Howard Hughes Holdings Inc. (HHH) Earnings
Howard Hughes Holdings Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.79. HHH has beaten EPS estimates in 5 of its last 8 reported quarters (average surprise +15.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $0.08 | $0.14 | +75.0% | $236M | +21.3% |
| Feb 19, 2026 | $0.31 | $0.10 | -67.7% | $624M | +5.6% |
| May 7, 2025 | $0.13 | $0.21 | +61.5% | $199M | +1.2% |
| Feb 26, 2025 | $3.47 | $3.25 | -6.3% | $984M | +5.2% |
| Jul 26, 2024 | $0.23 | $0.42 | +82.6% | $317M | +6.9% |
| Feb 27, 2024 | $0.22 | $0.69 | +213.6% | $336M | +30.2% |
| Feb 27, 2023 | $0.97 | $1.07 | +10.3% | $482M | +8.8% |
| Sep 30, 2022 | — | $2.19 | — | $640M | — |
| Jun 30, 2022 | $2.26 | $0.42 | -81.2% | $277M | -58.7% |
| Mar 31, 2022 | — | $0.04 | — | $210M | — |
| Sep 30, 2021 | — | $0.07 | — | $219M | — |
| Jun 30, 2021 | — | $0.09 | — | $212M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 8, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Bill Ackman mentioned company is in transition, shareholder base change, and introduced metrics for valuation. - David O'Reilly gave quarter update, highlighting MPC earnings growth, operating asset NOI growth, condo progress, and balance sheet strength. - Bill Ackman talked about business model transition, KPIs, and valuation metrics. - Ryan Israel spoke about intrinsic value estimate of ~$104 per share, which is over 60% higher than current share price, and growth projections over next five years. - Mark Grandison introduced himself, shared background in insurance, and expressed excitement about joining to help with insurance business understanding.
Guidance
- Removed annual guidance, shifted focus to longer-term objectives by platform. - Expect $2.5 - $3 billion of cash to be generated from real estate business over next five years, to be reinvested into other areas like insurance. - Vantage acquisition expected to close earlier than end of the quarter. - Aim to increase intrinsic value of Vantage business to north of two times over next five years.
Segment performance
Master plan communities: Earnings before taxes was $84 million in Q1, up 33% YOY due to higher residential land sales. Bridgeland closed 62 acres at avg $688,000 per acre (vs 37 acres and $605,000 per acre YOY) with net new home sales up 12%. Summerlin custom lots averaged $7.2 million per acre, superpads $1.8 million per acre, new home sales up 6%. Operating assets: NOI grew 2% YOY and 7% on trailing 12-month same-store basis, driven by multifamily and office. Adjusted maintenance-free cash flow introduced to reflect recurring property-level cash flow. Condos: At Ward Village, Ulana completed and Leneute broke ground (70% pre-sold). Condo gross profit roughly break-even in Q1, to increase in Q2. Estimated future condo gross profit from pre-sold projects highlights embedded cash flow. Other expenses: G&A expense $25.8 million including purging fees and Vantage-related transaction costs. Net interest expense declined due to interest income from invested cash balances.
Analyst Q&A
Q: About capital raising at Pershing Square and implications to HHH.
A: Pershing Square's transactions don't allow buying more HHH stock, but HHH is an important part of the platform.
Q: Why continue to hold real estate assets when insurance is big driver.
A: Real estate business is cash generator, but non-core assets may be sold if not critical.
Q: Delay in Vantage deal closing.
A: Scheduled hearing date 19th May, transactions typically close within couple weeks, on track for Q2 close.
Q: Value of company at $104 per share.
A: Conservative estimate, $104 is conservative, with potential for higher value with lower discount rate.
Q: Data centers and land holdings.
A: Open to West Phoenix land uses, including data centers, power plants, etc., to create transformational value.
Q: KPIs incentivizing price over volume.
A: Not selling to maximize metric, but to maximize company value, balancing volume and price to maintain community equilibrium.
Q: Investments in Vantage vs NPC business.
A: Incentive to invest in Vantage as returns higher and value assignment higher, rather than buying another MPC