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Millrose Properties cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$875M in Q3 2026 · $3.7B over twelve months

Operating cash flow$875M
Free cash flow+$875M
Cash / net income6.7×

Analysis

In Q3 2026, Millrose Properties generated $875M of operating cash flow. That is $50.7M less than in Q3 2025 ($926M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.7B; the largest uses were other investing ($4.7B), dividends ($500M); besides operations, cash came from other financing ($1.3B); the cash balance fell by $178M.

Operating cash flow was $875M against net income of $130M — 6.7× profit, cash ran ahead of reported earnings. The largest differences: other liabilities −$27.4M, deferred taxes +$5.2M, prepaid and other assets −$1.2M.

Free cash flow

Millrose Properties: free cash flow by quarterMillrose Properties: free cash flow by quarter−$1.2BQ4 2024$714MQ1 2025$896MQ2 2025$926MQ3 2025$1.1BQ4 2025$797MQ1 2026$886MQ2 2026$875MQ3 2026
Operating cash flow less capital spending.
Millrose Properties: operating cash flow against capital spendingMillrose Properties: operating cash flow against capital spendingOperating cash flowCapital spending−$1.2B$0Q4 2024$714M$0Q1 2025$896M$0Q2 2025$926M$0Q3 2025$1.1B$0Q4 2025$797M$0Q1 2026$886M$0Q2 2026$875M$0Q3 2026
Latest (Q3 2026): Operating cash flow $875M, Capital spending $0.

Capital allocation, year by year

Millrose Properties: where the cash came from (up) and went (down), by fiscal yearMillrose Properties: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingDividendsFY2023: Operating cash flow −$865MFY2023FY2024: Operating cash flow −$917MFY2024FY2025: Operating cash flow $3.7BFY2025: Net borrowing $2.0BFY2025: Dividends −$299M$5.7BFY2025
Over these 3 years operating cash flow totalled $1.9B; the largest uses were operating cash flow ($1.8B) and dividends ($299M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$64.5M
Debtnone
Net cash$64.5M
Due within a year$29.0M

Millrose Properties funds itself: free cash flow was $3.7B over the last twelve months, with $64.5M of cash and investments and no debt on the balance sheet ($29.0M due within a year, 2.2× covered by cash).

Millrose Properties: debt maturities by year (FY2025)Millrose Properties: debt maturities by year (FY2025)$29.0MYear 1$4.0MYear 2$110MYear 3$1.2BYear 5$750MAfter year 5
Principal due in each year as disclosed in the annual report, against $64.5M of cash and investments now.

Where the cash came from and went

Millrose Properties: sources (+) and uses (−) of cash, Q3 2026Millrose Properties: sources (+) and uses (−) of cash, Q3 2026Other investing−$1.6BOperating cash flow$875MOther financing$855MDividends−$128MCash drawn (+) / kept (−)−$30.4M
Millrose Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Millrose Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$4.7BOperating cash flow$3.7BOther financing$1.3BDividends−$500MCash drawn (+) / kept (−)$178M

From profit to cash

Millrose Properties: net income to operating cash flow, Q3 2026Millrose Properties: net income to operating cash flow, Q3 2026Net income$130MStock-based pay$289KDeferred taxes$5.2MPrepaid and other assets−$1.2MOther liabilities−$27.4MOperating cash flow$875M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$875M−$128M—−$30.4M$875M
Q2 2026$886M−$126M—$15.1M$886M
Q1 2026$797M−$125M$315M−$14.2M$797M
Q4 2025$1.1B−$121M—$208M$1.1B
Q3 2025$926M−$115M—−$176M$926M
Q2 2025$896M—−$325M$22.9M$896M
Q1 2025$714M—$344M−$89.5M$714M
Q4 2024−$1.2B———−$1.2B

Millrose Properties: income statement and cash flow

Millrose Properties, Q3 2026: revenue $211M (+18% year over year), operating margin 85.5%. The chart follows the revenue to costs, profit and cash.

Millrose Properties: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.