Filing Flows › Millrose Properties (MRP) › Q2 2025
Millrose Properties (MRP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Millrose Properties (MRP) reported revenue of $149M for the second quarter 2025 (Q2 2025) and +80% from the quarter before. Operating margin was 85.1%, net earnings $113M (75.7% of revenue).
Millrose Properties, Q2 2025: revenue $149M, operating margin 85.1%, net earnings $113M, operating cash flow $109M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $149M | +80% | — |
| Operating profit | $127M | +178% | — |
| Net earnings | $113M | +183% | — |
| Operating cash flow | $109M | +412% | — |
What changed
Revenue was $149.0M in Q2 2025, up 80% from the previous quarter.
Operating profit was $126.9M, a 85.1% margin. Net earnings were $112.8M. The effective tax rate was 4.1%.
Operating cash flow was $109.1M, 97% of net earnings. Non-cash charges added back $200K of share-based compensation.
Questions
What was Millrose Properties' revenue in the second quarter 2025?
Millrose Properties (MRP) reported revenue of $149M for the second quarter 2025 (Q2 2025) and +80% from the quarter before.
Was Millrose Properties profitable in the second quarter 2025?
Operating profit was $127M (85.1% of revenue) and net earnings $113M.