Marcus & Millichap (MMI) Q4 2025 earnings summary

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%.