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Dec 31, 2025
Howard Hughes Q4 2025 Earnings Report
Howard Hughes Holdings Inc. reported its fourth quarter and full year 2025 results, highlighting strong performance in MPC and Operating Assets segments.
Key Takeaways
Howard Hughes Holdings Inc. delivered strong fourth quarter results in 2025, with total revenues of $624.4 million and net income of $5.7 million. The company's MPC segment saw a significant increase in EBT, driven by residential land sales, while Operating Assets NOI also grew, led by robust office and retail performance. The company is transitioning into a diversified holding company with the acquisition of Vantage Group Holdings Ltd.
Net income from continuing operations for Q4 2025 was $5.7 million, or $0.10 per diluted share.
MPC EBT increased by 85% to $105.4 million in Q4 2025, primarily due to residential land sales at Bridgeland.
Total Operating Assets Net Operating Income (NOI) increased by 11% year-over-year to $68.0 million in Q4 2025.
The company contracted to sell 28 condo units in Hawai'i, representing approximately $92 million of future condo revenue.
Revenue by Segment
Forward Guidance
Howard Hughes Holdings Inc. provided guidance for 2026, anticipating a normalization in MPC EBT after a record year in 2025, continued strong performance in Operating Assets NOI, and significant condominium sales revenue, primarily driven by The Park Ward Village closings.
Positive Outlook
- Adjusted Operating Cash Flow is expected to range between $415 million and $465 million in 2026, with a mid-point of approximately $440 million.
- MPC EBT is expected to normalize in 2026, ranging between $343 million and $391 million, with a mid-point of approximately $367 million.
- Operating Assets NOI, including contributions from unconsolidated ventures, is expected to range between $279 million and $290 million, with a mid-point of approximately $284 million.
- Condominium sales revenue is expected to range between $720 million and $750 million in 2026, with a gross profit of approximately $108 million to $128 million.
- Condominium closings during 2026 are expected to be driven primarily by The Park Ward Village, which was over 97% under contract as of year-end 2025.
Challenges Ahead
- MPC EBT is expected to normalize in 2026 following a record year of land sales in 2025, which included outsized superpad sales in Summerlin.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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