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Howard Hughes Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$271M in Q3 2026 · $820M over twelve months

Operating cash flow$295M
Capital spending−$24.1M
Free cash flow+$271M

Analysis

In Q3 2026, Howard Hughes Holdings generated $295M of operating cash flow and spent $24.1M on capital projects, leaving free cash flow of $271M. That is $153M more than in Q3 2025 ($118M).

Over the twelve months to Sep 30, 2026, operating cash flow was $933M; the largest uses were other investing ($350M), capital spending ($112M), taxes on employees’ shares ($6.0M); besides operations, cash came from shares issued ($998M), net borrowing (+) / repaid (−) ($163M); the cash balance rose by $1.8B.

Operating cash flow was $295M against net income of −$371K. The largest differences: depreciation & amortization +$51.5M, prepaid and other assets +$43.0M, receivables +$34.6M.

Free cash flow

Howard Hughes Holdings: free cash flow by quarterHoward Hughes Holdings: free cash flow by quarter$267MQ4 2024−$278MQ1 2025$134MQ2 2025$118MQ3 2025$318MQ4 2025−$250MQ1 2026$481MQ2 2026$271MQ3 2026
Operating cash flow less capital spending.
Howard Hughes Holdings: operating cash flow against capital spendingHoward Hughes Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$337M$70.4MQ4 2024−$225M$53.1MQ1 2025$177M$43.4MQ2 2025$150M$31.9MQ3 2025$360M$42.5MQ4 2025−$229M$20.3MQ1 2026$507M$25.2MQ2 2026$295M$24.1MQ3 2026
Latest (Q3 2026): Operating cash flow $295M, Capital spending $24.1M.

Capital allocation, year by year

Howard Hughes Holdings: where the cash came from (up) and went (down), by fiscal yearHoward Hughes Holdings: 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 −$258MFY2023: Net borrowing $530MFY2023: Asset sales $39.5MFY2023: Capital spending −$231M$569MFY2023FY2024: Operating cash flow $397MFY2024: Net borrowing −$46.1MFY2024: Shares issued $9.8MFY2024: Asset sales $48.4MFY2024: Capital spending −$253M$455MFY2024FY2025: Operating cash flow $462MFY2025: Net borrowing −$22.9MFY2025: Shares issued $863MFY2025: Asset sales $12.3MFY2025: Capital spending −$171M$1.3BFY2025
Over these 5 years operating cash flow totalled $642M; the largest uses were capital spending ($1.2B) and operating cash flow ($542M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.9B
Debt$5.1B
Net debt$2.2B
Due within a year$663M

Howard Hughes Holdings funds itself: free cash flow was $820M over the last twelve months, and $2.9B of cash and investments stands against $5.1B of debt ($663M due within a year, 4.4× covered by cash).

Howard Hughes Holdings: debt maturities by year (FY2025)Howard Hughes Holdings: 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 $2.9B of cash and investments now.

Where the cash came from and went

Howard Hughes Holdings: sources (+) and uses (−) of cash, Q3 2026Howard Hughes Holdings: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$376MOperating cash flow$295MOther investing$103MCapital spending−$24.1MOther financing$22.5MNet borrowing (+) / repaid (−)−$19.9MShares issued−$111K
Howard Hughes Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Howard Hughes Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$1.8BShares issued$998MOperating cash flow$933MOther investing−$350MNet borrowing (+) / repaid (−)$163MAsset & business sales$126MCapital spending−$112MOther financing$15.7MTaxes on employees’ shares−$6.0M

From profit to cash

Howard Hughes Holdings: net income to operating cash flow, Q3 2026Howard Hughes Holdings: net income to operating cash flow, Q3 2026Net income−$371KDepreciation & amortization$51.5MStock-based pay$5.0MDeferred taxes−$40KReceivables$34.6MPrepaid and other assets$43.0MOther liabilities−$16.8MOperating cash flow$295M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$295M−$24.1M−$19.9M−$111K−$376M$271M
Q2 2026$507M−$25.2M−$331M—−$876M$481M
Q1 2026−$229M−$20.3M$695M—−$392M−$250M
Q4 2025$360M−$42.5M−$181M$34K−$123M$318M
Q3 2025$150M−$31.9M$64.0M−$98K−$175M$118M
Q2 2025$177M−$43.4M−$26.5M—−$961M$134M
Q1 2025−$225M−$53.1M$121M—$160M−$278M
Q4 2024$337M−$70.4M−$200M—−$77.8M$267M

Howard Hughes Holdings: income statement and cash flow

Howard Hughes Holdings, Q3 2026: revenue $636M (+63% year over year), operating margin 24.7%. The chart follows the revenue to costs, profit and cash.

Howard Hughes Holdings: 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.