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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Howard Hughes Holdings Inc. (HHH). Click either name above to swap in a different company.
Howard Hughes Holdings Inc. is the larger business by last-quarter revenue ($235.9M vs $188.4M, roughly 1.3× FTAI Infrastructure Inc.). Howard Hughes Holdings Inc. runs the higher net margin — 3.4% vs -79.7%, a 83.1% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (95.9% vs 18.4%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (49.0% CAGR vs -13.8%).
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
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.
FIP vs HHH — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $188.4M | $235.9M |
| Net Profit | $-150.2M | $8.1M |
| Gross Margin | — | — |
| Operating Margin | — | 121.6% |
| Net Margin | -79.7% | 3.4% |
| Revenue YoY | 95.9% | 18.4% |
| Net Profit YoY | -387.6% | -25.6% |
| EPS (diluted) | $-1.32 | $0.14 |
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 | $188.4M | $235.9M | ||
| Q4 25 | $143.5M | $624.4M | ||
| Q3 25 | $140.6M | $390.2M | ||
| Q2 25 | $122.3M | $260.9M | ||
| Q1 25 | $96.2M | $199.3M | ||
| Q4 24 | $80.8M | $935.0M | ||
| Q3 24 | $83.3M | $327.1M | ||
| Q2 24 | $84.9M | $317.4M |
| Q1 26 | $-150.2M | $8.1M | ||
| Q4 25 | $-97.7M | $6.0M | ||
| Q3 25 | $-104.5M | $119.5M | ||
| Q2 25 | $-70.0M | $-12.1M | ||
| Q1 25 | $120.2M | $10.5M | ||
| Q4 24 | $-124.7M | $156.3M | ||
| Q3 24 | $-43.0M | $72.8M | ||
| Q2 24 | $-48.1M | $21.1M |
| Q1 26 | — | 121.6% | ||
| Q4 25 | -45.7% | 4.2% | ||
| Q3 25 | -70.8% | 48.6% | ||
| Q2 25 | -56.4% | 26.0% | ||
| Q1 25 | 81.8% | 24.0% | ||
| Q4 24 | -152.7% | 33.5% | ||
| Q3 24 | -51.7% | 60.6% | ||
| Q2 24 | -56.4% | 20.4% |
| Q1 26 | -79.7% | 3.4% | ||
| Q4 25 | -68.1% | 1.0% | ||
| Q3 25 | -74.4% | 30.6% | ||
| Q2 25 | -57.2% | -4.7% | ||
| Q1 25 | 125.0% | 5.3% | ||
| Q4 24 | -154.4% | 16.7% | ||
| Q3 24 | -51.6% | 22.2% | ||
| Q2 24 | -56.7% | 6.6% |
| Q1 26 | $-1.32 | $0.14 | ||
| Q4 25 | $-1.04 | $0.20 | ||
| Q3 25 | $-1.38 | $2.02 | ||
| Q2 25 | $-0.73 | $-0.22 | ||
| Q1 25 | $0.89 | $0.21 | ||
| Q4 24 | $-1.21 | $3.14 | ||
| Q3 24 | $-0.45 | $1.46 | ||
| Q2 24 | $-0.52 | $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 | $37.9M | $1.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-122.5K | $3.8B |
| Total Assets | $5.7B | $11.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.9M | $1.8B | ||
| Q4 25 | $57.4M | $1.5B | ||
| Q3 25 | $34.7M | $1.5B | ||
| Q2 25 | $33.6M | $1.4B | ||
| Q1 25 | $26.3M | $493.7M | ||
| Q4 24 | $27.8M | $596.1M | ||
| Q3 24 | $20.3M | $400.7M | ||
| Q2 24 | $33.1M | $436.8M |
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $5.1B | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | $5.1B | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — |
| Q1 26 | $-122.5K | $3.8B | ||
| Q4 25 | $21.3M | $3.8B | ||
| Q3 25 | $181.1M | $3.8B | ||
| Q2 25 | $375.5M | $3.6B | ||
| Q1 25 | $476.2M | $2.8B | ||
| Q4 24 | $202.7M | $2.8B | ||
| Q3 24 | $370.8M | $2.6B | ||
| Q2 24 | $394.8M | $3.0B |
| Q1 26 | $5.7B | $11.2B | ||
| Q4 25 | $5.7B | $10.6B | ||
| Q3 25 | $5.5B | $10.7B | ||
| Q2 25 | $4.4B | $10.3B | ||
| Q1 25 | $4.1B | $9.3B | ||
| Q4 24 | $2.4B | $9.2B | ||
| Q3 24 | $2.4B | $9.4B | ||
| Q2 24 | $2.5B | $9.9B |
| Q1 26 | — | — | ||
| Q4 25 | 176.99× | 1.35× | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | 1.85× | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — |
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 | $-69.4M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-69.4M | — | ||
| Q4 25 | $-2.8M | $360.3M | ||
| Q3 25 | $-24.4M | $149.8M | ||
| Q2 25 | $-5.2M | $177.3M | ||
| Q1 25 | $-85.7M | $-224.9M | ||
| Q4 24 | $-8.1M | $337.1M | ||
| Q3 24 | $14.2M | $248.3M | ||
| Q2 24 | $-17.6M | $-17.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-68.6M | $348.6M | ||
| Q3 25 | $-90.7M | $137.7M | ||
| Q2 25 | $-87.5M | $169.7M | ||
| Q1 25 | $-151.7M | $-238.4M | ||
| Q4 24 | $-34.3M | $317.1M | ||
| Q3 24 | $-11.7M | $238.7M | ||
| Q2 24 | $-32.1M | $-25.1M |
| Q1 26 | — | — | ||
| Q4 25 | -47.8% | 55.8% | ||
| Q3 25 | -64.5% | 35.3% | ||
| Q2 25 | -71.6% | 65.1% | ||
| Q1 25 | -157.7% | -119.6% | ||
| Q4 24 | -42.4% | 33.9% | ||
| Q3 24 | -14.0% | 73.0% | ||
| Q2 24 | -37.9% | -7.9% |
| Q1 26 | — | — | ||
| Q4 25 | 45.9% | 1.9% | ||
| Q3 25 | 47.2% | 3.1% | ||
| Q2 25 | 67.3% | 2.9% | ||
| Q1 25 | 68.6% | 6.8% | ||
| Q4 24 | 32.5% | 2.1% | ||
| Q3 24 | 31.1% | 2.9% | ||
| Q2 24 | 17.2% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 60.04× | ||
| Q3 25 | — | 1.25× | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | -21.35× | ||
| Q4 24 | — | 2.16× | ||
| Q3 24 | — | 3.41× | ||
| Q2 24 | — | -0.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FIP
Segment breakdown not available.
HHH
| Rental revenue | $113.5M | 48% |
| Master Planned Communities land sales | $99.6M | 42% |
| Other revenues | $11.0M | 5% |
| Builder price participation | $8.7M | 4% |
| Condominium rights and unit sales | $3.1M | 1% |
