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REITs · Real Estate · Fiscal year ends Dec 31
Howard Hughes reported revenue of $1.5B in the fiscal year ended Dec 2025, down 15.8% from the year before. Operating income was $332M, an operating margin of 22.5%, and net income was $124M. Operating cash flow of $462M less capital expenditure of $45M left free cash flow of $418M. Net debt was $3.6B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,428 | 1,489 | 909 | 1,751 | 1,475 |
| Operating income | 242 | 424 | 216 | 560 | 332 |
| Interest expense | 130 | 111 | 157 | 165 | 170 |
| Pre-tax income | 64.1 | 335 | 110 | 365 | 161 |
| Income tax | 15.2 | 82.2 | 26.4 | 80.2 | 37.6 |
| Net income | 48.9 | 185 | −552 | 198 | 124 |
| Diluted EPS | 1.03 | 3.65 | −11.12 | 3.96 | 2.21 |
| Diluted shares | 54.6 | 50.6 | 49.6 | 49.9 | 56.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 843 | 610 | 630 | 596 | 1,469 |
| Goodwill | – | – | – | 0.0 | 2.3 |
| Total assets | – | 9,603 | 9,577 | 9,211 | 10,639 |
| Payables | – | – | – | – | 3.3 |
| Deferred revenue | 431 | 453 | 576 | 585 | 897 |
| Long-term debt | – | – | 5,303 | 5,127 | 5,110 |
| Total liabilities | – | 5,997 | 6,518 | 6,369 | 6,797 |
| Shareholders' equity | 3,711 | 3,540 | 2,993 | 2,776 | 3,775 |
| Backlog (remaining obligations) | – | – | 2,800 | 3,100 | 4,400 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −284 | 325 | −258 | 397 | 462 |
| Capital expenditure | 35.9 | 43.2 | 40.2 | 47.9 | 44.8 |
| Free cash flow | −320 | 282 | −299 | 349 | 418 |
| Depreciation & amortisation | 205 | 155 | 169 | 180 | 183 |
| Stock-based compensation | 9.9 | 11.9 | 16.4 | 16.0 | 19.8 |
| Share buybacks | 81.1 | 404 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.3% | −39.0% | 92.6% | −15.8% |
| Operating income growth (YoY) | – | 75.4% | −49.0% | 159.0% | −40.8% |
| EPS growth (YoY) | – | 254.4% | −404.7% | – | −44.2% |
| Operating margin | 16.9% | 28.5% | 23.8% | 32.0% | 22.5% |
| Net margin | 3.4% | 12.4% | −60.7% | 11.3% | 8.4% |
| Return on equityBlank when equity is negative | 1.3% | 5.2% | −18.4% | 7.1% | 3.3% |
| Free cash flow margin | −22.4% | 18.9% | −32.9% | 19.9% | 28.3% |
| Cash conversion (CFO ÷ net income) | −5.80x | 1.76x | 0.47x | 2.01x | 3.73x |
| Interest cover | 1.86x | 3.83x | 1.38x | 3.39x | 1.95x |
| Debt ÷ equity | – | – | 1.77x | 1.85x | 1.35x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | 4,673 | 4,531 | 3,641 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.