Howard Hughes Holdings Inc. HHH

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Business Overview Howard Hughes Holdings Inc. (HHH or the Company) is a holding company that owns a real estate development subsidiary, The Howard Hughes Corporation (HHC). Through HHC, the Company operates a large‑scale, mixed‑use real estate platform focused on the development of master planned communities (MPCs), the investment in strategic real estate development opportunities, and the ownership and operation of income‑producing properties. Our award-winning assets include one of the nation's largest portfolios of MPCs, spanning approximately 101,000 gross acres across five states. We create some of the most sought-after communities in the country by curating an environment tailored to meet the needs of our residents and tenants. This unique business model allows us to seek attractive risk-adjusted returns while maintaining a sharp focus on sustainability to ensure our communities are equipped with the resources to last several decades.

Last close 70.19 2026-10-23
Market cap $4.19B 2026-06-30 share count
52-week range 60.09 - 91.07

Valuation FY2025 figures against the last close

P/S2.8x
P/E31.8x
P/FCF10.0x
EV/EBITDA15.8x
Dividend yield—
Diluted EPS2.21

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • MPC Segment
  • Operating Assets
  • Strategic Developments Segment
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2025 MPC Segment, FY2025: 634.9M (43.0%) 43% MPC Segment Operating Assets, FY2025: 465.6M (31.6%) 32% Operating Assets Strategic Developments Segment, FY2025: 374.4M (25.4%) 25% Strategic Developments Segment FY2024 MPC Segment, FY2024: 522.9M (29.9%) 30% Operating Assets, FY2024: 444.3M (25.4%) 25% Strategic Developments Segment, FY2024: 783.4M (44.7%) 45% FY2023 MPC Segment, FY2023: 448.5M (49.4%) 49% Operating Assets, FY2023: 410.3M (45.1%) 45% Strategic Developments Segment, FY2023: 50M (5.5%) 6%
Segment FY2025FY2024FY2023
MPC Segment $634.9M $522.9M $448.5M
Operating Assets $465.6M $444.3M $410.3M
Strategic Developments Segment $374.4M $783.4M $50.0M

As the company reported it, from the “Segments - Segment Operating Results (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Revenue $1.47B$1.75B$908.8M$1.49B$1.43B—
SG&A $122.2M$91.8M$86.7M$81.8M$82.0M—
Total operating expenses $1.16B$1.31B$722.5M$1.10B$1.21B—
Operating income $331.5M$559.9M$216.2M$424.2M$241.9M—
Interest expense $169.9M$164.9M$157.6M$112.5M$130.0M—
Pre-tax income $161.5M$365.4M$109.8M$334.9M$64.1M—
Income tax $37.6M$80.2M$26.4M$82.2M$15.2M—
Net income $123.8M$197.0M-$551.5M$184.6M$48.9M—
EPS, basic 2.223.98-11.133.651.03—
EPS, diluted 2.213.96-11.123.651.03—
Shares, diluted (wtd. avg.) 56.0M49.9M49.6M50.6M54.6M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Cash and equivalents $1.47B$596.1M$629.7M$610.2M$843.2M$1.24B
Goodwill $2.3M$0————
Total assets $10.64B$9.21B$9.58B$9.60B——
Accounts payable $3.3M—————
Long-term debt $5.11B$5.13B$5.30B———
Total liabilities $6.80B$6.37B$6.52B$6.00B——
Retained earnings -$62.1M-$186.0M-$383.7M$168.1M——
Total equity $3.78B$2.78B$3.06B$3.61B$3.71B$3.72B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Operating cash flow $462.4M$396.6M-$258.5M$325.3M-$284.0M—
Depreciation and amortisation $164.0M$160.6M$151.9M$137.8M$185.4M—
Stock-based compensation $19.8M$16.0M$16.4M$11.9M$9.9M—
Capital expenditure $44.8M$47.9M$40.2M$43.2M$35.9M—
Investing cash flow -$219.1M-$300.8M-$336.1M-$220.7M$101.5M—
Financing cash flow $855.4M-$150.4M$548.7M-$222.3M$156.1M—
Buybacks —$0$0$403.9M$81.1M—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-098808.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B Revenue, FY2021: 1.4B Net income, FY2021: 48.9M Revenue, FY2022: 1.5B Net income, FY2022: 184.6M Revenue, FY2023: 908.8M Net income, FY2023: -551.5M Revenue, FY2024: 1.8B Net income, FY2024: 197M Revenue, FY2025: 1.5B Net income, FY2025: 123.8M FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $1.43B $1.49B $908.8M $1.75B $1.47B
Gross profit — — — — — —
Net income — $48.9M $184.6M -$551.5M $197.0M $123.8M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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