Howard Hughes Holdings Inc. HHH
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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 | 2.22 | 3.98 | -11.13 | 3.65 | 1.03 | — |
| EPS, diluted | 2.21 | 3.96 | -11.12 | 3.65 | 1.03 | — |
| Shares, diluted (wtd. avg.) | $56.0M | $49.9M | $49.6M | $50.6M | $54.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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.
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