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Just reported
Q3 2026 results
From Howard Hughes's results release of November 5, 2026; its quarterly report has since been filed.
Revenue
Actual
$636.3M
+63% y/y
-43% q/qGuided
—
No guide given
EPS, GAAP
Actual
-$0.39
Guided
—
No guide given
Operating income, GAAP
Actual
$157M
-17% y/y
-34% q/qGuided
—
No guide given
Set against the company's own guidance and the same quarter a year earlier, not analysts' estimates, which we do not hold. Adjusted figures are the company's own non-GAAP measures, as stated in the release.
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The themes Howard Hughes is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.
Grade rose recently in Real Estate
Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.
AMHAmerican Homes 4 RentNov 5, 2026CAGraded C, now A
JANJanus Living, Inc.Nov 3, 2026BAGraded B, now A
COMPCompass, Inc.Nov 5, 2026BAGraded B, now A
FSVFirstService CorporationOct 22, 2026BAGraded B, now A
RYNRayonier Inc.Nov 4, 2026DBGraded D, now B
How it makes money
- Residential and commercial land sales in master-planned communities43%
year ended 2025-12-31
- Rent from offices, shops, apartments, and other operating properties32%
year ended 2025-12-31
- Condominium sales and other strategic development revenue25%
year ended 2025-12-31
- Insurance and reinsurance premiums, fees, and investment income
Competes with
What it sells5
Residential lots and superpad sites
Improved land sold to homebuilders, who build homes on the lots or complete development work on larger parcels.
Commercial development land
Land sold or leased for uses such as shops, offices, hotels, apartments, schools, and public services.
Office, retail, and apartment rentals
Buildings and apartments rented to businesses and residents.
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Condominiums
Homes sold to individual buyers in developments including Ward Village in Honolulu.
Insurance and reinsurance
Vantage sells property, casualty, professional liability, healthcare, construction, and other specialty insurance, and reinsures risks for other insurers.
Who buys it5
- Homebuilders buy residential lots and larger prepared land parcels for building and selling homes.
- Commercial developers buy or lease land for projects such as shops, offices, hotels, and apartments.
- Businesses lease office and retail space in the company’s properties.
Show 2 more
- Residents rent apartments or buy condominiums.
- Insurance customers buy specialty policies, while insurers buy reinsurance to transfer some of their risks.
What it stands on, and what could break it
What the business leans on
- 1Residential land sales depend on homebuilders purchasing lots and developing homes.
- 2Development projects depend on local approvals, permits, and entitlements, which can take time and may be challenged.
- 3Construction and redevelopment depend on access to financing, contractors, and materials such as lumber, steel, and concrete.
- 4The real estate business is concentrated in markets including Las Vegas, the Houston region, Phoenix, and Honolulu, making results sensitive to local housing and rental conditions.
What could go wrong
- 1A housing downturn, higher mortgage costs, or difficulty obtaining home loans could reduce homebuilder demand for land and buyers’ ability to purchase condominiums.
- 2Permitting delays, legal challenges, construction cost increases, or project delays could raise costs and postpone land sales, rents, and condominium closings.
- 3Vantage could face insurance claims and catastrophe losses that exceed premiums, reserves, or available reinsurance, or could misprice the risks it insures.
About Howard Hughes Holdings Inc.
Howard Hughes plans and develops large communities, sells residential land to homebuilders, and owns properties that earn rent from businesses and residents. It also builds and sells condominiums, including at Ward Village in Honolulu. The company has added Vantage, a specialty insurer and reinsurer that sells policies and takes on risks from other insurers.
- Head office
- The Woodlands, Texas
- Founded
- 2023
- Employees
- Approximately 500 (December 31, 2025, high)
- Listed on
- NYSE
- Financial year ends
- December 31
Built from Howard Hughes Holdings Inc.’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.
