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Howard Hughes (HHH) Financials

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$66.54 -1.18 (-1.74%)
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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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 56 185 -552 198 124
Consolidated Net Income / (Loss)		 49 185 -552 197 124
Net Income / (Loss) Continuing Operations		 49 253 83 285 124
Total Pre-Tax Income 		64 335 110 365 161
Total Revenue		 1,288 1,408 801 1,634 1,381
Net Interest Income / (Expense)		 -130 -109 -132 -140 -123
Total Interest Income		 0.11 3.82 26 25 47
Investment Securities Interest Income		 0.11 3.82 26 25 47
Total Interest Expense		 130 112 158 165 170
Long-Term Debt Interest Expense		 130 112 158 165 170
Total Non-Interest Income		 1,418 1,517 933 1,773 1,504
Net Realized & Unrealized Capital Gains on Investments		 -38 27 24 22 29
Other Non-Interest Income		 1,428 1,489 909 1,751 1,475
Provision for Credit Losses		 - 0.63 -2.76 0.50 0.23
Total Non-Interest Expense		 1,215 1,096 725 1,354 1,205
Other Operating Expenses		 1,009 941 557 1,125 974
Depreciation Expense		 205 155 169 180 183
Other Special Charges		 - 0.00 0.00 49 48
Nonoperating Income / (Expense), net		 -9.85 23 32 86 -14
Income Tax Expense		 15 82 26 80 38
Net Income / (Loss) Discontinued Operations		 - -68 -635 -88 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 -7.18 0.10 0.24 -0.71 -0.05
Basic Earnings per Share		 $1.03 $3.65 ($11.13) $3.98 $2.22
Weighted Average Basic Shares Outstanding		 - - 50.26M 50.41M 59.64M
Diluted Earnings per Share		 $1.03 $3.65 ($11.12) $3.96 $2.21
Weighted Average Diluted Shares Outstanding		 - - 50.26M 50.41M 59.64M
Weighted Average Basic & Diluted Shares Outstanding		 - - 50.26M 50.41M 59.64M

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 34 -52 21 73 156 11 -12 120 6.00 8.23 158
Consolidated Net Income / (Loss)		 34 -52 21 72 156 11 -12 119 5.68 8.07 157
Net Income / (Loss) Continuing Operations		 93 -21 47 97 220 11 -12 119 5.68 8.07 157
Total Pre-Tax Income 		125 -28 61 107 301 14 -16 158 4.78 11 207
Total Revenue		 194 130 250 292 876 178 181 376 598 240 1,103
Net Interest Income / (Expense)		 -71 -31 -34 -38 -74 -35 -33 -29 -26 15 -32
Total Interest Income		 8.73 7.93 6.00 5.34 5.71 6.12 10 15 15 15 14
Investment Securities Interest Income		 8.73 7.93 6.00 5.34 5.71 6.12 10 15 15 15 14
Total Interest Expense		 80 39 40 44 79 41 44 44 41 0.00 46
Long-Term Debt Interest Expense		 - 39 40 44 - 41 44 44 41 - 46
Total Non-Interest Income		 265 161 284 330 949 213 214 405 624 226 1,135
Net Realized & Unrealized Capital Gains on Investments		 3.05 4.79 -0.20 3.17 15 14 -47 14 -0.23 -10 13
Premiums Earned		 - - - - - - 0.00 - - - 97
Investment Banking Income		 - - - - - - 0.00 - - - 11
Other Non-Interest Income		 261 156 283 327 935 199 261 390 624 236 1,014
Provision for Credit Losses		 -1.72 -0.12 0.26 0.19 -2.08 -0.16 0.54 -0.35 0.19 -0.06 0.12
Total Non-Interest Expense		 93 150 195 274 593 164 195 218 580 227 895
Property & Liability Insurance Claims		 - - - - - - 0.00 - - - 55
Other Operating Expenses		 72 106 149 178 565 119 151 172 533 179 784
Depreciation Expense		 21 44 47 44 31 45 44 46 47 49 57
Nonoperating Income / (Expense), net		 22 -7.96 6.75 89 16 -0.05 -1.00 -0.08 -13 -2.64 -0.36
Income Tax Expense		 32 -6.50 14 10 81 3.44 -3.82 39 -0.90 2.62 50
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.08 0.01 -0.03 -0.27 -0.41 0.31 0.07 -0.11 -0.32 -0.16 -1.41
Basic Earnings per Share		 $0.68 ($1.06) $0.42 $1.46 $3.10 $0.21 ($0.22) $2.03 $0.10 $0.14 $2.68
Weighted Average Basic Shares Outstanding		 50.26M 50.26M 50.24M 50.14M 50.41M 50.39M 59.40M 59.39M 59.64M 59.62M 59.72M
Diluted Earnings per Share		 $0.68 ($1.06) $0.42 $1.46 $3.10 $0.21 ($0.22) $2.02 $0.10 $0.14 $2.68
Weighted Average Diluted Shares Outstanding		 50.26M 50.26M 50.24M 50.14M 50.41M 50.39M 59.40M 59.39M 59.64M 59.62M 59.72M
Weighted Average Basic & Diluted Shares Outstanding		 50.26M 50.26M 50.24M 50.14M 50.41M 50.39M 59.40M 59.39M 59.64M 59.62M 59.72M

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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -26 -118 -46 -55 1,099
Net Cash From Operating Activities		 -284 325 -258 397 462
Net Cash From Continuing Operating Activities		 -284 342 -215 448 462
Net Income / (Loss) Continuing Operations		 49 253 -1,103 197 124
Consolidated Net Income / (Loss)		 49 185 -468 285 124
Net Income / (Loss) Discontinued Operations		 - -68 -635 -88 0.00
Provision For Loan Losses		 -2.03 0.03 8.27 -0.50 3.41
Depreciation Expense		 185 138 152 161 164
Amortization Expense		 30 27 12 32 32
Non-Cash Adjustments to Reconcile Net Income		 -639 -140 -39 -108 -213
Changes in Operating Assets and Liabilities, net		 92 64 160 78 353
Net Cash From Discontinued Operating Activities		 - -17 -43 -51 0.00
Net Cash From Investing Activities		 101 -221 -336 -301 -219
Net Cash From Continuing Investing Activities		 101 -249 -346 -431 -219
Purchase of Property, Leasehold Improvements and Equipment		 -38 -45 -40 -50 -48
Purchase of Investment Securities		 -276 -494 -237 -444 -194
Sale and/or Maturity of Investments		 415 289 53 55 17
Other Investing Activities, net		 0.67 0.13 110 8.72 6.58
Net Cash From Discontinued Investing Activities		 - 29 9.52 130 0.00
Net Cash From Financing Activities		 156 -222 549 -150 855
Net Cash From Continuing Financing Activities		 156 -220 538 -28 855
Issuance of Debt		 2,423 1,236 677 761 760
Issuance of Preferred Equity		 - 0.00 0.00 9.85 0.00
Issuance of Common Equity		 - - 0.00 0.00 863
Repayment of Debt		 -2,170 -1,063 -148 -808 -783
Other Financing Activities, Net		 -15 11 -3.27 8.52 16
Net Cash From Discontinued Financing Activities		 - -2.20 11 -123 0.00
Cash Interest Paid		 254 295 240 450 432
Cash Income Taxes Paid		 1.79 25 - 0.00 0.00

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 117 -161 14 15 78 -160 961 175 123 392 876
Net Cash From Operating Activities		 101 -171 -18 248 337 -225 177 150 360 -229 507
Net Cash From Continuing Operating Activities		 125 -156 -18 300 337 -225 177 150 360 -229 507
Net Income / (Loss) Continuing Operations		 -487 -21 21 154 271 11 -12 119 5.68 8.07 157
Consolidated Net Income / (Loss)		 - -52 21 72 441 11 -12 119 5.68 8.07 157
Provision For Loan Losses		 3.89 0.64 0.29 -2.95 0.52 0.62 1.26 0.21 1.33 1.30 1.17
Depreciation Expense		 - 39 47 27 40 40 40 42 43 44 50
Amortization Expense		 - 8.59 8.31 5.71 8.26 8.35 7.67 7.97 7.95 8.03 30
Non-Cash Adjustments to Reconcile Net Income		 -45 -166 -184 27 -9.08 -217 42 -153 115 -233 393
Changes in Operating Assets and Liabilities, net		 212 -17 89 89 -91 -68 99 134 188 -58 -124
Net Cash From Investing Activities		 -82 -74 -95 -78 -54 -64 -59 -39 -57 -43 -314
Net Cash From Continuing Investing Activities		 -99 -89 -95 -208 -54 -64 -59 -39 -57 -43 -314
Purchase of Property, Leasehold Improvements and Equipment		 -9.27 -9.39 -7.78 -9.89 -21 -14 -7.75 -13 -14 -18 -11
Purchase of Investment Securities		 -62 -96 -91 -204 99 -53 -60 -35 -46 -41 -2,797
Sale and/or Maturity of Investments		 21 13 0.68 4.59 37 3.58 8.18 8.24 -3.27 15 2,491
Other Investing Activities, net		 - 3.57 3.45 1.24 0.46 0.00 0.01 0.01 6.55 0.67 2.21
Net Cash From Financing Activities		 98 84 126 -155 -205 128 843 65 -180 665 684
Net Cash From Continuing Financing Activities		 87 84 126 -33 -205 128 843 65 -180 665 684
Issuance of Debt		 233 89 250 137 285 133 250 218 159 1,451 109
Repayment of Debt		 -138 -3.70 -125 -195 -484 -12 -277 -154 -340 -762 -440
Other Financing Activities, Net		 -0.62 -1.68 0.32 15 -5.21 7.28 6.41 0.75 1.46 -24 7.90
Cash Interest Paid		 47 133 93 136 84 129 81 137 85 132 87
Cash Income Taxes Paid		 6.34 0.00 - 0.10 -0.02 -0.06 8.05 2.24 -10 0.20 8.59

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 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 9,603 9,577 9,211 10,639
Cash and Due from Banks		 627 630 596 1,469
Restricted Cash		 472 379 402 629
Trading Account Securities		 312 294 302 308
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 4,504 3,990 4,233 4,424
Unearned Premiums Asset		 - - - 0.00
Deferred Acquisition Cost		 129 138 139 161
Goodwill		 - - - 2.34
Intangible Assets		 - - - 35
Other Assets		 3,560 4,145 3,538 3,612
Total Liabilities & Shareholders' Equity		 9,603 9,577 9,211 10,639
Total Liabilities		 5,997 6,518 6,369 6,797
Long-Term Debt		 4,747 5,147 5,127 5,110
Claims and Claim Expense		 - - - 0.00
Unearned Premiums Liability		 - - - 0.00
Other Long-Term Liabilities		 1,250 1,371 1,242 1,687
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - 0.00
Total Equity & Noncontrolling Interests		 3,606 3,059 2,842 3,842
Total Preferred & Common Equity		 3,540 2,993 2,776 3,775
Preferred Stock		 0.00 0.00 0.00 0.00
Total Common Equity		 3,540 2,993 2,776 3,775
Common Stock		 3,973 3,989 3,577 4,459
Retained Earnings		 168 -384 -186 -62
Treasury Stock		 -611 -614 -617 -620
Accumulated Other Comprehensive Income / (Loss)		 10 1.27 1.97 -1.83
Noncontrolling Interest		 66 66 66 67

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 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 9,636 9,903 9,439 9,289 10,298 10,696 11,248 15,910
Cash and Due from Banks		 463 437 401 494 1,441 1,457 1,836 2,648
Restricted Cash		 429 469 520 344 358 517 653 717
Trading Account Securities		 303 310 299 301 304 304 308 1,660
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 4,576 4,757 4,585 4,410 4,563 4,709 4,545 3,987
Unearned Premiums Asset		 - - - - - - - 602
Deferred Acquisition Cost		 146 153 153 139 141 162 166 175
Goodwill		 - - - - - - - 282
Intangible Assets		 - - - - - - - 586
Other Assets		 3,719 3,778 3,481 3,601 3,491 3,548 3,740 5,253
Total Liabilities & Shareholders' Equity		 9,636 9,903 9,439 9,289 10,298 10,696 11,248 15,910
Total Liabilities		 6,623 6,867 6,758 6,434 6,586 6,862 7,398 10,880
Long-Term Debt		 5,391 5,512 5,299 5,249 5,224 5,287 5,791 5,456
Claims and Claim Expense		 - - - - - - - 2,115
Unearned Premiums Liability		 - - - - - - - 1,407
Other Long-Term Liabilities		 1,232 1,355 1,460 1,185 1,362 1,574 1,607 1,902
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - 996
Total Equity & Noncontrolling Interests		 3,013 3,037 2,680 2,855 3,712 3,835 3,850 4,034
Total Preferred & Common Equity		 2,947 2,971 2,614 2,788 3,645 3,768 3,783 3,960
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,947 2,971 2,614 2,788 3,645 3,768 3,783 3,960
Common Stock		 3,994 3,997 3,573 3,581 4,452 4,456 4,464 4,479
Retained Earnings		 -436 -415 -342 -175 -188 -68 -54 104
Treasury Stock		 -615 -615 -615 -618 -619 -619 -625 -625
Accumulated Other Comprehensive Income / (Loss)		 3.90 3.94 -1.38 0.15 -0.72 -1.42 -2.38 1.54
Noncontrolling Interest		 66 66 66 67 67 67 67 74

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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - -
Profitability Metrics		 - - - - -
Valuation Ratios		 - - - - -
Leverage & Solvency		 - - - - -
Liquidity Ratios		 - - - - -
Cash Flow Metrics		 - - - - -
Efficiency Ratios		 - - - - -
Capital & Investment Metrics		 - - - - -
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($10.60) $3.98 $2.22
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 52.75M 50.41M 59.64M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($10.60) $3.96 $2.21
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 52.75M 50.41M 59.64M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 52.75M 50.41M 59.64M
Debt Service Ratios		 - - - - -
Payout Ratios		 - - - - -

Quarterly Metrics And Ratios for Howard Hughes

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 59,636,343.00 59,624,589.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 59,636,343.00 59,624,589.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.14 2.63
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% -14.88% 42.83% 36.94% 351.57% 36.96% -8.51% 28.81% - 35.04% 510.44%
EBITDA Growth		 0.00% -86.99% 200.09% -28.06% 169.74% 126.26% -68.76% 219.65% - 4.11% 781.99%
EBIT Growth		 0.00% -113.49% 197.89% -35.80% 177.19% 173.30% -127.25% 786.61% - -6.97% 1,491.56%
NOPAT Growth		 0.00% -113.49% 207.35% -21.27% 171.63% 179.51% -124.75% 639.38% - -7.50% 1,607.98%
Net Income Growth		 0.00% -131.88% 210.02% 113.32% 353.57% 120.66% -157.35% 64.70% - -25.59% 1,399.74%
EPS Growth		 0.00% -130.43% 207.69% 113.32% 355.88% 119.81% -152.38% 38.36% - -33.33% 1,318.18%
Operating Cash Flow Growth		 0.00% -18.69% 83.47% 326.98% 232.91% -31.35% 1,111.08% -39.68% - -1.99% 185.74%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 103.69% 95.33% 87.15% - -591.40% -250.79%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% -2.88% -3.57% 4.52% 14.32% - 18.97% 17.35%
Revenue Q/Q Growth		 -9.00% 0.00% 127.81% -9.86% 200.08% -79.67% 28.52% 64.26% - -59.80% 358.61%
EBITDA Q/Q Growth		 75.32% 0.00% 1,985.28% -39.22% 557.38% -81.21% -48.02% 538.76% - -4.73% 340.34%
EBIT Q/Q Growth		 269.46% 0.00% 153.90% -35.54% 1,495.10% -94.97% -204.01% 1,163.34% - -25.57% 1,455.75%
NOPAT Q/Q Growth		 273.89% 0.00% 159.14% -24.09% 1,189.89% -94.78% -195.89% 1,245.79% - -52.69% 1,463.22%
Net Income Q/Q Growth		 106.32% 0.00% 140.14% 244.27% 115.05% -93.05% -211.42% 1,088.75% - 42.01% 1,846.15%
EPS Q/Q Growth		 106.32% 0.00% 139.62% 247.62% 112.33% -93.23% -204.76% 1,018.18% - 40.00% 1,814.29%
Operating Cash Flow Q/Q Growth		 192.57% 0.00% 89.76% 1,515.93% 35.78% -166.72% 178.81% -15.52% - -163.68% 320.80%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -1.04% 6.62% 105.59% -30.18% -227.83% -157.65% - -58.80% 8.75%
Invested Capital Q/Q Growth		 0.00% 0.51% 1.72% -6.66% -0.12% 1.69% 10.26% 2.09% - 7.70% 8.76%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 63.74% 2.82% 25.77% 17.38% 38.07% 35.18% 14.23% 55.33% - 27.12% 26.04%
EBIT Margin		 53.00% -36.18% 8.56% 6.12% 32.54% 8.04% -6.51% 42.13% - 5.54% 18.79%
Profit (Net Income) Margin		 17.72% -36.91% 6.50% 24.84% 17.80% 6.09% -5.28% 31.76% - 3.35% 14.23%
Tax Burden Percent		 27.55% 75.32% 76.81% 67.93% 51.81% 75.93% 75.96% 75.43% - 75.49% 75.86%
Interest Burden Percent		 121.37% 135.48% 98.93% 597.42% 105.61% 99.67% 106.73% 99.95% - 80.18% 99.83%
Effective Tax Rate		 25.37% 0.00% 23.19% 9.55% 26.86% 24.07% 0.00% 24.57% - 24.51% 24.14%
Return on Invested Capital (ROIC)		 3.86% -1.35% 0.49% 0.55% 4.81% 1.24% -0.87% 6.48% - 0.68% 3.47%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.04% -1.96% 0.49% 2.68% 3.78% 1.24% -0.90% 6.48% - 0.64% 3.47%
Return on Net Nonoperating Assets (RNNOA)		 5.11% -3.51% 0.88% 5.30% 6.59% 2.25% -1.43% 10.53% - 1.06% 4.24%
Return on Equity (ROE)		 8.97% -4.86% 1.37% 5.86% 11.40% 3.50% -2.29% 17.02% - 1.74% 7.71%
Cash Return on Invested Capital (CROIC)		 2.52% 0.00% 0.00% 0.00% 5.62% 6.59% -2.25% -10.06% - -15.81% -12.85%
Operating Return on Assets (OROA)		 4.43% -0.84% 0.28% 0.52% 5.66% 1.43% -1.07% 7.30% - 0.78% 3.39%
Return on Assets (ROA)		 1.48% -0.86% 0.21% 2.10% 3.10% 1.08% -0.87% 5.50% - 0.47% 2.57%
Return on Common Equity (ROCE)		 8.79% -4.75% 1.34% 5.71% 11.14% 3.42% -2.25% 16.67% - 1.71% 6.71%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -19.73% -18.22% 2.89% 0.00% 9.34% 6.23% 7.27% - 3.20% 7.33%
Net Operating Profit after Tax (NOPAT)		 77 -36 21 16 208 11 -10 119 - 10 157
NOPAT Margin		 39.56% -25.32% 6.57% 5.54% 23.80% 6.11% -4.56% 31.78% - 4.18% 14.26%
Net Nonoperating Expense Percent (NNEP)		 0.82% 0.61% 0.01% -2.13% 1.02% 0.00% 0.03% 0.00% - 0.04% 0.01%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Operating Expenses to Revenue		 47.88% 135.59% 90.96% 93.81% 67.70% 92.05% 106.27% 57.96% - 94.48% 81.19%
Earnings before Interest and Taxes (EBIT)		 103 -51 28 18 285 14 -15 158 - 13 207
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 124 4.00 83 51 333 63 33 208 - 65 287
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 1.10 1.56 1.39 1.34 0.93 1.30 - 1.00 1.08
Price to Tangible Book Value (P/TBV)		 0.00 0.00 1.10 1.56 1.39 1.34 0.93 1.30 - 1.00 1.38
Price to Revenue (P/Rev)		 0.00 0.00 10.15 10.21 2.36 2.22 2.05 2.80 - 2.61 1.80
Price to Earnings (P/E)		 0.00 0.00 0.00 53.94 19.51 14.32 14.95 17.80 - 31.03 14.59
Dividend Yield		 0.00% 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% 1.85% 5.13% 6.98% 6.69% 5.62% - 3.22% 6.85%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.93 1.07 1.01 1.01 0.77 0.91 - 0.74 0.71
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 24.71 21.33 4.93 4.88 4.15 4.74 - 4.95 3.14
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 17.07 16.21 15.85 14.30 - 19.08 11.80
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 28.85 26.24 28.32 21.52 - 40.88 18.70
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 36.96 33.70 36.24 29.26 - 53.30 24.54
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 53.04 20.30 23.95 12.82 18.81 - 15.60 9.43
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 17.71 15.11 0.00 0.00 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.68 1.79 1.82 1.98 1.80 1.84 1.41 1.38 - 1.50 1.08
Long-Term Debt to Equity		 1.68 1.79 1.82 1.98 1.80 1.84 1.41 1.38 - 1.50 1.08
Financial Leverage		 1.68 1.79 1.82 1.98 1.74 1.81 1.59 1.62 - 1.65 1.22
Leverage Ratio		 2.88 3.20 3.26 3.52 3.18 3.23 2.99 3.09 - 3.06 3.00
Compound Leverage Factor		 3.49 4.33 3.23 21.04 3.36 3.21 3.19 3.09 - 2.46 2.99
Debt to Total Capital		 62.72% 64.15% 64.48% 66.41% 64.34% 64.77% 58.46% 57.96% - 60.07% 52.03%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Long-Term Debt to Total Capital		 62.72% 64.15% 64.48% 66.41% 64.34% 64.77% 58.46% 57.96% - 60.07% 52.03%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.80% 0.79% 0.77% 0.83% 0.82% 0.83% 0.75% 0.73% - 0.70% 10.20%
Common Equity to Total Capital		 36.47% 35.06% 34.75% 32.77% 34.84% 34.40% 40.79% 41.30% - 39.24% 37.77%
Debt to EBITDA		 21.26 -11.85 -13.86 -12.62 10.87 10.36 12.01 9.15 - 15.47 8.68
Net Debt to EBITDA		 17.09 -9.89 -11.58 -10.42 8.75 8.71 7.88 5.73 - 8.82 3.32
Long-Term Debt to EBITDA		 21.26 -11.85 -13.86 -12.62 10.87 10.36 12.01 9.15 - 15.47 8.68
Debt to NOPAT		 86.63 -11.21 -12.48 -11.81 23.54 21.54 27.47 18.73 - 43.22 18.04
Net Debt to NOPAT		 69.65 -9.36 -10.43 -9.76 18.95 18.10 18.01 11.74 - 24.64 6.91
Long-Term Debt to NOPAT		 86.63 -11.21 -12.48 -11.81 23.54 21.54 27.47 18.73 - 43.22 18.04
Noncontrolling Interest Sharing Ratio		 1.98% 2.20% 2.18% 2.46% 2.23% 2.27% 1.97% 2.04% - 2.00% 13.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -8,440 -8,527 -7,963 445 311 -397 -1,023 - -1,527 -1,393
Operating Cash Flow to CapEx		 1,092.56% -1,521.18% -225.43% 2,510.57% 1,592.47% -1,630.71% 2,288.28% 1,179.01% - -1,294.09% 4,695.79%
Free Cash Flow to Firm to Interest Expense		 0.00 -201.35 0.00 -181.79 5.62 7.56 -9.09 -23.34 - 0.00 -30.42
Operating Cash Flow to Interest Expense		 1.26 -4.09 0.00 5.67 4.26 -5.47 4.06 3.41 - 0.00 11.06
Operating Cash Flow Less CapEx to Interest Expense		 1.15 -4.35 0.00 5.44 3.99 -5.81 3.88 3.13 - 0.00 10.82
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.08 0.02 0.03 0.08 0.17 0.18 0.16 0.17 - 0.14 0.18
Fixed Asset Turnover		 0.19 0.05 0.07 0.00 0.40 0.37 0.36 0.38 - 0.32 0.55
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 8,206 8,404 8,549 7,979 7,969 8,104 8,935 9,122 - 9,641 10,486
Invested Capital Turnover		 0.10 0.05 0.08 0.10 0.20 0.20 0.19 0.20 - 0.16 0.24
Increase / (Decrease) in Invested Capital		 0.00 8,404 8,549 7,979 -237 -300 387 1,143 - 1,537 1,551
Enterprise Value (EV)		 0.00 0.00 7,930 8,526 8,051 8,212 6,893 8,262 - 7,142 7,423
Market Capitalization		 0.00 0.00 3,258 4,082 3,857 3,734 3,401 4,881 - 3,773 4,263
Book Value per Share		 $59.55 $58.63 $59.10 $52.04 $55.37 $55.32 $72.33 $63.43 - $63.43 $66.42
Tangible Book Value per Share		 $59.55 $58.63 $59.10 $52.04 $55.37 $55.32 $72.33 $63.43 - $63.43 $51.85
Total Capital		 8,206 8,404 8,549 7,979 7,969 8,104 8,935 9,122 - 9,641 10,486
Total Debt		 5,147 5,391 5,512 5,299 5,127 5,249 5,224 5,287 - 5,791 5,456
Total Long-Term Debt		 5,147 5,391 5,512 5,299 5,127 5,249 5,224 5,287 - 5,791 5,456
Net Debt		 4,138 4,499 4,606 4,378 4,129 4,411 3,425 3,314 - 3,302 2,091
Capital Expenditures (CapEx)		 9.27 11 7.78 9.89 21 14 7.75 13 - 18 11
Net Nonoperating Expense (NNE)		 42 16 0.23 -56 53 0.04 1.65 0.06 - 1.99 0.27
Net Nonoperating Obligations (NNO)		 5,147 5,391 5,512 5,299 5,127 5,249 5,224 5,287 - 5,791 5,456
Total Depreciation and Amortization (D&A)		 21 55 56 33 48 48 47 50 - 52 80
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.65 ($1.01) $0.40 $1.46 $3.10 $0.21 ($0.22) $2.03 $0.10 $0.14 $2.68
Adjusted Weighted Average Basic Shares Outstanding		 52.75M 52.75M 52.72M 50.14M 50.41M 50.39M 59.40M 59.39M 59.64M 59.62M 59.72M
Adjusted Diluted Earnings per Share		 $0.65 ($1.01) $0.40 $1.46 $3.10 $0.21 ($0.22) $2.02 $0.10 $0.14 $2.68
Adjusted Weighted Average Diluted Shares Outstanding		 52.75M 52.75M 52.72M 50.14M 50.41M 50.39M 59.40M 59.39M 59.64M 59.62M 59.72M
Adjusted Basic & Diluted Earnings per Share		 $0.65 $0.00 $0.00 $0.00 $3.10 $0.00 $0.00 $0.00 $0.10 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 52.75M 52.75M 52.72M 50.14M 50.41M 50.39M 59.40M 59.39M 59.64M 59.62M 59.72M
Normalized Net Operating Profit after Tax (NOPAT)		 77 -36 21 63 208 11 23 119 - 10 157
Normalized NOPAT Margin		 39.56% -25.32% 6.57% 21.50% 23.80% 6.11% 10.19% 31.78% - 4.18% 14.26%
Pre Tax Income Margin		 64.33% -49.01% 8.47% 36.57% 34.36% 8.02% -6.95% 42.11% - 4.44% 18.76%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.28 -1.23 0.00 0.41 3.60 0.35 -0.34 3.61 - 0.00 4.52
NOPAT to Interest Expense		 0.96 -0.86 0.00 0.37 2.63 0.26 -0.24 2.72 - 0.00 3.43
EBIT Less CapEx to Interest Expense		 1.17 -1.50 0.00 0.18 3.33 0.01 -0.52 3.32 - 0.00 4.29
NOPAT Less CapEx to Interest Expense		 0.84 -1.13 0.00 0.14 2.36 -0.07 -0.42 2.43 - 0.00 3.20
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 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% 0.00%

Financials Breakdown Chart

Key Financial Trends

Howard Hughes (NYSE: HHH) has shown a clear turnaround in the last year, with profitability and cash generation improving sharply from the weak first half of 2025 and the loss-making periods seen in 2023. The latest quarter, Q1 2026, was still challenged on the operating cash flow side, but the balance sheet remained solid enough to support continued operations, with a meaningful cash position and a manageable equity base.

What stands out most is that revenue and earnings have been highly volatile, driven by large swings in non-interest income, special charges, and financing activity. That makes this business look less like a steady compounder and more like one with lumpy quarterly results that investors should read cautiously.

  • Q1 2026 net income improved year over year. Howard Hughes posted $8.1 million of consolidated net income in Q1 2026, up from a $12.1 million loss in Q2 2025 and roughly in line with modest profitability in late 2025.
  • Cash increased materially. Cash and equivalents rose to $1.84 billion in Q1 2026 from $1.46 billion at Q3 2025 and just $493.7 million at Q1 2025, giving the company more liquidity flexibility.
  • Total assets expanded. Assets increased to $11.25 billion in Q1 2026 from $9.29 billion a year earlier, reflecting growth in the asset base.
  • Equity improved from the 2025 lows. Total equity and noncontrolling interests reached $3.85 billion in Q1 2026, up from $2.85 billion in Q1 2025.
  • Q3 2025 and Q4 2025 were strong quarters for earnings. The company posted $119.4 million of net income in Q3 2025 and $5.7 million in Q4 2025, showing the business can swing back to profitability when non-interest income is strong.
  • Operating cash flow was strong in parts of 2025. Q2 2025 generated $177.3 million of operating cash flow and Q3 2025 generated $149.8 million, both significantly better than the loss-making Q1 2025 period.
  • Non-interest income remains the main earnings engine. In several quarters, especially 2024 and late 2025, other non-interest income accounted for most of revenue and profit, which means results can be volatile and event-driven.
  • Debt remains substantial. Long-term debt was $5.79 billion in Q1 2026, compared with $3.78 billion of common equity, so leverage is still an important consideration.
  • Interest burden remains meaningful. Q4 2025 showed $41.3 million of total interest expense, and Q1 2026 still carried large interest-related cash outflows, suggesting financing costs remain material.
  • Q1 2026 operating cash flow was deeply negative. Net cash from operating activities was -$229.4 million, a sharp deterioration from the positive operating cash flow seen in several 2025 quarters.
  • Q1 2026 earnings were supported by non-operating items rather than core operating strength. Revenue was $240.5 million, but total non-interest expense was $227.2 million and pre-tax income was only $10.7 million, leaving little cushion.
  • Results have been inconsistent year over year. Q1 2025 was a loss, Q2 2025 was a loss, then Q3 2025 surged, showing that earnings quality is not yet stable.
  • Special charges can swing results sharply. For example, Q2 2025 included $48.2 million of other special charges, and Q3 2025 had $51.5 million of special charges, highlighting the risk of uneven quarterly profitability.

Bottom line: Howard Hughes appears to be in better shape than it was in early 2025, with much stronger liquidity and a return to profitability in several quarters. That said, investors should expect volatility: cash flow, earnings, and revenue can move sharply from quarter to quarter depending on asset sales, valuation changes, special items, and financing activity. For retail investors, the key question is whether the recent improvement can become more consistent and more tied to operating performance rather than one-time gains.

08/14/26 12:41 PM ETAI Generated. May Contain Errors.

Howard Hughes Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Howard Hughes' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Howard Hughes' net income appears to be on an upward trend, with a most recent value of $123.84 million in 2025, rising from $48.92 million in 2021. The previous period was $196.99 million in 2024. See Howard Hughes' forecast for analyst expectations on what's next for the company.

Over the last 4 years, Howard Hughes' total revenue changed from $1.29 billion in 2021 to $1.38 billion in 2025, a change of 7.2%.

Howard Hughes' total liabilities were at $6.80 billion at the end of 2025, a 6.7% increase from 2024, and a 13.3% increase since 2022.

In the past 3 years, Howard Hughes' cash and equivalents has ranged from $596.08 million in 2024 to $1.47 billion in 2025, and is currently $1.47 billion as of their latest financial filing in 2025.


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Financial statements for NYSE:HHH last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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