Filing Flows › Howard Hughes Holdings (HHH) › Q4 2025
Howard Hughes Holdings (HHH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Howard Hughes Holdings (HHH) reported revenue of $624M for the fourth quarter 2025 (Q4 2025), -37% from a year earlier and +60% from the quarter before. Operating margin was 4.2%, net earnings $5.7M (0.9% of revenue).
Howard Hughes Holdings, Q4 2025: revenue $624M (-36% year over year), operating margin 4.2%, net earnings $5.7M, operating cash flow $360M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $624M | +60% | -37% |
| Operating profit | $26.2M | -86% | -90% |
| Net earnings | $5.7M | -95% | -96% |
| Operating cash flow | $360M | +141% | +7% |
| Free cash flow | $318M | +170% | +19% |
What changed
Revenue was $624.4M in Q4 2025, down 37% year over year and up 60% from the previous quarter.
Operating profit was $26.2M, a 4.2% margin (down 22.3 points year over year). Total costs fell 17% while revenue fell 37%. The fastest-growing cost line was General & admin (+62%). Net earnings were $6.0M, down 96% year over year. The effective tax rate was -18.8%.
Operating cash flow was $360.3M (up 7% year over year), 6344% of net income including minority interests. Non-cash charges added back $47.4M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items added $303.4M. Capital expenditures of $42.5M left free cash flow of $317.8M.
Questions
What was Howard Hughes Holdings' revenue in the fourth quarter 2025?
Howard Hughes Holdings (HHH) reported revenue of $624M for the fourth quarter 2025 (Q4 2025), -37% from a year earlier and +60% from the quarter before.
Was Howard Hughes Holdings profitable in the fourth quarter 2025?
Operating profit was $26.2M (4.2% of revenue) and net earnings $5.7M.