Howard Hughes Holdings Inc. is a US-listed company in the diversified real estate activities industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $2.37bn, up 136.4% on a year earlier, faster than 47.3% a quarter earlier. The diluted share count is up 15.3% on a year earlier, which dilutes existing holders.
Our model value for Howard Hughes is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Howard Hughes Holdings Inc.'s trailing-twelve-month revenue grew 136.4% year on year, with a free-cash-flow margin of 31.2%.
Current signal Revenue growth accelerating: TTM revenue growth rose to 136.4% (+89.1pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Howard Hughes Holdings Inc. at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Howard Hughes Holdings Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | ~$150 ~$130–$190 | Primary model, counts double |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | ~$3.0 ~$70–$140 | Left out: out of range vs price (0.04x) |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Howard Hughes Holdings Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 5, 2026, after the close. Analysts expect revenue of $620m and EPS of $0.69 (range $0.69 to $0.69) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $4.18 | +89% | $2.5bn | +73% |
| Next | $3.43 | — | $2.8bn | +10% |
The consensus EPS forecast for the current fiscal year is +69.5% on 90 days ago. In the last 30 days, 1 analyst raised Howard Hughes Holdings Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year |
|---|---|
| 90 days ago | $2.47 |
| 60 days ago | $2.47 |
| 30 days ago | $4.75 |
| 7 days ago | $4.47 |
| Now | $4.18 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.99 | $2.68 | +170.1% |
| Mar 2026 | $0.08 | $0.14 | +70.6% |
| Dec 2025 | $0.40 | $0.10 | −75.1% |
| Sept 2025 | $1.53 | $2.02 | +32.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −1.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.0bn | $2.4bn | +136.4% |
| Net margin | 22.7% | 12.3% | −45.7% |
| P/E multiple | 17.9x | 15.8x | −11.7% |
| Share count | 51m | 59m | −13.3% |
Biggest factor: revenue.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| HHH | +29% | −25% | +12% | −6% | +4% | −2% |
| Industry peers (median) | +39% | +3% | −36% | −16% | +9% | +9% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| HHH | 42% | 42% | 42% | 42% | 50% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| HHH | −26% | −49% | −26% | −31% | −21% | −29% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 74% from July 17, 2018 to March 23, 2020. Getting back needed a 280% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | +3.7% | −0.4% | +1.6% | −3.3% |
| May 7, 2026 | +2.6% | +0.5% | +0.8% | +1.3% |
| February 19, 2026 | −10.6% | +0.5% | −12.6% | −25.7% |
| November 10, 2025 | +11.3% | +1.8% | +3.7% | +6.5% |
| August 6, 2025 | +1.6% | +0.7% | +7.8% | +14.0% |
| May 7, 2025 | +1.9% | +1.1% | +3.5% | +0.1% |
| February 26, 2025 | +2.6% | −1.5% | +2.8% | 0.0% |
| November 4, 2024 | +7.2% | +1.0% | +10.7% | +13.6% |
| July 26, 2024 | +3.6% | +1.2% | −4.8% | +11.2% |
| May 8, 2024 | +1.6% | +0.6% | +2.8% | +0.9% |
| February 27, 2024 | −0.2% | +0.1% | −2.4% | −5.6% |
| November 6, 2023 | −0.5% | +0.5% | −3.5% | +2.6% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $958.8M |
| FY23 Q4 | $908.8M |
| FY24 Q1 | $883.7M |
| FY24 Q2 | $981.4M |
| FY24 Q3 | $1.1B |
| FY24 Q4 | $983.6M |
| FY25 Q1 | $1B |
| FY25 Q2 | $1B |
| FY25 Q3 | $1.1B |
| FY25 Q4 | $1.5B |
| FY26 Q1 | $1.5B |
| FY26 Q2 | $2.4B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q2 | -28.4% |
| FY24 Q3 | 12.6% |
| FY24 Q4 | 8.2% |
| FY25 Q1 | 16.2% |
| FY25 Q2 | 2.3% |
| FY25 Q3 | -1.2% |
| FY25 Q4 | 49.9% |
| FY26 Q1 | 47.3% |
| FY26 Q2 | 136.4% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | 31.5% |
| FY23 Q4 | 23.8% |
| FY24 Q1 | 21.6% |
| FY24 Q2 | 27.1% |
| FY24 Q3 | 28.1% |
| FY24 Q4 | 16.2% |
| FY25 Q1 | 19.0% |
| FY25 Q2 | 17.3% |
| FY25 Q3 | 25.0% |
| FY25 Q4 | 22.5% |
| FY26 Q1 | 22.1% |
| FY26 Q2 | 21.3% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -29.6% |
| FY23 Q4 | -32.9% |
| FY24 Q1 | -36.8% |
| FY24 Q2 | -23.0% |
| FY24 Q3 | 11.4% |
| FY24 Q4 | 35.4% |
| FY25 Q1 | 28.3% |
| FY25 Q2 | 48.3% |
| FY25 Q3 | 36.2% |
| FY25 Q4 | 28.3% |
| FY26 Q1 | 27.2% |
| FY26 Q2 | 31.2% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 1,428 | 1,489 | 909 | 1,751 | 1,475 | 2,373 |
| EBITDA | 447 | 579 | 385 | 740 | 515 | 705 |
| Operating income | 242 | 424 | 216 | 560 | 332 | 506 |
| Net income | 56 | 185 | −552 | 198 | 124 | 292 |
| Diluted EPS | $1.03 | $3.65 | −$11.12 | $3.96 | $2.21 | $4.93 |
| Growth (year on year) | ||||||
| Revenue | — | +4.3% | −39.0% | +92.6% | −15.8% | +136.4% |
| EBITDA | — | +29.5% | −33.5% | +92.2% | −30.4% | +99.9% |
| Operating income | — | +75.4% | −49.0% | +159.0% | −40.8% | +190.5% |
| Net income | — | +228.9% | −399.0% | — | −37.3% | +28.4% |
| Diluted EPS | — | +254.4% | −404.7% | — | −44.2% | +11.3% |
| Margins | ||||||
| EBITDA margin | 31.3% | 38.9% | 42.4% | 42.3% | 34.9% | 29.7% |
| Operating margin | 16.9% | 28.5% | 23.8% | 32.0% | 22.5% | 21.3% |
| Net margin | 3.9% | 12.4% | −60.7% | 11.3% | 8.4% | 12.3% |
| Free-cash-flow margin | −22.4% | 18.9% | −32.9% | 19.9% | 28.3% | 31.2% |
| Cash flow | ||||||
| Cash from operations | −284 | 325 | −258 | 397 | 462 | 787 |
| Capital spending | 36 | 43 | 40 | 48 | 45 | 47 |
| Free cash flow | −320 | 282 | −299 | 349 | 418 | 740 |
| Stock-based pay | 10 | 12 | 16 | 16 | 20 | 16 |
| Free cash flow after stock pay | −330 | 270 | −315 | 333 | 398 | 724 |
| Balance sheet | ||||||
| Cash | 843 | 610 | 630 | 596 | 1,469 | 2,648 |
| Total debt | 0 | 0 | 5,353 | 5,168 | 5,144 | 5,144 |
| Net debt (negative = net cash) | −843 | −610 | 4,723 | 4,572 | 3,676 | 2,496 |
| Diluted shares | 55m | 51m | 50m | 50m | 56m | 59m |
| Returned to shareholders | ||||||
| Buybacks | 81 | 404 | 0 | 0 | — | — |
| Total returned | 81 | 404 | 0 | 0 | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 327 | 216 | 199 | 261 | 390 | 624 | 236 | 1,122 |
| EBITDA | 141 | 6 | 93 | 112 | 236 | 74 | 99 | 296 |
| Operating income | 97 | −39 | 48 | 68 | 190 | 26 | 51 | 240 |
| Net income | 73 | 156 | 11 | −12 | 120 | 6 | 8 | 158 |
| Diluted EPS | $1.46 | $3.12 | $0.21 | −$0.22 | $2.02 | $0.06 | $0.14 | $2.68 |
| Growth (year on year) | ||||||||
| Revenue | +43.2% | −30.8% | +27.4% | −8.0% | +19.3% | +188.4% | +18.4% | +330.2% |
| EBITDA | +38.5% | −96.0% | +63.9% | −16.9% | +66.9% | +>999% | +6.7% | +164.0% |
| Operating income | +63.8% | −137.0% | +280.2% | −23.3% | +94.9% | — | +5.7% | +253.1% |
| Net income | — | +355.8% | — | −157.6% | +64.2% | −96.2% | −21.9% | — |
| Diluted EPS | — | +352.2% | — | −152.4% | +38.4% | −98.1% | −33.3% | — |
| Margins | ||||||||
| EBITDA margin | 43.2% | 2.8% | 46.7% | 43.0% | 60.5% | 11.8% | 42.1% | 26.4% |
| Operating margin | 29.7% | −18.0% | 24.0% | 26.0% | 48.6% | 4.2% | 21.5% | 21.3% |
| Net margin | 22.2% | 72.2% | 5.3% | −4.7% | 30.6% | 1.0% | 3.5% | 14.1% |
| Free-cash-flow margin | 72.2% | 146.5% | −119.6% | 65.1% | 35.3% | 55.8% | −103.5% | 44.4% |
| Cash flow | ||||||||
| Cash from operations | 248 | 337 | −225 | 177 | 150 | 360 | −229 | 507 |
| Capital spending | 12 | 20 | 14 | 8 | 12 | 12 | 15 | 8 |
| Free cash flow | 236 | 317 | −238 | 170 | 138 | 349 | −244 | 498 |
| Stock-based pay | 5 | 4 | 4 | 7 | 4 | 4 | 4 | 4 |
| Free cash flow after stock pay | 232 | 313 | −243 | 162 | 133 | 345 | −248 | 494 |
| Last 12 months unless stated | HHH | VTMX | STHO | INTG | ARL | TCI | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2.4bn | $283m | $94m | $74m | $51m | $50m | $84m |
| Revenue growth, last 12 months | 136.4% | 12.2% | −17.7% | 14.9% | 6.8% | 5.3% | 9.5% |
| Revenue growth, 3-year average | 20.1% | — | −1.7% | 8.7% | 3.9% | 3.6% | 3.9% |
| Revenue growth, latest quarter | 330.2% | — | −54.0% | 13.3% | 5.8% | 5.8% | 5.8% |
| Operating margin | 21.3% | — | — | 16.0% | −18.3% | −18.3% | −1.1% |
| Operating margin, 3-year average | 21.9% | — | — | 10.1% | −14.8% | −13.7% | −1.8% |
| Net margin | 12.3% | 85.4% | 14.8% | 2.2% | 16.4% | 16.1% | 15.4% |
| Cash from operations / revenue | 33.2% | 73.2% | −14.8% | 4.7% | 6.4% | 4.2% | 5.5% |
| Free-cash-flow margin | 31.2% | 72.9% | −21.6% | 1.7% | 6.4% | 4.2% | 5.3% |
| Free-cash-flow margin, 3-year average | 18.8% | — | −23.7% | 4.0% | −19.4% | −20.2% | −19.4% |
| Stock pay / revenue | 0.7% | 4.5% | 1.4% | 0.1% | — | — | 1.1% |
| Change in share count | 15.3% | −2.5% | −6.1% | 7.0% | 0.0% | 0.0% | 0.0% |
| Line of business | Revenue | YoY |
|---|---|---|
| Master Planned Community Land Sales | $563M | ▲ 24.1% |
| Condominium Rights and Unit Sales | $370M | ▼ 52.5% |
| Builder Price Participation | $52.3M | ▲ 0.6% |
| Other Land Rental and Property Revenues | $48.4M | ▲ 8.1% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Howard Hughes Holdings Inc.'s 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Pershing Square Inc. | $2B | 27.9M | 51.5% | ▲ 209.5% |
| Dimensional Fund Advisors LP | $209M | 2.9M | 5.4% | ▲ 3.6% |
| Vanguard Portfolio Management LLC | $187M | 2.6M | 4.8% | ▼ 12.8% |
| Blackrock, Inc. | $116M | 1.6M | 3.0% | ▲ 9.5% |
| Wells Fargo & Company | $107M | 1.5M | 2.8% | ▲ 1.6% |
| American Century Companies Inc | $102M | 1.4M | 2.6% | ▲ 15.0% |
| Vanguard Capital Management LLC | $97.3M | 1.4M | 2.5% | ▼ 17.5% |
| Donald Smith & Co., Inc. | $71.7M | 1.0M | 1.9% | ▼ 3.9% |
| Long Focus Capital Management, LLC | $52.5M | 734K | 1.4% | 0.0% |
| Flat Footed LLC | $44.4M | 620K | 1.1% | ▲ 188.2% |
| Geode Capital Management, LLC | $43M | 601K | 1.1% | ▲ 0.1% |
| Gotham Asset Management, LLC | $42.8M | 598K | 1.1% | ▲ 102.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Howard Hughes Holdings Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Davis Andrew D. Chief Operating Officer, HHC | September 23, 2026 | Buy | 1,000 | $64.49 | $64,490 |
| Grandisson Marc Executive Chairman, Vantage | September 23, 2026 | Buy | 25,000 | $64.12 | $1.6M |
| Tighe Mary Ann Director | August 11, 2026 | Sell | 13,495 | $67.25 | $907,539 |
| Carman James President, Houston Region | May 15, 2026 | Sell | 1,500 | $64.20 | $96,300 |
| Davis Andrew D. Chief Operating Officer, HHC | March 25, 2026 | Sell | 1,636 | $63.87 | $104,491 |
| Valane Joseph General Counsel & Secretary | March 13, 2026 | Buy | 1,260 | $64.45 | $81,207 |
| Sellers R Scot Director | December 23, 2025 | Buy | 5,000 | $77.94 | $389,700 |
| Tighe Mary Ann Director | November 26, 2025 | Sell | 6,000 | $88.83 | $532,980 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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