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Brookfield Property Partners vs Millrose Properties: revenue, profit, margins and growth compared

Brookfield Property Partners brought in $7.1B of revenue in fiscal 2025, Millrose Properties $600.5M in fiscal 2025. Brookfield Property Partners kept -4.3% of its revenue as net profit, Millrose Properties 63.3%.

Side by side, latest fiscal year

BPYPPMRP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$7.1B$600.5M
Revenue growth-21.6%n/a
Net income-$305M$379.9M
Net margin-4.3%63.3%
Free cash flow-$1.4Bn/a
Free cash flow margin-18.9%n/a
Earnings per share (diluted)n/a$2.44
Cash$1.9B$35M
Debt$46.3Bn/a
Price to earningsn/a11.1
Market value$18.6B$4.5B
Dividend yieldn/a9.38%
Rank by revenue in sector#77 of 444 · Finance#229 of 444 · Finance

Over the years

Revenue
BPYPP FY2018: $7.2BBPYPP FY2019: $8.2BBPYPP FY2020: $6.6BBPYPP FY2021: $7.1BBPYPP FY2022: $7.4BBPYPP FY2023: $9.5BBPYPP FY2024: $9.1BBPYPP FY2025: $7.1BMRP FY2025: $600.5MFY18FY19FY20FY21FY22FY23FY24FY25
BPYPP $7.1BMRP $600.5M
Net income
BPYPP FY2018: $3.7BBPYPP FY2019: $3.2BBPYPP FY2020: -$2.1BBPYPP FY2021: $3.5BBPYPP FY2022: $996MBPYPP FY2023: -$1.8BBPYPP FY2024: -$2BBPYPP FY2025: -$305MMRP FY2023: -$209.8MMRP FY2025: -$246.2MMRP FY2025: $379.9MFY18FY19FY20FY21FY22FY23FY24FY25
BPYPP -$305MMRP $379.9M
Net margin
BPYPP FY2018: 50.5%BPYPP FY2019: 38.5%BPYPP FY2020: -31.2%BPYPP FY2021: 49.3%BPYPP FY2022: 13.5%BPYPP FY2023: -19.5%BPYPP FY2024: -21.9%BPYPP FY2025: -4.3%MRP FY2025: 63.3%FY18FY19FY20FY21FY22FY23FY24FY25
BPYPP -4.3%MRP 63.3%
Revenue growth
BPYPP FY2019: +13.3%BPYPP FY2020: -19.6%BPYPP FY2021: +7.7%BPYPP FY2022: +3.7%BPYPP FY2023: +28.8%BPYPP FY2024: -3.9%BPYPP FY2025: -21.6%FY19FY20FY21FY22FY23FY24FY25
BPYPP -21.6%MRP
Free cash flow
BPYPP FY2018: $879MBPYPP FY2019: $252MBPYPP FY2020: $1.2BBPYPP FY2021: $450MBPYPP FY2022: -$260MBPYPP FY2023: -$1.2BBPYPP FY2024: $615MBPYPP FY2025: -$1.4BFY18FY19FY20FY21FY22FY23FY24FY25
BPYPP -$1.4BMRP

Fiscal years as each company reports them; the two may end in different months.

Questions about Brookfield Property Partners and Millrose Properties

Which is bigger by revenue, Brookfield Property Partners or Millrose Properties?

Brookfield Property Partners is bigger by revenue: $7.1B in fiscal 2025, against $600.5M for Millrose Properties in fiscal 2025.

Which keeps more of its revenue as profit, Brookfield Property Partners or Millrose Properties?

Brookfield Property Partners had a net margin of -4.3% in fiscal 2025; Millrose Properties had 63.3% in fiscal 2025.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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