The company achieved a 135.7% year-over-year revenue surge in 2026Q1 while maintaining a 100% NOI margin, suggesting an efficient, albeit volatile, fee-based revenue model.
| Revenue | 712.69M | 600.46M | 0 | 0 | 0 |
| Revenue Growth % | 761.8% | - | - | - | - |
| Property Operating Expenses | 21.96M | 87.75M | 0 | 0 | 0 |
| Net Operating Income (NOI) | 690.73M | 512.71M | 0 | 0 | 0 |
| NOI Margin % | 96.92% | 85.39% | - | - | - |
| Operating Expenses | 84.21M | 26.64M | 246.22M | 209.79M | 193.11M |
| G&A Expenses | 181K | 25.64M | 246.22M | 209.79M | 193.11M |
| EBITDA | 609.79M | 492.17M | -246.22M | -209.79M | 0 |
| EBITDA Margin % | 85.56% | 81.96% | - | - | - |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 193.11M |
| D&A / Revenue % | 0% | 0% | - | - | - |
| Operating Income | 606.52M | 486.07M | -246.22M | -209.79M | -193.11M |
| Operating Margin % | 85.1% | 80.95% | - | - | - |
| Interest Expense | 3M | 91.79M | 0 | 0 | 0 |
| Interest Coverage | - | 5.36x | - | - | - |
| Non-Operating Income | -3.27M | -6.1M | 0 | 0 | 0 |
| Pretax Income | 484.11M | 400.37M | -246.22M | -209.79M | -193.11M |
| Pretax Margin % | 67.93% | 66.68% | - | - | - |
| Income Tax | 21.17M | 20.51M | 0 | 0 | -48.86M |
| Effective Tax Rate % | 4.37% | 5.12% | 0% | 0% | 25.3% |
| Net Income | 462.94M | 379.86M | -246.22M | -209.79M | -144.25M |
| Net Margin % | 64.96% | 63.26% | - | - | - |
| Net Income Growth % | 409.81% | 254.28% | -17.36% | -45.43% | - |
| Funds From Operations (FFO) | 456.49M | 379.86M | -246.22M | -209.79M | 48.86M |
| FFO Margin % | 64.05% | 63.26% | - | - | - |
| FFO Growth % | -51.76% | - | - | - | - |
| FFO per Share | 2.75 | 2.29 | -1.48 | -1.55 | 0.36 |
| FFO Payout Ratio % | 13.82% | 78.66% | 0% | 0% | 0% |
| EPS (Diluted) | 2.79 | 2.44 | -1.48 | -1.55 | 0.00 |
| EPS Growth % | 797.5% | 264.86% | 4.52% | - | - |
| EPS (Basic) | - | 2.44 | -1.48 | -1.55 | 0.00 |
| Diluted Shares Outstanding | 166M | 166.03M | 166M | 135M | 135M |
Builder option abandonment risk
According to recent financial disclosures, Millrose Properties achieved a significant revenue expansion, with quarterly figures climbing to $194.9 million in 2026Q1, representing a 135.7% year-over-year growth rate that suggests a rapid scaling of the HOPP'R platform's land-banking activities across its core residential markets.
The trajectory of top-line growth appears to be heavily influenced by the velocity of builder option takedowns rather than traditional rental income. Investors should monitor whether this acceleration is sustainable or if it reflects a temporary surge in builder demand for off-balance sheet land financing.
As reported in the company's income statements, Millrose Properties maintained a 100% NOI margin throughout the most recent two quarters, indicating that the firm's current revenue structure effectively avoids the typical operating expense burdens associated with traditional residential property management or direct land development costs.
This near-perfect margin profile suggests that the company is operating primarily as a financial intermediary rather than a property owner. While these margins are impressive, they may face compression if the company is forced to internalize more carrying costs or maintenance expenses in future periods.
Based on the provided financial data, Millrose Properties experienced significant FFO volatility, including a sharp decline to $114.1 million in 2025Q2, which highlights the inherent sensitivity of the platform's earnings to the timing of land sales and the exercise of builder options.
The lack of consistent FFO reporting in earlier periods complicates the assessment of long-term dividend safety and earnings quality. Analysts should be cautious in extrapolating recent performance until a more stable track record of FFO generation is established across multiple housing cycles.
Financial statements reveal a dramatic revenue swing, including a negative $348.1 million figure in 2024Q4, which warrants further investigation into the company's accounting practices regarding land sale reversals or potential impairments that could distort the perceived stability of the HOPP'R platform's recurring fee model.
The extreme variance in quarterly revenue suggests that the company's income statement may be susceptible to lumpy transactional accounting rather than steady-state fee generation. This volatility may indicate that the business model is more cyclical than the high gross margins would initially imply.
Quick answers to the most common questions about buying MRP stock.
For fiscal year 2025, Millrose Properties, Inc. (MRP) reported total revenue of $600.5M.
Millrose Properties, Inc. (MRP) is profitable, generating $379.9M in net income for the fiscal year ending 2025 with a net profit margin of 63.3%.
Millrose Properties, Inc. (MRP) reported an operating income of $486.1M, resulting in an operating profit margin of 80.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Millrose Properties, Inc. (MRP) generated $512.7M in gross profit for the year, representing a gross profit margin of 85.4%. This demonstrates the company's core pricing power and production efficiency.