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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.
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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.

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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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