EarningsQ2 2026 Earnings Report
MX:MRP Q2 2026 EPS Results
Actual EPS$13.66
Consensus EPS$13.54
Beat/MissBeat by +$0.13
One Year Ago EPS$12.23
MX:MRP Q2 2026 Revenue Results
Actual Revenue$3.54B
Expected Revenue$3.63B
Beat/MissMissed by -$92.27M
YoY Revenue Growth+32.11%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:MRP Upcoming Earnings
Millrose Properties Inc Class A's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MRP Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized durable platform fundamentals: large and growing invested capital, strong capital recycling and redeployment, consistent underwriting (21% underwritten gross margin), expanding product use cases (first multifamily deal), robust recurring AFFO and an increased dividend supported by recurring earnings. These positives outweigh the noted headwinds — elevated mortgage rates and affordability pressures, lower upfront deposits, modest yield/mix volatility, and cautious leverage management — which the company is actively managing through underwriting discipline, liquidity, and contingency planning. Overall tone was constructive and confident about growth opportunities while acknowledging cyclical challenges.Company Guidance
Scale of invested capital and portfolio
Invested capital reached $8.8 billion with total assets of ~$9.7 billion. Portfolio comprises ~144,000 homesites across 877 communities in 30 states, serving 19 counterparties; 32% of invested capital is deployed outside the Lennar master program (Lennar = 68%).
Strong capital recycling and deployment velocity
Recycled ~$1.0 billion of capital during the quarter from takedowns and loan repayments and redeployed $1.1 billion into new opportunities (redeployment ~10% greater than recycled proceeds). No option terminations during the quarter and 0 terminations since platform inception.
Recurring earnings and AFFO strength
Quarterly AFFO of ~$127.6 million ($0.77 per diluted share) and net income of ~$125.9 million ($0.76 per diluted share). Run-rate AFFO exiting the quarter was $0.80 per share (≈+3.9% vs reported quarterly AFFO), and recurring option fee income was $195.4 million.
Dividend and shareholder returns
Declared 6th consecutive quarterly dividend increase to $0.77 per share (aggregate ≈$127.9 million), representing an annualized yield of 8.8% on book equity; dividend fully supported by recurring AFFO.
Strong liquidity and conservative leverage posture
Available liquidity of ~$1.4 billion with $485 million outstanding on revolver and $34 million cash. Debt-to-capitalization ratio remained ~30% and management pursuing a modest 25 bps reduction in revolver rate via a fee.
Diversification and new product use cases
Added 2 new counterparty relationships including JPI (Sumitomo Forestry subsidiary) — Millrose's first multifamily land-banking relationship — expanding the platform beyond single-family; weighted-average yield on non-Lennar agreements was 10.6% during the quarter.
Underwriting discipline and portfolio quality
New Milrose transactions carried an average underwritten gross margin of ~21% across price points, underwriting standards held steady, and option rates are generally floating with contractual floors to protect yields.
Strategic role in industry consolidation
Engaged to provide land-banking capital in the proposed DreamFinders–Beazer context and positioning the platform to facilitate capital-efficient M&A and consolidation across the homebuilding sector.
MX:MRP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed