Howard Hughes Holdings Inc. (HHH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.99	$2.68	+170.7%	—	$1.1B	—
Q1 26	$0.08	$0.14	+75.0%	—	$235.9M	—
Q4 25	$0.4	$0.1	-75.0%	—	$624.4M	—
Q2 25	$0.84	-$0.22	-126.2%	—	$260.9M	—
Q1 25	$0.13	$0.21	+61.5%	—	$199.3M	—
Q4 24	$2.92	$3.25	+11.3%	—	$983.6M	—
Q3 24	$0.19	$1.46	+668.4%	—	$327.1M	—
Q2 24	$0.19	$0.42	+121.1%	—	$317.4M	—
Q1 24	-$0.7	-$1.06	-51.4%	—	$171.1M	—
Q4 23	$0.04	$0.69	+1625.0%	—	$335.8M	—
Q3 23	-$0.04	$0.22	+650.0%	—	$228.5M	—
Q2 23	-$0.25	-$0.39	-56.0%	—	$223.3M	—
Q1 23	-$0.66	-$0.46	+30.3%	—	$196.3M	—
Q4 22	$0.97	$1.07	+10.3%	—	$482M	—
Q3 22	$2.37	$2.19	-7.6%	—	$639.5M	—
Q2 22	-$0.39	$0.42	+207.7%	—	$276.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.22	—	—	$1.5B	—
FY24	—	$5.75	—	—	$1.8B	—
FY23	—	-$11.1	—	—	$1B	—
FY22	—	$3.65	—	—	$1.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1B	$1.1B	$1.1B	$1.3B	$699.5M	$1.4B	$1.6B	$1B	$1.8B	$1.5B
YoY change	+29.8%	+6.29%	-3.23%	+22.2%	-46.2%	+104.1%	+12.6%	-36.3%	+70.9%	-15.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1B	1.1B	1.1B	1.3B	699.5M	1.4B	1.6B	1B	1.8B	1.5B
Cost of revenue	636.4M	711.4M	713.6M	866.9M	489.3M	917.2M	974.9M	590.1M	1B	832.3M
Gross profit	398.6M	388.7M	351M	433.7M	210.1M	510.7M	633.6M	434M	732M	642.6M
Gross margin	38.5%	35.3%	33%	33.3%	30%	35.8%	39.4%	42.4%	41.8%	43.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	86.6M	89.9M	110.6M	162.5M	109.4M	82M	81.8M	91.2M	91.8M	122.2M
Operating expenses	75.1M	86.6M	111.5M	150.3M	117.6M	92.7M	93.7M	104.6M	14.6M	157.4M
Operating income	210.5M	163.9M	107.7M	115.8M	-130.9M	213.4M	337.5M	115.8M	537M	301.7M
Operating margin	20.3%	14.9%	10.1%	8.9%	-18.7%	14.9%	21%	11.3%	30.7%	20.5%
Non-operating income, net	174.6M	17.5M	39M	83.3M	269.3M	-19.4M	14.7M	-699.9M	-32M	-17.3M
Pretax income	320.8M	120.8M	73.2M	103.5M	8.5M	64.1M	245.1M	-715.3M	365.4M	161.5M
Income tax	118.5M	-45.8M	15.5M	29.2M	11.7M	15.2M	60.5M	-163.7M	80.2M	37.6M
Net income	202.3M	166.6M	57.7M	74.3M	-3.2M	48.9M	184.6M	-551.5M	197M	123.8M
Net margin	19.5%	15.1%	5.42%	5.71%	-0.45%	3.43%	11.5%	-53.9%	11.3%	8.4%
EBITDA	376M	328.9M	283.5M	324.2M	360.2M	397.3M	529.1M	306.3M	736.7M	534.1M
EPS	5.12	4.07	1.32	1.71	-0.5	1.03	3.65	-11.1	5.75	2.22
Diluted EPS	4.73	3.91	1.32	1.71	-0.5	1.03	3.65	-11.1	5.73	2.21

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	228.5M	335.8M	171.1M	317.4M	327.1M	983.6M	199.3M	260.9M	390.2M	624.4M	235.9M	1.1B
Cost of revenue	117.4M	172.7M	105.7M	164.8M	149.7M	666.6M	91.5M	111.9M	139.9M	489M	107.1M	796.6M
Gross profit	111.1M	163.1M	65.4M	152.6M	177.4M	317M	107.8M	149M	250.3M	135.4M	128.8M	325.8M
Gross margin	48.6%	48.6%	38.2%	48.1%	54.2%	32.2%	54.1%	57.1%	64.1%	21.7%	54.6%	29%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	21.6M	25.8M	30.9M	30.2M	24.9M	22.8M	22.4M	34.6M	28.3M	37M	25.8M	36.1M
Operating expenses	23.9M	33.9M	33.8M	33.7M	-62M	26.3M	28.6M	37.9M	29.2M	61.7M	29.5M	43M
Operating income	43.1M	75.9M	-21.5M	64.7M	195.2M	245.6M	34.2M	66.2M	175.1M	26.2M	50.7M	226.1M
Operating margin	18.9%	22.6%	-12.6%	20.4%	59.7%	25%	17.2%	25.4%	44.9%	4.19%	21.5%	20.1%
Non-operating income, net	32M	-6.5M	-14.3M	-494K	-50M	16M	15M	-48.7M	11.7M	4.6M	-12.9M	12.9M
Pretax income	43.5M	32M	-69.7M	27.4M	106.7M	225.3M	14.3M	-15.9M	158.3M	4.8M	10.7M	206.9M
Income tax	11.4M	-2.3M	-17.2M	6.4M	10.2M	62.9M	3.4M	-3.8M	38.9M	-897K	2.6M	50M
Net income	-544.1M	34.4M	-52.5M	21.1M	72.5M	155.9M	10.8M	-12.1M	119.4M	5.7M	8.1M	157M
Net margin	-238.2%	10.2%	-30.7%	6.63%	22.2%	15.9%	5.44%	-4.63%	30.6%	0.91%	3.42%	14%
EBITDA	109.2M	130.2M	19.7M	131.2M	243M	295.3M	86.8M	119M	234.4M	93.8M	111.4M	317.1M
EPS	-11	0.69	-1.06	0.42	1.46	3.27	0.21	-0.22	2.03	0.1	0.14	2.68
Diluted EPS	-11	0.69	-1.06	0.42	1.46	3.25	0.21	-0.22	2.02	0.1	0.14	2.68

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4.3B	5.2B	4B	5.2B	—	5.3B	3.7B	4B	3.9B	—	4.4B
Enterprise value	6.3B	7.2B	6.7B	9B	—	9.1B	7.9B	8.8B	8.4B	—	6.9B
Shares outstanding	39.5M	41.4M	43.2M	43.2M	52.3M	54.5M	50.6M	49.6M	50.1M	55.8M	55.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.2	31.1	69.6	70.4	—	108	19.9	—	19.6	—	13.5
P/S	4.15	4.71	3.78	4.02	—	3.7	2.29	3.95	2.2	—	1.72
P/B	1.67	1.62	1.24	1.57	—	1.42	1.02	1.32	1.36	—	1.02
EV/EBITDA	16.8	21.8	23.6	27.7	—	22.9	14.8	28.6	11.4	—	8.53
EV/Sales	6.11	6.52	6.29	6.9	—	6.37	4.88	8.56	4.79	—	2.91
Earnings yield	4.71%	3.22%	1.44%	1.42%	—	0.93%	5.01%	—	5.11%	—	7.39%
FCF yield	5.34%	3.06%	5.13%	3.84%	—	-5.41%	8.78%	-6.57%	10.2%	—	-25.7%
PEG	—	—	—	—	—	—	—	—	—	—	-0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	38.5%	35.3%	33%	33.3%	30%	35.8%	39.4%	42.4%	41.8%	43.6%	29%
Operating margin	20.3%	14.9%	10.1%	8.9%	-18.7%	14.9%	21%	11.3%	30.7%	20.5%	28.4%
Net margin	19.5%	15.1%	5.42%	5.71%	-0.45%	3.43%	11.5%	-53.9%	11.3%	8.4%	12.3%
ROE	7.87%	5.23%	1.78%	2.23%	-0.08%	1.31%	5.12%	-18%	6.93%	3.22%	7.49%
ROA	3.18%	2.48%	0.78%	0.88%	-0.03%	0.51%	1.92%	-5.76%	2.14%	1.16%	2.82%
ROIC	2.89%	3.16%	1.44%	1.17%	0%	2.16%	3.27%	1.49%	5.68%	3.09%	5.34%
Return on tangible assets	3.22%	2.53%	0.8%	0.9%	-0.04%	0.52%	1.95%	-5.83%	2.16%	1.17%	2.05%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.25	3.19	2.57	2.31	3.9	2.19	3.49	3.38	3.29	4.68	3.48
Quick ratio	3.25	3.19	2.15	2.18	3.78	2.13	3.45	3.38	3.29	4.67	2.77
Debt / equity	1.05	0.9	0.98	1.25	1.16	1.25	1.33	1.75	1.81	1.33	1.35
Debt / assets	0.42	0.42	0.43	0.5	0.48	0.49	0.5	0.56	0.56	0.48	0.34
Net debt / EBITDA	5.39	6.07	9.46	11.5	9.28	9.61	7.89	15.4	6.16	6.83	3.68
Interest coverage	5.88	2.87	1.89	1.98	1.06	1.49	3.21	-3.56	3.22	1.95	3.2
Effective tax rate	36.9%	0%	21.2%	28.2%	100%	23.6%	24.7%	0%	21.9%	23.3%	23.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	26.2	26.6	24.6	30.1	13.4	26.2	31.8	20.7	34.9	26.4	40.3
EPS (basic)	5.12	4.07	1.32	1.71	-0.5	1.03	3.65	-11.1	5.75	2.22	2.22
EPS (diluted)	4.73	3.91	1.32	1.71	-0.5	1.03	3.65	-11.1	5.73	2.21	5.06
Book value per share	65.1	77.1	75	77.1	71.6	68.5	71.3	61.7	56.7	68.8	66.9
FCF per share	5.81	3.83	4.77	4.64	-1.42	-5.25	6.39	-5.36	7.87	8.22	13.2
Cash per share	16.8	20.8	11.6	9.78	19.4	15.5	12.4	12.7	11.9	26.3	45.3
Capex per share	10.9	9.44	—	—	—	—	—	—	—	0.06	0.14

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	41.8%	35.5%	—	—	—	—	—	—	—	0.24%	0.36%
Capex / operating cash flow	-412.1%	-258.8%	—	—	—	—	—	—	—	0.76%	1.08%
Payout ratio	0%	0.01%	0%	0%	—	—	—	—	—	—	0%
Dividend yield	0%	0%	0%	0%	—	—	—	—	—	—	—

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$228.5M	$335.8M	$171.1M	$317.4M	$327.1M	$983.6M	$199.3M	$260.9M	$390.2M	$624.4M	$235.9M	$1.1B
YoY change	-64.3%	-30.3%	-12.8%	+42.1%	+43.2%	+192.9%	+16.5%	-17.8%	+19.3%	-36.5%	+18.4%	+330.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	665.5M	861.1M	499.7M	422.9M	1B	843.2M	626.7M	631.5M	596.1M	1.5B
Receivables	9.9M	13M	12.6M	12.3M	63.6M	81.1M	96.2M	92.4M	92.7M	102.5M
Inventory	—	0	200.3M	60.7M	56.9M	58.5M	22.5M	671K	525K	3.9M
Total current assets	1.4B	1.4B	1.2B	1.1B	1.8B	1.9B	1.8B	1.9B	1.8B	2.9B
Property, plant & equipment	3B	1.9B	15.5M	69.4M	56.3M	57M	46.9M	44.9M	5.8M	5.2M
Goodwill & intangibles	83M	133.1M	119.7M	176.6M	163.5M	148M	129.7M	114.8M	72.7M	72.8M
Total assets	6.4B	6.7B	7.4B	8.4B	9.1B	9.6B	9.6B	9.6B	9.2B	10.6B
Accounts payable	33M	35.9M	38.7M	37.5M	28.6M	72.8M	36.2M	49.4M	48.3M	69M
Short-term debt	—	—	—	—	—	316.7M	—	—	—	—
Total current liabilities	426.6M	440.8M	478.2M	474.1M	464.7M	873.4M	528.2M	567.2M	540M	616.6M
Long-term debt	2.7B	2.9B	3.2B	4.2B	4.4B	4.3B	4.8B	5.4B	5.1B	5.1B
Total liabilities	3.8B	3.5B	4.1B	5.1B	5.4B	5.8B	6B	6.5B	6.4B	6.8B
Shareholders' equity	2.6B	3.2B	3.2B	3.3B	3.7B	3.7B	3.6B	3.1B	2.8B	3.8B
Total debt	2.7B	2.9B	3.2B	4.2B	4.4B	4.7B	4.8B	5.4B	5.1B	5.1B
Net debt	2B	2B	2.7B	3.7B	3.3B	3.8B	4.2B	4.7B	4.5B	3.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	1.5B	1.5B	1.8B	2.7B
Receivables	—	—	—	—	—	—	—	—	100.9M	102.5M	103.2M	104M
Inventory	670K	671K	562K	562K	559K	525K	525K	430K	370K	3.9M	886K	10.5M
Total current assets	—	—	—	—	—	—	—	—	2.7B	2.9B	3.3B	6.2B
Property, plant & equipment	—	—	—	—	—	—	—	—	5.4M	5.2M	5.1M	7.8M
Goodwill & intangibles	—	—	—	—	—	—	—	—	65.8M	72.8M	76.4M	1.7B
Total assets	—	—	—	—	—	—	—	—	10.7B	10.6B	11.2B	15.9B
Accounts payable	—	—	—	—	—	—	—	—	30M	69M	38.9M	58.5M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	599.9M	616.6M	503.1M	2.2B
Long-term debt	—	—	—	—	—	—	—	—	5.3B	5.1B	5.8B	5.5B
Total liabilities	—	—	—	—	—	—	—	—	6.9B	6.8B	7.4B	11.9B
Shareholders' equity	—	—	—	—	—	—	—	—	3.8B	3.8B	3.8B	4B
Total debt	—	—	—	—	—	—	—	—	5.3B	5.1B	5.8B	5.5B
Net debt	—	—	—	—	—	—	—	—	3.8B	3.6B	4B	2.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	202.3M	166.6M	57.7M	74.3M	-3.2M	48.9M	184.6M	-551.5M	285.2M	123.8M
Depreciation & amortization	94M	130.9M	128.2M	155.2M	217.4M	205.2M	200.3M	215.7M	180.1M	183.6M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	37.4M	156.4M	8.7M	-28M	55.4M	-9.4M	19.9M	65.4M	78.1M	352.5M
Operating cash flow	-105M	-150.9M	107.5M	292.9M	68.6M	-436.5M	301.6M	-1.1B	409.6M	462.4M
Capital expenditure	-432.6M	-390.4M	—	—	—	—	—	—	—	-3.5M
Investing cash flow	-461.4M	-404M	-218.3M	-564.7M	2.8M	-582K	-100.3M	-50M	-13.2M	-20.1M
Dividends paid	0	-12K	0	0	—	—	—	—	—	—
Share repurchases	—	0	-58.7M	-53.9M	0	-81.1M	-403.9M	0	0	—
Financing cash flow	198.7M	124.5M	379.4M	917.5M	1.1B	152.1M	-222.6M	548.7M	-27.8M	855.3M
Net change in cash	-367.7M	-430.4M	268.6M	645.7M	1.2B	-285.1M	-21.3M	-610.1M	368.6M	1.3B
Free cash flow	229.4M	158.6M	206M	200.8M	-74.5M	-285.8M	323.3M	-265.8M	394.4M	458.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	72.3M	34.4M	-52.5M	-10.4M	96.5M	162.3M	10.8M	-12.1M	119.4M	5.7M	8.1M	157M
Depreciation & amortization	17.2M	54.8M	52.2M	60.6M	44.1M	45.2M	45.2M	44.4M	46.5M	47.5M	48.7M	76.9M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-26M	133.5M	-14.6M	-25.3M	-118M	130M	-80M	110.8M	-67.7M	389.5M	-88.3M	-93.9M
Operating cash flow	-50.4M	21.7M	-197.5M	-167.4M	1.1M	571.5M	-228.1M	177.3M	149.8M	360.3M	-229.4M	506.5M
Capital expenditure	—	—	—	—	—	—	—	-197K	-676K	-2.3M	-2.9M	-2.6M
Investing cash flow	25.6M	-11.5M	-14.6M	-31.3M	1.2M	463K	-1.5M	-11.1M	-2.3M	-4.9M	-23M	-1.7B
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	243.7M	98.4M	83.6M	126M	-33.5M	-204.8M	128.1M	-20.3M	64.6M	-179.9M	664.7M	-324.6M
Net change in cash	219M	108.6M	-128.5M	-72.7M	-31.2M	367.2M	-101.5M	145.8M	212.1M	175.4M	412.3M	-1.5B
Free cash flow	-111.3M	99.5M	-171.7M	-17.7M	248M	335.9M	-225.2M	177.1M	149.1M	357.9M	-232.3M	504M

Howard Hughes Holdings Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement