Millrose Properties (MRP) Q4 FY2025 earnings: revenue $190 million

Millrose Properties, Inc. (MRP) reported revenue of $190 million for Q4 FY2025, the quarter ended 31 December 2025. Net income was $122 million, and diluted earnings per share $0.74. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.

Revenue$190 million

Net income$122 million

Diluted EPS$0.74

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	A year earlier	Change on the year
Revenue	190	179	n/a	n/a
Operating income	161	153	n/a	n/a
Operating margin	84.8%	85.3%	n/a
Interest expense	35.2	43.7	n/a	n/a
Pre-tax income	128	111	n/a	n/a
Income tax	5.5	5.9	n/a	n/a
Effective tax rate	4.3%	5.3%	n/a
Net income	122	105	n/a	n/a
Net margin	64.5%	58.6%	n/a
Diluted EPS	$0.74	$0.63	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2025	Q3 FY2025	A year earlier	Change on the year
Operating cash flow	3,419	123	n/a	n/a
Cash from investing	-3,614	-775	n/a	n/a
Cash from financing	-12.7	828	n/a	n/a
Share-based compensation	n/a	0.2	n/a	n/a
Dividends paid	n/a	115	n/a	n/a
Diluted shares, weighted	166m	166m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	A year earlier	Change on the year
Shareholders' equity	5,856	5,858	n/a	n/a
Debt	2,112	1,966	n/a	n/a
Other liabilities	1,290	1,199	n/a	n/a
Total liabilities and equity	9,258	9,024	n/a	n/a
Cash and equivalents	35.0	243	n/a	n/a
Inventory	n/a	8,360	n/a	n/a
Other assets	9,223	421	n/a	n/a
Total assets	9,258	9,024	n/a	n/a

Questions

What was Millrose Properties' revenue in Q4 FY2025?

Millrose Properties (MRP) reported revenue of $190 million for Q4 FY2025, the quarter ended 31 December 2025.

How much did Millrose Properties earn in Q4 FY2025?

Net income for Q4 FY2025 was $122 million, and diluted earnings per share $0.74.

When did Millrose Properties report Q4 FY2025 results?

Millrose Properties filed its 10-K for the year that ended with the quarter on 2 March 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 6 quarters

	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	82.7	149	179	190	195	197
Operating income	45.6	127	153	161	166	168
Operating margin	55%	85%	85%	85%	85%	85%
Interest expense	2.5	10.3	43.7	35.2	39.2	40.0
Pre-tax income	44.2	118	111	128	128	128
Tax rate	10%	4%	5%	4%	4%	2%
Net income	39.8	113	105	122	123	126
Net margin	48%	76%	59%	65%	63%	64%
Diluted EPS	$0.39	$0.68	$0.63	$0.74	$0.74	$0.76
Operating cash flow	21.3	109	123	3,419	797	886
Dividends paid	n/a	n/a	115	n/a	125	126
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2025, filed 2 March 2026, accession 0002017206-26-000002: the filing on EDGAR. All of Millrose Properties, Inc.'s filings: EDGAR company page.

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