Howard Hughes Holdings Inc. reported third‑quarter 2025 revenue of $390.24 million, a 19.3% year‑over‑year increase, and earnings per share of $2.02, beating the consensus estimate of $1.56 by $0.46 (29.5%). The strong results were driven by record performance in the company’s Master‑Planned Community (MPC) segment and a $1.4 billion pipeline of condominium pre‑sales that helped offset modest margin pressure in other areas.
The MPC segment generated a record $205 million in earnings before taxes, the highest in the company’s history. Record land sales in the Summerlin market were a key contributor, with an average residential land price of $786,000 per acre in Q3 2025—well below the $1.7 million per acre figure previously cited. The high land prices, combined with strong demand from builders, underpinned the segment’s profitability.
Management raised its full‑year guidance, projecting a midpoint of $440 million for Adjusted Operating Cash Flow and $450 million for MPC earnings before taxes. The upward revision reflects confidence in sustained demand for master‑planned communities and the company’s ability to convert pre‑sales into cash flow. "Our third‑quarter performance underscores the strength of our real‑estate platform and the value of our transformation into a diversified holding company," said the company’s CEO.
Cash and cash equivalents stood at $1.46 billion, giving the company a robust balance sheet to fund new developments and strategic investments. The liquidity position supports continued expansion of the real‑estate platform while the company pursues its broader diversification strategy.
A conference call to discuss the results will be held on Monday, allowing investors and analysts to ask questions and gain further insight into the company’s outlook.
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