HHH · Howard Hughes Holdings Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $235.92M | - | $390.24M | $260.88M | $199.33M | - | $327.15M | $317.41M | $171.14M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $25.76M | - | $28.28M | $34.55M | $22.44M | - | $24.86M | $20.22M | $30.90M | - |
| Total Operating Expenses | $185.37M | - | $217.56M | $195.56M | $163.76M | - | $222.46M | $221.06M | $193.55M | - |
| D&A | $48.64M | - | $46.38M | $44.33M | $45.14M | - | $44.09M | $52.63M | $52.25M | - |
| Operating Income | $50.68M | - | $189.57M | $67.86M | $47.93M | - | $198.34M | $630.0K | ($16.73M) | - |
| Interest Expense | $41.79M | - | $43.86M | $43.69M | $39.18M | - | $39.32M | $33.95M | $41.92M | - |
| Income Tax | $2.62M | - | $38.90M | ($3.82M) | $3.44M | - | $10.20M | ($15.37M) | ($17.20M) | - |
| Net Income | $8.23M | - | $119.51M | ($12.14M) | $10.53M | - | ($544.18M) | ($19.14M) | ($52.48M) | - |
| EPS - Basic | $0.14 | - | $2.03 | ($0.22) | $0.21 | - | $1.46 | ($0.37) | ($1.01) | - |
| EPS - Diluted | $0.14 | - | $2.02 | ($0.22) | $0.21 | - | $1.46 | $0.40 | ($1.01) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.84B | $1.47B | $1.46B | $1.44B | $493.66M | $596.08M | $400.73M | $389.40M | $462.70M | $631.55M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | $3.30M | $3.40M | $500.0K | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $11.25B | $10.64B | $10.70B | $10.30B | $9.29B | $9.21B | $9.44B | $9.90B | $9.64B | $9.58B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | $5.11B | - | - | - | $5.13B | - | - | - | $5.30B |
| Total Liabilities | $7.40B | $6.80B | $6.86B | $6.59B | $6.43B | $6.37B | $6.76B | $6.87B | $6.62B | $6.52B |
| Stockholders' Equity | $3.78B | $3.78B | $3.77B | $3.64B | $2.79B | $2.78B | $2.61B | $2.97B | $2.95B | $2.99B |
| Retained Earnings | ($53.87M) | ($62.10M) | ($68.10M) | ($187.60M) | ($175.46M) | ($185.99M) | ($342.31M) | ($415.08M) | ($436.17M) | ($383.70M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($229.40M) | - | - | - | ($224.92M) | - | - | - | ($171.24M) | - |
| Investing Cash Flow | ($43.19M) | - | - | - | ($63.59M) | - | - | - | ($73.64M) | - |
| Financing Cash Flow | $664.71M | - | - | - | $128.06M | - | - | - | $83.65M | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 21.5% | - | 48.6% | 26.0% | 24.0% | - | 60.6% | 0.2% | -9.8% | - |
| EBITDA margin | 42.1% | - | 60.5% | 43.0% | 46.7% | - | 74.1% | 16.8% | 20.8% | - |
| Net margin | 3.5% | - | 30.6% | -4.7% | 5.3% | - | -166.3% | -6.0% | -30.7% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 10.9% | - | 7.2% | 13.2% | 11.3% | - | 7.6% | 6.4% | 18.1% | - |
| Effective tax rate | 24.1% | - | 24.6% | - | 24.6% | - | - | - | - | - |
| Return on assets | 0.1% | - | 1.1% | -0.1% | 0.1% | - | -5.8% | -0.2% | -0.5% | - |
| Return on equity | 0.2% | - | 3.2% | -0.3% | 0.4% | - | -20.8% | -0.6% | -1.8% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | 1.35 | - | - | - | 1.85 | - | - | - | 1.77 |
| Debt / Assets | - | 0.48 | - | - | - | 0.56 | - | - | - | 0.55 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 1.2x | - | 4.3x | 1.6x | 1.2x | - | 5.0x | 0.0x | -0.4x | - |
| Equity multiplier | 2.97 | 2.82 | 2.84 | 2.83 | 3.33 | 3.32 | 3.61 | 3.33 | 3.27 | 3.20 |
| Liabilities / Assets | 0.66 | 0.64 | 0.64 | 0.64 | 0.69 | 0.69 | 0.72 | 0.69 | 0.69 | 0.68 |
| Efficiency | ||||||||||
| Asset turnover | 0.02 | - | 0.04 | 0.03 | 0.02 | - | 0.03 | 0.03 | 0.02 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 451.9x | - | 40.7x | - | 352.8x | - | 53.0x | 154.3x | - | - |
| P / B | 1.0x | - | 1.3x | 1.0x | 1.3x | - | 1.5x | 1.0x | 1.2x | - |
| P / S | 15.9x | - | 12.4x | 14.3x | 18.6x | - | 11.8x | 9.7x | 20.1x | - |
| EV / EBITDA | 19.2x | - | 14.4x | 20.4x | 34.5x | - | 14.2x | 50.2x | 83.8x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 18.4% | - | 19.3% | -17.8% | 16.5% | - | 21.8% | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 5.7% | - | -4.4% | 10671.0% | - | - | 26.2% | - | - | - |
| Net income growth (YoY) | -21.9% | - | - | 36.6% | - | - | - | - | - | - |
| EPS growth (YoY) | -33.3% | - | 38.4% | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 35.7% | 36.0% | 44.1% | 22.7% | -5.4% | -7.2% | -26.2% | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.47B totalMaster Planned Communities Segment$634.86M · 43.0%
Operating Assets Segment$465.57M · 31.6%
Strategic Developments Segment$374.36M · 25.4%
Product / service
$1.03B totalMaster Planned Community Land Sales$562.59M · 54.4%
Condominium Rights And Unit Sales$370.16M · 35.8%
Builder Price Participation$52.34M · 5.1%
Other Land Rental And Property Revenues$48.36M · 4.7%
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing Howard Hughes Holdings Inc. against the 5 most active filers in the same SIC group.