Q3 2026 Revenue up 63% year over year to $636M · 0¢ of every $1 of revenue lost · operating margin 24.7%
Howard Hughes Holdings made $636M in Q3 2026 (+63% Y/Y). Operating margin 24.7%, net loss $371K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Revenue$636M
Year over year+63%
Operating margin24.7%
Net earnings−$371K
Operating cash flow$295M
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 $636.3M in Q3 2026, up 63% year over year and down 43% from the previous quarter.
Operating profit was $157.0M, a 24.7% margin (down 23.9 points year over year). Operating profit fell $32.6M even though revenue rose $246.1M versus Q3 2025, so costs grew faster than sales. Total costs grew 139% against revenue growth of 63%. The fastest-growing cost line was Other operating costs (+161%). The quarter ended with a net loss of $371K, after a profit of $157.0M the previous quarter. Net interest and other expense of $155.8M was the main reason.
Operating cash flow was $295.2M (up 97% year over year). Non-cash charges added back $51.5M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items added $239.0M. Capital expenditures of $24.1M left free cash flow of $271.0M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 5, 2026
$636M
+63%
24.7%
−$371K
$295M
Q2 2026
10-Q
Aug 5, 2026
$1.1B
+330%
21.3%
$158M
$507M
Q1 2026
10-Q
May 7, 2026
$236M
+18%
21.5%
$8.2M
−$229M
Q4 2025
10-K
Feb 19, 2026
$624M
-36%
4.2%
$5.7M
$360M
Q3 2025
10-Q
Nov 10, 2025
$390M
+19%
48.6%
$119M
$150M
Q2 2025
10-Q
Aug 6, 2025
$261M
-8%
26.0%
−$12.1M
$177M
Q1 2025
10-Q
May 7, 2025
$199M
+27%
24.0%
$10.5M
−$225M
Charts
Latest (Q3 2026): Y/Y +63%, Q/Q -43%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income −$371K, Operating cash flow $295M.+2.6% since FY2021: more shares outstanding (issuance, stock pay).Cash $1.5B, short-term investments $0, 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.
Interactive views
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🔄Rotation against the market and its industry (RRG)interactive
Business Overview Howard Hughes Holdings Inc. (HHH or the Company) is a holding company that owns a real estate development subsidiary, The Howard Hughes Corporation (HHC). Through HHC, the Company operates a large‑scale, mixed‑use real estate platform focused on the development of master planned communities (MPCs), the investment in strategic real estate development opportunities, and the ownership and operation of income‑producing properties. Our award-winning assets include one of the nation's largest portfolios of MPCs, spanning approximately 101,000 gross acres across five states. We create some of the most sought-after communities in the country by curating an environment tailored to meet the needs of our residents and tenants.
In its own words, from its 10-K, filed Feb 19, 2026.
Howard Hughes Holdings against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +63% against the peers' median +14%. Operating margin: 24.7% against the peers' median 20.6%.