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Howard Hughes cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$483M in Q2 2026 · $669M over twelve months

Operating cash flow$508M
Capital spending−$25.2M
Free cash flow+$483M
Cash / net income2.8×

Analysis

In Q2 2026, Howard Hughes generated $508M of operating cash flow and spent $25.2M on capital projects, leaving free cash flow of $483M. That is $347M more than in Q2 2025 ($136M).

Over the twelve months to Jun 30, 2026, operating cash flow was $789M; the largest uses were other financing ($555M), capital spending ($120M), other investing ($77.4M); besides operations, cash came from net borrowing (+) / repaid (−) ($247M), asset & business sales ($132M); the cash balance rose by $415M.

Operating cash flow was $508M against net income of $184M — 2.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$55.3M, deferred taxes +$40.6M, receivables −$5.8M.

Free cash flow

Howard Hughes: free cash flow by quarterHoward Hughes: free cash flow by quarter$183MQ3 2024$267MQ4 2024−$277MQ1 2025$136MQ2 2025$114MQ3 2025$318MQ4 2025−$246MQ1 2026$483MQ2 2026
Operating cash flow less capital spending.
Howard Hughes: operating cash flow against capital spendingHoward Hughes: operating cash flow against capital spendingOperating cash flowCapital spending$249M$65.7MQ3 2024$338M$70.4MQ4 2024−$224M$53.1MQ1 2025$179M$43.4MQ2 2025$146M$31.9MQ3 2025$361M$42.5MQ4 2025−$226M$20.3MQ1 2026$508M$25.2MQ2 2026
Latest (Q2 2026): Operating cash flow $508M, Capital spending $25.2M.

Capital allocation, year by year

Howard Hughes: where the cash came from (up) and went (down), by fiscal yearHoward Hughes: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow −$284MFY2021: Net borrowing $283MFY2021: Shares issued $4.1MFY2021: Asset sales $322MFY2021: Capital spending −$275MFY2021: Buybacks −$81.1M$609MFY2021FY2022: Operating cash flow $325MFY2022: Net borrowing $172MFY2022: Shares issued $345KFY2022: Asset sales $81.7MFY2022: Capital spending −$268MFY2022: Buybacks −$404M$580MFY2022FY2023: Operating cash flow −$256MFY2023: Net borrowing $530MFY2023: Asset sales $39.5MFY2023: Capital spending −$231M$569MFY2023FY2024: Operating cash flow $399MFY2024: Net borrowing −$46.1MFY2024: Shares issued $9.8MFY2024: Asset sales $48.4MFY2024: Capital spending −$253M$457MFY2024FY2025: Operating cash flow $461MFY2025: Net borrowing −$22.9MFY2025: Asset sales $12.3MFY2025: Capital spending −$171M$474MFY2025
Over these 5 years operating cash flow totalled $645M; the largest uses were capital spending ($1.2B) and operating cash flow ($540M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$698M
Debt$5.1B
Net debt$4.4B
Due within a year$663M

Howard Hughes funds itself: free cash flow was $669M over the last twelve months, and $698M of cash and investments stands against $5.1B of debt ($663M due within a year, 1.1× covered by cash).

Howard Hughes: debt maturities by year (FY2025)Howard Hughes: debt maturities by year (FY2025)$663MYear 1$508MYear 2$923MYear 3$1.1BYear 4$277MYear 5$1.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $698M of cash and investments now.

Where the cash came from and went

Howard Hughes: sources (+) and uses (−) of cash, Q2 2026Howard Hughes: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$508MOther financing−$502MNet borrowing (+) / repaid (−)−$331MCash drawn (+) / kept (−)$251MAsset & business sales$126MOther investing−$26.8MCapital spending−$25.2M
Howard Hughes: sources (+) and uses (−) of cash, TTM to Q2 2026Howard Hughes: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$789MOther financing−$555MCash drawn (+) / kept (−)−$415MNet borrowing (+) / repaid (−)$247MAsset & business sales$132MCapital spending−$120MOther investing−$77.4M

From profit to cash

Howard Hughes: net income to operating cash flow, Q2 2026Howard Hughes: net income to operating cash flow, Q2 2026Net income$184MDepreciation & amortization$55.3MStock-based pay$4.0MDeferred taxes$40.6MReceivables−$5.8MPrepaid and other assets−$1.5MOperating cash flow$508M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$508M−$25.2M−$331M$251M$483M
Q1 2026−$226M−$20.3M$695M−$383M−$246M
Q4 2025$361M−$42.5M−$181M−$114M$318M
Q3 2025$146M−$31.9M$64.0M−$169M$114M
Q2 2025$179M−$43.4M−$26.5M−$77.5M$136M
Q1 2025−$224M−$53.1M$121M$160M−$277M
Q4 2024$338M−$70.4M−$200M−$77.4M$267M
Q3 2024$249M−$65.7M−$58.5M−$15.0M$183M

Howard Hughes: income statement and cash flow

Howard Hughes, Q2 2026: revenue $1.0B (+287% year over year), operating margin 27.8%. The chart follows the revenue to costs, profit and cash.

Howard Hughes: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.