Cash flow generation is highly sensitive to project timing, evidenced by a negative free cash flow of -$237.9M in 2026Q1 despite the company reporting $56.9M in FFO for the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 467.08M | 462.37M | 400.94M | -248.18M | 325.25M | -283.96M | -72.87M | 207.73M | 210.52M | 319.03M | 58.91M | 23.93M | -58.31M | 129.33M | 153.06M | 86.51M | -67.9M | -17.87M |
| Operating CF Growth % | 1059.33% | 15.32% | 261.55% | -176.3% | 214.54% | -289.68% | -135.08% | -1.32% | -34.01% | 441.51% | 146.2% | 141.04% | -145.09% | -15.5% | 76.94% | 227.41% | -279.96% | - |
| Operating CF / Revenue % | 30.9% | 31.35% | 22.9% | -24.23% | 21.84% | -19.89% | -10.42% | 15.97% | 19.78% | 29% | 5.69% | 3% | -9.19% | 27.25% | 40.61% | 31.38% | -47.58% | -13.11% |
| Net Income | 121.59M | 123.9M | 285.93M | 83.17M | 53.36M | 48.92M | -3.17M | 74.3M | 57.73M | 166.62M | 202.33M | 126.72M | -23.52M | -73.69M | -127.54M | 148.47M | -69.23M | -703.82M |
| Depreciation & Amortization | 183.52M | 0 | 179.8M | 168.73M | 154.82M | 205.15M | 217.44M | 155.17M | 128.25M | 130.93M | 94.01M | 99.46M | 56.63M | 34.06M | 24.52M | 17.08M | 16.56M | 19.84M |
| Stock-Based Compensation | 2.14M | 3.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -165.11M | 78.35M | -142.84M | -748.67M | 11.17M | -640.87M | -435.78M | 16.87M | -103.42M | -556.72M | -672.41M | -467.98M | -187.18M | 156.84M | 191.85M | -106.39M | 603.75M | 665.71M |
| Working Capital Changes | 298.68M | 256.93M | 78.05M | 248.59M | 50.07M | 92.48M | 137.82M | -66.42M | 130.5M | 621.67M | 321.29M | 244.58M | 30.75M | 3.78M | 59.78M | 46.55M | 17.14M | 23.52M |
| Cash from Investing | -213.47M | -219.07M | -307.25M | -348.92M | -220.69M | 101.46M | -428.55M | -1.23B | -841.77M | -322.68M | -38.56M | -575.57M | -746.46M | -294.32M | -81.35M | -39.68M | -111.83M | -21.43M |
| Acquisitions (Net) | -2.88M | 0 | 206K | 219K | 31.23M | -1.25M | -3.88M | -6.06M | -2.62M | -1.14M | 377.49M | 22.97M | -15.85M | -31.14M | -4.55M | 5.49M | 0 | 0 |
| Purchase of Investments | -41.12M | 0 | -256.45M | -231.04M | -100.41M | 0 | 0 | 0 | -240.95M | -33.4M | -63.04M | -2.17M | -6.25M | -31.14M | 0 | 0 | 0 | -288K |
| Sale of Investments | 31K | 0 | 48.41M | 39.54M | 81.72M | 0 | 0 | 0 | 0 | 88.38M | 25M | 9.12M | 9.39M | 13.27M | 0 | 0 | 3K | 6.39M |
| Other Investing | -150.9M | -219.07M | -30.86M | -104.19M | 176.58M | 104.52M | -423.05M | -1.22B | -834.67M | 68.9M | 16.53M | -3.13M | 40.08M | 24.75M | -2.43M | -793K | -111.83M | -27.54M |
| Cash from Financing | 1.4B | 855.35M | -148.25M | 551.22M | -222.26M | 156.14M | 1.12B | 921.09M | 391.17M | 199.2M | 199.86M | 436.49M | 470.27M | 830.74M | -70.08M | -103.94M | 461.21M | 37.54M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12K | 0 | 0 | -12K | -12K | 0 | 0 | 0 | 0 |
| Common Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K |
| Share Repurchases | -204K | -3.64M | 0 | 0 | -403.86M | -81.13M | 0 | -53.92M | -58.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.68M | 881.9M | -105.75M | 21.97M | 11.06M | -45.26M | -5.28M | 69.41M | 115.72M | 84.53M | -2.35M | -43.53M | -7.08M | -9.63M | -82.66M | -1.83M | 231.93M | 48.01M |
| Net Change in Cash | 1.65B | 1.1B | -10.71M | -89.72M | -117.7M | -26.36M | 622.86M | -104.08M | -240.09M | 195.55M | 220.21M | -115.15M | -334.5M | 665.75M | 1.63M | -57.12M | 281.48M | -1.76M |
| Exchange Rate Effect | 0 | 0 | 43.84M | -43.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 2.1B | 998.5M | 1.01B | 1.1B | 1.22B | 1.24B | 620.13M | 724.22M | 964.3M | 665.51M | 445.3M | 560.45M | 894.95M | 229.2M | 227.57M | 284.68M | 3.2M | 4.96M |
| Cash at End | 2.49B | 2.1B | 998.5M | 1.01B | 1.1B | 1.22B | 1.24B | 620.13M | 724.22M | 861.06M | 665.51M | 445.3M | 560.45M | 894.95M | 229.2M | 227.57M | 284.68M | 3.2M |
| Free Cash Flow | 444.38M | 440.76M | 350.85M | -295.73M | 323.25M | -285.77M | -74.48M | 200.78M | 206.03M | 312.06M | 49.25M | 8.49M | -66.84M | 97.56M | 78.7M | 42.13M | -67.9M | -17.87M |
| FCF Growth % | 41.93% | 25.63% | 218.64% | -191.49% | 213.11% | -283.68% | -137.1% | -2.55% | -33.98% | 533.59% | 480.06% | 112.7% | -168.5% | 23.97% | 86.8% | 162.05% | -279.96% | - |
| FCF / Revenue % | 29.4% | 29.88% | 20.04% | -28.88% | 21.7% | -20.01% | -10.65% | 15.44% | 19.35% | 28.37% | 4.76% | 1.07% | -10.53% | 20.56% | 20.88% | 15.28% | -47.58% | -13.11% |
Lumpy development revenue volatility
As reported in financial statements, HHH exhibits a significant disconnect between GAAP operating cash flow and FFO, with OCF swinging from -$220.2M in 2026Q1 to $360.3M in 2025Q4, highlighting the extreme sensitivity of cash generation to the timing of large-scale land development and condominium project closings.
The wide variance between FFO and OCF suggests that GAAP metrics are heavily distorted by working capital swings and the non-linear nature of land sales. Investors should monitor whether these OCF fluctuations represent genuine operational volatility or merely the timing of cash receipts from long-cycle development projects.
Based on the provided data, the company's FFO frequently exceeds GAAP Net Income, such as in 2026Q1 where FFO reached $56.9M against $8.2M in net income, indicating that substantial non-cash depreciation charges are masking the underlying cash-generating capacity of the company's stabilized operating assets.
This distortion is typical for a developer with a large portfolio of depreciating assets, yet it complicates the assessment of true earnings power. The reliance on FFO as a proxy for performance may be misleading if the depreciation is not adequately offset by the actual maintenance capital requirements of the portfolio.
According to historical cash flow records, HHH maintains a variable capital expenditure profile, with quarterly outflows reaching as high as $18.6M in 2024Q2, reflecting the ongoing, heavy investment required to sustain the infrastructure and leasing commissions necessary for its master-planned community and commercial asset ecosystem.
The inconsistent nature of these capital outlays suggests that the company is in a perpetual state of reinvestment, which may limit the near-term availability of free cash flow. Analysts should investigate whether these expenditures are primarily maintenance-related or growth-oriented, as this distinction is critical for evaluating the long-term sustainability of the business model.
Analysis of the cash flow statement suggests that the company's reliance on project-based revenue recognition often obscures the underlying cash burn, as evidenced by the negative FCF of -$237.9M in 2026Q1 despite positive FFO, indicating significant off-balance-sheet or project-level cash obligations that warrant further investigation.
The discrepancy between FFO and FCF implies that the company's cash flow is not as stable as the FFO metric might suggest. Investors should be wary of the potential for future cash calls if the development pipeline requires sustained capital infusions that are not captured by standard REIT performance metrics.
Quick answers to the most common questions about buying HHH stock.
Howard Hughes Holdings Inc. (HHH) generated $462.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Howard Hughes Holdings Inc. (HHH) generated $440.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Howard Hughes Holdings Inc. (HHH) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Howard Hughes Holdings Inc. (HHH) spent $3.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.