Filing Flows › Millrose Properties (MRP) › Q1 2026
Millrose Properties (MRP) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Millrose Properties (MRP) reported revenue of $195M for the first quarter 2026 (Q1 2026), +136% from a year earlier and +3% from the quarter before. Operating margin was 85.2%, net earnings $123M (63.0% of revenue).
Millrose Properties, Q1 2026: revenue $195M (+136% year over year), operating margin 85.2%, net earnings $123M, operating cash flow $797M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $195M | +3% | +136% |
| Operating profit | $166M | +3% | +264% |
| Net earnings | $123M | +0.5% | +209% |
| Operating cash flow | $797M | -77% | +12% |
What changed
Revenue was $194.9M in Q1 2026, up 136% year over year and up 3% from the previous quarter.
Operating profit was $166.1M, a 85.2% margin (up 30.0 points year over year). Of the extra revenue versus Q1 2025, 107% reached operating profit, above the 55% margin then. Total costs fell 22% while revenue rose 136%. Net earnings were $122.9M, up 209% year over year. The effective tax rate was 3.9%.
Operating cash flow was $797.3M (up 12% year over year), 649% of net earnings. Non-cash charges added back $692K of share-based compensation. Working capital and other items added $673.7M.
Questions
What was Millrose Properties' revenue in the first quarter 2026?
Millrose Properties (MRP) reported revenue of $195M for the first quarter 2026 (Q1 2026), +136% from a year earlier and +3% from the quarter before.
Was Millrose Properties profitable in the first quarter 2026?
Operating profit was $166M (85.2% of revenue) and net earnings $123M.