Millrose Properties, Inc. (MRP) Cash Flow Statement
Where MRP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.67B
- Capital expenditures
- $858.9M 143.0% of revenue
- Free cash flow
- $3.67B 611.7% margin
- Returned to shareholders
- $298.8M 8% of free cash flow
- Change in cash
- $35.0M cash at year-end $35.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MRP operating cash flow, capex and free cash flow
MRP cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$328.6M2022 | $3.67B2025 | — | |
| Capital expenditures | $02022 | $858.9M2025 | — | |
| Free cash flow | −$328.6M2022 | $3.67B2025 | — | |
| Stock-based compensation | $3.8M2022 | $677,0002025 | −43.8%/yr | |
| Dividends paid | $02023 | $298.8M2025 | — | |
| Share buybacks (net) | $02022 | $02025 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MRP cash flow by activity
MRP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MRP cash flow statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $379.9M | −$246.2M | −$209.8M | −$144.3M |
| Depreciation & amortization | $20.3M | −$13,000 | — | $61,000 |
| Stock-based compensation | $677,000 | $14.9M | $10.1M | $3.8M |
| Change in working capital | $3.28B | −$685.9M | −$665.4M | −$183.6M |
| Other non-cash items | −$3.5M | $0 | $0 | −$4.7M |
| Cash from operating activities | $3.67B | −$917.2M | −$865.1M | −$328.6M |
| Investing activities | ||||
| Capital expenditures | −$858.9M | $0 | $0 | $0 |
| Investments (net) | −$5.15B | $0 | $0 | — |
| Acquisitions & other investing | $286.1M | — | — | — |
| Cash from investing activities | −$5.72B | — | — | — |
| Financing activities | ||||
| Dividends paid | −$298.8M | $0 | $0 | — |
| Share repurchases & issuance (net) | $0 | $930.7M | $883.8M | $429.6M |
| Net borrowing (repayment) | $2.10B | −$13.5M | −$18.7M | — |
| Shares issued | $0 | $0 | $0 | $0 |
| Other financing | $279.3M | $0 | $0 | −$100.9M |
| Cash from financing activities | $2.08B | $917.2M | $865.1M | $328.6M |
| Summary | ||||
| Net change in cash | $35.0M | −$1.08B | $0 | $0 |
| Cash at end of period | $35.0M | $0 | $1.08B | — |
| Free cash flow | $3.67B | −$917.2M | −$865.1M | −$328.6M |
| Free cash flow margin | 611.7% | — | — | — |
| Capex / revenue | 143.0% | — | — | — |
| Operating cash flow / net income | 9.67 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $125.9M | $122.9M | $122.2M | $105.1M | $112.8M | $39.8M | −$65.8M | −$93.2M | −$59.8M | −$57.0M | −$57.1M | −$83.8M |
| Depreciation & amortization | — | $2.3M | $2.5M | $16.4M | $1.4M | $157,000 | −$125,000 | $45,000 | $65,000 | — | −$163,000 | $51,000 |
| Stock-based compensation | $217,000 | $692,000 | $307,000 | $189,000 | $181,000 | $0 | $4.8M | $1.3M | $1.7M | $7.2M | $377,000 | $1.4M |
| Change in working capital | $759.9M | $681.0M | $3.31B | −$7.5M | −$2.2M | −$41.0M | −$1.14B | −$281.4M | $477.4M | $232.2M | −$438.6M | $434.9M |
| Other non-cash items | $8,000 | −$9.6M | −$17.1M | $9.0M | −$3.0M | $22.3M | $28.0M | $33.6M | −$1.9M | $15,000 | −$6.7M | $11.1M |
| Cash from operating activities | $886.0M | $797.3M | $3.42B | $123.1M | $109.1M | $21.3M | −$1.18B | −$339.7M | $417.5M | $182.4M | −$502.2M | $363.6M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | −$858.9M | −$858.9M | −$858.9M | −$858.9M | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$1.11B | −$977.4M | — | — | −$726.8M | −$606.2M | — | — | $0 | $0 | — | — |
| Acquisitions & other investing | $275.8M | $15.4M | −$2.76B | $83.9M | $858.9M | $858.9M | — | — | — | — | — | — |
| Cash from investing activities | −$834.8M | −$962.0M | −$3.61B | −$775.1M | −$726.8M | −$606.2M | — | — | — | — | — | — |
| Financing activities | ||||||||||||
| Dividends paid | −$126.2M | −$124.5M | −$121.2M | −$114.5M | −$63.1M | −$63.1M | — | — | — | — | — | — |
| Share repurchases & issuance (net) | — | — | $0 | — | — | — | $930.7M | −$246.0M | — | — | — | — |
| Net borrowing (repayment) | $60.0M | $315.0M | $110.0M | $975.0M | $680.7M | $334.4M | — | — | −$1.9M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$118,000 | −$11.5M | −$1.5M | −$32.5M | −$22.9M | $403.1M | $246.7M | $585.7M | −$415.6M | −$182.4M | $502.2M | −$363.6M |
| Cash from financing activities | −$66.3M | $178.9M | −$12.7M | $827.9M | $594.7M | $674.4M | $1.18B | $339.7M | −$417.5M | −$182.4M | $502.2M | −$363.6M |
| Summary | ||||||||||||
| Net change in cash | −$15.1M | $14.2M | −$207.5M | $176.0M | −$22.9M | $89.5M | $0 | $0 | $0 | $0 | — | — |
| Cash at end of period | $34.2M | $49.3M | $35.0M | $242.6M | $66.6M | $89.5M | — | — | $0 | $0 | — | — |
| Free cash flow | $886.0M | $797.3M | $3.42B | $123.1M | $109.1M | −$837.6M | −$1.18B | −$339.7M | $417.5M | $182.4M | −$502.2M | $363.6M |
| Free cash flow margin | 450.1% | 409.0% | 1,804.4% | 68.7% | 73.2% | −1,012.9% | — | −274.7% | 186.1% | — | — | — |
| Capex / revenue | 0.0% | 0.0% | 453.3% | 479.2% | 576.5% | 1,038.6% | — | 0.0% | 0.0% | — | — | — |
| Operating cash flow / net income | 7.04 | 6.49 | 27.97 | 1.17 | 0.97 | 0.53 | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MRP cash generation
In fiscal 2025 (ended December 31, 2025), Millrose Properties generated $3.7 billion of cash from operations and spent $858.9 million on capital expenditures, leaving free cash flow of $3.7 billion, 611.7% of revenue. It returned $298.8 million to shareholders through dividends ($298.8 million) and net share buybacks ($0). Cash and equivalents rose by $35.0 million over the year.
Related: MRP income statement, MRP balance sheet, MRP dividend history. See the MRP stock overview for the latest quote and news.
MRP cash flow FAQ
What is Millrose Properties's free cash flow?
Millrose Properties's free cash flow was $3.7 billion in fiscal 2025: $3.7 billion of operating cash flow minus $858.9 million of capital expenditures It was -$917.2 million a year earlier..
How much cash does Millrose Properties generate from operations?
Millrose Properties generated $3.7 billion of cash from operating activities in fiscal 2025, 9.67 times its net income of $379.9 million.
How much does Millrose Properties spend on capital expenditures?
Millrose Properties spent $858.9 million on capital expenditures in fiscal 2025, 143.0% of revenue.
How much does Millrose Properties pay in dividends?
Millrose Properties paid $298.8 million in dividends in fiscal 2025, 8.1% of free cash flow.