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Marcus & Millichap (MMI) Financials

Marcus & Millichap logo
$30.18 +0.02 (+0.06%)
Closing price 06/12/2026 03:59 PM Eastern
Extended Trading
$30.16 -0.02 (-0.06%)
As of 06/12/2026 05:34 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Marcus & Millichap

Annual Income Statements for Marcus & Millichap

This table shows Marcus & Millichap's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 66 65 52 87 77 43 142 104 -34 -12 -1.91
Consolidated Net Income / (Loss)		 66 65 52 87 77 43 142 104 -34 -12 -1.91
Net Income / (Loss) Continuing Operations		 66 65 52 87 77 43 142 104 -34 -12 -1.91
Total Pre-Tax Income 		113 107 99 117 108 59 193 142 -40 -13 3.02
Total Revenue		 687 -1.53 -1.50 -1.40 805 716 1,296 1,301 645 695 754
Net Interest Income / (Expense)		 -1.73 -1.53 -1.50 -1.40 -1.39 -0.90 -0.58 -0.71 -0.89 -0.81 -0.77
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 1.73 1.53 1.50 1.40 1.39 0.90 0.58 0.71 0.89 0.81 0.77
Long-Term Debt Interest Expense		 1.73 1.53 1.50 1.40 1.39 0.90 0.58 0.71 0.89 0.81 0.77
Total Non-Interest Income		 689 0.00 0.00 0.00 806 717 1,296 1,302 646 696 755
Net Realized & Unrealized Capital Gains on Investments		 - - - - - 717 1,296 1,302 646 696 755
Total Non-Interest Expense		 574 -109 -101 -119 698 657 1,103 1,159 685 708 751
Other Operating Expenses		 571 -113 -106 696 690 652 1,095 1,151 692 712 757
Depreciation Expense		 3.31 4.39 5.36 6.30 8.02 11 12 13 14 17 12
Other Special Charges		 - - - -821 - -6.65 -4.53 -5.34 -20 -21 -18
Income Tax Expense		 47 42 48 30 31 17 51 38 -6.37 -0.67 4.93
Basic Earnings per Share		 $1.71 $1.66 $1.32 $2.23 $1.95 $1.08 $3.57 $2.61 ($0.88) ($0.32) ($0.05)
Weighted Average Basic Shares Outstanding		 38.85M 38.90M 38.99M 39.15M 39.40M 39.64M 39.89M 39.89M 38.66M 38.68M 38.94M
Diluted Earnings per Share		 $1.69 $1.66 $1.32 $2.22 $1.95 $1.08 $3.55 $2.59 ($0.88) ($0.32) ($0.05)
Weighted Average Diluted Shares Outstanding		 39.16M 39.04M 39.10M 39.38M 39.55M 39.74M 40.19M 40.19M 38.66M 38.68M 38.94M
Weighted Average Basic & Diluted Shares Outstanding		 38.80M 39M 39M 39.10M 39.19M 39.40M 39.69M 39.24M 38.41M 38.89M 38.23M

Quarterly Income Statements for Marcus & Millichap

This table shows Marcus & Millichap's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -9.24 -10 -9.99 -5.54 -5.39 8.55 -4.42 -11 0.24 13 -3.10
Consolidated Net Income / (Loss)		 -9.24 -10 -9.99 -5.54 -5.39 8.55 -4.42 -11 0.24 13 -3.10
Net Income / (Loss) Continuing Operations		 -9.24 -10 -9.99 -5.54 -5.39 8.55 -4.42 -11 0.24 13 -3.10
Total Pre-Tax Income 		-11 -12 -15 -3.44 -6.35 11 -14 -3.75 1.47 19 -2.17
Total Revenue		 162 166 129 158 168 240 145 172 194 244 171
Net Interest Income / (Expense)		 -0.24 -0.22 -0.20 -0.20 -0.21 -0.20 -0.19 -0.20 -0.20 -0.19 -0.15
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.24 0.22 0.20 0.20 0.21 0.20 0.19 0.20 0.20 0.19 0.15
Long-Term Debt Interest Expense		 0.24 0.22 0.20 0.20 0.21 0.20 0.19 0.20 0.20 0.19 0.15
Total Non-Interest Income		 162 166 129 158 169 240 145 172 194 244 171
Net Realized & Unrealized Capital Gains on Investments		 162 166 129 158 169 240 145 172 194 244 171
Total Non-Interest Expense		 173 178 144 162 175 228 159 176 192 225 173
Other Operating Expenses		 174 180 146 163 175 228 160 178 194 225 175
Depreciation Expense		 3.64 3.32 3.42 3.33 4.55 5.29 2.85 3.15 2.74 3.35 2.39
Other Special Charges		 -4.42 -5.73 -5.57 -4.81 -5.32 -4.99 -3.98 -5.50 -4.04 -3.99 -3.76
Income Tax Expense		 -2.01 -1.45 -4.75 2.10 -0.97 2.95 -9.50 7.29 1.23 5.91 0.93
Basic Earnings per Share		 ($0.24) ($0.26) ($0.26) ($0.14) ($0.14) $0.22 ($0.11) ($0.28) $0.01 $0.33 ($0.08)
Weighted Average Basic Shares Outstanding		 38.49M 38.66M 38.45M 38.68M 38.76M 38.68M 38.93M 39.00M 39.01M 38.94M 38.20M
Diluted Earnings per Share		 ($0.24) ($0.26) ($0.26) ($0.14) ($0.14) $0.22 ($0.11) ($0.28) $0.01 $0.33 ($0.08)
Weighted Average Diluted Shares Outstanding		 38.49M 38.66M 38.45M 38.68M 38.76M 38.68M 38.93M 39.00M 39.18M 38.94M 38.20M
Weighted Average Basic & Diluted Shares Outstanding		 38.38M 38.41M 38.68M 38.73M 38.82M 38.89M 38.98M 39.00M 38.92M 38.23M 37.82M

Annual Cash Flow Statements for Marcus & Millichap

This table details how cash moves in and out of Marcus & Millichap's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -53 91 33 -6.10 18 10 139 -146 -65 -17 8.48
Net Cash From Operating Activities		 72 74 67 117 25 38 256 14 -72 22 67
Net Cash From Continuing Operating Activities		 72 74 67 117 25 38 256 14 -72 22 67
Net Income / (Loss) Continuing Operations		 66 65 52 87 77 43 142 104 -34 -12 -1.91
Consolidated Net Income / (Loss)		 66 65 52 87 77 43 142 104 -34 -12 -1.91
Depreciation Expense		 3.31 4.39 5.36 6.30 8.02 11 12 13 14 17 12
Non-Cash Adjustments to Reconcile Net Income		 9.03 7.09 21 13 31 34 27 34 44 46 51
Changes in Operating Assets and Liabilities, net		 -6.85 -1.69 -11 10 -90 -49 75 -138 -96 -29 5.57
Net Cash From Investing Activities		 -127 20 -27 -118 -3.42 -17 -108 -54 75 -9.90 -3.82
Net Cash From Continuing Investing Activities		 -127 20 -27 -118 -3.42 -17 -108 -54 75 -9.90 -3.82
Purchase of Property, Leasehold Improvements and Equipment		 -6.80 -9.47 -6.55 -8.07 -8.81 -6.95 -6.86 -12 -9.37 -7.87 -7.87
Purchase of Investment Securities		 -146 -108 -66 -224 -174 -232 -387 -393 -307 -191 -327
Sale and/or Maturity of Investments		 26 138 45 114 180 222 286 351 392 189 331
Net Cash From Financing Activities		 1.84 -3.12 -5.78 -5.44 -3.88 -10 -5.92 -106 -68 -29 -55
Net Cash From Continuing Financing Activities		 1.84 -3.12 -5.78 -5.44 -3.88 -10 -5.92 -106 -68 -29 -55
Issuance of Common Equity		 0.98 0.67 0.65 0.62 0.66 0.64 0.65 0.71 0.66 0.85 0.82
Repurchase of Common Equity		 - - - - - 0.00 0.00 -29 -39 -0.79 -25
Payment of Dividends		 - - - - - 0.00 0.00 -60 -20 -20 -21
Other Financing Activities, Net		 1.75 -2.85 -5.45 -5.02 -3.45 -4.41 -6.57 -17 -8.80 -8.59 -9.48
Effect of Exchange Rate Changes		 - - - 0.00 0.00 -0.05 -2.64 -0.37 0.12 -0.37 0.22
Cash Interest Paid		 0.87 0.63 1.91 2.20 2.11 1.22 0.75 0.61 0.48 0.58 0.48
Cash Income Taxes Paid		 43 37 35 24 40 7.33 49 70 0.67 0.47 0.42

Quarterly Cash Flow Statements for Marcus & Millichap

This table details how cash moves in and out of Marcus & Millichap's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 53 -53 -80 71 11 -19 -3.74 -64 31 45 -25
Net Cash From Operating Activities		 7.66 15 -51 0.85 15 57 -53 21 52 46 -28
Net Cash From Continuing Operating Activities		 7.66 15 -51 0.85 15 57 -53 21 52 46 -28
Net Income / (Loss) Continuing Operations		 -9.24 -10 -9.99 -5.54 -5.39 8.55 -4.42 -11 0.24 13 -3.10
Consolidated Net Income / (Loss)		 -9.24 -10 -9.99 -5.54 -5.39 8.55 -4.42 -11 0.24 13 -3.10
Depreciation Expense		 3.64 3.32 3.42 3.33 4.55 5.29 2.85 3.15 2.74 3.35 2.39
Non-Cash Adjustments to Reconcile Net Income		 1.35 14 6.14 14 12 15 4.37 19 12 16 13
Changes in Operating Assets and Liabilities, net		 12 7.72 -51 -11 4.55 28 -56 9.98 38 14 -40
Net Cash From Investing Activities		 46 -54 -22 80 -3.47 -65 57 -67 -19 25 34
Net Cash From Continuing Investing Activities		 46 -54 -22 80 -3.47 -65 57 -67 -19 25 34
Purchase of Property, Leasehold Improvements and Equipment		 -2.22 -1.68 -2.64 -1.66 -2.05 -1.53 -1.49 -1.73 -2.25 -2.40 -2.97
Purchase of Investment Securities		 -33 -131 -66 -2.46 -40 -83 -61 -137 -87 -42 -34
Sale and/or Maturity of Investments		 82 79 47 84 38 19 120 71 70 70 71
Net Cash From Financing Activities		 -0.95 -14 -7.50 -9.73 -1.12 -10 -8.07 -18 -1.57 -27 -32
Net Cash From Continuing Financing Activities		 -0.95 -14 -7.50 -9.73 -1.12 -10 -8.07 -18 -1.57 -27 -32
Repurchase of Common Equity		 - -4.51 -0.55 - - -0.23 -0.43 -6.97 -0.58 -17 -25
Payment of Dividends		 -0.11 -9.66 -0.59 -9.75 -0.15 -9.74 -0.70 -9.88 -0.18 -9.80 -0.78
Other Financing Activities, Net		 -0.83 -0.45 -6.35 -0.41 -0.97 -0.86 -6.95 -1.37 -0.81 -0.35 -5.83
Effect of Exchange Rate Changes		 -0.12 0.12 -0.08 -0.06 0.08 -0.31 0.00 0.26 -0.10 0.06 -0.10
Cash Interest Paid		 0.02 0.06 0.49 0.07 0.01 0.01 0.39 0.07 0.01 0.01 0.29
Cash Income Taxes Paid		 0.01 -0.05 0.16 0.26 0.02 0.02 0.02 0.36 0.01 0.04 0.03

Annual Balance Sheets for Marcus & Millichap

This table presents Marcus & Millichap's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 321 394 460 566 709 779 1,045 1,004 878 870 827
Cash and Due from Banks		 96 187 221 215 233 243 382 236 171 153 162
Trading Account Securities		 134 105 126 221 212 206 296 322 236 241 236
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 12 16 17 20 113 107 23 116 118 107 98
Intangible Assets		 - - 0.00 15 22 52 48 56 51 44 42
Other Assets		 79 85 96 96 129 170 295 275 303 325 289
Total Liabilities & Shareholders' Equity		 321 394 460 566 709 779 1,045 1,004 878 870 827
Total Liabilities		 132 135 145 157 214 232 349 290 233 239 224
Accrued Interest Payable		 - - - 4.49 18 23 18 17 18 19 19
Other Short-Term Payables		 74 77 82 87 77 97 208 135 87 114 103
Other Long-Term Liabilities		 48 48 54 57 112 112 123 138 128 106 103
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 189 259 315 410 495 547 696 714 645 631 603
Total Preferred & Common Equity		 189 259 315 410 495 547 696 714 645 631 603
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 189 259 315 410 495 547 696 714 645 631 603
Common Stock		 81 85 90 97 105 113 122 132 154 173 193
Retained Earnings		 108 173 224 311 388 431 574 586 492 459 410
Accumulated Other Comprehensive Income / (Loss)		 0.46 0.81 0.94 0.78 1.98 2.57 0.91 -3.62 -0.77 -1.43 0.40

Quarterly Balance Sheets for Marcus & Millichap

This table presents Marcus & Millichap's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,000 910 884 882 827 825 834 802 792 812 755
Cash and Due from Banks		 271 228 171 224 91 162 173 150 86 117 137
Trading Account Securities		 301 203 236 187 256 174 176 180 247 264 198
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 27 136 28 125 121 117 111 25 104 100 95
Intangible Assets		 57 55 54 52 50 49 47 43 43 42 41
Other Assets		 344 289 395 294 310 324 327 404 313 289 284
Total Liabilities & Shareholders' Equity		 1,000 910 884 882 827 825 834 802 792 812 755
Total Liabilities		 276 228 220 233 201 199 216 184 184 210 186
Accrued Interest Payable		 0.00 17 18 18 18 18 18 19 19 19 18
Other Short-Term Payables		 147 86 71 85 75 75 95 67 68 94 74
Other Long-Term Liabilities		 129 125 131 129 109 106 103 98 97 97 93
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 724 682 664 649 626 627 618 618 608 602 569
Total Preferred & Common Equity		 724 682 664 649 626 627 618 618 608 602 569
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 724 682 664 649 626 627 618 618 608 602 569
Common Stock		 128 133 140 145 155 162 167 175 182 187 196
Retained Earnings		 600 552 526 507 472 466 451 444 426 415 373
Accumulated Other Comprehensive Income / (Loss)		 -3.93 -2.45 -2.60 -2.92 -1.28 -1.36 0.14 -1.08 0.33 0.17 -0.52

Annual Metrics And Ratios for Marcus & Millichap

This table displays calculated financial ratios and metrics derived from Marcus & Millichap's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 38,922,604.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 38,922,604.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.05
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.71 $1.66 $1.32 $2.23 $1.95 $1.08 $3.57 $2.61 ($0.88) ($0.32) ($0.05)
Adjusted Weighted Average Basic Shares Outstanding		 38.85M 38.90M 38.99M 39.15M 39.40M 39.64M 39.89M 39.89M 38.66M 38.68M 38.94M
Adjusted Diluted Earnings per Share		 $1.69 $1.66 $1.32 $2.22 $1.95 $1.08 $3.55 $2.59 ($0.88) ($0.32) ($0.05)
Adjusted Weighted Average Diluted Shares Outstanding		 39.16M 39.04M 39.10M 39.38M 39.55M 39.74M 40.19M 40.19M 38.66M 38.68M 38.94M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 37.57M 38.07M 38.58M 38.98M 39.19M 39.40M 39.69M 39.24M 38.41M 38.89M 38.23M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Marcus & Millichap

This table displays calculated financial ratios and metrics derived from Marcus & Millichap's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 38,922,604.00 38,234,466.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 38,922,604.00 38,234,466.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.34 -0.08
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -50.01% -36.70% -16.61% -2.76% 4.03% 44.48% 12.37% 8.80% 15.09% - 18.27%
EBITDA Growth		 -122.24% -162.91% -36.95% 95.70% 76.33% 300.54% 2.13% -444.95% 333.80% - 102.03%
EBIT Growth		 -135.94% -216.09% -28.49% 42.71% 43.54% 198.38% 5.53% -8.99% 123.14% - 84.44%
NOPAT Growth		 -136.86% -203.37% -28.49% 42.71% 43.54% 204.51% 5.53% -8.99% 105.40% - 84.44%
Net Income Growth		 -143.25% -229.34% -71.22% 36.56% 41.72% 183.53% 55.72% -99.26% 104.46% - 29.90%
EPS Growth		 -145.28% -223.81% -73.33% 39.13% 41.67% 184.62% 57.69% -100.00% 107.14% - 27.27%
Operating Cash Flow Growth		 -80.88% -42.20% 49.59% -86.77% 98.79% 285.83% -3.57% 2,370.04% 242.83% - 47.82%
Free Cash Flow Firm Growth		 194.89% 746.25% 28.95% -28.97% -59.27% -61.70% -103.76% -53.30% -42.13% - 2,798.20%
Invested Capital Growth		 -10.31% -9.56% -8.30% -5.61% -4.87% -2.24% -1.28% -3.02% -2.51% - -7.85%
Revenue Q/Q Growth		 -0.53% 2.62% -22.36% 22.70% 6.41% 42.53% -39.61% 18.80% 12.56% - -29.72%
EBITDA Q/Q Growth		 -200.55% -9.93% -35.15% 99.04% -1,553.21% 1,031.35% -165.96% 94.63% 809.26% - -99.00%
EBIT Q/Q Growth		 -87.47% -3.86% -26.10% 76.66% -84.76% 280.97% -221.09% 73.08% 139.23% - -111.27%
NOPAT Q/Q Growth		 -87.47% -3.86% -26.10% 76.66% -84.76% 292.25% -213.98% 73.08% 109.15% - -111.39%
Net Income Q/Q Growth		 -5.85% -10.75% 2.40% 44.55% 2.76% 258.74% -151.73% -149.55% 102.17% - -123.29%
EPS Q/Q Growth		 -4.35% -8.33% 0.00% 46.15% 0.00% 257.14% -150.00% -154.55% 103.57% - -124.24%
Operating Cash Flow Q/Q Growth		 19.11% 91.67% -447.46% 101.67% 1,689.54% 272.02% -193.27% 139.78% 148.38% - -159.59%
Free Cash Flow Firm Q/Q Growth		 36.05% -10.01% -22.92% -24.73% -22.00% -15.36% -107.57% 1,034.48% -3.35% - 14.53%
Invested Capital Q/Q Growth		 -2.19% -0.63% -3.06% 0.18% -1.43% 2.12% -2.10% -1.58% -0.91% - -5.65%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -4.71% -5.04% -8.77% -0.07% -1.07% 7.00% -7.64% -0.35% 2.18% - 0.13%
EBIT Margin		 -6.95% -7.04% -11.43% -2.17% -3.77% 4.79% -9.61% -2.18% 0.76% - -1.26%
Profit (Net Income) Margin		 -5.71% -6.16% -7.75% -3.50% -3.20% 3.56% -3.05% -6.41% 0.12% - -1.81%
Tax Burden Percent		 82.13% 87.58% 67.79% 161.08% 84.78% 74.36% 31.77% 294.50% 16.33% - 143.12%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 25.64% 0.00% 0.00% 83.67% - 0.00%
Return on Invested Capital (ROIC)		 -5.25% -4.68% -7.58% -1.45% -2.59% 3.88% -7.70% -1.79% 0.15% - -1.16%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Cash Return on Invested Capital (CROIC)		 8.96% 5.88% 3.98% 1.31% 0.99% 0.84% -0.09% 1.64% 2.00% - 8.08%
Operating Return on Assets (OROA)		 -5.48% -4.82% -8.15% -1.56% -2.73% 3.81% -8.39% -1.95% 0.69% - -1.27%
Return on Assets (ROA)		 -4.50% -4.22% -5.52% -2.52% -2.32% 2.83% -2.67% -5.75% 0.11% - -1.82%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Equity Simple (ROE_SIMPLE)		 -2.45% 0.00% -6.10% -5.58% -5.04% 0.00% -1.10% -2.02% -1.11% - -0.10%
Net Operating Profit after Tax (NOPAT)		 -7.88 -8.18 -10 -2.41 -4.45 8.55 -9.74 -2.62 0.24 - -1.52
NOPAT Margin		 -4.87% -4.93% -8.00% -1.52% -2.64% 3.56% -6.73% -1.52% 0.12% - -0.89%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 106.95% 107.04% 111.43% 102.17% 103.77% 95.21% 109.61% 102.18% 99.24% - 101.26%
Earnings before Interest and Taxes (EBIT)		 -11 -12 -15 -3.44 -6.35 11 -14 -3.75 1.47 - -2.17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -7.61 -8.37 -11 -0.11 -1.80 17 -11 -0.59 4.21 - 0.23
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.71 2.56 2.07 1.95 2.48 2.35 2.17 1.97 1.90 - 1.79
Price to Tangible Book Value (P/TBV)		 1.86 2.78 2.25 2.11 2.69 2.53 2.33 2.12 2.04 - 1.93
Price to Revenue (P/Rev)		 1.50 2.56 2.09 1.98 2.47 2.14 1.88 1.65 1.53 - 1.30
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 1.73% 1.16% 1.48% 1.59% 1.26% 1.31% 1.45% 1.63% 1.70% - 1.88%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.37 2.30 1.92 1.69 2.21 2.11 1.93 1.83 1.71 - 1.55
Enterprise Value to Revenue (EV/Rev)		 1.20 2.30 1.94 1.72 2.19 1.92 1.67 1.53 1.37 - 1.13
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 374.04 312.99 334.95 110.07 - 33.32
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 59.58
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 61.34 59.82 27.73 13.33 - 9.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 14.45 37.13 46.23 124.72 216.90 249.60 0.00 109.69 84.22 - 18.37
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage Ratio		 1.37 1.39 1.33 1.32 1.35 1.37 1.31 1.31 1.35 - 1.31
Compound Leverage Factor		 1.37 1.39 1.33 1.32 1.35 1.37 1.31 1.31 1.35 - 1.31
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 67 60 46 35 27 23 -1.74 16 16 - 47
Operating Cash Flow to CapEx		 345.09% 873.53% -1,933.35% 51.36% 743.60% 3,705.36% -3,544.00% 1,212.93% 2,318.38% - -927.07%
Free Cash Flow to Firm to Interest Expense		 276.90 278.04 232.61 170.80 130.67 114.45 -9.31 81.36 79.83 - 307.08
Operating Cash Flow to Interest Expense		 31.79 67.98 -256.39 4.17 73.22 281.87 -282.57 105.10 265.03 - -180.20
Operating Cash Flow Less CapEx to Interest Expense		 22.58 60.20 -269.65 -3.95 63.37 274.26 -290.55 96.44 253.59 - -199.64
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.79 0.69 0.71 0.72 0.72 0.80 0.87 0.90 0.91 - 1.00
Fixed Asset Turnover		 9.77 5.53 4.82 8.48 5.26 6.19 9.77 6.59 7.11 - 13.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 649 645 626 627 618 631 618 608 602 - 569
Invested Capital Turnover		 1.08 0.95 0.95 0.95 0.98 1.09 1.14 1.17 1.23 - 1.32
Increase / (Decrease) in Invested Capital		 -75 -68 -57 -37 -32 -14 -8.00 -19 -15 - -49
Enterprise Value (EV)		 889 1,483 1,204 1,057 1,362 1,332 1,190 1,111 1,027 - 880
Market Capitalization		 1,113 1,654 1,294 1,219 1,535 1,485 1,340 1,197 1,145 - 1,017
Book Value per Share		 $16.88 $16.81 $16.27 $16.20 $15.95 $16.25 $15.88 $15.59 $15.44 - $14.88
Tangible Book Value per Share		 $15.53 $15.48 $14.97 $14.94 $14.74 $15.13 $14.78 $14.50 $14.37 - $13.81
Total Capital		 649 645 626 627 618 631 618 608 602 - 569
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt		 -224 -171 -91 -162 -173 -153 -150 -86 -117 - -137
Capital Expenditures (CapEx)		 2.22 1.68 2.64 1.66 2.05 1.53 1.49 1.73 2.25 - 2.97
Net Nonoperating Expense (NNE)		 1.37 2.05 -0.33 3.13 0.94 0.00 -5.32 8.41 0.00 - 1.58
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Total Depreciation and Amortization (D&A)		 3.64 3.32 3.42 3.33 4.55 5.29 2.85 3.15 2.74 - 2.39
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.24) ($0.26) ($0.26) ($0.14) ($0.14) $0.22 ($0.11) ($0.28) $0.01 $0.33 ($0.08)
Adjusted Weighted Average Basic Shares Outstanding		 38.49M 38.66M 38.45M 38.68M 38.76M 38.68M 38.93M 39.00M 39.01M 38.94M 38.20M
Adjusted Diluted Earnings per Share		 ($0.24) ($0.26) ($0.26) ($0.14) ($0.14) $0.22 ($0.11) ($0.28) $0.01 $0.33 ($0.08)
Adjusted Weighted Average Diluted Shares Outstanding		 38.49M 38.66M 38.45M 38.68M 38.76M 38.68M 38.93M 39.00M 39.18M 38.94M 38.20M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 38.38M 38.41M 38.68M 38.73M 38.82M 38.89M 38.98M 39.00M 38.92M 38.23M 37.82M
Normalized Net Operating Profit after Tax (NOPAT)		 -11 -12 -14 -5.78 -8.17 4.84 -13 -6.47 -1.80 - -4.15
Normalized NOPAT Margin		 -6.78% -7.34% -11.02% -3.65% -4.86% 2.02% -8.65% -3.76% -0.93% - -2.42%
Pre Tax Income Margin		 -6.95% -7.04% -11.43% -2.17% -3.77% 4.79% -9.61% -2.18% 0.76% - -1.26%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -46.68 -54.09 -74.04 -16.85 -30.54 57.19 -74.43 -18.74 7.46 - -14.16
NOPAT to Interest Expense		 -32.68 -37.86 -51.82 -11.80 -21.38 42.53 -52.10 -13.11 1.22 - -9.91
EBIT Less CapEx to Interest Expense		 -55.89 -61.88 -87.30 -24.98 -40.38 49.58 -82.41 -27.40 -3.97 - -33.59
NOPAT Less CapEx to Interest Expense		 -41.89 -45.65 -65.09 -19.92 -31.22 34.92 -60.08 -21.78 -10.21 - -29.35
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -129.87% -59.07% -53.04% -57.47% -64.70% -163.61% -299.12% -166.47% -307.30% - -3,514.14%
Augmented Payout Ratio		 -496.90% -174.95% -114.04% -71.95% -80.97% -169.96% -308.77% -228.53% -430.35% - -12,012.95%

Financials Breakdown Chart

Key Financial Trends

Marcus & Millichap (NYSE: MMI) showed a sharp reversal in Q1 2026, but not in a good way. The company posted a net loss, weak operating cash flow, and lower cash and securities balances than in prior quarters. While MMI still has a strong equity base and modest debt, the latest quarter suggests earnings remain highly volatile and tied to investment gains rather than stable core operating profitability.

  • MMI ended Q1 2026 with $754.96 million in total assets and $569.05 million in common equity, which still gives it a substantial balance sheet cushion.
  • The company remained lightly levered, with total liabilities of $185.91 million versus equity of $569.05 million.
  • In Q1 2026, MMI generated $171.5 million in non-interest income, showing the business can still produce sizable revenue when market conditions are favorable.
  • The company produced $33.8 million in investing cash flow in Q1 2026, helped by securities sales and maturities.
  • Over the long term, MMI has generally maintained positive operating cash flow in stronger quarters, showing the business can be cash generative when conditions improve.
  • MMI’s results are still driven heavily by net realized and unrealized capital gains on investments, which makes quarterly earnings unusually volatile and harder to predict.
  • The company continued to buy back stock in Q1 2026, repurchasing $24.9 million of common equity.
  • Interest expense was minimal in Q1 2026 at just $153,000, so debt service is not a major near-term burden.
  • Share count has been fairly stable over the last year, with only modest changes in weighted average shares outstanding.
  • Q1 2026 net income was a loss of $3.1 million, versus $13.3 million of profit in Q4 2025, a clear sequential deterioration.
  • Operating cash flow was negative $27.6 million in Q1 2026, compared with positive $46.3 million in Q4 2025.
  • The biggest drag in Q1 2026 was a $40.1 million decline in operating assets and liabilities, which pushed cash from operations lower.
  • Cash and due from banks fell to $136.5 million in Q1 2026 from $117.4 million in Q3 2025 and $149.7 million in Q1 2025, showing some near-term volatility in liquidity.
  • Total assets also declined from $812.5 million in Q3 2025 to $755.0 million in Q1 2026, reflecting a smaller balance sheet.
  • The company’s earnings trend has been weak and uneven: after solid profitability in late 2025, MMI swung back to losses in early 2026, highlighting limited earnings consistency.
  • Looking back over 2023-2025, MMI experienced several quarters of large losses or weak profits, including Q1 2024, Q3 2024, Q1 2025, and Q2 2025, underscoring the cyclical nature of the business.

Bottom line: Marcus & Millichap has a solid balance sheet and enough liquidity to weather fluctuations, but the latest quarter was weak on both earnings and cash flow. For retail investors, the key question is whether the company can move away from dependence on volatile investment gains and produce more consistent operating results. Until that happens, MMI may remain a highly cyclical name with uneven quarter-to-quarter performance.

06/15/26 03:51 AM ETAI Generated. May Contain Errors.

Marcus & Millichap Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Marcus & Millichap's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Marcus & Millichap's net income appears to be on a downward trend, with a most recent value of -$1.91 million in 2025, falling from $66.35 million in 2015. The previous period was -$12.36 million in 2024. See Marcus & Millichap's forecast for analyst expectations on what's next for the company.

Over the last 10 years, Marcus & Millichap's total revenue changed from $687.33 million in 2015 to $754.38 million in 2025, a change of 9.8%.

Marcus & Millichap's total liabilities were at $224.08 million at the end of 2025, a 6.2% decrease from 2024, and a 69.5% increase since 2015.

In the past 10 years, Marcus & Millichap's cash and equivalents has ranged from $96.19 million in 2015 to $382.14 million in 2021, and is currently $161.92 million as of their latest financial filing in 2025.


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Financial statements for NYSE:MMI last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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