Millrose Properties Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Millrose Properties Inc reported revenue of $600.5M and net income of $404.8M.
| Line item | Dec 31, 2025 · FY |
|---|---|
| Option fee revenues | $571.0M |
| Development loan income | $29.5M |
| Total revenues | $600.5M |
| Management fee expense | $87.8M |
| Stock-based compensation expense | $677.0K |
| Provision for credit loss expense | $1.0M |
| Sales, general, and administrative expenses from pre-spin periods | $25.0M |
| Total operating expenses | $114.4M |
| Income (loss) from operations | $486.1M |
| Interest income | $7.7M |
| Interest expense | ($91.8M) |
| Other expenses | ($1.6M) |
| Total other income (expense) | ($85.7M) |
| Net income (loss) before income taxes | $400.4M |
| Income tax expense | $20.5M |
| Net income (loss) | $379.9M |
| Adjustment for expenses from pre-spin periods | $25.0M |
| Net income attributable to Millrose Properties, Inc. Common stockholders | $404.8M |
| Basic earnings per share | $2.44 |
| Diluted earnings per share | $2.44 |
| Basic weighted average common shares outstanding | 166.0M |
| Diluted weighted average common shares outstanding | 166.0M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Option fee revenues | $195.4M | $185.3M | $170.3M | — |
| Development loan income | $1.5M | $9.6M | $8.9M | — |
| Total revenues | $196.9M | $194.9M | $179.3M | $149.0M |
| Management fee expense | $29.9M | $28.2M | $25.9M | $22.0M |
| Stock-based compensation expense | $217.0K | $692.0K | $189.0K | $181.0K |
| Provision for (benefit from) credit loss expense | ($907.0K) | — | $340.0K | — |
| Total operating expenses | $29.2M | $28.8M | $26.4M | $22.1M |
| Income from operations | $167.6M | $166.1M | $152.8M | $126.9M |
| Interest income | $1.1M | $1.1M | $2.5M | $1.8M |
| Interest expense | ($40.0M) | ($39.2M) | ($43.7M) | ($10.3M) |
| Other expenses | ($391.0K) | ($79.0K) | ($616.0K) | ($866.0K) |
| Total other income (expense) | ($39.3M) | ($38.2M) | ($41.9M) | ($9.3M) |
| Net income before income taxes | $128.3M | $127.9M | $110.9M | $117.5M |
| Income tax expense | $2.5M | $5.0M | $5.9M | $4.8M |
| Net income | $125.9M | $122.9M | $105.1M | $112.8M |
| Net income attributable to Millrose Properties, Inc. common stockholders | $125.9M | $122.9M | $105.1M | $112.8M |
| Basic earnings per share | $0.76 | $0.74 | $0.63 | $0.68 |
| Diluted earnings per share | $0.76 | $0.74 | $0.63 | $0.68 |
| Basic weighted average common shares outstanding | 166.0M | 166.0M | 166.0M | 166.0M |
| Diluted weighted average common shares outstanding | 166.1M | 166.0M | 166.0M | 166.0M |
| Line item | Dec 31, 2025 · FY |
|---|---|
| Homesites under option contracts | $8.9B |
| Development loan receivables, net | $329.0M |
| Cash | $35.0M |
| Other assets | $21.4M |
| Total assets | $9.3B |
| Builder deposits | $927.0M |
| Debt obligations, net | $2.1B |
| Development guarantee holdback liability | $100.0M |
| Deferred tax liabilities | $77.3M |
| Other liabilities | $185.4M |
| Total liabilities | $3.4B |
| Common stock value | $1.7M |
| Additional paid-in capital | $5.9B |
| Distribution in excess of net income | ($18.5M) |
| Total stockholders' equity | $5.9B |
| Total liabilities and stockholders' equity | $9.3B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Homesites under option contracts | $9.6B | $9.2B | — | — |
| Development loan receivables, net | $49.8M | $323.2M | $340.4M | — |
| Cash | $34.2M | $49.3M | $242.6M | $66.6M |
| Other assets | $19.6M | $20.3M | $22.1M | $15.3M |
| Total assets | $9.7B | $9.6B | $9.0B | $8.0B |
| Builder deposits | $999.8M | $960.3M | $874.3M | $799.6M |
| Debt obligations, net | $2.5B | $2.4B | $2.0B | $1.0B |
| Development guarantee holdback liability | $100.0M | $100.0M | $100.0M | $100.0M |
| Deferred tax liabilities | $84.6M | $82.0M | $71.8M | $56.9M |
| Other liabilities | $192.4M | $157.0M | $153.2M | $131.8M |
| Total liabilities | $3.9B | $3.7B | $3.2B | $2.1B |
| Common stock value | $1.7M | $1.7M | $1.7M | $1.7M |
| Additional paid-in capital | $5.9B | $5.9B | $5.9B | $5.9B |
| Distribution in excess of net income | ($23.7M) | ($21.8M) | ($16.2M) | — |
| Total stockholders' equity | $5.9B | $5.9B | $5.9B | $5.9B |
| Total liabilities and stockholders' equity | $9.7B | $9.6B | $9.0B | $8.0B |
| Line item | Dec 31, 2025 · FY |
|---|---|
| Net income (loss) | $379.9M |
| Provision for credit loss expense | $1.0M |
| Sales, general, and administrative expenses from pre-spin periods | $25.0M |
| Interest paid-in-kind | ($29.5M) |
| Stock-based compensation expense | $677.0K |
| Amortization of debt issuance and financing costs | $20.3M |
| Other assets | ($8.6M) |
| Other liabilities | $47.7M |
| Deferred tax liabilities | $20.5M |
| Takedowns of homesites under option contracts, net of builder deposit credits | $3.2B |
| Net cash flows from (used in) operating activities | $3.7B |
| Option deposits from Lennar, Spin-Off | $584.8M |
| Acquisition of Rausch land assets, net of builder deposits | ($858.9M) |
| Investments in homesites under option contracts, net of builder deposits | ($5.1B) |
| Other deposits | $1.7M |
| Investments in development loans | ($353.8M) |
| Paydowns of development loans | $53.3M |
| Net cash used in investing activities | ($5.7B) |
| Cash contribution from Lennar, Spin-Off | $415.2M |
| Payments for Spin-Off deal costs | ($77.9M) |
| Financing and issuance cost payments for debt obligations | ($57.9M) |
| Proceeds from revolving credit facility and delayed draw term loan facility borrowings | $2.8B |
| Repayments of revolving credit facility and delayed draw term loan facility borrowings | ($2.7B) |
| Proceeds from senior notes | $2.0B |
| Dividends paid to stockholders | ($298.8M) |
| Payment of seller notes | ($6.0M) |
| Cash flows from (used in) financing activities | $2.1B |
| Net increase in cash | $35.0M |
| Cash at beginning of period | $0 |
| Cash at end of period | $35.0M |
| Homesites under option contracts contributed by Lennar, net of option deposits | $4.9B |
| Decrease in deferred tax liabilities | $59.8M |
| Liabilities for transaction deal costs and seller notes | ($96.9M) |
| Common stock issued, Spin-Off | ($1.7M) |
| Non-cash increase in additional paid-in-capital, Spin-Off | ($4.9B) |
| Reversal of pre-spin equity at Spin-Off | $5.2B |
| Option deposits | ($90.3M) |
| Development guarantee holdback liability | ($100.0M) |
| Increase in deferred tax liabilities | ($116.7M) |
| Builder deposits for investments in homesites under option contract | ($417.0M) |
| Homesites under option contracts acquired through purchase money mortgages | $33.0M |
| Purchase money mortgages | ($33.0M) |
| Dividend accrual rights accrued but not paid | $96.0K |
| Dividends declared but not paid | $124.5M |
| Cash paid for interest | $23.9M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $248.8M | $122.9M | $257.6M | $152.6M |
| Provision for (benefit from) credit loss expense | ($907.0K) | — | $340.0K | — |
| Interest paid-in-kind | ($11.1M) | ($9.6M) | ($11.9M) | ($5.7M) |
| Stock-based compensation expense | $909.0K | $692.0K | $370.0K | $181.0K |
| Amortization of debt issuance and financing costs | $4.7M | $2.3M | $17.9M | $1.5M |
| Other assets | $152.0K | $284.0K | ($8.5M) | ($859.0K) |
| Other liabilities | $3.8M | ($30.0M) | $16.0M | $4.2M |
| Deferred tax liabilities | $7.2M | $4.6M | $15.0M | $89.0K |
| Takedowns of homesites under option contracts, net of builder deposit credits | $1.4B | $706.1M | — | — |
| Net cash flows from operating activities | $1.7B | $797.3M | $253.5M | $130.4M |
| Investments in homesites under option contracts, net of builder deposits | ($2.1B) | ($977.4M) | — | — |
| Investments in development loans | ($19.6M) | ($8.3M) | ($338.4M) | — |
| Paydowns of development loans | $310.7M | $23.7M | $9.5M | — |
| Net cash used in investing activities | ($1.8B) | ($962.0M) | ($2.1B) | ($1.3B) |
| Financing and issuance cost payments for debt obligations | ($11.5M) | ($11.5M) | ($56.5M) | — |
| Proceeds from revolving credit facility and delayed draw term loan facility borrowings | $615.0M | — | $2.6B | — |
| Repayments of revolving credit facility and delayed draw term loan facility borrowings | ($240.0M) | — | ($2.6B) | — |
| Dividends paid to stockholders | ($250.7M) | ($124.5M) | ($177.6M) | ($63.1M) |
| Dividend accrual rights paid to stockholders | ($118.0K) | — | — | — |
| Net cash flows from financing activities | $112.7M | $178.9M | $2.1B | $1.3B |
| Net (decrease) increase in cash | ($875.0K) | $14.2M | $242.6M | $66.6M |
| Cash at beginning of period | $35.0M | $35.0M | $0 | $0 |
| Cash at end of period | $34.2M | $49.3M | $242.6M | $66.6M |
| Builder deposits for homesites under option contract | ($146.2M) | ($69.5M) | — | — |
| Common stock issued upon vesting of RSUs | $0 | — | — | — |
| Dividend equivalent accrual rights, accrued but not paid | $80.0K | $46.0K | — | — |
| Dividends declared but not paid | $127.9M | $126.2M | $121.2M | $114.5M |
| Cash paid for interest | $70.1M | $66.3M | $23.0M | $8.7M |
| Cash paid for income taxes | $0 | $0 | $8.5M | $8.5M |
Millrose Properties Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.