Millrose Properties (MRP) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Millrose Properties published the results on October 27, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Millrose Properties reports EPS two ways: GAAP, under the accounting rules every US filer follows, and AFFO per share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Millrose Properties is a REIT that buys and develops residential land and sells finished homesites to homebuilders through option contracts. Revenue here is its "Total revenues" line: option fee revenues plus development loan income. Its headline earnings measure is adjusted funds from operations (AFFO) per share, shown in the adjusted row. Millrose reports in thousands; figures here are in millions.
• Lennar spun Millrose off on February 7, 2025, and Millrose is externally managed by Kennedy Lewis Land and Residential Advisors, which it pays a management fee of 1.25% a year of Tangible Assets.

Source: Millrose Properties Q3 2026 results, October 27, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Millrose Properties splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Millrose Properties's Option fee revenues revenue was $209 million in Q3 2026, up 23% from $170 million in Q3 2025, 99% of total revenue.
• Millrose Properties's Development loan income revenue was $1.5 million in Q3 2026, down 83% from $8.9 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Millrose gives one guidance figure in its release: the AFFO per share run rate for the fourth quarter. It does not reconcile it to a GAAP measure.

In its Q3 2026 release, Millrose Properties said:

“Raising guidance for year-end 2026 Adjusted Funds from Operations (AFFO) quarterly run rate to a range of $0.82 to $0.84 per share.”

Source: Millrose Properties Q3 2026 release, Oct 27, 2026.

This is the company's own guidance as of Oct 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the MRP forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and diluted EPS of Class A and Class B common stock, each as first reported in that quarter's release. Millrose provided preliminary Q3 2025 results on October 9, 2025; the Q3 2025 row uses the full release of October 23, 2025.

We do not hold a confirmed date for Millrose Properties's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 27, 2026

Millrose Properties' total revenues were $211.0 million in Q3 2026, up from $179.3 million a year earlier. Option fee revenues were $209.5 million, up from $170.3 million, and development loan income fell to $1.5 million from $8.9 million. (Millrose Properties Q3 2026 release, Oct 27, 2026; Millrose Properties Form 10-Q, Q3 2026, Nov 4, 2026)

Option fees are what homebuilders pay Millrose each month for the right to buy land it owns, during development, at predetermined prices and takedown schedules. Millrose recognizes them using an effective interest yield over the term of each option contract. As finished homesites are sold, the capital is recycled into new land. The 10-Q puts the rise in option fees down to geographic expansion and counterparty diversification. (Millrose Properties Form 10-Q, Q3 2026, Nov 4, 2026)

Development loan income fell mainly because a $284 million development loan with an unaffiliated party was paid off on April 1, 2026. (Millrose Properties Form 10-Q, Q3 2026, Nov 4, 2026)

Lennar, which spun Millrose off, is still most of the revenue: $144.9 million, or 69% of total revenues, in Q3 2026. Under the Lennar Master Program Agreement, Millrose received $596 million of net cash proceeds from homesite sales to Lennar in the quarter and redeployed $546 million. Under its Other Agreements it funded $714 million at a weighted average yield of 10.8%, and it now counts 21 counterparties outside Lennar. (Millrose Properties Form 10-Q, Q3 2026, Nov 4, 2026; Millrose Properties Q3 2026 release, Oct 27, 2026)

At September 30, 2026 Millrose had 156,729 homesites across 834 communities in 30 states. Invested Capital was $9,245.4 million, $5,874.2 million under the Lennar agreement at an 8.5% weighted average yield and $3,371.2 million under Other Agreements at 10.8%. (Millrose Properties Q3 2026 release, Oct 27, 2026)

Millrose Properties' GAAP diluted EPS was $0.78 in Q3 2026, up from $0.63, on net income of $130.0 million against $105.1 million. AFFO per share was $0.80, up from $0.74, and Millrose called it the sixth consecutive quarterly AFFO increase. (Millrose Properties Q3 2026 release, Oct 27, 2026)

AFFO adds back amortization of deferred financing and issuance costs, stock-based compensation, credit loss provisions and rating agency expenses. The gap between the two measures narrowed because amortization of deferred financing costs fell to $2.8 million from $16.4 million a year earlier. (Millrose Properties Q3 2026 release, Oct 27, 2026)

Interest expense on Millrose's debt rose to $47.1 million from $43.7 million, and the management fee paid to Kennedy Lewis rose to $30.3 million from $25.9 million on a larger Tangible Asset base. Income tax expense was $4.9 million. The share count barely moved: diluted weighted average shares were 166,064,538, against 166,031,797 a year earlier. (Millrose Properties Form 10-Q, Q3 2026, Nov 4, 2026; Millrose Properties Q3 2026 release, Oct 27, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Millrose Properties guides one figure in its release, the AFFO per share run rate. With Q3 it raised the year-end 2026 quarterly run rate to a range of $0.82 to $0.84 per share and did not reconcile it to GAAP. (Millrose Properties Q3 2026 release, Oct 27, 2026)

After the quarter, Millrose completed about $1.1 billion of capital support for Dream Finders Homes' acquisition of Beazer Homes, which closed on October 20, 2026: about $580 million of land banking capital across about 7,000 homesites and about $488 million of preferred equity in Dream Finders carrying a 12% dividend. Pro forma, about 42% of its asset base is outside the Lennar Master Program Agreement. Its board also authorized a $250 million share repurchase program in October 2026. (Millrose Properties Q3 2026 release, Oct 27, 2026)

A consensus figure is the average of the models published by the analysts who cover Millrose Properties, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Millrose Properties's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MRP is on is MRP a buy or a sell?, what analysts expect next is on the MRP forecast, and what the company does is on the Millrose Properties (MRP) stock page.

Every number on this page can be traced to a document Millrose Properties published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.