--- title: "Marcus & Millichap | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 243.95 M" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/275889517.md" datetime: "2026-02-13T11:07:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275889517.md) - [en](https://longbridge.com/en/news/275889517.md) - [zh-HK](https://longbridge.com/zh-HK/news/275889517.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/275889517.md) | [English](https://longbridge.com/en/news/275889517.md) # Marcus & Millichap | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 243.95 M Revenue: As of FY2025 Q4, the actual value is USD 243.95 M, beating the estimate of USD 229.45 M. EPS: As of FY2025 Q4, the actual value is USD 0.34. EBIT: As of FY2025 Q4, the actual value is USD 19.41 M. #### Fourth Quarter 2025 Financial Highlights (Compared to Fourth Quarter 2024) ##### Revenue - Total revenue was $244.0 million, an increase of 1.6% from $240.1 million. - Brokerage commissions were $205.3 million, an increase of 1.2% from $202.8 million. - Private Client Market brokerage revenue increased by 10.3% to $132.8 million from $120.4 million. - Middle Market and Larger Transaction Market brokerage revenue decreased by 15.8% to $64.6 million from $76.7 million. - Financing fees were $33.2 million, an increase of 6.5% from $31.2 million. - Other revenue was $5.404 million, compared to $6.042 million. ##### Profitability - Net income was $13.3 million, compared to $8.5 million. - Adjusted EBITDA was $25.0 million, an increase of 38.7% from $18.0 million. - Operating income was $15.419 million, compared to $6.704 million. ##### Operating Expenses - Total operating expenses were $228.5 million, compared to $233.4 million. - Cost of services was $154.524 million, compared to $151.768 million. - Selling, general and administrative expenses were $70.7 million, compared to $76.3 million. - Depreciation and amortization was $3.353 million, compared to $5.288 million. - Cost of services as a percentage of total revenue increased by 10 basis points to 63.3%. ##### Other Financial Metrics - Other income, net, was $3.986 million, compared to $4.992 million. - Interest expense was - $0.189 million, compared to - $0.201 million. - Provision for income taxes was $5.908 million, compared to $2.947 million. - Stock-based compensation was $5.858 million, compared to $6.037 million. #### Full Year 2025 Financial Highlights (Compared to Full Year 2024) ##### Revenue - Total revenue was $755.2 million, an increase of 8.5% from $696.1 million. - Brokerage commissions were $632.5 million, an increase of 7.3% from $589.7 million. - Private Client Market brokerage revenue increased by 11.1% to $406.3 million from $365.8 million. - Middle Market and Larger Transaction Market brokerage revenue decreased by 1.3% to $200.3 million from $202.8 million. - Financing fees were $103.9 million, an increase of 23.0% from $84.5 million. - Other revenue was $18.724 million, compared to $21.853 million. ##### Profitability - Net loss was - $1.9 million, compared to a net loss of - $12.4 million. - Adjusted EBITDA was $24.6 million, an increase of 162.6% from $9.4 million. - Operating loss was - $13.711 million, compared to - $32.909 million. ##### Operating Expenses - Total operating expenses increased by 5.5% to $768.9 million from $729.0 million. - Cost of services was $470.486 million, compared to $431.471 million. - Selling, general and administrative expenses were $286.283 million, compared to $280.909 million. - Depreciation and amortization was $12.098 million, compared to $16.589 million. - Cost of services as a percentage of total revenues increased to 62.3%, an increase of 30 basis points. ##### Other Financial Metrics - Other income, net, was $17.504 million, compared to $20.693 million. - Interest expense was - $0.773 million, compared to - $0.812 million. - Provision for income taxes was $4.929 million, compared to - $0.666 million. - Stock-based compensation was $24.226 million, compared to $23.792 million. #### Operational Metrics ##### Total Sales Volume - For Q4 2025, total sales volume was approximately $16.9 billion, encompassing 2,753 transactions. - Real estate brokerage accounted for $11.8 billion across 1,902 transactions. - Financing contributed $3.7 billion across 507 transactions. - Other transactions, including consulting and advisory services, were $1.4 billion across 344 transactions. - For Full Year 2025, total sales volume was $50.8 billion, encompassing 8,818 transactions. - Real estate brokerage accounted for $34.8 billion across 6,038 transactions. - Financing contributed $11.9 billion across 1,659 transactions. - Other transactions, including consulting and advisory services, were $4.1 billion across 1,121 transactions. ##### Professionals - As of December 31, 2025, Marcus & Millichap, Inc. had 1,808 investment sales and financing professionals, up from 1,712 at the end of 2024. - 1,708 investment sales professionals. - 100 financing professionals. ##### Real Estate Brokerage Key Metrics - Q4 2025: Average commission rate was 1.74%, compared to 1.65% in Q4 2024. - Full Year 2025: Average commission rate was 1.82%, compared to 1.75% in Full Year 2024. - Q4 2025: Total number of transactions was 1,902, an increase from 1,742 in Q4 2024. - Full Year 2025: Total number of transactions was 6,038, an increase from 5,447 in Full Year 2024. ##### Financing Key Metrics - Q4 2025: Average fee rate was 0.67%, compared to 0.72% in Q4 2024. - Full Year 2025: Average fee rate was 0.69%, compared to 0.73% in Full Year 2024. - Q4 2025: Total number of transactions was 507, an increase from 425 in Q4 2024. - Full Year 2025: Total number of transactions was 1,659, an increase from 1,249 in Full Year 2024. #### Capital Allocation (Twelve Months Ended December 31, 2025) - Marcus & Millichap, Inc. declared two semi-annual regular dividends aggregating $20.4 million. - The company repurchased 933,115 shares of common stock for an aggregate purchase price of $26.9 million. - As of February 10, 2026, approximately $42.0 million remains available for share repurchases under its program. #### Business Outlook Marcus & 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. Market fundamentals are strengthening due to more compelling lowered prices, especially compared to replacement costs. The company notes improving investor sentiment and a trading environment, despite lingering economic uncertainty and elevated geopolitical factors. ### 相關股票 - [Marcus & Millichap (MMI.US)](https://longbridge.com/zh-HK/quote/MMI.US.md) ## 相關資訊與研究 - [Cintas (CTAS) Valuation Check After Q3 Results And Higher Fiscal 2026 Guidance](https://longbridge.com/zh-HK/news/281225115.md) - [Wealth First Promoters Confirm 74% Stake With No Encumbrance in FY26](https://longbridge.com/zh-HK/news/281530653.md) - [Inky Updates Bylaws Following Recent Fiscal Year Change](https://longbridge.com/zh-HK/news/281297268.md) - [Key facts: Bunge Increases Securitization to $2.0B; 8-K on Obligation](https://longbridge.com/zh-HK/news/281659964.md) - [Research Alert: CFRA Keeps Hold Opinion On Shares Of Carnival Corp.](https://longbridge.com/zh-HK/news/281028740.md)