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Marcus & Millichap
Marcus & Millichap (MMI) investor relations material
Marcus & Millichap Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Full-year 2025 revenue grew 8.5% to $755.2M, with adjusted EBITDA up 162.6% to $25M and net loss narrowing to $1.9M, a significant improvement from 2024.
Q4 2025 revenue rose 2% year-over-year to $244M, with net income up 55% to $13M and EPS of $0.34, driven by late-stage closings and cost controls.
Broker headcount saw its strongest growth in seven years, with nearly 100 net additions, reaching 1,808 professionals.
Sales volume for 2025 reached $50.8B across 8,818 transactions, maintaining market leadership by transaction count.
Private Client Market brokerage revenue increased 11.1% for the year, leading segment growth.
Financial highlights
Full-year revenue: $755.2M, up 8.5% from $696M in 2024.
Q4 revenue: $244M, up 2% year-over-year; Q4 net income: $13M ($0.34 EPS), up 55% from last year.
Full-year net loss: $1.9M, improved from $12.4M loss in 2024.
Adjusted EBITDA: $25M for 2025, up from $9M in 2024.
Brokerage commissions: $632.5M, up 7.3%; financing fees: $103.9M, up 23% year-over-year.
Outlook and guidance
Q1 2026 revenue expected to be seasonally lower than Q4; cost of services projected at 60%-61% of revenue.
Management anticipates improved CRE transaction market as interest rates stabilize, but remains cautious due to inflation, interest rate volatility, and macroeconomic uncertainty.
Private Client segment expected to lead growth as market conditions normalize.
Effective tax rate for 2026 expected at 50%-60%.
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Next Marcus & Millichap earnings date
Q1 20266 May, 2026
Marcus & Millichap
Next Marcus & Millichap earnings date
Q1 20266 May, 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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