Howard Hughes Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Howard Hughes Holdings Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	1,428	1,489	909	1,751	1,475
General and administrative	82	81.8	86.7	91.8	122
Operating income	242	424	216	560	332
Interest expense	130	111	157	165	170
Interest income	0.11	3.82	25.5	25.3	47
Pre-tax income	64.1	335	110	365	161
Income tax	15.2	82.2	26.4	80.2	37.6
Income from continuing operations		253	83.4	285	124
Net income to minority interests	-7.18	0.1	0.24	-0.71	-0.05
Net income	56.1	185	-552	198	124
EBITDA	447	579	385	740	515
EPS, basic	1.03	3.65	-11.13	3.98	2.22
EPS, diluted	1.03	3.65	-11.12	3.96	2.21
Shares, basic (weighted)	54.6	50.5	49.6	49.7	55.7
Shares, diluted (weighted)	54.6	50.6	49.6	49.9	56

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	843	610	630	596	1,469
Short-term investments					0
Lease right-of-use assets		46.9	5.46	5.81	5.23
Goodwill				0	2.34
Intangible assets					34.7
Total assets		9,603	9,577	9,211	10,639
Accounts payable					3.3
Other non-current liabilities					27.9
Total liabilities		5,997	6,518	6,369	6,797
Total debt			5,303	5,127	5,110
Paid-in capital		3,973	3,988	3,576	4,459
Retained earnings		168	-384	-186	-62.1
Treasury stock		-611	-614	-617	-620
Other comprehensive income		10.3	1.27	1.97	-1.83
Shareholders' equity		3,540	2,993	2,776	3,775
Minority interests		65.6	66.1	65.5	66.8
Total equity	3,711	3,606	3,059	2,842	3,842
Total liabilities and equity		9,603	9,577	9,211	10,639
Shares outstanding		49.8	50	50.1	59.4

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	48.9	185	-552	197	124
Depreciation and amortization	205	155	169	180	183
Stock-based compensation	9.89	11.9	16.4	16	19.8
Deferred income tax	10.4	55.8	-9.9	61.5	23.6
Change in receivables		82.8	117	83.8	-18.2
Change in payables	42.8	14.4	38.8	28.8	95.6
Cash from operations	-284	325	-258	397	462
Capital expenditures	-35.9	-43.2	-40.2	-47.9	-44.8
Cash from investing	101	-221	-336	-301	-219
Debt issued	2,423	1,236	677	761	760
Debt repaid	-2,140	-1,063	-148	-808	-782
Stock issued	4.08	0.35	0	0	863
Share buybacks	-81.1	-404	0	0
Cash from financing	156	-222	549	-150	855
Net change in cash	-26.4	-118	-45.9	-54.6	1,099
Free cash flow	-320	282	-299	349	418
Interest paid	183	206	240	298	283
Income taxes paid	1.79	25	10.6	3.94

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $68.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	21.3%	Operating income / revenue.
EBITDA margin	29.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.0%	Pre-tax income / revenue.
Net margin	12.3%	Net income / revenue.
FCF margin	31.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	33.2%	Cash from operations / revenue.
Effective tax rate	23.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.8%	Net income / average total assets.
Return on invested capital (ROIC)	29.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.0%	Capital expenditures / revenue.
D&A / revenue	8.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-15.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-40.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-30.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-37.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-12.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-44.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-15.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	12.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	19.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	14.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	36.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	15.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	12.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	68.4%	Total liabilities / total assets.
Interest coverage	2.93x	Operating income / interest expense.
Goodwill and intangibles / assets	5.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.09B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.15x	Revenue / average total assets.
FCF conversion	253.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.94	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$40.11	Revenue / diluted weighted shares.
FCF per share	$12.52	Free cash flow / diluted weighted shares.
Operating cash flow per share	$13.31	Cash from operations / diluted weighted shares.
Book value per share	$66.39	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$51.83	Tangible book value / shares outstanding.
Cash per share	$44.85	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.09B	Share price x shares outstanding.
Enterprise value	$1.41B	Market cap + total debt - cash - short-term investments.
P/E	14.0x	Market cap / net income. Only when net income is positive.
P/S	1.72x	Market cap / revenue.
P/B	1.03x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.32x	Market cap / tangible book value, when positive.
P/FCF	5.52x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.19x	Market cap / cash from operations, when positive.
EV/Sales	0.59x	Enterprise value / revenue.
EV/EBIT	2.79x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2.00x	Enterprise value / EBITDA, when both are positive.
EV/FCF	1.91x	Enterprise value / free cash flow, when both are positive.
FCF yield	18.1%	Free cash flow / market cap.
Earnings yield	7.1%	Net income / market cap (the inverse of P/E).

What was Howard Hughes Holdings Inc.'s revenue in fiscal 2025?

Howard Hughes Holdings Inc. reported revenue of $1.47B for fiscal 2025, 15.8% lower than the year before.

Was Howard Hughes Holdings Inc. profitable in fiscal 2025?

Yes. Net income was $123.9M, a net margin of 8.4%.

How much free cash flow did Howard Hughes Holdings Inc. generate in fiscal 2025?

Cash from operations of $462.4M minus capital expenditures of $44.8M left free cash flow of $417.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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