Filing Flows › Millrose Properties (MRP) › Q3 2025
Millrose Properties (MRP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Millrose Properties (MRP) reported revenue of $179M for the third quarter 2025 (Q3 2025) and +20% from the quarter before. Operating margin was 85.3%, net earnings $105M (58.6% of revenue).
Millrose Properties, Q3 2025: revenue $179M, operating margin 85.3%, net earnings $105M, operating cash flow $123M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $179M | +20% | — |
| Operating profit | $153M | +20% | — |
| Net earnings | $105M | -7% | — |
| Operating cash flow | $123M | +13% | — |
What changed
Revenue was $179.3M in Q3 2025, up 20% from the previous quarter.
Operating profit was $152.8M, a 85.3% margin. Net earnings were $105.1M. The effective tax rate was 5.3%.
Operating cash flow was $123.1M, 117% of net earnings. Non-cash charges added back $189K of share-based compensation. Working capital and other items added $17.9M.
Questions
What was Millrose Properties' revenue in the third quarter 2025?
Millrose Properties (MRP) reported revenue of $179M for the third quarter 2025 (Q3 2025) and +20% from the quarter before.
Was Millrose Properties profitable in the third quarter 2025?
Operating profit was $153M (85.3% of revenue) and net earnings $105M.