Howard Hughes (HHH) financial statements
Howard Hughes reported revenue of $1.5B in fiscal 2025, up 0.8% a year over 4 years.
Net income was $124M and the operating margin 22.5%, against 16.9% in 2021.
Free cash flow was $418M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Howard Hughes's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.4B | $1.5B | $909M | $1.8B | $1.5B |
| Selling, general and admin | $82M | $82M | $87M | $92M | $122M |
| Operating income | $242M | $424M | $216M | $560M | $332M |
| Interest expense | $130M | $111M | $157M | $165M | $170M |
| Pre-tax income | $64M | $335M | $110M | $365M | $161M |
| Income tax | $15M | $82M | $26M | $80M | $38M |
| Net income | $56M | $185M | -$552M | $198M | $124M |
| EPS (diluted) | $1.03 | $3.65 | -$11.12 | $3.96 | $2.21 |
| Diluted shares | 55M | 51M | 50M | 50M | 56M |
| Operating margin | 16.9% | 28.5% | 23.8% | 32.0% | 22.5% |
| Net margin | 3.9% | 12.4% | -60.7% | 11.3% | 8.4% |
Balance sheet
Fiscal years, from Howard Hughes's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $843M | $610M | $630M | $596M | $1.5B |
| Goodwill | — | — | — | $0 | $2M |
| Total assets | — | $9.6B | $9.6B | $9.2B | $10.6B |
| Total liabilities | — | $6.0B | $6.5B | $6.4B | $6.8B |
| Shareholders' equity | $3.7B | $3.5B | $3.0B | $2.8B | $3.8B |
| Net debt | -$843M | -$610M | -$630M | -$596M | -$1.5B |
Cash flow
Fiscal years, from Howard Hughes's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | -$284M | $325M | -$258M | $397M | $462M |
| Capital spending | $36M | $43M | $40M | $48M | $45M |
| Free cash flow | -$320M | $282M | -$299M | $349M | $418M |
| Stock-based compensation | $10M | $12M | $16M | $16M | $20M |
| Share buybacks (net) | -$81M | -$404M | $0 | $0 | — |
| Net borrowing | $283M | $172M | $530M | -$46M | -$23M |
| Free cash flow margin | -22.4% | 18.9% | -32.9% | 19.9% | 28.3% |
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Open HHH in InvestinglyQuestions
What was Howard Hughes's revenue in 2025?
$1.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Howard Hughes generate?
$418M in fiscal 2025 (operating cash flow minus capital spending).
From Howard Hughes's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.