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Sep 30, 2025
Howard Hughes Q3 2025 Earnings Report
Howard Hughes reported a strong Q3 2025 with record MPC earnings and continued strength across its operating asset segments.
Key Takeaways
The company posted a net income of $119.5 million and adjusted operating cash flow of $199 million, driven by robust land sales and continued leasing strength. With $1.4 billion in condo pre-sales and a raised full-year guidance, Howard Hughes signals strong future growth.
Net income reached $119.5 million, up from $96.5 million YoY.
Adjusted operating cash flow came in at $199.3 million.
MPC EBT hit a record $205 million, driven by 349 residential acres sold.
$1.4 billion in future condo revenue was contracted, primarily from Melia and ‘Ilima towers.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Howard Hughes raised full-year 2025 guidance for MPC EBT and adjusted operating cash flow, driven by strong Q3 performance and robust demand in core markets.
Positive Outlook
- Raised 2025 Adjusted Operating Cash Flow guidance to $440 million at midpoint
- MPC EBT guidance increased by $20 million to $450 million at midpoint
- $1.4 billion in contracted future condo sales provide strong forward visibility
- Robust NOI growth from office and retail segments
- Strong cash position of $1.5 billion with low near-term debt maturities
Challenges Ahead
- New home sales volume declined 13% YoY
- Condo gross profit negative YTD due to Waiea remediation costs
- Retail NOI in Honolulu declined YoY
- Cost of revenue in MPC segment increased
Historical Earnings Impact
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Avg. Return Before/After Earnings
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