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Investor Relations14 Oct 2025
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Marcus & Millichap (MMI) investor relations material
Marcus & Millichap Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 revenue increased 8.8% year-over-year to $172.3M, driven by strong Private Client and financing segments, while net loss widened to $11.0M, mainly due to a tax methodology change and higher operating expenses.
Adjusted EBITDA for Q2 2025 was $1.5M, nearly flat year-over-year, reflecting cost controls and strategic investments.
Transaction activity and sales volume rose, with Private Client leading growth and large transactions declining post-tariff announcements.
Management remains focused on operational efficiency, long-term value creation, and expects improved activity as market conditions stabilize.
Board declared a $0.25/share semiannual dividend payable October 6, 2025.
Financial highlights
Q2 2025 revenue: $172.3M (+8.8% YoY); H1 2025 revenue: $317.3M (+10.4% YoY).
Brokerage commissions were $141.4M (up 4.4% YoY); financing fees surged 43.5% to $26.3M.
Net loss for Q2 2025: $11.0M (vs. $5.5M loss in Q2 2024); H1 2025 net loss: $15.5M (flat YoY).
Operating expenses in Q2 2025 were $181.3M, up from $166M last year, mainly due to higher commissions and SG&A.
Cash, cash equivalents, and restricted cash at June 30, 2025: $86.0M (down from $153.4M at year-end 2024).
Outlook and guidance
Management expects near-term market challenges to persist through 2025 but sees long-term growth, especially in Private Client.
Cost of services as a percentage of revenue is expected to be sequentially higher in Q3, with SG&A remaining flat.
Tax expense for Q3 is projected between $500K and $1M, with normalization expected in Q4.
Pipeline of listings and transaction activity is growing across all price segments.
Company believes existing liquidity and cash flows will cover operating needs for at least the next 12 months.
How will AI adoption impact future costs?
What is the role of the auction division?
What M&A areas are currently being pursued?
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Next Marcus & Millichap earnings date
Q3 20257 Nov, 2025
Next Marcus & Millichap earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
Marcus & Millichap Inc operates as a real estate services firm specializing in commercial real estate investment sales, financing, research, and advisory services. The company serves private and institutional investors through a network of investment sales and financing professionals. Its services cover various property types, including multifamily, retail, office, and industrial properties. Marcus & Millichap Inc is headquartered in Calabasas, California, and its shares are listed on the NYSE.
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