Marcus & Millichap (MMI) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose 17.8% year-over-year to $202.9 million, with net income at $3.9 million, reversing a prior year loss and driven by higher brokerage commissions and financing fees.

• Adjusted EBITDA for Q2 2026 was $12.1 million, up from $1.5 million year-over-year.

• Six-month revenue reached $374.4 million (+18% YoY), with net income of $0.8 million, up from a $15.5 million loss.

• Transaction volume and sales activity increased, with 2,306 transactions and $14.1 billion in sales volume in Q2 2026.

• Strategic focus on maximizing revenue per producer, market share gains, and operating leverage.

Financial highlights

• Q2 2026 revenue: $202.9 million (+17.8% YoY); six-month revenue: $374.4 million (+18.0% YoY).

• Brokerage commissions: $167.0 million (+18.1% YoY); financing fees: $30.3 million (+15.3% YoY).

• Net income: $3.9 million ($0.10/share) vs. net loss of $11 million prior year; adjusted EBITDA: $12.1 million vs. $1.5 million prior year.

• Operating expenses for Q2 2026 were $200.7 million, mainly due to higher cost of services.

• Cash, equivalents, and marketable securities: $343.5 million at quarter-end.

Outlook and guidance

• Management expects continued momentum in transaction flow, but notes risks from inflation, interest rates, and geopolitical events.

• Cost of services as % of revenue expected to rise sequentially in Q3; SG&A to increase modestly.

• Income tax expense projected at $1.5–$2 million for Q3.

• The company believes it has sufficient liquidity for at least the next 12 months and beyond.

• Private Client Market remains a key growth area, representing over 80% of U.S. CRE transactions.