Filing Flows › Millrose Properties (MRP) › Q4 2025
Millrose Properties (MRP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Millrose Properties (MRP) reported revenue of $190M for the fourth quarter 2025 (Q4 2025) and +6% from the quarter before. Operating margin was 84.8%, net earnings $122M (64.5% of revenue).
Millrose Properties, Q4 2025: revenue $190M, operating margin 84.8%, net earnings $122M, operating cash flow $3.4B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $190M | +6% | — |
| Operating profit | $161M | +5% | — |
| Net earnings | $122M | +16% | — |
| Operating cash flow | $3.4B | 28× | — |
What changed
Revenue was $189.5M in Q4 2025, up 6% from the previous quarter.
Operating profit was $160.7M, a 84.8% margin. Net earnings were $122.2M. The effective tax rate was 4.3%.
Operating cash flow was $3,419.3M, 2797% of net earnings. Non-cash charges added back $307K of share-based compensation. Working capital and other items added $3,296.8M.
Questions
What was Millrose Properties' revenue in the fourth quarter 2025?
Millrose Properties (MRP) reported revenue of $190M for the fourth quarter 2025 (Q4 2025) and +6% from the quarter before.
Was Millrose Properties profitable in the fourth quarter 2025?
Operating profit was $161M (84.8% of revenue) and net earnings $122M.