Howard Hughes Holdings Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Howard Hughes Holdings Inc reported revenue of $1.5B (-15.8% year on year) and net income of $123.9M (-37.3% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY |
|---|---|---|---|
| Revenue | $1.0B | $1.3B | $618.7M |
| Rental revenue | $441.4M | $422.1M | $405.4M |
| Total revenues | $1.5B | $1.8B | $1.0B |
| Cost of sales | $558.1M | $751.8M | $195.5M |
| Operating costs | $213.4M | $208.6M | $337.0M |
| Rental property real estate taxes | $60.8M | $58.4M | $57.6M |
| Provision for (recovery of) doubtful accounts | $232.0K | $504.0K | ($2.6M) |
| General and administrative | $122.2M | $91.8M | $91.2M |
| Depreciation and amortization | $183.2M | $179.8M | $216.1M |
| Total expenses | $1.2B | $1.3B | $908.3M |
| Gain (loss) on sale or disposal of real estate and other assets, net | $29.8M | $22.9M | $24.2M |
| Other income (loss), net | ($16.0M) | $92.1M | $4.3M |
| Total other | $13.8M | $115.0M | ($644.0M) |
| Operating income (loss) | $331.5M | $559.9M | ($528.2M) |
| Interest income | $47.0M | $25.3M | $25.8M |
| Interest expense | ($169.9M) | ($164.9M) | ($157.0M) |
| Gain (loss) on extinguishment of debt | ($698.0K) | ($465.0K) | ($144.0K) |
| Gain (loss) on sale of MUD receivables | ($48.2M) | ($48.7M) | — |
| Equity in earnings (losses) from unconsolidated ventures | $1.8M | ($5.8M) | ($55.7M) |
| Income (loss) from continuing operations before income taxes | $161.5M | $365.4M | ($715.3M) |
| Income tax expense (benefit) | $37.6M | $80.2M | ($163.7M) |
| Net income (loss) from continuing operations | $123.8M | $285.2M | — |
| Net income (loss) from discontinued operations, net of tax | $0 | ($88.2M) | — |
| Net income (loss) | $123.8M | $197.0M | ($551.5M) |
| Net (income) loss attributable to noncontrolling interests | $54.0K | $711.0K | ($243.0K) |
| Net income (loss) attributable to common stockholders | $123.9M | $197.7M | — |
| Basic income (loss) per share — continuing operations (in dollars per share) | $2.22 | $5.75 | — |
| Basic income (loss) per share — discontinued operations (in dollars per share) | $0.00 | -$1.78 | — |
| Basic income (loss) per share attributable to common stockholders (in dollars per share) | $2.22 | $3.98 | -$11.13 |
| Diluted income (loss) per share — continuing operations (in dollars per share) | $2.21 | $5.73 | — |
| Diluted income (loss) per share — discontinued operations (in dollars per share) | $0.00 | -$1.77 | — |
| Diluted income (loss) per share attributable to common stockholders (in dollars per share) | $2.21 | $3.96 | -$11.13 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenues from contracts with customers | $899.9M | $122.4M | $278.9M | $149.8M |
| Rental revenue | $114.2M | $113.5M | $111.4M | $111.1M |
| Net earned insurance premiums | $97.2M | — | — | — |
| Net insurance investment income | $11.0M | — | — | — |
| Total revenues | $1.1B | $235.9M | $390.2M | $260.9M |
| Cost of sales | $634.4M | $37.9M | $78.3M | $46.0M |
| Operating costs | $54.7M | $53.0M | $45.9M | $50.5M |
| Rental property real estate taxes | $14.8M | $16.2M | $15.6M | $15.4M |
| Insurance claims and claim expenses | $55.2M | — | — | — |
| Insurance underwriting expenses | $37.4M | — | — | — |
| Provision for (recovery of) doubtful accounts | $123.0K | ($59.0K) | ($345.0K) | $542.0K |
| General and administrative | $36.1M | $25.8M | $28.3M | $34.6M |
| Depreciation and amortization | $56.6M | $48.6M | $46.4M | $44.3M |
| Other expenses | $6.2M | $3.9M | $3.3M | $4.3M |
| Total expenses | $895.6M | $185.4M | $217.6M | $195.6M |
| Gain (loss) on sale or disposal of real estate and other assets, net | $51.8M | $0 | $14.4M | $1.7M |
| Investment gain (loss), net | ($38.3M) | — | — | — |
| Other income (loss), net | ($660.0K) | $127.0K | $2.4M | $885.0K |
| Total other | $12.9M | $127.0K | $16.9M | $2.5M |
| Operating income (loss) | $239.6M | $50.7M | $189.6M | $67.9M |
| Interest income | $13.8M | $14.7M | $15.3M | $10.3M |
| Interest expense | ($45.8M) | ($41.8M) | ($43.9M) | ($43.7M) |
| Gain (loss) on extinguishment of debt | ($413.0K) | ($10.2M) | ($173.0K) | ($307.0K) |
| Gain (loss) on sale of MUD receivables | ($555.0K) | — | $0 | ($48.2M) |
| Equity in earnings (losses) from unconsolidated ventures | $301.0K | ($2.6M) | ($2.5M) | ($1.9M) |
| Income (loss) before income taxes | $206.9M | $10.7M | $158.3M | ($15.9M) |
| Income tax expense (benefit) | $50.0M | $2.6M | $38.9M | ($3.8M) |
| Net income (loss) | $157.0M | $8.1M | $119.4M | ($12.1M) |
| Net (income) loss attributable to noncontrolling interests | $1.4M | $161.0K | $106.0K | ($68.0K) |
| Net income (loss) attributable to common stockholders | $158.4M | $8.2M | $119.5M | ($12.1M) |
| Basic income (loss) per share (in dollars per share) | $2.68 | $0.14 | $2.03 | -$0.22 |
| Diluted income (loss) per share (in dollars per share) | $2.68 | $0.14 | $2.02 | -$0.22 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY |
|---|---|---|---|
| Master Planned Communities assets | $2.6B | $2.5B | $2.4B |
| Buildings and equipment | $4.0B | $3.8B | $4.2B |
| Less: accumulated depreciation | ($1.1B) | ($949.5M) | ($1.0B) |
| Land | $307.6M | $302.4M | $303.7M |
| Developments | $1.5B | $1.3B | $1.3B |
| Net investment in real estate | $7.4B | $7.0B | $7.2B |
| Investments in unconsolidated ventures | $170.1M | $169.6M | $220.3M |
| Cash and cash equivalents | $1.5B | $596.1M | $631.5M |
| Restricted cash | $628.7M | $402.4M | $421.5M |
| Accounts receivable, net | $134.1M | $105.2M | $115.0M |
| Municipal Utility District (MUD) receivables, net | $459.7M | $463.8M | $550.9M |
| Deferred expenses, net | $161.0M | $139.3M | $142.6M |
| Operating lease right-of-use assets | $5.2M | $5.8M | $44.9M |
| Other assets, net | $245.1M | $281.6M | $283.0M |
| Total assets | $10.6B | $9.2B | $9.6B |
| Mortgages, notes, and loans payable, net | $5.1B | $5.1B | $5.3B |
| Operating lease obligations | $4.9M | $5.5M | $51.6M |
| Deferred tax liabilities, net | $164.5M | $142.1M | $87.8M |
| Accounts payable and other liabilities | $1.5B | $1.1B | $1.1B |
| Total liabilities | $6.8B | $6.4B | $6.5B |
| Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued | 0 | 0 | 0 |
| Common stock: $0.01 par value; 150,000,000 shares authorized, 65,910,640 issued, and 59,370,353 outstanding as of December 31, 2025, and 56,610,009 shares issued, and 50,116,150 outstanding as of December 31, 2024 | 659.0K | 566.0K | 565.0K |
| Additional paid-in capital | $4.5B | $3.6B | $4.0B |
| Retained earnings (accumulated deficit) | ($62.1M) | ($186.0M) | ($383.7M) |
| Accumulated other comprehensive income (loss) | ($1.8M) | $2.0M | $1.3M |
| Treasury stock, at cost, 6,540,287 shares as of December 31, 2025, and 6,493,859 shares as of December 31, 2024 | -620.1M | -616.6M | -613.8M |
| Total stockholders' equity | $3.8B | $2.8B | $3.0B |
| Noncontrolling interests | $66.8M | $65.5M | $66.1M |
| Total equity | $3.8B | $2.8B | $3.1B |
| Total liabilities and equity | $10.6B | $9.2B | $9.6B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Master Planned Communities assets | $2.6B | $2.7B | $2.6B | $2.6B |
| Buildings and equipment | $4.0B | $4.1B | $3.9B | $3.9B |
| Less: accumulated depreciation | ($1.1B) | ($1.1B) | ($1.1B) | ($1.0B) |
| Land | $335.9M | $307.6M | $304.1M | $304.3M |
| Developments | $1.1B | $1.6B | $1.9B | $1.7B |
| Net investment in real estate | $7.0B | $7.5B | $7.6B | $7.4B |
| Investments in fixed maturity securities | $246.6M | — | — | — |
| Investments in equity securities | $1.1B | — | — | — |
| Short-term investments | $27.8M | — | — | — |
| Investments in unconsolidated ventures | $186.2M | $167.8M | $165.1M | $164.5M |
| Cash and cash equivalents | $2.6B | $1.8B | $1.5B | $1.4B |
| Restricted cash | $717.4M | $653.5M | $516.9M | $357.8M |
| Accounts receivable, net | $940.4M | $131.6M | $125.0M | $121.5M |
| Municipal Utility District (MUD) receivables, net | $579.2M | $532.7M | $429.4M | $389.8M |
| Reinsurance recoverable on paid and unpaid losses | $601.6M | — | — | — |
| Deferred expenses, net | $175.2M | $166.1M | $161.9M | $140.9M |
| Intangibles, net | $586.4M | — | — | — |
| Goodwill | $282.2M | — | — | — |
| Other assets, net | $872.2M | $249.8M | $252.4M | $245.4M |
| Total assets | $15.9B | $11.2B | $10.7B | $10.3B |
| Mortgages, notes, and loans payable, net | $5.5B | $5.8B | $5.3B | $5.2B |
| Reserves for claims and claim expenses | $2.1B | — | — | — |
| Unearned premiums | $1.4B | — | — | — |
| Deferred tax liabilities, net | $223.1M | $166.1M | $170.5M | $139.7M |
| Other liabilities, net | $1.7B | — | — | — |
| Total liabilities | $10.9B | $7.4B | $6.9B | $6.6B |
| Series A non-voting exchangeable perpetual preferred stock: $0.01 par value; 140,000 issued and outstanding as of June 30, 2026, and none issued or outstanding as of December 31, 2025 | $995.8M | — | — | — |
| Preferred stock: $0.01 par value; 50,000,000 shares authorized; 140,000 shares designated as Series A Preferred Stock; no other shares issued or outstanding | 0 | 0 | 0 | 0 |
| Common stock: $0.01 par value; 150,000,000 shares authorized, 66,253,546 issued, and 59,657,062 outstanding as of June 30, 2026, and 65,910,640 shares issued, and 59,370,353 outstanding as of December 31, 2025 | 663.0K | 662.0K | 659.0K | 659.0K |
| Additional paid-in capital | $4.5B | $4.5B | $4.5B | $4.5B |
| Retained earnings (accumulated deficit) | $104.5M | ($53.9M) | ($68.1M) | ($187.6M) |
| Accumulated other comprehensive income (loss) | $1.5M | ($2.4M) | ($1.4M) | ($724.0K) |
| Treasury stock, at cost, 6,596,484 shares as of June 30, 2026, and 6,540,287 shares as of December 31, 2025 | -624.6M | -624.5M | -618.6M | -618.5M |
| Total stockholders' equity | $4.0B | $3.8B | $3.8B | $3.6B |
| Noncontrolling interests | $73.6M | $67.1M | $67.0M | $67.0M |
| Total equity | $4.0B | $3.8B | $3.8B | $3.7B |
| Total liabilities, mezzanine equity, and equity | $15.9B | $11.2B | $10.7B | $10.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY |
|---|---|---|---|
| Net income (loss) | $123.8M | $197.0M | ($551.5M) |
| Net income (loss) from discontinued operations, net of taxes | $0 | ($88.2M) | — |
| Net income (loss) from continuing operations | $123.8M | $285.2M | — |
| Depreciation | $164.0M | $160.6M | $195.6M |
| Amortization | $19.4M | $19.4M | $16.8M |
| Amortization of deferred financing costs | $12.4M | $12.4M | $12.3M |
| Amortization of intangibles other than in-place leases | $120.0K | $120.0K | $3.3M |
| Straight-line rent amortization | ($6.2M) | ($7.0M) | ($7.7M) |
| Deferred income taxes | $23.6M | $61.5M | ($163.8M) |
| Restricted stock and stock option amortization | $19.8M | $16.0M | $16.4M |
| Net gain on sale of properties | ($29.8M) | ($22.9M) | ($24.2M) |
| Loss on sale of MUD receivables | $48.2M | $48.7M | — |
| Proceeds from sale of MUD receivables | $180.0M | $176.7M | — |
| (Gain) loss on extinguishment of debt | $698.0K | $465.0K | $144.0K |
| Equity in (earnings) losses from unconsolidated ventures, net of distributions | $4.5M | $12.4M | $66.7M |
| Provision for (recovery of) doubtful accounts | $3.4M | ($499.0K) | $8.6M |
| Master Planned Communities development expenditures | ($477.9M) | ($428.0M) | ($403.6M) |
| Master Planned Communities cost of sales, net of SID bonds transfers to buyers | $171.0M | $151.2M | $126.2M |
| Condominium development expenditures | ($511.0M) | ($682.0M) | ($472.7M) |
| Condominium rights and units cost of sales, net of closing commissions | $359.0M | $565.4M | $53.2M |
| Other | $4.7M | $0 | $1.3M |
| Accounts receivable, net | ($18.2M) | $83.8M | $112.0M |
| Other assets, net | $26.6M | $15.7M | ($19.6M) |
| Condominium deposits, net | $289.1M | ($19.1M) | $88.6M |
| Deferred expenses, net | ($40.6M) | ($31.1M) | ($27.0M) |
| Accounts payable and other liabilities | $95.6M | $28.8M | $38.0M |
| Cash provided by (used in) operating activities of continuing operations | $462.4M | $447.8M | — |
| Cash provided by (used in) operating activities of discontinued operations | $0 | ($51.2M) | — |
| Cash provided by (used in) operating activities | $462.4M | $396.6M | ($258.5M) |
| Property and equipment expenditures | ($3.5M) | ($2.1M) | ($7.3M) |
| Operating property improvements | ($44.8M) | ($47.9M) | ($56.3M) |
| Property development and redevelopment | ($171.0M) | ($253.0M) | ($275.1M) |
| Acquisition of assets | ($18.1M) | ($18.5M) | ($5.9M) |
| Proceeds from sales of properties, net | $12.3M | $48.4M | $39.5M |
| Reimbursements under tax increment financings and grants | $6.6M | $8.7M | $1.5M |
| Distributions from unconsolidated ventures | $4.4M | $6.7M | $13.0M |
| Investments in unconsolidated ventures, net | ($3.6M) | ($3.5M) | ($45.5M) |
| Other | ($1.5M) | — | — |
| Net parent investment in discontinued operations | $0 | ($169.5M) | — |
| Cash provided by (used in) investing activities of continuing operations | ($219.1M) | ($430.7M) | — |
| Cash provided by (used in) investing activities of discontinued operations | $0 | $129.9M | — |
| Cash provided by (used in) investing activities | ($219.1M) | ($300.8M) | ($336.1M) |
| Proceeds from mortgages, notes, and loans payable | $759.5M | $761.4M | $792.4M |
| Principal payments on mortgages, notes, and loans payable | ($782.5M) | ($807.5M) | ($249.4M) |
| Proceeds from issuance of common stock, net | $862.8M | — | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | $165.0M | $8.1M | $118.2M | ($1.2M) |
| Depreciation | $94.3M | $43.9M | $121.4M | $79.8M |
| Amortization | $31.3M | $4.8M | $14.6M | $9.8M |
| Amortization and accretion of investment securities | ($157.0K) | — | — | — |
| Amortization of deferred financing costs | $6.4M | $3.2M | $9.3M | $6.2M |
| Straight-line rent amortization | ($4.8M) | ($3.2M) | ($5.1M) | ($3.9M) |
| Deferred income taxes | $39.2M | $1.9M | $29.5M | ($1.5M) |
| Restricted stock and stock option amortization | $8.4M | $4.1M | $16.0M | $11.8M |
| Net gain on sale of properties | ($51.8M) | $0 | ($29.8M) | ($15.4M) |
| Investment (gain) loss, net | $38.3M | — | — | — |
| (Gain) loss on foreign exchange | $73.0K | — | — | — |
| Loss on sale of MUD receivables | $555.0K | — | $48.2M | $48.2M |
| Proceeds from sale of MUD receivables | $17.5M | — | $180.0M | $180.0M |
| (Gain) loss on extinguishment of debt | $10.6M | $10.2M | $480.0K | $307.0K |
| Equity in (earnings) losses from unconsolidated ventures, net of distributions | $8.9M | $8.5M | $8.9M | $6.4M |
| Provision for (recovery of) doubtful accounts | $2.5M | $1.3M | $2.1M | $1.9M |
| Master Planned Communities development expenditures | ($274.3M) | ($154.3M) | ($325.9M) | ($184.0M) |
| Master Planned Communities cost of sales, net of SID bonds transfers to buyers | $85.3M | $33.3M | $146.1M | $67.9M |
| Condominium development expenditures | ($278.0M) | ($136.2M) | ($397.8M) | ($285.7M) |
| Condominium rights and units cost of sales, net of closing commissions | $560.1M | $3.0M | $1.1M | $1.1M |
| Accounts receivable, net | ($23.2M) | ($833.0K) | ($33.1M) | ($29.7M) |
| Reinsurance recoverable on paid and unpaid losses | ($2.5M) | — | — | — |
| Other assets, net | ($22.6M) | $8.1M | ($1.9M) | $15.3M |
| Condominium deposits, net | ($96.3M) | $30.5M | $201.5M | $30.1M |
| Deferred expenses, net | ($33.0M) | ($8.6M) | ($33.4M) | ($8.9M) |
| Reserves for claims and claim expenses | $25.2M | — | — | — |
| Unearned premiums | $22.3M | — | — | — |
| Other liabilities, net | ($52.0M) | — | — | — |
| Cash provided by (used in) operating activities | $277.1M | ($229.4M) | $102.1M | ($47.7M) |
| Property and equipment expenditures | ($5.5M) | ($2.9M) | ($1.2M) | ($480.0K) |
| Operating property improvements | ($23.1M) | ($14.8M) | ($33.1M) | ($21.1M) |
| Property development and redevelopment | ($45.5M) | ($20.3M) | ($128.5M) | ($96.5M) |
| Sales of fixed maturity securities | $2.3B | — | — | — |
| Maturities, calls, and paydowns of fixed maturities securities | $23.2M | — | — | — |
| Purchases of short-term investments | ($201.0K) | — | — | — |
| Sales of short-term investments | $4.6M | — | — | — |
| Maturities, calls, and paydowns of short-term investments | $600.0K | — | — | — |
| Purchases of equity securities | ($1.1B) | — | — | — |
| Acquisition of business, net of cash acquired | ($1.6B) | — | — | — |
| Acquisition of assets | $0 | $0 | ($16.4M) | ($16.4M) |
| Proceeds from sales of properties, net | $126.0M | $31.0K | $12.3M | $6.7M |
| Reimbursements under tax increment financings and grants | $2.9M | $672.0K | $6.6M | $5.2M |
| Distributions from unconsolidated ventures | $15.5M | $14.9M | $2.3M | $1.1M |
| Investments in unconsolidated ventures, net | ($39.7M) | ($20.8M) | ($3.0M) | $0 |
| Other | $566.0K | $11.0K | — | — |
Howard Hughes Holdings Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.