Howard Hughes
Plans communities, develops real estate, and owns a specialty insurer.
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Profile
Master-planned communities anchor a U.S. real-estate platform that also owns operating assets and pursues strategic developments. The platform added Vantage, a specialty insurance and reinsurance subsidiary, in 2026.
Master-planned communities are the foundation of a U.S. real-estate platform. The MPC business plans, develops, and sells land for large-scale, long-term community projects.
Operating Assets holds retail, office, and multifamily properties, while Strategic Developments includes residential-condominium and commercial projects. The portfolio includes communities such as The Woodlands, Bridgeland, Summerlin, Ward Village, Teravalis, and Downtown Columbia. Its portfolio is concentrated in the United States.
After separating Seaport Entertainment in 2024, the company remained focused on its MPCs while pursuing acquisitions. Vantage became a subsidiary in 2026, adding specialty insurance and reinsurance to the holding-company structure.
Company facts
Key statistics
Year to date −17.7% · Average volume (30d) 416.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating |
|---|---|---|---|---|
| Jun 23, 2025 | JP Morgan | Downgrade | Overweight | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.99 | $2.68 | +170.2% | $469.0M | $1.12B | +139.3% | +3.59% |
| May 7, 2026Q1 FY26 | $0.08 | $0.14 | +75.0% | $194.4M | $235.9M | +21.3% | +3.54% |
| Feb 19, 2026Q4 FY25 | $0.31 | $0.10 | −67.7% | $591.2M | $624.4M | +5.6% | −9.71% |
| Nov 10, 2025Q3 FY25 | $1.46 | $2.02 | +38.4% | $358.0M | $390.2M | +9.0% | +0.04% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $199.3M | $260.9M | $390.2M | $624.4M | $235.9M | $1.12B | |
| Gross profit | $107.8M | $149.0M | $203.9M | −$184.6M | $31.5M | $363.2M | |
| Operating income | $47.9M | $67.9M | $189.6M | −$51.9M | $50.7M | $239.6M | |
| Net income | $10.5M | −$12.1M | $119.5M | $6.0M | $8.2M | $158.4M | |
| Diluted EPS | $0.21 | −$0.22 | $2.02 | $0.10 | $0.14 | $2.68 | |
| Gross margin | 54.1% | 57.1% | 52.3% | -29.6% | 13.4% | 32.4% | |
| Operating margin | 24.0% | 26.0% | 48.6% | -8.3% | 21.5% | 21.3% |
Fiscal years (4-quarter sums)FY21 $1.43B · FY22 $1.61B · FY23 $961.0M · FY24 $1.75B · FY25 $1.47B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.68B · Total debt $5.46B · Total assets $15.91B · Shareholders' equity $4.96B
Dividends
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 1, 2024 | $3.50 | special dividend |
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 59.62M · Float —
Float — provider float is below the insider stake.
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Pershing Square Holdco, L.P. | 27.85M | 46.71% | 13F | Aug 14, 2026 |
| Dimensional Fund Advisors LP | 2.92M | 4.91% | 13F | Aug 11, 2026 |
| Vanguard Portfolio Management LLC | 2.62M | 4.40% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 1.62M | 2.72% | 13F | Aug 7, 2026 |
| Wells Fargo & Company/MN | 1.49M | 2.51% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 11, 2026 | Mary Ann Tighe | director | −13,495 | $67.25 |
| May 15, 2026 | James Carman | officer: President, Houston Region | −1,500 | $64.20 |
| Mar 25, 2026 | Andrew D. Davis | officer: Chief Operating Officer, HHC | −1,636 | $63.87 |
| Mar 13, 2026 | Joseph Valane | officer: General Counsel & Secretary | +1,260 | $64.45 |
| Dec 23, 2025 | R. Scot Sellers | director | +5,000 | $77.94 |
Peers
- St. Joe
Florida land development with residential, commercial and hospitality assets
- Arch Capital Group
Global specialty insurer and reinsurer with broad P&C capacity
- RenaissanceRe
Global provider of property, casualty and specialty reinsurance
- Five Point
California mixed-use planned-community developer and land-bank manager
- Everest Group
Global property, casualty and specialty insurance and reinsurance provider
- Forestar Group
National developer of finished residential lots for homebuilders
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Howard Hughes | $64.80 | −0.06% | $3.86B | 13.1 | 19.9 | 1.6 | +330.2% |
| St. Joe | $67.32 | −0.07% | $3.83B | 31.5 | — | 7.0 | +23.1% |
| Arch Capital Group | $97.15 | −1.71% | $34.53B | 7.7 | 10.5 | 1.8 | −22.3% |
| RenaissanceRe | $330.74 | +0.01% | $13.74B | 5.7 | 8.3 | 1.3 | −28.5% |
| Five Point | $5.11 | −0.10% | $363.3M | 14.7 | — | 3.1 | +86.0% |
| Everest Group | $377.61 | −0.02% | $14.94B | 8.0 | 6.9 | 0.9 | −10.1% |
| Forestar Group | $28.63 | +0.17% | $1.46B | 8.6 | 10.1 | 0.8 | +4.2% |
| Median | 8.3 | 9.2 | 1.5 | −2.9% |