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Side-by-side financial comparison of BXP, Inc. (BXP) and Howard Hughes Holdings Inc. (HHH). Click either name above to swap in a different company.
BXP, Inc. is the larger business by last-quarter revenue ($872.1M vs $624.4M, roughly 1.4× Howard Hughes Holdings Inc.). BXP, Inc. runs the higher net margin — 15.3% vs 1.0%, a 14.3% gap on every dollar of revenue. On growth, BXP, Inc. posted the faster year-over-year revenue change (0.8% vs -33.2%). Over the past eight quarters, Howard Hughes Holdings Inc.'s revenue compounded faster (91.0% CAGR vs 1.3%).
BXP Inc., operating as Boston Properties, is a leading U.S. real estate investment trust focused on owning, managing and developing high-quality Class A commercial office properties across major U.S. metro markets, serving diverse corporate, tech and professional service tenants.
Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
BXP vs HHH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $872.1M | $624.4M |
| Net Profit | $133.0M | $6.0M |
| Gross Margin | — | — |
| Operating Margin | — | 4.2% |
| Net Margin | 15.3% | 1.0% |
| Revenue YoY | 0.8% | -33.2% |
| Net Profit YoY | 53.0% | -96.2% |
| EPS (diluted) | $1.69 | $0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $624.4M | ||
| Q3 25 | $871.5M | $390.2M | ||
| Q2 25 | $868.5M | $260.9M | ||
| Q1 25 | $865.2M | $199.3M | ||
| Q4 24 | $858.6M | $935.0M | ||
| Q3 24 | $859.2M | $327.1M | ||
| Q2 24 | $850.5M | $317.4M |
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $6.0M | ||
| Q3 25 | $-121.7M | $119.5M | ||
| Q2 25 | $89.0M | $-12.1M | ||
| Q1 25 | $61.2M | $10.5M | ||
| Q4 24 | $-228.9M | $156.3M | ||
| Q3 24 | $83.6M | $72.8M | ||
| Q2 24 | $79.6M | $21.1M |
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | — | ||
| Q3 25 | 59.3% | — | ||
| Q2 25 | 59.2% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 59.7% | — | ||
| Q3 24 | 59.5% | — | ||
| Q2 24 | 59.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 48.6% | ||
| Q2 25 | — | 26.0% | ||
| Q1 25 | — | 24.0% | ||
| Q4 24 | — | 33.5% | ||
| Q3 24 | — | 60.6% | ||
| Q2 24 | — | 20.4% |
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 1.0% | ||
| Q3 25 | -14.0% | 30.6% | ||
| Q2 25 | 10.2% | -4.7% | ||
| Q1 25 | 7.1% | 5.3% | ||
| Q4 24 | -26.7% | 16.7% | ||
| Q3 24 | 9.7% | 22.2% | ||
| Q2 24 | 9.4% | 6.6% |
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.20 | ||
| Q3 25 | $-0.77 | $2.02 | ||
| Q2 25 | $0.56 | $-0.22 | ||
| Q1 25 | $0.39 | $0.21 | ||
| Q4 24 | $-1.46 | $3.14 | ||
| Q3 24 | $0.53 | $1.46 | ||
| Q2 24 | $0.51 | $0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $512.8M | $1.5B |
| Total DebtLower is stronger | — | $5.1B |
| Stockholders' EquityBook value | $7.7B | $3.8B |
| Total Assets | $25.1B | $10.6B |
| Debt / EquityLower = less leverage | — | 1.35× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $861.1M | $1.5B | ||
| Q2 25 | $447.0M | $1.4B | ||
| Q1 25 | $398.1M | $493.7M | ||
| Q4 24 | $1.3B | $596.1M | ||
| Q3 24 | $1.4B | $400.7M | ||
| Q2 24 | $685.4M | $436.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $3.8B | ||
| Q3 25 | $5.0B | $3.8B | ||
| Q2 25 | $5.3B | $3.6B | ||
| Q1 25 | $5.3B | $2.8B | ||
| Q4 24 | $5.4B | $2.8B | ||
| Q3 24 | $5.8B | $2.6B | ||
| Q2 24 | $5.8B | $3.0B |
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $10.6B | ||
| Q3 25 | $26.0B | $10.7B | ||
| Q2 25 | $25.6B | $10.3B | ||
| Q1 25 | $25.4B | $9.3B | ||
| Q4 24 | $26.1B | $9.2B | ||
| Q3 24 | $26.4B | $9.4B | ||
| Q2 24 | $25.5B | $9.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.85× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $360.3M |
| Free Cash FlowOCF − Capex | — | $348.6M |
| FCF MarginFCF / Revenue | — | 55.8% |
| Capex IntensityCapex / Revenue | 1.5% | 1.9% |
| Cash ConversionOCF / Net Profit | — | 60.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $417.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $360.3M | ||
| Q3 25 | $274.2M | $149.8M | ||
| Q2 25 | $353.1M | $177.3M | ||
| Q1 25 | $210.0M | $-224.9M | ||
| Q4 24 | $383.7M | $337.1M | ||
| Q3 24 | $286.1M | $248.3M | ||
| Q2 24 | $367.1M | $-17.5M |
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $348.6M | ||
| Q3 25 | $231.6M | $137.7M | ||
| Q2 25 | $281.5M | $169.7M | ||
| Q1 25 | $152.6M | $-238.4M | ||
| Q4 24 | $312.5M | $317.1M | ||
| Q3 24 | $234.5M | $238.7M | ||
| Q2 24 | $332.4M | $-25.1M |
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 55.8% | ||
| Q3 25 | 26.6% | 35.3% | ||
| Q2 25 | 32.4% | 65.1% | ||
| Q1 25 | 17.6% | -119.6% | ||
| Q4 24 | 36.4% | 33.9% | ||
| Q3 24 | 27.3% | 73.0% | ||
| Q2 24 | 39.1% | -7.9% |
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 1.9% | ||
| Q3 25 | 4.9% | 3.1% | ||
| Q2 25 | 8.2% | 2.9% | ||
| Q1 25 | 6.6% | 6.8% | ||
| Q4 24 | 8.3% | 2.1% | ||
| Q3 24 | 6.0% | 2.9% | ||
| Q2 24 | 4.1% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 60.04× | ||
| Q3 25 | — | 1.25× | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | -21.35× | ||
| Q4 24 | — | 2.16× | ||
| Q3 24 | 3.42× | 3.41× | ||
| Q2 24 | 4.61× | -0.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BXP
| Lease | $818.2M | 94% |
| Parking and other | $30.8M | 4% |
| Development and management services | $9.2M | 1% |
HHH
| Transferred At Point In Time | $499.8M | 80% |
| Operating Assets Segment | $117.9M | 19% |
| Builder Price Participation | $12.9M | 2% |
