Q2 2026 Revenue up 287% year over year to $1.0B · 18¢ of every $1 of revenue kept as net profit · operating margin 27.8%
Howard Hughes made $1.0B in Q2 2026 (+287% Y/Y). Operating margin 27.8%, net earnings $186M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
Revenue$1.0B
Year over year+287%
Operating margin27.8%
Net earnings$186M
Operating cash flow$508M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.0B in Q2 2026, up 287% year over year and up 328% from the previous quarter.
Operating profit was $0.28B, a 27.8% margin (down 0.2 points year over year). Of the extra revenue versus Q2 2025, 28% reached operating profit, below the 28% margin then. Total costs grew 288% against revenue growth of 287%. The fastest-growing cost line was Other operating costs (+350%). Net earnings were $0.19B ($0.18B including minority interests, which bore $1.4M of losses). The effective tax rate was 24.0%.
Operating cash flow was $0.51B (up 184% year over year), 276% of net earnings. Non-cash charges added back $0.06B of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items added $0.26B. Capital expenditures of $0.03B left free cash flow of $0.48B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 12, 2026
$1.0B
+287%
27.8%
$186M
$508M
Q1 2026
10-Q
May 11, 2026
$236M
+18%
25.1%
$8.7M
−$226M
Q4 2025
10-K
Feb 26, 2026
$624M
-36%
7.2%
$14.1M
$361M
Q3 2025
10-Q
Nov 10, 2025
$390M
+19%
50.7%
$118M
$146M
Q2 2025
10-Q
Aug 7, 2025
$261M
-8%
28.0%
−$12.5M
$179M
Q1 2025
10-Q
May 9, 2025
$199M
+27%
24.7%
$11.5M
−$224M
Q4 2024
10-K
Feb 28, 2025
$984M
+214%
26.6%
$157M
$338M
Charts
Latest (Q2 2026): Y/Y +287%, Q/Q +328%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income $184M, Operating cash flow $508M.-3.7% since FY2020: buybacks shrank the count.Cash $571M, short-term investments —, long-term debt $5.1B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
General The Howard Hughes Corporation is a wholly owned subsidiary of Howard Hughes Holdings Inc. References to HHC, the Company, Howard Hughes Communities, we, us, and our, refer to The Howard Hughes Corporation and its consolidated subsidiaries unless otherwise specifically stated. References to HHH refer to the Company’s parent holding company, Howard Hughes Holdings Inc. and its consolidated subsidiaries, which includes The Howard Hughes Corporation, unless otherwise specifically stated. In 2025, HHH began executing a long-term strategy to transition from a pure-play real estate company to a diversified holding company. In December 2025, HHH announced that it had entered into a definitive agreement to acquire 100% of Vantage Group Holdings Ltd. (Vantage), a privately held specialty insurance and reinsurance company, for cash consideration of approximately $2.1 billion.
In its own words, from its 10-K, filed Feb 26, 2026.
Howard Hughes against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +287% against the peers' median +14%. Operating margin: 27.8% against the peers' median 20.6%.