Millrose Properties, Inc. (MRP) Income Statement
MRP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMRP revenue and net income
Where MRP's revenue goes
2025Each bar shows an amount and its share of revenue. MRP kept 63.3% of revenue as net income.
MRP profit margins
MRP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MRP quarterly EPS vs estimates
Millrose Properties beat the analyst EPS estimate in 3 of the last 6 quarters. Next report: October 27, 2026 (estimate $0.77).
MRP income statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Revenue | $600.5M | $0 | $0 | $0 |
| Cost of revenue | $87.8M | $0 | $0 | $0 |
| Gross profit | $512.7M | $0 | $0 | $0 |
| Sales, general & admin | $25.6M | $246.2M | $209.8M | $193.1M |
| Total operating expenses | $26.6M | $246.2M | $209.8M | $193.1M |
| Operating income | $486.1M | −$246.2M | −$209.8M | −$193.1M |
| Interest income | $7.7M | $0 | $0 | — |
| Interest expense | $91.8M | $0 | $0 | — |
| Income before taxes | $400.4M | −$246.2M | −$209.8M | −$193.1M |
| Income taxes | $20.5M | — | $24.7M | −$48.9M |
| Net income | $379.9M | −$246.2M | −$209.8M | −$144.3M |
| EBITDA | $492.2M | −$246.2M | −$209.8M | −$193.0M |
| EPS (diluted) | $2.44 | −$1.48 | −$1.55 | — |
| Gross margin | 85.4% | — | — | — |
| Operating margin | 80.9% | — | — | — |
| Net margin | 63.3% | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $196.9M | $194.9M | $189.5M | $179.3M | $149.0M | $82.7M | $0 | $123.7M | $224.4M | $0 | $0 | $0 |
| Cost of revenue | $29.9M | $28.2M | $27.8M | $0 | $22.0M | $12.1M | −$62.8M | $27.4M | $35.4M | $0 | — | — |
| Gross profit | $166.9M | $194.9M | $189.5M | $179.3M | $127.0M | $70.6M | −$285.3M | $96.3M | $189.0M | $0 | — | — |
| Sales, general & admin | $29.9M | $692,000 | $307,000 | $529,000 | $181,000 | $25.0M | $246.2M | $63.7M | $57.0M | $57.0M | — | — |
| Total operating expenses | −$690,000 | $28.8M | $28.8M | $26.4M | $181,000 | $25.0M | $178.3M | $67.9M | −$57.0M | $57.0M | $57.1M | $60.5M |
| Operating income | $167.6M | $166.1M | $160.7M | $152.8M | $126.9M | $45.6M | −$463.6M | $28.4M | $246.0M | −$57.0M | −$57.1M | −$60.5M |
| Interest income | $1.1M | $1.1M | $2.3M | $41.3M | $8.5M | $1.1M | — | — | $0 | $0 | — | — |
| Interest expense | $40.0M | $39.2M | $35.2M | $43.7M | $43.7M | $2.5M | — | — | $0 | $0 | — | — |
| Income before taxes | $128.3M | $127.9M | $127.7M | $110.9M | $117.5M | $44.2M | −$463.6M | $28.4M | $246.0M | −$57.0M | −$57.1M | −$60.5M |
| Income taxes | $2.5M | $5.0M | $5.5M | $5.9M | $4.8M | $4.4M | −$14.3M | $4.8M | $9.4M | — | — | $23.3M |
| Net income | $125.9M | $122.9M | $122.2M | $105.1M | $112.8M | $39.8M | −$449.3M | $23.6M | $236.5M | −$57.0M | −$57.1M | −$83.8M |
| EBITDA | $167.6M | $167.1M | $163.0M | $171.0M | $118.9M | $46.7M | −$463.6M | $28.4M | $246.0M | −$57.0M | — | — |
| EPS (diluted) | $0.76 | $0.74 | $0.74 | $0.63 | $0.68 | $0.39 | $0.00 | — | — | — | — | — |
| Gross margin | 84.8% | 100.0% | 100.0% | 100.0% | 85.3% | 85.4% | — | 77.9% | 84.2% | — | — | — |
| Operating margin | 85.2% | 85.2% | 84.8% | 85.3% | 85.1% | 55.2% | — | 22.9% | 109.6% | — | — | — |
| Net margin | 63.9% | 63.0% | 64.5% | 58.6% | 75.7% | 48.1% | — | 19.1% | 105.4% | — | — | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MRP's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MRP financial results
In fiscal year 2025 (ended December 31, 2025), Millrose Properties reported revenue of $600.5 million. It had net income of $379.9 million, a net profit margin of 63.3%. Diluted earnings per share came to $2.44.
See the MRP stock overview for the latest quote and news, or the MRP chart for price history and technical indicators.
MRP income statement FAQ
What is Millrose Properties's annual revenue?
Millrose Properties reported total revenue of $600.5 million for fiscal year 2025, which ended on December 31, 2025.
Is Millrose Properties profitable?
Yes. Millrose Properties reported net income of $379.9 million in fiscal 2025, a net profit margin of 63.3%; its operating margin was 80.9%.
What is Millrose Properties's gross margin?
Millrose Properties's gross margin was 85.4% in fiscal 2025: for every $100 of revenue, Millrose Properties kept $85 after the direct cost of its products and services.
What are Millrose Properties's earnings per share?
Millrose Properties earned $2.44 per diluted share in fiscal 2025, compared with $-1.48 a year earlier.
When will Millrose Properties report its next earnings?
Millrose Properties is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does Millrose Properties's fiscal year end?
Millrose Properties's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.