Filing Flows › Howard Hughes Holdings (HHH) › Q3 2025
Howard Hughes Holdings (HHH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Howard Hughes Holdings (HHH) reported revenue of $390M for the third quarter 2025 (Q3 2025), +19% from a year earlier and +50% from the quarter before. Operating margin was 48.6%, net earnings $119M (30.6% of revenue).
Howard Hughes Holdings, Q3 2025: revenue $390M (+19% year over year), operating margin 48.6%, net earnings $119M, operating cash flow $150M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $390M | +50% | +19% |
| Operating profit | $190M | +179% | -4% |
| Net earnings | $119M | — | +65% |
| Operating cash flow | $150M | -16% | -40% |
| Free cash flow | $118M | -12% | -35% |
What changed
Revenue was $390.2M in Q3 2025, up 19% year over year and up 50% from the previous quarter.
Operating profit was $189.6M, a 48.6% margin (down 12.0 points year over year). Operating profit fell $8.8M even though revenue rose $63.1M versus a year earlier, so costs grew faster than sales. Total costs grew 56% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+66%). Net earnings were $119.5M, up 64% year over year. The effective tax rate was 24.6%.
Operating cash flow was $149.8M (down 40% year over year), 125% of net earnings. Non-cash charges added back $46.4M of depreciation and amortization and $4.2M of share-based compensation. Working capital and other items used $20.3M. Capital expenditures of $31.9M left free cash flow of $117.8M.
Questions
What was Howard Hughes Holdings' revenue in the third quarter 2025?
Howard Hughes Holdings (HHH) reported revenue of $390M for the third quarter 2025 (Q3 2025), +19% from a year earlier and +50% from the quarter before.
Was Howard Hughes Holdings profitable in the third quarter 2025?
Operating profit was $190M (48.6% of revenue) and net earnings $119M.