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Marcus & Millichap (MMI) Financials

Marcus & Millichap logo
$31.10 -0.79 (-2.48%)
As of 11:25 AM Eastern
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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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -10 -9.99 -5.54 -5.39 8.55 -4.42 -11 0.24 13 -3.10 3.91
Consolidated Net Income / (Loss)		 -10 -9.99 -5.54 -5.39 8.55 -4.42 -11 0.24 13 -3.10 3.91
Net Income / (Loss) Continuing Operations		 -10 -9.99 -5.54 -5.39 8.55 -4.42 -11 0.24 13 -3.10 3.91
Total Pre-Tax Income 		-12 -15 -3.44 -6.35 11 -14 -3.75 1.47 19 -2.17 6.27
Total Revenue		 166 129 158 168 240 145 172 194 244 171 203
Net Interest Income / (Expense)		 -0.22 -0.20 -0.20 -0.21 -0.20 -0.19 -0.20 -0.20 -0.19 -0.15 -0.14
Total Interest Income		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Interest Expense		 0.22 0.20 0.20 0.21 0.20 0.19 0.20 0.20 0.19 0.15 0.14
Long-Term Debt Interest Expense		 0.22 0.20 0.20 0.21 0.20 0.19 0.20 0.20 0.19 0.15 0.14
Total Non-Interest Income		 166 129 158 169 240 145 172 194 244 171 203
Net Realized & Unrealized Capital Gains on Investments		 166 129 158 169 240 145 172 194 244 171 203
Total Non-Interest Expense		 178 144 162 175 228 159 176 192 225 173 197
Other Operating Expenses		 180 146 163 175 228 160 178 194 225 175 198
Depreciation Expense		 3.32 3.42 3.33 4.55 5.29 2.85 3.15 2.74 3.35 2.39 2.35
Other Special Charges		 -5.73 -5.57 -4.81 -5.32 -4.99 -3.98 -5.50 -4.04 -3.99 -3.76 -4.19
Income Tax Expense		 -1.45 -4.75 2.10 -0.97 2.95 -9.50 7.29 1.23 5.91 0.93 2.36
Basic Earnings per Share		 ($0.26) ($0.26) ($0.14) ($0.14) $0.22 ($0.11) ($0.28) $0.01 $0.33 ($0.08) $0.10
Weighted Average Basic Shares Outstanding		 38.66M 38.45M 38.68M 38.76M 38.68M 38.93M 39.00M 39.01M 38.94M 38.20M 37.83M
Diluted Earnings per Share		 ($0.26) ($0.26) ($0.14) ($0.14) $0.22 ($0.11) ($0.28) $0.01 $0.33 ($0.08) $0.10
Weighted Average Diluted Shares Outstanding		 38.66M 38.45M 38.68M 38.76M 38.68M 38.93M 39.00M 39.18M 38.94M 38.20M 38.02M
Weighted Average Basic & Diluted Shares Outstanding		 38.41M 38.68M 38.73M 38.82M 38.89M 38.98M 39.00M 38.92M 38.23M 37.82M 37.87M

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 -53 -80 71 11 -19 -3.74 -64 31 45 -25 17
Net Cash From Operating Activities		 15 -51 0.85 15 57 -53 21 52 46 -28 22
Net Cash From Continuing Operating Activities		 15 -51 0.85 15 57 -53 21 52 46 -28 22
Net Income / (Loss) Continuing Operations		 -10 -9.99 -5.54 -5.39 8.55 -4.42 -11 0.24 13 -3.10 3.91
Consolidated Net Income / (Loss)		 -10 -9.99 -5.54 -5.39 8.55 -4.42 -11 0.24 13 -3.10 3.91
Depreciation Expense		 3.32 3.42 3.33 4.55 5.29 2.85 3.15 2.74 3.35 2.39 2.35
Non-Cash Adjustments to Reconcile Net Income		 14 6.14 14 12 15 4.37 19 12 16 13 13
Changes in Operating Assets and Liabilities, net		 7.72 -51 -11 4.55 28 -56 9.98 38 14 -40 2.67
Net Cash From Investing Activities		 -54 -22 80 -3.47 -65 57 -67 -19 25 34 4.70
Net Cash From Continuing Investing Activities		 -54 -22 80 -3.47 -65 57 -67 -19 25 34 4.70
Purchase of Property, Leasehold Improvements and Equipment		 -1.68 -2.64 -1.66 -2.05 -1.53 -1.49 -1.73 -2.25 -2.40 -2.97 -0.95
Purchase of Investment Securities		 -131 -66 -2.46 -40 -83 -61 -137 -87 -42 -34 -43
Sale and/or Maturity of Investments		 79 47 84 38 19 120 71 70 70 71 49
Net Cash From Financing Activities		 -14 -7.50 -9.73 -1.12 -10 -8.07 -18 -1.57 -27 -32 -9.73
Net Cash From Continuing Financing Activities		 -14 -7.50 -9.73 -1.12 -10 -8.07 -18 -1.57 -27 -32 -9.73
Repurchase of Common Equity		 -4.51 -0.55 - - -0.23 -0.43 -6.97 -0.58 -17 -25 -0.55
Payment of Dividends		 -9.66 -0.59 -9.75 -0.15 -9.74 -0.70 -9.88 -0.18 -9.80 -0.78 -9.58
Other Financing Activities, Net		 -0.45 -6.35 -0.41 -0.97 -0.86 -6.95 -1.37 -0.81 -0.35 -5.83 -0.15
Effect of Exchange Rate Changes		 0.12 -0.08 -0.06 0.08 -0.31 0.00 0.26 -0.10 0.06 -0.10 -0.14
Cash Interest Paid		 0.06 0.49 0.07 0.01 0.01 0.39 0.07 0.01 0.01 0.29 0.07
Cash Income Taxes Paid		 -0.05 0.16 0.26 0.02 0.02 0.02 0.36 0.01 0.04 0.03 4.09

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 910 884 882 827 825 834 802 792 812 755 766
Cash and Due from Banks		 228 171 224 91 162 173 150 86 117 137 154
Trading Account Securities		 203 236 187 256 174 176 180 247 264 198 192
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		 136 28 125 121 117 111 25 104 100 95 93
Intangible Assets		 55 54 52 50 49 47 43 43 42 41 41
Other Assets		 289 395 294 310 324 327 404 313 289 284 287
Total Liabilities & Shareholders' Equity		 910 884 882 827 825 834 802 792 812 755 766
Total Liabilities		 228 220 233 201 199 216 184 184 210 186 187
Accrued Interest Payable		 17 18 18 18 18 18 19 19 19 18 18
Other Short-Term Payables		 86 71 85 75 75 95 67 68 94 74 75
Other Long-Term Liabilities		 125 131 129 109 106 103 98 97 97 93 94
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		 682 664 649 626 627 618 618 608 602 569 579
Total Preferred & Common Equity		 682 664 649 626 627 618 618 608 602 569 579
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		 682 664 649 626 627 618 618 608 602 569 579
Common Stock		 133 140 145 155 162 167 175 182 187 196 203
Retained Earnings		 552 526 507 472 466 451 444 426 415 373 377
Accumulated Other Comprehensive Income / (Loss)		 -2.45 -2.60 -2.92 -1.28 -1.36 0.14 -1.08 0.33 0.17 -0.52 -1.23

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 38,922,604.00 38,234,466.00 37,821,808.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 38,922,604.00 38,234,466.00 37,821,808.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 0.34 -0.08 0.10
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -36.70% -16.61% -2.76% 4.03% 44.48% 12.37% 8.80% 15.09% - 18.27% 17.84%
EBITDA Growth		 -162.91% -36.95% 95.70% 76.33% 300.54% 2.13% -444.95% 333.80% - 102.03% 1,550.00%
EBIT Growth		 -216.09% -28.49% 42.71% 43.54% 198.38% 5.53% -8.99% 123.14% - 84.44% 267.20%
NOPAT Growth		 -203.37% -28.49% 42.71% 43.54% 204.51% 5.53% -8.99% 105.40% - 84.44% 249.03%
Net Income Growth		 -229.34% -71.22% 36.56% 41.72% 183.53% 55.72% -99.26% 104.46% - 29.90% 135.42%
EPS Growth		 -223.81% -73.33% 39.13% 41.67% 184.62% 57.69% -100.00% 107.14% - 27.27% 135.71%
Operating Cash Flow Growth		 -42.20% 49.59% -86.77% 98.79% 285.83% -3.57% 2,370.04% 242.83% - 47.82% 5.51%
Free Cash Flow Firm Growth		 746.25% 28.95% -28.97% -59.27% -61.70% -103.76% -53.30% -42.13% - 2,798.20% 101.39%
Invested Capital Growth		 -9.56% -8.30% -5.61% -4.87% -2.24% -1.28% -3.02% -2.51% - -7.85% -4.75%
Revenue Q/Q Growth		 2.62% -22.36% 22.70% 6.41% 42.53% -39.61% 18.80% 12.56% - -29.72% 18.36%
EBITDA Q/Q Growth		 -9.93% -35.15% 99.04% -1,553.21% 1,031.35% -165.96% 94.63% 809.26% - -99.00% 3,728.00%
EBIT Q/Q Growth		 -3.86% -26.10% 76.66% -84.76% 280.97% -221.09% 73.08% 139.23% - -111.27% 389.24%
NOPAT Q/Q Growth		 -3.86% -26.10% 76.66% -84.76% 292.25% -213.98% 73.08% 109.15% - -111.39% 357.82%
Net Income Q/Q Growth		 -10.75% 2.40% 44.55% 2.76% 258.74% -151.73% -149.55% 102.17% - -123.29% 226.10%
EPS Q/Q Growth		 -8.33% 0.00% 46.15% 0.00% 257.14% -150.00% -154.55% 103.57% - -124.24% 225.00%
Operating Cash Flow Q/Q Growth		 91.67% -447.46% 101.67% 1,689.54% 272.02% -193.27% 139.78% 148.38% - -159.59% 180.44%
Free Cash Flow Firm Q/Q Growth		 -10.01% -22.92% -24.73% -22.00% -15.36% -107.57% 1,034.48% -3.35% - 14.53% -30.25%
Invested Capital Q/Q Growth		 -0.63% -3.06% 0.18% -1.43% 2.12% -2.10% -1.58% -0.91% - -5.65% 1.73%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -5.04% -8.77% -0.07% -1.07% 7.00% -7.64% -0.35% 2.18% - 0.13% 4.25%
EBIT Margin		 -7.04% -11.43% -2.17% -3.77% 4.79% -9.61% -2.18% 0.76% - -1.26% 3.09%
Profit (Net Income) Margin		 -6.16% -7.75% -3.50% -3.20% 3.56% -3.05% -6.41% 0.12% - -1.81% 1.93%
Tax Burden Percent		 87.58% 67.79% 161.08% 84.78% 74.36% 31.77% 294.50% 16.33% - 143.12% 62.39%
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% 25.64% 0.00% 0.00% 83.67% - 0.00% 37.61%
Return on Invested Capital (ROIC)		 -4.68% -7.58% -1.45% -2.59% 3.88% -7.70% -1.79% 0.15% - -1.16% 2.64%
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)		 5.88% 3.98% 1.31% 0.99% 0.84% -0.09% 1.64% 2.00% - 8.08% 7.28%
Operating Return on Assets (OROA)		 -4.82% -8.15% -1.56% -2.73% 3.81% -8.39% -1.95% 0.69% - -1.27% 3.22%
Return on Assets (ROA)		 -4.22% -5.52% -2.52% -2.32% 2.83% -2.67% -5.75% 0.11% - -1.82% 2.01%
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)		 0.00% -6.10% -5.58% -5.04% 0.00% -1.10% -2.02% -1.11% - -0.10% 2.48%
Net Operating Profit after Tax (NOPAT)		 -8.18 -10 -2.41 -4.45 8.55 -9.74 -2.62 0.24 - -1.52 3.91
NOPAT Margin		 -4.93% -8.00% -1.52% -2.64% 3.56% -6.73% -1.52% 0.12% - -0.89% 1.93%
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		 107.04% 111.43% 102.17% 103.77% 95.21% 109.61% 102.18% 99.24% - 101.26% 96.91%
Earnings before Interest and Taxes (EBIT)		 -12 -15 -3.44 -6.35 11 -14 -3.75 1.47 - -2.17 6.27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -8.37 -11 -0.11 -1.80 17 -11 -0.59 4.21 - 0.23 8.61
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.56 2.07 1.95 2.48 2.35 2.17 1.97 1.90 - 1.79 2.04
Price to Tangible Book Value (P/TBV)		 2.78 2.25 2.11 2.69 2.53 2.33 2.12 2.04 - 1.93 2.19
Price to Revenue (P/Rev)		 2.56 2.09 1.98 2.47 2.14 1.88 1.65 1.53 - 1.30 1.45
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 82.11
Dividend Yield		 1.16% 1.48% 1.59% 1.26% 1.31% 1.45% 1.63% 1.70% - 1.88% 1.60%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 1.22%
Enterprise Value to Invested Capital (EV/IC)		 2.30 1.92 1.69 2.21 2.11 1.93 1.83 1.71 - 1.55 1.77
Enterprise Value to Revenue (EV/Rev)		 2.30 1.94 1.72 2.19 1.92 1.67 1.53 1.37 - 1.13 1.26
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 374.04 312.99 334.95 110.07 - 33.32 28.79
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 59.58 41.37
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 71.42
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 61.34 59.82 27.73 13.33 - 9.57 11.02
Enterprise Value to Free Cash Flow (EV/FCFF)		 37.13 46.23 124.72 216.90 249.60 0.00 109.69 84.22 - 18.37 23.73
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		 1.39 1.33 1.32 1.35 1.37 1.31 1.31 1.35 - 1.31 1.31
Compound Leverage Factor		 1.39 1.33 1.32 1.35 1.37 1.31 1.31 1.35 - 1.31 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)		 60 46 35 27 23 -1.74 16 16 - 47 33
Operating Cash Flow to CapEx		 873.53% -1,933.35% 51.36% 743.60% 3,705.36% -3,544.00% 1,212.93% 2,318.38% - -927.07% 2,346.88%
Free Cash Flow to Firm to Interest Expense		 278.04 232.61 170.80 130.67 114.45 -9.31 81.36 79.83 - 307.08 234.08
Operating Cash Flow to Interest Expense		 67.98 -256.39 4.17 73.22 281.87 -282.57 105.10 265.03 - -180.20 158.41
Operating Cash Flow Less CapEx to Interest Expense		 60.20 -269.65 -3.95 63.37 274.26 -290.55 96.44 253.59 - -199.64 151.66
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.69 0.71 0.72 0.72 0.80 0.87 0.90 0.91 - 1.00 1.04
Fixed Asset Turnover		 5.53 4.82 8.48 5.26 6.19 9.77 6.59 7.11 - 13.00 8.26
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 645 626 627 618 631 618 608 602 - 569 579
Invested Capital Turnover		 0.95 0.95 0.95 0.98 1.09 1.14 1.17 1.23 - 1.32 1.37
Increase / (Decrease) in Invested Capital		 -68 -57 -37 -32 -14 -8.00 -19 -15 - -49 -29
Enterprise Value (EV)		 1,483 1,204 1,057 1,362 1,332 1,190 1,111 1,027 - 880 1,025
Market Capitalization		 1,654 1,294 1,219 1,535 1,485 1,340 1,197 1,145 - 1,017 1,179
Book Value per Share		 $16.81 $16.27 $16.20 $15.95 $16.25 $15.88 $15.59 $15.44 - $14.88 $15.31
Tangible Book Value per Share		 $15.48 $14.97 $14.94 $14.74 $15.13 $14.78 $14.50 $14.37 - $13.81 $14.23
Total Capital		 645 626 627 618 631 618 608 602 - 569 579
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		 -171 -91 -162 -173 -153 -150 -86 -117 - -137 -154
Capital Expenditures (CapEx)		 1.68 2.64 1.66 2.05 1.53 1.49 1.73 2.25 - 2.97 0.95
Net Nonoperating Expense (NNE)		 2.05 -0.33 3.13 0.94 0.00 -5.32 8.41 0.00 - 1.58 0.00
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)		 3.32 3.42 3.33 4.55 5.29 2.85 3.15 2.74 - 2.39 2.35
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.26) ($0.26) ($0.14) ($0.14) $0.22 ($0.11) ($0.28) $0.01 $0.33 ($0.08) $0.10
Adjusted Weighted Average Basic Shares Outstanding		 38.66M 38.45M 38.68M 38.76M 38.68M 38.93M 39.00M 39.01M 38.94M 38.20M 37.83M
Adjusted Diluted Earnings per Share		 ($0.26) ($0.26) ($0.14) ($0.14) $0.22 ($0.11) ($0.28) $0.01 $0.33 ($0.08) $0.10
Adjusted Weighted Average Diluted Shares Outstanding		 38.66M 38.45M 38.68M 38.76M 38.68M 38.93M 39.00M 39.18M 38.94M 38.20M 38.02M
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		 38.41M 38.68M 38.73M 38.82M 38.89M 38.98M 39.00M 38.92M 38.23M 37.82M 37.87M
Normalized Net Operating Profit after Tax (NOPAT)		 -12 -14 -5.78 -8.17 4.84 -13 -6.47 -1.80 - -4.15 1.29
Normalized NOPAT Margin		 -7.34% -11.02% -3.65% -4.86% 2.02% -8.65% -3.76% -0.93% - -2.42% 0.64%
Pre Tax Income Margin		 -7.04% -11.43% -2.17% -3.77% 4.79% -9.61% -2.18% 0.76% - -1.26% 3.09%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -54.09 -74.04 -16.85 -30.54 57.19 -74.43 -18.74 7.46 - -14.16 44.75
NOPAT to Interest Expense		 -37.86 -51.82 -11.80 -21.38 42.53 -52.10 -13.11 1.22 - -9.91 27.92
EBIT Less CapEx to Interest Expense		 -61.88 -87.30 -24.98 -40.38 49.58 -82.41 -27.40 -3.97 - -33.59 38.00
NOPAT Less CapEx to Interest Expense		 -45.65 -65.09 -19.92 -31.22 34.92 -60.08 -21.78 -10.21 - -29.35 21.17
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -59.07% -53.04% -57.47% -64.70% -163.61% -299.12% -166.47% -307.30% - -3,514.14% 141.58%
Augmented Payout Ratio		 -174.95% -114.04% -71.95% -80.97% -169.96% -308.77% -228.53% -430.35% - -12,012.95% 444.29%

Financials Breakdown Chart

Key Financial Trends

Marcus & Millichap’s Q2 2026 results show a modest recovery from a difficult earnings period. Revenue increased to $202.8 million from $172.1 million in Q2 2025, while net income attributable to common shareholders improved from a loss of $11.0 million to income of $3.9 million. Diluted EPS improved to $0.10 from negative $0.28. However, earnings remain heavily dependent on net realized and unrealized investment gains, which reached $202.9 million in Q2 2026.

Profitability has been inconsistent throughout the period covered. Marcus & Millichap reported positive net income in Q2 2022 and Q4 2024, but posted losses in Q3 2023, Q4 2023, Q1 and Q2 2024, Q1 and Q2 2025, Q3 2025, and Q1 2026. The Q2 2026 rebound is encouraging, but investors should determine whether it represents a durable improvement or primarily reflects investment-market performance.

Cash generation also improved in the latest quarter. Operating cash flow rose to $22.2 million in Q2 2026 from $21.0 million in Q2 2025, following negative operating cash flow of $27.6 million in Q1 2026. Cash and due from banks increased to $153.5 million from $86.0 million a year earlier. Nevertheless, the company continues to experience substantial quarter-to-quarter swings in operating working capital and investment activity.

The balance sheet remains conservatively financed, with total liabilities of $186.9 million compared with $578.9 million of common equity and no preferred stock. Long-term debt interest expense declined steadily from $241,000 in Q3 2022 to $140,000 in Q2 2026. At the same time, total assets have declined from $966.8 million in Q2 2022 to $765.8 million in Q2 2026, while common equity has fallen from $717.2 million to $578.9 million.

  • Q2 earnings turned positive: Net income improved by approximately $14.9 million year over year, and diluted EPS increased from a $0.28 loss to $0.10.
  • Revenue growth resumed: Q2 2026 revenue rose approximately 17.8% year over year to $202.8 million.
  • Operating cash flow was positive: The company generated $22.2 million of operating cash flow in Q2 2026, reversing the negative result from Q1.
  • Liquidity improved from the prior year: Cash and due from banks increased approximately 78.6% from Q2 2025 to $153.5 million.
  • Low interest burden: Interest expense declined to $140,000 in Q2 2026 from $241,000 in Q3 2022, limiting the impact of financing costs.
  • Shareholder distributions continued: Marcus & Millichap paid $9.6 million in dividends and repurchased $545,000 of stock in Q2 2026.
  • Investment activity remains significant: The company purchased $43.5 million of investment securities and sold or received maturities of $49.1 million during Q2. This produced positive investing cash flow, but the timing of these transactions can cause volatility.
  • Q2 2026 expenses increased with revenue: Other operating expenses rose to $198.4 million from $178.2 million in Q2 2025, although the increase was slower than revenue growth.
  • Profitability remains volatile: The company has recorded frequent quarterly losses, and recent earnings have been driven largely by investment gains rather than consistently strong operating profitability.
  • Long-term balance-sheet contraction: Since Q2 2022, total assets have declined approximately 20.8% and common equity has decreased approximately 19.3%; trading account securities have fallen about 42.0% over the same period.
09/08/26 11:25 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 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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