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Marcus & Millichap (MMI) investor relations material
Marcus & Millichap Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 revenue increased 15.1% year-over-year to $193.9 million, marking the fifth consecutive quarter of growth, with net income of $0.2 million, a turnaround from a prior year loss.
Adjusted EBITDA for Q3 was $6.9 million, up from break-even last year, despite a $4 million litigation accrual.
Year-to-date revenue rose 12.1% to $511.2 million, with a net loss of $15.2 million, improved from a $20.9 million loss in the prior year.
Private client and financing segments drove growth, with private client revenue up 16.9% and financing revenue up 27.7%.
The company continues to invest in technology, talent, and branding while maintaining cost discipline.
Financial highlights
Q3 revenue: $193.9 million (+15.1% YoY); YTD revenue: $511.2 million (+12.1% YoY).
Brokerage commissions: $162.2 million in Q3 (+14.2% YoY), 84% of total revenue; financing fees: $26.3 million (+27.7% YoY).
Q3 sales volume: $12.2 billion, 2,289 closings; YTD sales volume: $33.9 billion, 6,065 closings.
Adjusted EBITDA: $6.9 million in Q3 (vs. break-even last year); YTD $(0.4) million (vs. $(8.7) million last year).
Cash, cash equivalents, and marketable securities: $381.5 million at quarter-end.
Outlook and guidance
Sequential revenue growth expected in Q4, consistent with normal year-end seasonality.
Management expects continued market volatility due to economic uncertainty and interest rate changes, but is optimistic for long-term growth.
Cost of services as a percentage of revenue expected to rise sequentially in Q4.
SG&A to increase modestly in Q4 after normalizing for the legal reserve.
Tax expense for Q4 projected at $4–$6 million.
Explain operating leverage from talent investments
What's the current market alignment on pricing?
How does the auction business generate fees?
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Q4 202520 Feb, 2026
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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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