Revenue growth remains highly erratic, characterized by a sharp 2025Q4 revenue spike to $624.4M followed by a contraction to $235.9M in 2026Q1, while NOI margins experienced a significant compression to -29.6% in 2025Q4.
| 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 |
|---|
| Revenue | 1.51B | 1.47B | 1.75B | 1.02B | 1.49B | 1.43B | 699.49M | 1.3B | 1.06B | 1.1B | 1.04B | 797.09M | 634.57M | 474.61M | 376.89M | 275.69M | 142.72M | 136.35M |
| Revenue Growth % | -15.73% | -15.75% | 70.95% | -31.24% | 4.31% | 104.13% | -46.22% | 22.17% | -3.23% | 6.29% | 29.85% | 25.61% | 33.7% | 25.93% | 36.71% | 93.17% | 4.67% | - |
| Property Operating Expenses | 1.31B | 1.2B | 1.02B | 590.13M | 847.43M | 917.23M | 489.34M | 866.88M | 719.52M | 711.39M | 636.39M | 495.78M | 366.38M | 306.12M | 244.34M | 196.26M | 111.35M | 103.27M |
| Net Operating Income (NOI) | 199.81M | 276.1M | 731.95M | 433.97M | 642.06M | 510.68M | 210.15M | 433.66M | 345.01M | 388.73M | 398.61M | 301.31M | 268.18M | 168.49M | 132.54M | 79.43M | 31.37M | 33.08M |
| NOI Margin % | 13.22% | 18.72% | 41.81% | 42.38% | 43.11% | 35.76% | 30.04% | 33.34% | 32.41% | 35.34% | 38.51% | 37.8% | 42.26% | 35.5% | 35.17% | 28.81% | 21.98% | 24.26% |
| Operating Expenses | -56.42M | 22.61M | 172.03M | 962.18M | 217.82M | 268.8M | 329.71M | 283.35M | 238.2M | 221.6M | 176.66M | 182.54M | 101.46M | 57.28M | 60.08M | 51.96M | 543.24M | 725.75M |
| G&A Expenses | 125.56M | 122.24M | 91.75M | 91.19M | 81.77M | 81.99M | 109.4M | 162.51M | 104.63M | 89.88M | 86.59M | 81.34M | 73.57M | 48.47M | 34.42M | 35.18M | 21.54M | 23.02M |
| EBITDA | 443.03M | 436.73M | 739.72M | -312.47M | 579.06M | 447.02M | 97.88M | 305.48M | 1.06B | 1.19B | 1.16B | 217.76M | 223.35M | 145.27M | 96.99M | 44.54M | -495.3M | -672.83M |
| EBITDA Margin % | 29.31% | 29.61% | 42.25% | -30.51% | 38.88% | 31.31% | 13.99% | 23.49% | 100% | 108.62% | 112.49% | 27.32% | 35.2% | 30.61% | 25.73% | 16.16% | -347.05% | -493.47% |
| Depreciation & Amortization | 186.79M | 183.23M | 179.8M | 215.74M | 154.82M | 205.15M | 217.44M | 155.17M | 957.73M | 976.43M | 837.47M | 99M | 56.63M | 34.06M | 24.52M | 17.08M | 16.56M | 19.84M |
| D&A / Revenue % | 12.36% | 12.42% | 10.27% | 21.07% | 10.39% | 14.37% | 31.08% | 11.93% | 89.97% | 88.76% | 80.91% | 12.42% | 8.92% | 7.18% | 6.51% | 6.19% | 11.61% | 14.55% |
| Operating Income | 256.24M | 253.49M | 559.92M | -528.21M | 424.24M | 241.87M | -119.56M | 150.31M | 106.81M | 218.5M | 326.76M | 118.76M | 166.72M | 111.21M | 72.47M | 27.46M | -511.87M | -692.67M |
| Operating Margin % | 16.95% | 17.19% | 31.98% | -51.58% | 28.48% | 16.94% | -17.09% | 11.56% | 10.03% | 19.86% | 31.57% | 14.9% | 26.27% | 23.43% | 19.23% | 9.96% | -358.65% | -508.02% |
| Interest Expense | 4M | 172.85M | 164.93M | 156.95M | 110.89M | 130.04M | 132.26M | 105.37M | 82.03M | 64.57M | 65.72M | 59.74M | 38.62M | 9.76M | 964K | 0 | 2.42M | 977K |
| Interest Coverage | - | 1.93x | 3.22x | -3.56x | 4.03x | 1.49x | 1.06x | 1.98x | 1.30x | 2.87x | 5.88x | 3.52x | 2.02x | -5.57x | -124.16x | - | -265.48x | -707.25x |
| Non-Operating Income | -75.53M | -80.82M | 29.6M | 30.1M | -23.16M | 47.76M | -260.3M | -58.6M | 0 | -61.7M | -188.96M | -93.42M | 88.66M | 165.58M | 192.16M | 0 | 634.84M | -1.69M |
| Pretax Income | 157.87M | 161.46M | 365.4M | -80.33M | 334.9M | 64.08M | 8.48M | 103.54M | 73.22M | 120.82M | 320.78M | 150.72M | 39.44M | -64.13M | -120.66M | 130.15M | -654.82M | -691.96M |
| Pretax Margin % | 10.44% | 10.95% | 20.87% | -7.84% | 22.48% | 4.49% | 1.21% | 7.96% | 6.88% | 10.98% | 30.99% | 18.91% | 6.22% | -13.51% | -32.01% | 47.21% | -458.82% | -507.5% |
| Income Tax | 36.8M | 37.62M | 80.18M | -163.74M | 82.2M | 15.15M | 11.65M | 29.25M | 15.49M | -45.8M | 118.45M | 24M | 62.96M | 9.57M | 6.89M | -18.32M | -633.46M | -23.97M |
| Effective Tax Rate % | 23.31% | 23.3% | 21.94% | 203.84% | 24.54% | 23.65% | 137.42% | 28.25% | 21.16% | -37.91% | 36.93% | 15.92% | 159.63% | -14.92% | -5.71% | -14.08% | 96.74% | 3.46% |
| Net Income | 121.59M | 123.9M | 197.7M | -551.77M | 184.53M | 56.1M | -26.15M | 73.96M | 57.01M | 168.4M | 202.3M | 126.72M | -23.53M | -73.79M | -128.29M | 147.18M | -69.43M | -703.61M |
| Net Margin % | 8.04% | 8.4% | 11.29% | -53.88% | 12.39% | 3.93% | -3.74% | 5.69% | 5.36% | 15.31% | 19.55% | 15.9% | -3.71% | -15.55% | -34.04% | 53.39% | -48.65% | -516.04% |
| Net Income Growth % | -53.36% | -37.33% | 135.83% | -399.01% | 228.94% | 314.5% | -135.36% | 29.72% | -66.15% | -16.76% | 59.65% | 638.52% | 68.11% | 42.48% | -187.16% | 311.98% | 90.13% | - |
| Funds From Operations (FFO) | 308.38M | 307.13M | 377.5M | -336.03M | 339.36M | 261.25M | 191.28M | 229.13M | 1.01B | 1.14B | 1.04B | 225.72M | 33.09M | -39.73M | -103.76M | 164.26M | -52.87M | -683.77M |
| FFO Margin % | 20.4% | 20.82% | 21.56% | -32.81% | 22.78% | 18.3% | 27.35% | 17.62% | 95.32% | 104.06% | 100.46% | 28.32% | 5.22% | -8.37% | -27.53% | 59.58% | -37.04% | -501.49% |
| FFO Growth % | -81.95% | -18.64% | 212.34% | -199.02% | 29.9% | 36.58% | -16.52% | -77.42% | -11.36% | 10.1% | 360.65% | 582.02% | 183.3% | 61.71% | -163.17% | 410.7% | 92.27% | - |
| FFO per Share | 5.22 | 5.19 | 7.53 | -6.78 | 6.71 | 4.78 | 3.66 | 5.29 | 23.47 | 26.57 | 24.33 | 5.72 | 0.84 | -1.01 | -2.72 | 4.21 | -1.40 | -18.13 |
| FFO Payout Ratio % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.04% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | 2.06 | 2.10 | 3.96 | -11.13 | 3.65 | 1.03 | -0.50 | 1.71 | 1.32 | 3.91 | 4.73 | 1.60 | -0.60 | -1.87 | -3.36 | 1.17 | -1.84 | -18.66 |
| EPS Growth % | -60.99% | -46.97% | 135.58% | -404.93% | 254.37% | 306% | -129.24% | 29.55% | -66.24% | -17.34% | 195.63% | 366.67% | 67.91% | 44.35% | -387.18% | 163.59% | 90.14% | - |
| EPS (Basic) | - | 2.11 | 3.98 | -11.13 | 3.65 | 1.03 | -0.50 | 1.71 | 1.32 | 4.07 | 5.12 | 3.21 | -0.60 | -1.87 | -3.36 | 3.88 | -1.84 | -18.66 |
| Diluted Shares Outstanding | 59.12M | 59.12M | 50.12M | 49.58M | 50.56M | 54.65M | 52.31M | 43.31M | 43.24M | 43.09M | 42.73M | 39.48M | 39.46M | 39.45M | 38.13M | 38.98M | 37.73M | 37.72M |
Lumpy development revenue volatility
As evidenced by the 2025Q4 revenue spike to $624.4M followed by a contraction to $235.9M in 2026Q1, Howard Hughes exhibits significant revenue lumpiness, which appears tied to the timing of large-scale land closings and condominium completions rather than consistent organic growth across its master-planned community portfolio.
The erratic revenue trajectory suggests that investors should exercise caution when extrapolating short-term performance to long-term value. The reliance on transactional land sales creates a disconnect between quarterly reporting and the steady-state cash flow profile the company aims to achieve through its operating assets.
Based on reported financial statements, the company's NOI margin experienced a sharp contraction to -29.6% in 2025Q4, a significant deviation from the historical averages typically exceeding 50%, which may indicate operational inefficiencies or non-recurring costs within the Seaport and strategic development segments during that specific period.
The volatility in property-level profitability suggests that the company's cost structure remains highly sensitive to development-related expenses. Analysts should monitor whether the recent recovery to 13.4% in 2026Q1 represents a sustainable stabilization or merely a temporary rebound from the prior quarter's anomalous operational drag.
According to the provided income statement data, FFO per share has fluctuated wildly, ranging from a low of -$0.17 in 2024Q1 to a peak of $4.03 in 2024Q4, suggesting that the company's earnings quality is heavily influenced by the timing of project-based revenue recognition.
This extreme variance in FFO makes it difficult to assess the underlying health of the recurring rental income stream. Investors should investigate the extent to which these FFO swings are driven by non-recurring land sales versus the core performance of the stabilized commercial operating assets.
As reported in recent filings, the company's reliance on strategic developments creates a structural risk where GAAP net income and FFO may be artificially inflated by the timing of asset completions, potentially masking the underlying cash burn associated with long-term infrastructure investments in new master-planned communities.
The significant discrepancy between FFO and AFFO in certain periods suggests that capitalized costs and maintenance requirements may be higher than headline figures imply. This warrants further investigation into whether the company's self-funding model is truly sustainable without continued reliance on high-margin land sales to homebuilders.
Quick answers to the most common questions about buying HHH stock.
For fiscal year 2025, Howard Hughes Holdings Inc. (HHH) reported total revenue of $1.47B. This represents a 981.7% increase compared to $136.3M in 2009.
Howard Hughes Holdings Inc. (HHH) is profitable, generating $123.9M in net income for the fiscal year ending 2025 with a net profit margin of 8.4%.
Howard Hughes Holdings Inc. (HHH) reported an operating income of $253.5M, resulting in an operating profit margin of 17.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Howard Hughes Holdings Inc. (HHH) generated $276.1M in gross profit for the year, representing a gross profit margin of 18.7%. This demonstrates the company's core pricing power and production efficiency.