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Millrose Properties (MRP) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Millrose Properties (MRP) Q3 2026 earnings results →

Q3 2026 Revenue up 18% year over year to $211M · 62¢ of every $1 of revenue kept as net profit · operating margin 85.5%

Millrose Properties made $211M in Q3 2026 (+18% Y/Y). Operating margin 85.5%, net earnings $130M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$211M
Year over year+18%
Operating margin85.5%
Net earnings$130M
Operating cash flow$875M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $211.0M in Q3 2026, up 18% year over year and up 7% from the previous quarter.

Operating profit was $180.5M, a 85.5% margin (up 0.3 points year over year). Of the extra revenue versus Q3 2025, 87% reached operating profit, above the 85% margin then. Total costs grew 16% against revenue growth of 18%. Net earnings were $130.0M, up 24% year over year. The effective tax rate was 3.6%.

Operating cash flow was $875.1M (down 5% year over year), 673% of net earnings. Non-cash charges added back $289K of share-based compensation. Working capital and other items added $744.8M.

Quarterly history

Millrose Properties revenue by quarterMillrose Properties revenue by quarter$82.7MQ1 2025$149MQ2 2025$179MQ3 2025$190MQ4 2025$195MQ1 2026$197MQ2 2026$211MQ3 2026
Millrose Properties net earnings by quarterMillrose Properties net earnings by quarter$39.8MQ1 2025$113MQ2 2025$105MQ3 2025$122MQ4 2025$123MQ1 2026$126MQ2 2026$130MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$211M+18%85.5%$130M$875M
Q2 202610-QAug 4, 2026$197M+32%85.2%$126M$886M
Q1 202610-QMay 6, 2026$195M+136%85.2%$123M$797M
Q4 202510-KMar 2, 2026$190M—84.8%$122M$3.4B
Q3 202510-QOct 23, 2025$179M—85.3%$105M$123M
Q2 202510-QJul 31, 2025$149M—85.1%$113M$109M
Q1 202510-QMay 14, 2025$82.7M—55.2%$39.8M$21.3M

Charts

Millrose Properties: revenue growth, year over year and quarter over quarterMillrose Properties: revenue growth, year over year and quarter over quarterY/YQ/Q+80%Q2 2025+20%Q3 2025+6%Q4 2025+136%+3%Q1 2026+32%+1%Q2 2026+18%+7%Q3 2026
Latest (Q3 2026): Y/Y +18%, Q/Q +7%.
Millrose Properties: where the cash came from (+) and went (−), TTM to Q3 2026Millrose Properties: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$4.7BOperating cash flow$3.7BOther financing$1.3BDividends−$500MCash drawn (+) / kept (−)$178M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Millrose Properties: profit against cash, quarter by quarterMillrose Properties: profit against cash, quarter by quarterNet incomeOperating cash flow−$65.8M−$1.2BQ4 2024$39.8M$714MQ1 2025$113M$896MQ2 2025$105M$926MQ3 2025$122M$1.1BQ4 2025$123M$797MQ1 2026$126M$886MQ2 2026$130M$875MQ3 2026
Latest (Q3 2026): Net income $130M, Operating cash flow $875M.
Millrose Properties: long-term debt falling due (FY2025)Millrose Properties: long-term debt falling due (FY2025)$29.0M2026$4.0M2027$110M2028$1.2B2030$750MLater
Cash $35.0M, short-term investments —, long-term debt — at 2025-12-31.
Millrose Properties in its industry: growth against margin (35 companies, SIC 6500)Millrose Properties in its industry: growth against margin (35 companies, SIC 6500)revenue growth, year over year →↑ operating marginmedian +8%median 10%CBRECWKPrologis, L.P.Digital Realty Trust, L.P.FORRegency Centers LPTiaa Real Estate AccountHPPHudson Pacific Properties, L.P.TRNOUEUrban Edge Properties LPEFCOPICURBIIPRGTYAHRTCMTGTRCCHCIFPHFRPHSKYHSealy Industrial Partners IV, LPBEEPOZCWDMLPSRG-PARWDMUAIREAEIAOXYMRP (+18%, 86%)
Real Estate; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Millrose Properties

Millrose Properties, Inc. is a corporation incorporated under the laws of the State of Maryland on March 19, 2024 and later spun-off by Lennar. The Spin-Off was completed on February 7, 2025, at which time we became an independent, publicly traded company and our Class A common stock was listed on the New York Stock Exchange under the symbol “MRP”. Millrose purchases and develops residential land and sells finished homesites to homebuilders by way of option contracts with predetermined costs and takedown schedules. We serve as a solution for homebuilders seeking to expand access to finished homesites while implementing an asset-light strategy. Our option contracts provide for the payment of recurring cash option fees as compensation for the capital and operational solution delivered by the Millrose platform.

In its own words, from its 10-K, filed Mar 2, 2026.

Millrose Properties against its Real Estate peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +8%. Operating margin: 85.5% against the peers' median 15.9%.

CompanyQuarterRevenueY/YOp. margin
MRP Millrose PropertiesQ3 2026$211M+18%85.5%
CBRE CBRE GroupQ3 2026$11.5B+13%4.9%
CWK Cushman & WakefieldQ3 2026$2.8B+8%4.6%
Prologis, L.P.Q3 2026$2.4B+8%43.8%
Digital Realty Trust, L.P.Q3 2026$1.9B+21%15.9%
FOR Forestar GroupQ4 FY26$581M-13%13.5%
Regency Centers LPQ3 2026$419M+8%72.3%
Tiaa Real Estate AccountQ3 2026$303M-0.8%298.8%
HPP Hudson Pacific PropertiesQ2 2026$188M-0.9%-55.4%

Source: Millrose Properties 10-Q on SEC EDGAR · CIK 2017206 · Real Estate

13F: who owns MRP and who is buying

Largest holders of MRP (13F)Largest holders of MRP (13F)BlackRock$668MVanguard Group$631MVanguard Portfolio Management LLC$468MFMR LLC$247MVanguard Capital Management LLC$209MState Street$205MBrave Warrior Advisors, LLC$181MManufacturers Life Insurance Comp…$123MPermian Investment Partners, LP$120MCannell & Spears LLC$111M
Funds' net buying of MRP by quarter (13F)Funds' net buying of MRP by quarter (13F)$2.8B2025-03$48.4M2025-06−$87.5M2025-09$837M2025-12−$86.0M2026-03$128M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MRP

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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