<span item_type="fundamental" item_id="fd73a22143744accbe4b8e9d1f0840e6" counter_id="ST/US/MMI" env="prod"></span><span item_type="announcement" item_id="615622916611900929" env="prod"></span><p>Revenue: As of FY2025 Q4, the actual value is USD 243.95 M, beating the estimate of USD 229.45 M.</p><p>EPS: As of FY2025 Q4, the actual value is USD 0.34.</p><p>EBIT: As of FY2025 Q4, the actual value is USD 19.41 M.</p><p></p><h4>Fourth Quarter 2025 Financial Highlights (Compared to Fourth Quarter 2024)</h4><h5>Revenue</h5><ul><li>Total revenue was $244.0 million, an increase of 1.6% from $240.1 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Brokerage commissions were $205.3 million, an increase of 1.2% from $202.8 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Private Client Market brokerage revenue increased by 10.3% to $132.8 million from $120.4 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Middle Market and Larger Transaction Market brokerage revenue decreased by 15.8% to $64.6 million from $76.7 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Financing fees were $33.2 million, an increase of 6.5% from $31.2 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Other revenue was $5.404 million, compared to $6.042 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul><h5>Profitability</h5><ul><li>Net income was $13.3 million, compared to $8.5 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Adjusted EBITDA was $25.0 million, an increase of 38.7% from $18.0 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Operating income was $15.419 million, compared to $6.704 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul><h5>Operating Expenses</h5><ul><li>Total operating expenses were $228.5 million, compared to $233.4 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Cost of services was $154.524 million, compared to $151.768 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Selling, general and administrative expenses were $70.7 million, compared to $76.3 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Depreciation and amortization was $3.353 million, compared to $5.288 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Cost of services as a percentage of total revenue increased by 10 basis points to 63.3%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul><h5>Other Financial Metrics</h5><ul><li>Other income, net, was $3.986 million, compared to $4.992 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Interest expense was - $0.189 million, compared to - $0.201 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Provision for income taxes was $5.908 million, compared to $2.947 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Stock-based compensation was $5.858 million, compared to $6.037 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul><h4>Full Year 2025 Financial Highlights (Compared to Full Year 2024)</h4><h5>Revenue</h5><ul><li>Total revenue was $755.2 million, an increase of 8.5% from $696.1 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Brokerage commissions were $632.5 million, an increase of 7.3% from $589.7 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Private Client Market brokerage revenue increased by 11.1% to $406.3 million from $365.8 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Middle Market and Larger Transaction Market brokerage revenue decreased by 1.3% to $200.3 million from $202.8 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Financing fees were $103.9 million, an increase of 23.0% from $84.5 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Other revenue was $18.724 million, compared to $21.853 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul><h5>Profitability</h5><ul><li>Net loss was - $1.9 million, compared to a net loss of - $12.4 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Adjusted EBITDA was $24.6 million, an increase of 162.6% from $9.4 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Operating loss was - $13.711 million, compared to - $32.909 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul><h5>Operating Expenses</h5><ul><li>Total operating expenses increased by 5.5% to $768.9 million from $729.0 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Cost of services was $470.486 million, compared to $431.471 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Selling, general and administrative expenses were $286.283 million, compared to $280.909 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Depreciation and amortization was $12.098 million, compared to $16.589 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Cost of services as a percentage of total revenues increased to 62.3%, an increase of 30 basis points.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul><h5>Other Financial Metrics</h5><ul><li>Other income, net, was $17.504 million, compared to $20.693 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Interest expense was - $0.773 million, compared to - $0.812 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Provision for income taxes was $4.929 million, compared to - $0.666 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Stock-based compensation was $24.226 million, compared to $23.792 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul><h4>Operational Metrics</h4><h5>Total Sales Volume</h5><ul><li>For Q4 2025, total sales volume was approximately $16.9 billion, encompassing 2,753 transactions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span><ul><li>Real estate brokerage accounted for $11.8 billion across 1,902 transactions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Financing contributed $3.7 billion across 507 transactions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Other transactions, including consulting and advisory services, were $1.4 billion across 344 transactions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul></li><li>For Full Year 2025, total sales volume was $50.8 billion, encompassing 8,818 transactions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span><ul><li>Real estate brokerage accounted for $34.8 billion across 6,038 transactions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Financing contributed $11.9 billion across 1,659 transactions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Other transactions, including consulting and advisory services, were $4.1 billion across 1,121 transactions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul></li></ul><h5>Professionals</h5><ul><li>As of December 31, 2025, Marcus &amp; Millichap, Inc. had 1,808 investment sales and financing professionals, up from 1,712 at the end of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span><ul><li>1,708 investment sales professionals.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>100 financing professionals.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul></li></ul><h5>Real Estate Brokerage Key Metrics</h5><ul><li>Q4 2025: Average commission rate was 1.74%, compared to 1.65% in Q4 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Full Year 2025: Average commission rate was 1.82%, compared to 1.75% in Full Year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Q4 2025: Total number of transactions was 1,902, an increase from 1,742 in Q4 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Full Year 2025: Total number of transactions was 6,038, an increase from 5,447 in Full Year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul><h5>Financing Key Metrics</h5><ul><li>Q4 2025: Average fee rate was 0.67%, compared to 0.72% in Q4 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Full Year 2025: Average fee rate was 0.69%, compared to 0.73% in Full Year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Q4 2025: Total number of transactions was 507, an increase from 425 in Q4 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>Full Year 2025: Total number of transactions was 1,659, an increase from 1,249 in Full Year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul><h4>Capital Allocation (Twelve Months Ended December 31, 2025)</h4><ul><li>Marcus &amp; Millichap, Inc. declared two semi-annual regular dividends aggregating $20.4 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>The company repurchased 933,115 shares of common stock for an aggregate purchase price of $26.9 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li><li>As of February 10, 2026, approximately $42.0 million remains available for share repurchases under its program.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></li></ul><h4>Business Outlook</h4><p>Marcus &amp; Millichap, Inc. anticipates the commercial real estate transaction market will overcome near-term challenges expected to extend through 2026, positioning the company for long-term growth.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span> Market fundamentals are strengthening due to more compelling lowered prices, especially compared to replacement costs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span> The company notes improving investor sentiment and a trading environment, despite lingering economic uncertainty and elevated geopolitical factors.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1578732/000162828026007874/er-q425earningsrelease.htm"></span></p>

Marcus & Millichap | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 243.95 M