Howard Hughes Holdings Inc. (HHH) Cash Flow Statement
Where HHH’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $462.4M +15.3% vs 2024
- Capital expenditures
- $3.5M 0.2% of revenue
- Free cash flow
- $458.9M 31.1% margin
- Returned to shareholders
- $3.6M 1% of free cash flow
- Change in cash
- $1.10B cash at year-end $2.10B
Drawn to scale: where the cash came from and how it was used. Hover for values.
HHH operating cash flow, capex and free cash flow
HHH cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $58.9M2016 | $462.4M2025 | +25.7%/yr | |
| Capital expenditures | $9.7M2016 | $3.5M2025 | −10.7%/yr | |
| Free cash flow | $49.3M2016 | $458.9M2025 | +28.1%/yr | |
| Free cash flow margin | 4.8%2016 | 31.1%2025 | +26.4 pts | |
| Operating cash flow / net income | 0.292016 | 3.732025 | +3.44 | |
| Stock-based compensation | −$93.0M2016 | $19.8M2025 | — | |
| Dividends paid | $02016 | $02019 | — | |
| Share buybacks (net) | $02016 | $3.6M2025 | — | |
| Capex / revenue | 0.9%2016 | 0.2%2025 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HHH cash flow by activity
HHH net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HHH cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $123.9M | $285.9M | $83.2M | $53.4M | $48.9M | −$3.2M | $74.3M | $57.7M | $166.6M | $202.3M |
| Depreciation & amortization | $183.5M | $179.8M | $169.0M | $154.8M | $205.2M | $217.4M | $155.2M | $128.2M | $130.9M | $94.0M |
| Stock-based compensation | $19.8M | — | $723.8M | −$6.5M | $50.7M | −$223.9M | −$46.7M | −$18.7M | $4.7M | −$93.0M |
| Change in working capital | $256.9M | $78.1M | $248.6M | $50.1M | $92.5M | $137.8M | −$66.4M | $130.5M | $621.7M | $321.3M |
| Other non-cash items | −$121.7M | −$142.8M | −$1.47B | $73.5M | −$681.2M | −$201.0M | $91.4M | −$87.2M | −$604.9M | −$465.8M |
| Cash from operating activities | $462.4M | $400.9M | −$248.2M | $325.3M | −$284.0M | −$72.9M | $207.7M | $210.5M | $319.0M | $58.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$3.5M | −$50.1M | −$47.6M | −$2.0M | −$1.8M | −$1.6M | −$7.0M | −$4.5M | −$7.0M | −$9.7M |
| Investments (net) | — | −$300.8M | −$336.1M | −$220.7M | −$1.2M | $12.3M | −$4.6M | −$4.7M | −$322.7M | −$38.6M |
| Acquisitions & other investing | −$215.6M | $43.6M | $34.8M | $2.0M | $104.5M | −$439.3M | −$1.22B | −$832.6M | $7.0M | $9.7M |
| Cash from investing activities | −$219.1M | −$307.2M | −$348.9M | −$220.7M | $101.5M | −$428.5M | −$1.23B | −$841.8M | −$322.7M | −$38.6M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | $0 | $0 | −$12,000 | $0 |
| Share repurchases & issuance (net) | −$3.6M | $9.8M | $0 | −$403.9M | −$81.1M | $598.2M | −$53.9M | −$58.7M | $78.3M | $1.0M |
| Net borrowing (repayment) | −$22.9M | −$46.1M | $529.8M | $170.5M | $282.5M | $518.1M | $886.0M | $318.3M | $151.1M | $202.2M |
| Shares issued | $862.8M | $0 | $0 | $0 | $0 | $593.6M | $0 | $0 | $0 | $0 |
| Other financing | $19.1M | −$112.0M | $21.4M | $11.1M | −$45.3M | −$585.7M | $89.1M | $131.6M | −$30.1M | −$3.3M |
| Cash from financing activities | $855.4M | −$148.3M | $551.2M | −$222.3M | $156.1M | $1.12B | $921.1M | $391.2M | $199.2M | $199.9M |
| Summary | ||||||||||
| Net change in cash | $1.10B | −$10.7M | −$89.7M | −$117.7M | −$26.4M | $622.9M | −$104.1M | −$240.1M | $195.5M | $220.2M |
| Cash at end of period | $2.10B | $998.5M | $1.01B | $1.10B | $1.22B | $1.24B | $620.1M | $724.2M | $861.1M | $665.5M |
| Free cash flow | $458.9M | $350.9M | −$295.7M | $323.2M | −$285.8M | −$74.5M | $200.8M | $206.0M | $312.1M | $49.3M |
| Free cash flow margin | 31.1% | 20.0% | −28.9% | 21.7% | −20.0% | −10.6% | 15.4% | 19.4% | 28.4% | 4.8% |
| Capex / revenue | 0.2% | 2.9% | 4.6% | 0.1% | 0.1% | 0.2% | 0.5% | 0.4% | 0.6% | 0.9% |
| Operating cash flow / net income | 3.73 | 1.40 | −2.98 | 6.10 | −5.80 | — | 2.80 | 3.65 | 1.91 | 0.29 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $157.0M | $8.2M | $6.0M | $119.4M | −$12.1M | $10.8M | $162.3M | $96.8M | $21.1M | −$52.5M | $34.4M | $32.0M |
| Depreciation & amortization | $76.9M | $48.6M | $47.5M | $46.5M | $44.4M | $45.2M | $45.2M | $44.1M | $46.6M | $44.2M | $33.9M | $42.7M |
| Stock-based compensation | $1.9M | — | $2.1M | $1.5M | — | $844,000 | — | — | $3.3M | — | $17.6M | $691.3M |
| Change in working capital | −$124.4M | −$57.9M | $123.8M | $133.8M | $98.9M | −$68.1M | −$90.8M | $88.7M | $42.1M | −$17.1M | $240.9M | −$15.3M |
| Other non-cash items | $395.2M | −$219.2M | $180.8M | −$151.5M | $46.0M | −$213.7M | $220.4M | $19.2M | −$131.0M | −$145.9M | −$225.5M | −$862.7M |
| Cash from operating activities | $506.5M | −$220.2M | $360.3M | $149.8M | $177.3M | −$224.9M | $337.1M | $248.9M | −$17.9M | −$171.2M | $101.3M | −$112.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.6M | −$17.7M | −$2.3M | −$676,000 | −$197,000 | −$283,000 | −$1.2M | −$9.9M | −$18.6M | −$462,000 | −$1.7M | −$143.1M |
| Investments (net) | — | — | — | −$39.4M | −$59.1M | −$63.6M | −$54.5M | −$78.1M | −$94.6M | −$73.6M | −$82.4M | −$53.5M |
| Acquisitions & other investing | −$311.7M | −$40.3M | −$54.7M | $676,000 | $197,000 | $283,000 | $1.2M | $9.4M | $18.6M | $462,000 | $1.7M | $143.0M |
| Cash from investing activities | −$314.3M | −$58.0M | −$57.0M | −$39.4M | −$59.1M | −$63.6M | −$54.5M | −$78.6M | −$94.6M | −$73.6M | −$82.4M | −$53.6M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | −$204,000 | $862.8M | $862.9M | −$2.5M | $9.8M | $9.8M | −$1.2M | — | $0 | $0 |
| Net borrowing (repayment) | −$331.3M | $695.5M | −$181.1M | $64.0M | −$26.5M | $120.8M | −$199.6M | −$58.5M | — | — | — | $254.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.02B | −$25.2M | $1.4M | −$862.2M | $6.2M | $9.8M | −$14.9M | −$106.6M | $127.6M | $83.6M | $98.4M | $3.7M |
| Cash from financing activities | $683.8M | $670.3M | −$179.9M | $64.6M | $842.6M | $128.1M | −$204.7M | −$155.2M | $126.4M | $83.6M | $98.4M | $258.2M |
| Summary | ||||||||||||
| Net change in cash | $876.1M | $392.1M | $123.4M | $175.0M | $960.8M | −$160.5M | $77.8M | $15.0M | $13.9M | −$161.2M | $117.3M | $92.6M |
| Cash at end of period | $3.37B | $2.49B | $2.10B | $1.97B | $1.80B | $838.1M | $998.5M | $920.7M | $905.8M | $891.8M | $1.05B | $935.8M |
| Free cash flow | $504.0M | −$237.9M | $357.9M | $149.1M | $177.1M | −$225.2M | $335.9M | $239.0M | −$36.5M | −$171.7M | $99.5M | $31.1M |
| Free cash flow margin | 44.9% | −100.9% | 57.3% | 38.2% | 67.9% | −113.0% | 34.1% | 73.0% | −12.9% | −109.7% | 31.8% | 13.6% |
| Capex / revenue | 0.2% | 7.5% | 0.4% | 0.2% | 0.1% | 0.1% | 0.1% | 3.0% | 6.6% | 0.3% | 0.6% | 62.6% |
| Operating cash flow / net income | 3.23 | −26.77 | 60.04 | 1.25 | — | −20.75 | 2.08 | 2.57 | −0.85 | — | 2.95 | −3.50 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HHH cash generation
In fiscal 2025 (ended December 31, 2025), Howard Hughes generated $462.4 million of cash from operations (up 15.3%) and spent $3.5 million on capital expenditures, leaving free cash flow of $458.9 million, 31.1% of revenue. It returned $3.6 million to shareholders through dividends ($0) and net share buybacks ($3.6 million). Cash and equivalents rose by $1.1 billion over the year.
Related: HHH income statement, HHH balance sheet. See the HHH stock overview for the latest quote and news.
HHH cash flow FAQ
What is Howard Hughes's free cash flow?
Howard Hughes's free cash flow was $458.9 million in fiscal 2025: $462.4 million of operating cash flow minus $3.5 million of capital expenditures It was $350.9 million a year earlier..
How much cash does Howard Hughes generate from operations?
Howard Hughes generated $462.4 million of cash from operating activities in fiscal 2025, 3.73 times its net income of $123.9 million.
How much does Howard Hughes spend on capital expenditures?
Howard Hughes spent $3.5 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with $50.1 million the year before.
How much stock does Howard Hughes buy back?
Howard Hughes spent $3.6 million on net share repurchases in fiscal 2025.