Start by measuring out your ingredients. Make sure the cream cheese is softened for easier mixing.
In a mixing bowl, add the softened cream cheese, powdered sugar, and vanilla extract. Using a hand mixer or whisk, blend these ingredients together until smooth and creamy.
Next, pour in the heavy whipping cream and whole milk. Continue to mix until everything is well combined and starts to thicken slightly.
Now, increase the speed of your mixer to medium-high and whip the mixture until it holds soft peaks. This should take about 1-3 minutes. Be careful not to over-whip it, as you want a light and airy foam.
Give your foam a taste test. If you prefer it sweeter, feel free to add a little more powdered sugar and mix again.
Spoon the cream cheese cold foam over your favorite iced coffee or tea. Enjoy it as it floats atop your drink, creating a beautiful presentation.