| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 196.85 | 1.0% | 32.1% |
| Total Income | 196.85 | 1.0% | 32.1% |
| Expenditure | 29.22 | 1.3% | 32.0% |
| PBT | 128.34 | 0.3% | 9.2% |
| Net Profit | 125.88 | 2.4% | 11.6% |
| OPM | 85.16% | 0.05pp | 0.02pp |
| NPM | 63.95% | 0.91pp | 11.73pp |
| EPS | 0.76 | 2.7% | 11.8% |
Millrose Properties Reports Q2 2026 Financial Results
04 Aug 2026 · 4 Aug, 6:37 pm
Summary
Millrose Properties announced its financial results for the second quarter ended June 30, 2026, reporting net income of $125.9 million, or $0.76 per share, and Adjusted Funds From Operations (AFFO) of $127.6 million, or $0.77 per share, which was at the high end of guidance. Total revenues for the quarter were $196.9 million. The company highlighted its sixth consecutive quarterly dividend increase and significant redeployment of capital, with $1.1 billion invested in land acquisitions and development funding. Management emphasized the reliability of the Millrose model and its strategic positioning to meet evolving capital needs of homebuilders.
Key Highlights
- 1
Millrose Properties reported net income attributable to common shareholders of $125.9 million, or $0.76 per share for the second quarter of 2026.
- 2
Total revenues for the second quarter of 2026 were $196.9 million, consisting of option fees and development loan income.
- 3
Adjusted Funds From Operations (AFFO) for the second quarter of 2026 was $127.6 million, or $0.77 per share, meeting the high end of guidance.
- 4
The company declared a quarterly dividend of $127.9 million, or $0.77 per share, marking its sixth consecutive quarterly dividend increase.
- 5
Invested capital outside of the Lennar Master Program Agreement reached $2.8 billion, reflecting a $117 million growth versus the prior quarter.
- 6
Millrose Properties generated $1.0 billion in net cash proceeds from homesite sales during the second quarter of 2026.
- 7
The total portfolio weighted average annualized yield was 9.2% as of June 30, 2026.
Management Comments
Darren Richman
We delivered another strong quarter and declared our sixth consecutive quarterly dividend increase, results that highlight the reliability of the Millrose model. With a $9.7 billion portfolio in a vast and largely untapped addressable market, we are in the early stages of defining this industry. Builders are prioritizing capital efficiency like never before, and they need a partner with the scale and commitment to deliver reliably across every environment. Millrose was built to meet those evolving capital needs, and we continue to find new ways to deepen our support for our expanding builder partnerships.
Informational and educational content only. Not investment advice.