.50%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 2.52% 0.00% 0.00% 0.00% 5.62% 6.59%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 4.43% -0.84% 0.28% 0.52% 5.66% 1.43%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 1.48% -0.86% 0.21% 2.10% 3.10% 1.08%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 8.79% -4.75% 1.34% 5.71% 11.14% 3.42%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% -19.73% -18.22% 2.89% 0.00% 9.34%
Net Operating Profit after Tax (NOPAT)		 -17 -20 21 77 -36 21 16 208 11
NOPAT Margin		 -10.10% -8.75% 9.63% 39.56% -25.32% 6.57% 5.54% 23.80% 6.11%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.82% 0.61% 0.01% -2.13% 1.02% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 115.87% 112.50% 86.29% 47.88% 135.59% 90.96% 93.81% 67.70% 92.05%
Earnings before Interest and Taxes (EBIT)		 -24 -28 28 103 -51 28 18 285 14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 31 28 71 124 4.00 83 51 333 63
Valuation Ratios		 - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 1.10 1.56 1.39 1.34
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 1.10 1.56 1.39 1.34
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 10.15 10.21 2.36 2.22
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 53.94 19.51 14.32
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.85% 5.13% 6.98%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.93 1.07 1.01 1.01
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 24.71 21.33 4.93 4.88
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.07 16.21
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 28.85 26.24
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 36.96 33.70
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 53.04 20.30 23.95
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.71 15.11
Leverage & Solvency		 - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 1.68 1.79 1.82 1.98 1.80 1.84
Long-Term Debt to Equity		 0.00 0.00 0.00 1.68 1.79 1.82 1.98 1.80 1.84
Financial Leverage		 0.00 0.00 0.00 1.68 1.79 1.82 1.98 1.74 1.81
Leverage Ratio		 0.00 0.00 0.00 2.88 3.20 3.26 3.52 3.18 3.23
Compound Leverage Factor		 0.00 0.00 0.00 3.49 4.33 3.23 21.04 3.36 3.21
Debt to Total Capital		 0.00% 0.00% 0.00% 62.72% 64.15% 64.48% 66.41% 64.34% 64.77%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 62.72% 64.15% 64.48% 66.41% 64.34% 64.77%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.80% 0.79% 0.77% 0.83% 0.82% 0.83%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 36.47% 35.06% 34.75% 32.77% 34.84% 34.40%
Debt to EBITDA		 0.00 0.00 0.00 21.26 -11.85 -13.86 -12.62 10.87 10.36
Net Debt to EBITDA		 0.00 0.00 0.00 17.09 -9.89 -11.58 -10.42 8.75 8.71
Long-Term Debt to EBITDA		 0.00 0.00 0.00 21.26 -11.85 -13.86 -12.62 10.87 10.36
Debt to NOPAT		 0.00 0.00 0.00 86.63 -11.21 -12.48 -11.81 23.54 21.54
Net Debt to NOPAT		 0.00 0.00 0.00 69.65 -9.36 -10.43 -9.76 18.95 18.10
Long-Term Debt to NOPAT		 0.00 0.00 0.00 86.63 -11.21 -12.48 -11.81 23.54 21.54
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 1.98% 2.20% 2.18% 2.46% 2.23% 2.27%
Liquidity Ratios		 - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 0.00 -8,440 -8,527 -7,963 445 311
Operating Cash Flow to CapEx		 -1,332.50% -513.77% 0.00% 1,092.56% -1,521.18% -225.43% 2,510.57% 1,592.47% -1,630.71%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 -201.35 0.00 -181.79 5.62 7.56
Operating Cash Flow to Interest Expense		 -3.78 0.00 -2.78 1.26 -4.09 0.00 5.67 4.26 -5.47
Operating Cash Flow Less CapEx to Interest Expense		 -4.07 0.00 -2.77 1.15 -4.35 0.00 5.44 3.99 -5.81
Efficiency Ratios		 - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.08 0.02 0.03 0.08 0.17 0.18
Fixed Asset Turnover		 0.00 0.00 0.00 0.19 0.05 0.07 0.00 0.40 0.37
Capital & Investment Metrics		 - - - - - - - - -
Invested Capital		 0.00 0.00 0.00 8,206 8,404 8,549 7,979 7,969 8,104
Invested Capital Turnover		 0.00 0.00 0.00 0.10 0.05 0.08 0.10 0.20 0.20
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 0.00 8,404 8,549 7,979 -237 -300
Enterprise Value (EV)		 0.00 0.00 0.00 0.00 0.00 7,930 8,526 8,051 8,212
Market Capitalization		 0.00 0.00 0.00 0.00 0.00 3,258 4,082 3,857 3,734
Book Value per Share		 $0.00 $0.00 $0.00 $59.55 $58.63 $59.10 $52.04 $55.37 $55.32
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $59.55 $58.63 $59.10 $52.04 $55.37 $55.32
Total Capital		 0.00 0.00 0.00 8,206 8,404 8,549 7,979 7,969 8,104
Total Debt		 0.00 0.00 0.00 5,147 5,391 5,512 5,299 5,127 5,249
Total Long-Term Debt		 0.00 0.00 0.00 5,147 5,391 5,512 5,299 5,127 5,249
Net Debt		 0.00 0.00 0.00 4,138 4,499 4,606 4,378 4,129 4,411
Capital Expenditures (CapEx)		 11 21 -0.53 9.27 11 7.78 9.89 21 14
Net Nonoperating Expense (NNE)		 5.77 -0.69 565 42 16 0.23 -56 53 0.04
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 5,147 5,391 5,512 5,299 5,127 5,249
Total Depreciation and Amortization (D&A)		 55 56 43 21 55 56 33 48 48
Earnings Adjustments		 - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.65 ($1.01) $0.40 $1.46 $3.10 $0.21
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 52.75M 52.75M 52.72M 50.14M 50.41M 50.39M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.65 ($1.01) $0.40 $1.46 $3.10 $0.21
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 52.75M 52.75M 52.72M 50.14M 50.41M 50.39M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.65 $0.00 $0.00 $0.00 $3.10 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 52.75M 52.75M 52.72M 50.14M 50.41M 50.39M
Normalized Net Operating Profit after Tax (NOPAT)		 -17 -20 21 77 -36 21 63 208 11
Normalized NOPAT Margin		 -10.10% -8.75% 9.63% 39.56% -25.32% 6.57% 21.50% 23.80% 6.11%
Pre Tax Income Margin		 -14.32% -15.22% 20.40% 64.33% -49.01% 8.47% 36.57% 34.36% 8.02%
Debt Service Ratios		 - - - - - - - - -
EBIT to Interest Expense		 -0.63 0.00 0.71 1.28 -1.23 0.00 0.41 3.60 0.35
NOPAT to Interest Expense		 -0.44 0.00 0.52 0.96 -0.86 0.00 0.37 2.63 0.26
EBIT Less CapEx to Interest Expense		 -0.92 0.00 0.72 1.17 -1.50 0.00 0.18 3.33 0.01
NOPAT Less CapEx to Interest Expense		 -0.73 0.00 0.54 0.84 -1.13 0.00 0.14 2.36 -0.07
Payout Ratios		 - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Howard Hughes Holdings Inc. (NYSE: HHH) has experienced notable fluctuations in its financial performance over the recent quarters, showing signs of recovering from significant losses in early 2023 but still facing challenges in interest expenses and cash flow management.

Income Statement Trends:

  • Q1 2025 showed a net income attributable to common shareholders of $10.53 million, improving from a loss in Q1 2024 of roughly -$52.48 million, indicating a recovery trend.
  • Total revenue in Q1 2025 was $178.1 million, a modest increase compared to $142.1 million in Q1 2024, driven by higher non-interest income.
  • Non-interest income remains a strong contributor, with Q1 2025 recording $213.1 million compared to $175.9 million in Q1 2024, bolstered by other non-interest income components.
  • Net interest expense remains negative, with Q1 2025 showing -$34.98 million and Q1 2024 at -$33.80 million; interest expenses continue to weigh on earnings.
  • Interest expense linked to long-term debt is substantial, reaching $41.09 million in Q1 2025 and approximately $41.92 million in Q1 2024, reflecting high financing costs.
  • Total non-interest expenses increased slightly from $192.7 million in Q1 2024 to $163.9 million in Q1 2025, including significant depreciation expenses, indicating ongoing operational costs.
  • Q4 2023 and Q3 2023 showed much higher total revenue and income, but Q3 2023 included a large loss attributable to discontinued operations, skewing comparability.

Cash Flow Statement Insights:

  • Howard Hughes showed positive net cash from financing activities in Q1 2025 at $128.1 million, supporting liquidity despite operational challenges.
  • Net cash from continuing operating activities was negative $224.9 million in Q1 2025, a significant decline compared to positive cash flows in prior quarters, signaling operational cash generation issues.
  • Significant capital expenditures are ongoing, with property and equipment purchases around $13.8 million in Q1 2025, suggesting high investment levels which may pressure cash flow.

Balance Sheet and Financial Position:

  • Total assets remain stable around $9.29 billion in Q1 2025, with a strong base in premises and equipment valued at approximately $4.41 billion, supporting long-term asset strength.
  • Long-term debt is substantial at $5.25 billion in Q1 2025, impacting interest expenses and financial leverage.
  • Total equity stands at $2.85 billion, showing a slight increase from previous quarters but still constrained by negative retained earnings (~ -$175 million) and significant treasury stock.
  • Cash and cash equivalents at $493.7 million remain healthy, but this represents a decrease from previous quarters, consistent with negative operating cash flows.

Summary:

Howard Hughes Holdings is demonstrating a gradual financial recovery after significant losses in early 2023, with improvements in net income and total revenues driven by solid non-interest income. However, the company continues to face pressure from high interest expenses related to its sizeable long-term debt and struggles with operational cash flow generation. Capital investments remain strong, pointing to ongoing growth initiatives but also placing further demands on cash resources. Investors should watch for further improvements in operating cash flow and efforts to manage debt costs as key indicators of sustainable financial health moving forward.

09/18/25 09:31 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Howard Hughes' Financials

When does Howard Hughes' fiscal year end?

According to the most recent income statement we have on file, Howard Hughes' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Howard Hughes' net income changed over the last 3 years?

Howard Hughes' net income appears to be on an upward trend, with a most recent value of $196.99 million in 2024, rising from $48.92 million in 2021. The previous period was -$551.53 million in 2023. See Howard Hughes' forecast for analyst expectations on what’s next for the company.

How has Howard Hughes' revenue changed over the last 3 years?

Over the last 3 years, Howard Hughes' total revenue changed from $1.29 billion in 2021 to $1.63 billion in 2024, a change of 26.8%.

How much debt does Howard Hughes have?

Howard Hughes' total liabilities were at $6.37 billion at the end of 2024, a 2.3% decrease from 2023, and a 6.2% increase since 2022.

How much cash does Howard Hughes have?

In the past 2 years, Howard Hughes' cash and equivalents has ranged from $596.08 million in 2024 to $629.71 million in 2023, and is currently $596.08 million as of their latest financial filing in 2024.

How has Howard Hughes' book value per share changed over the last 3 years?

Over the last 3 years, Howard Hughes' book value per share changed from 0.00 in 2021 to 55.37 in 2024, a change of 5,537.2%.


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This page (NYSE:HHH) was last updated on 9/18/2025 by MarketBeat.com Staff
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