Howard Hughes Holdings (HHH) Q4 FY2023 earnings: revenue $313 million

Howard Hughes Holdings Inc. (HHH) reported revenue of $313 million for Q4 FY2023, the quarter ended 31 December 2023. Net income was $34 million, and diluted earnings per share $0.69. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue$313 million

Net income$34 million

Diluted EPS$0.69

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	313	228	n/a	n/a
Operating income	105	59.4	n/a	n/a
Operating margin	33.6%	26.0%	n/a
Interest expense	46.3	38.6	n/a	n/a
Pre-tax income	32.0	43.5	n/a	n/a
Income tax	-2.3	11.4	n/a	n/a
Effective tax rate	-7.3%	26.2%	n/a
Net income	34.3	-544	n/a	n/a
Net margin	11.0%	-238.2%	n/a
Diluted EPS	$0.69	-$10.97	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	101	-109	n/a	n/a
Capital expenditure	12.0	16.5	n/a	n/a
Free cash flow	89.2	-126	n/a	n/a
Free cash flow margin	28.5%	-55.1%	n/a
Cash from investing	-82.4	-53.5	n/a	n/a
Cash from financing	98.4	256	n/a	n/a
Depreciation and amortisation	54.9	42.7	n/a	n/a
Share-based compensation	3.8	4.4	n/a	n/a
Diluted shares, weighted	n/a	50m	n/a	n/a
Shares outstanding at period end	50m	50m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,993	2,964	n/a	n/a
Non-controlling interest	66.1	65.9	n/a	n/a
Debt	5,303	5,196	n/a	n/a
Other liabilities	1,215	1,145	n/a	n/a
Total liabilities and equity	9,577	9,371	n/a	n/a
Cash and equivalents	632	492	n/a	n/a
Other assets	8,945	8,879	n/a	n/a
Total assets	9,577	9,371	n/a	n/a

Questions

What was Howard Hughes Holdings' revenue in Q4 FY2023?

Howard Hughes Holdings (HHH) reported revenue of $313 million for Q4 FY2023, the quarter ended 31 December 2023.

How much did Howard Hughes Holdings earn in Q4 FY2023?

Net income for Q4 FY2023 was $34 million, and diluted earnings per share $0.69.

When did Howard Hughes Holdings report Q4 FY2023 results?

Howard Hughes Holdings filed its 10-K for the quarter ended 31 December 2023 with the SEC on 26 February 2025.

Quarterly results, the last 15 quarters

	Q3 FY2022	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	640	182	186	228	313	156	283	327	984	199	261	390	624	236	1,122
Operating income	157	37.8	13.9	59.4	105	12.6	88.5	198	261	47.9	67.9	190	26.2	50.7	240
Operating margin	25%	21%	8%	26%	34%	8%	31%	61%	26%	24%	26%	49%	4%	21%	21%
Interest expense	24.4	38.1	33.9	38.6	46.3	41.9	39.6	43.8	42.3	41.1	43.7	43.9	41.3	41.8	45.8
Pre-tax income	142	-23.9	-34.5	43.5	32.0	-27.5	60.9	107	225	14.3	-15.9	158	4.8	10.7	207
Tax rate	24%	n/a	n/a	26%	-7%	n/a	22%	10%	28%	24%	n/a	25%	-19%	25%	24%
Net income	108	-22.7	-19.1	-544	34.3	-52.5	21.1	72.8	156	10.5	-12.1	120	6.0	8.2	158
Net margin	17%	-13%	-10%	-238%	11%	-34%	7%	22%	16%	5%	-5%	31%	1%	3%	14%
Diluted EPS	$2.19	-$0.46	-$0.39	-$10.97	$0.69	-$1.06	$0.42	$1.46	$3.12	$0.21	-$0.22	$2.02	$0.10	$0.14	$2.68
Operating cash flow	n/a	-144	-106	-109	101	-171	-17.5	248	337	-225	177	150	360	-229	507
Capital expenditure	n/a	9.6	18.3	16.5	12.0	10.8	7.6	9.6	20.0	13.5	7.5	12.0	11.7	14.8	8.2
Free cash flow	n/a	-154	-124	-126	89.2	-182	-25.1	239	317	-238	170	138	349	-244	498
Shares outstanding	50m	50m	50m	50m	50m	50m	50m	50m	50m	50m	59m	59m	59m	60m	60m
Filing	10-Q	10-K	10-K	10-Q	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2023, filed 26 February 2025: the filing.