Marcus & Millichap Q4 Revenue Reaches $243.95M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 13 2026
0mins
Should l Buy MMI?
Reports preliminary Q4 revenue $243.95M vs. $240.08M last year. "We delivered solid fourth quarter results against a tough comparison thanks to a late-stage acceleration of transaction closings and concluded 2025 as the second consecutive year of revenue recovery amid the severe market disruption. Our ongoing cost controls and focus on efficiency resulted in a meaningful improvement in profitability," said Hessam Nadji, president and CEO of Marcus & Millichap. "Our performance was driven by a series of initiatives throughout the year to grow exclusive inventory, increase client outreach, expand financing availability and leverage the market improvement. Our Private Client business in particular - the cornerstone of our business - is showing positive momentum thanks to price adjustments and many lenders becoming active again."
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Analyst Views on MMI
Wall Street analysts forecast MMI stock price to rise
1 Analyst Rating
0 Buy
0 Hold
1 Sell
Moderate Sell
Current: 28.930
Low
29.00
Averages
29.00
High
29.00
Current: 28.930
Low
29.00
Averages
29.00
High
29.00
About MMI
Marcus & Millichap, Inc. is a real estate services company specializing in commercial real estate investment sales, financing services, research, and advisory services. Through its Commercial Real Estate Services, it provides equity advisory services and loan sales, loan guarantees, consulting, and advisory services. It serves clients with one property, multiple properties, and large investment portfolios. Through its Real Estate Brokerage, it represents commercial property owners as their investment broker in the sale of their properties. Its auction services division offers an accelerated way to buy and sell commercial property. Its financing division provides services, such as loan sales and due diligence, and receives recurring loan performance fees from certain lenders. It offers advisory and consulting services in forming investment strategy and making transaction decisions. It provides leasing services for tenants and landlords in connection with commercial real estate leases.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Marcus & Millichap Reports Strong Q1 Recovery Driven by Transaction Growth
- Transaction Activity Recovery: Marcus & Millichap's Q1 revenue reached $171.5 million, exceeding analyst expectations of $162.2 million by 18.2%, indicating a significant recovery in transaction activity driven by improved market conditions and narrowing price expectations between buyers and sellers.
- Financing Business Growth: The company reported a remarkable 48% year-over-year increase in its financing business, with CEO Hessam Nadji highlighting that this reflects the scaling of their capital markets platform and a more competitive lending environment, which has further propelled overall business growth.
- Improved Profitability: Adjusted EBITDA stood at $2.94 million with a margin of 1.7%, marking a 134% year-over-year growth, while the operating margin improved from -12.6% last year to -3.3%, showcasing a significant enhancement in the company's profitability.
- Optimistic Market Outlook: Management anticipates continued transaction growth in upcoming quarters as sellers adjust to new pricing norms and more lenders re-enter the market, with AI-driven technology innovations expected to enhance sales force productivity, thereby solidifying the company's market position.
See More
Marcus & Millichap Appoints New Retail Head
- Executive Appointment: Marcus & Millichap has announced the appointment of commercial real estate executive Michael Puline as senior managing director, overseeing the strategic growth of its retail division and ensuring seamless client service delivery.
- Extensive Experience: With over 25 years in the industry, Puline has executed more than 2,500 leasing and sale transactions totaling $8.5 billion, establishing deep relationships with institutional investors and major retailers, which will significantly enhance the company's retail division's growth potential.
- Market Leadership: Previously, Puline held a senior leadership role at a Blackstone portfolio company, where he led national retailer strategy for a $9 billion, 19-million-square-foot retail portfolio, showcasing his exceptional leadership in complex investment environments.
- Competitive Advantage: In 2025, Marcus & Millichap closed over 3,400 retail transactions, nearly matching the total of its next three closest competitors combined, demonstrating its strong competitive position and market influence in the retail sector.
See More
MMCC Arranges $54 Million HUD Refinance for Texas Multifamily Asset
- Significant Financing: Marcus & Millichap Capital Corporation (MMCC) successfully arranged a $54 million HUD refinance for Lakeview at Westpark, a 298-unit multifamily asset in Richmond, Texas, demonstrating strong confidence in the local real estate market.
- Complex Transaction Background: This transaction involved converting a floating rate bridge loan into HUD financing, navigating local Housing Finance Corporation (HFC) complexities and Texas HB21 legislation, yet MMCC's team effectively managed the challenges to achieve successful financing.
- Long-term Value Creation: Rockstar Capital's CEO Robert Martinez noted that this refinance not only reflects lender confidence in high-growth Texas submarkets but also provides capital to support ongoing operational excellence and resident experience improvements at the property.
- Strong Market Performance: Rockstar Capital owns and manages 23 multifamily properties totaling 4,567 units in Texas, reinforcing its market position in the rapidly growing Richmond/Katy corridor and further solidifying its investment portfolio in the region.
See More
Marcus & Millichap Reports Strong Q1 2026 Earnings Growth
- Significant Revenue Growth: Marcus & Millichap reported $171.5 million in revenue for Q1 2026, an 18% increase year-over-year, marking the strongest first-quarter growth in four years, indicating robust performance amid market recovery.
- Strong Brokerage Performance: Brokerage revenue grew nearly 12% year-over-year, with nearly 1,400 transactions completed, totaling $7.9 billion in volume, demonstrating the company's competitive strength and a rebound in client demand across diverse markets.
- Outstanding Financing Results: Financing revenue reached $27 million, a 48% increase, with total financing volume growing by 60%, showcasing the company's strong growth in financing and adaptability to market conditions.
- Expanded Share Repurchase Program: The company repurchased approximately $23 million of its stock in Q1 and received an additional $70 million authorization for share buybacks, bringing the total to $90 million, reflecting confidence in future growth and commitment to shareholder returns.
See More
Marcus & Millichap Q1 Earnings Highlights
- Significant Revenue Growth: Marcus & Millichap reported Q1 revenue of $171.5 million, reflecting an 18.3% year-over-year increase, indicating strong market performance and sustained client demand.
- Brokerage Commissions Rise: Brokerage commissions reached $138.1 million, up 11.7% from $123.6 million a year ago, showcasing the company's successful expansion in the private client market.
- Surge in Financing Fees: Financing fees soared to $26.8 million, a 48.1% increase from $18.1 million last year, highlighting a significant rise in demand for financing services, which enhances overall profitability.
- Improved Net Loss: The company reported a net loss of $3.1 million, an improvement from a net loss of $4.4 million in the previous year, demonstrating positive progress in cost control and operational efficiency.
See More
IPA Capital Markets Secures Over $116 Million Financing for Industrial Development
- Significant Financing: IPA Capital Markets arranged over $116.5 million in financing for a 1.4 million-square-foot industrial property, demonstrating the firm's robust capabilities in capital markets services and the growing demand in the sector.
- Favorable Loan Terms: The financing secured a 95% loan-to-cost ratio at a fixed rate of 5.28%, which not only reduces financing costs but also provides stable funding support for the developer, facilitating the project's progress.
- Clear Market Positioning: IPA Capital Markets focuses on providing commercial real estate financing solutions for major private and institutional clients, including debt, mezzanine financing, and equity investments, further solidifying its leadership in the commercial real estate financing sector.
- Strong Company Background: Marcus & Millichap, as a leading brokerage firm in commercial real estate investment sales and financing, closed 8,818 transactions with a sales volume of $50.8 billion in 2025, showcasing its influence and expertise in the industry.
See More
Marcus & Millichap Reports Strong Q1 Recovery Driven by Transaction Growth
- Transaction Activity Recovery: Marcus & Millichap's Q1 revenue reached $171.5 million, exceeding analyst expectations of $162.2 million by 18.2%, indicating a significant recovery in transaction activity driven by improved market conditions and narrowing price expectations between buyers and sellers.
- Financing Business Growth: The company reported a remarkable 48% year-over-year increase in its financing business, with CEO Hessam Nadji highlighting that this reflects the scaling of their capital markets platform and a more competitive lending environment, which has further propelled overall business growth.
- Improved Profitability: Adjusted EBITDA stood at $2.94 million with a margin of 1.7%, marking a 134% year-over-year growth, while the operating margin improved from -12.6% last year to -3.3%, showcasing a significant enhancement in the company's profitability.
- Optimistic Market Outlook: Management anticipates continued transaction growth in upcoming quarters as sellers adjust to new pricing norms and more lenders re-enter the market, with AI-driven technology innovations expected to enhance sales force productivity, thereby solidifying the company's market position.
See More
Marcus & Millichap Appoints New Retail Head
- Executive Appointment: Marcus & Millichap has announced the appointment of commercial real estate executive Michael Puline as senior managing director, overseeing the strategic growth of its retail division and ensuring seamless client service delivery.
- Extensive Experience: With over 25 years in the industry, Puline has executed more than 2,500 leasing and sale transactions totaling $8.5 billion, establishing deep relationships with institutional investors and major retailers, which will significantly enhance the company's retail division's growth potential.
- Market Leadership: Previously, Puline held a senior leadership role at a Blackstone portfolio company, where he led national retailer strategy for a $9 billion, 19-million-square-foot retail portfolio, showcasing his exceptional leadership in complex investment environments.
- Competitive Advantage: In 2025, Marcus & Millichap closed over 3,400 retail transactions, nearly matching the total of its next three closest competitors combined, demonstrating its strong competitive position and market influence in the retail sector.
See More
MMCC Arranges $54 Million HUD Refinance for Texas Multifamily Asset
- Significant Financing: Marcus & Millichap Capital Corporation (MMCC) successfully arranged a $54 million HUD refinance for Lakeview at Westpark, a 298-unit multifamily asset in Richmond, Texas, demonstrating strong confidence in the local real estate market.
- Complex Transaction Background: This transaction involved converting a floating rate bridge loan into HUD financing, navigating local Housing Finance Corporation (HFC) complexities and Texas HB21 legislation, yet MMCC's team effectively managed the challenges to achieve successful financing.
- Long-term Value Creation: Rockstar Capital's CEO Robert Martinez noted that this refinance not only reflects lender confidence in high-growth Texas submarkets but also provides capital to support ongoing operational excellence and resident experience improvements at the property.
- Strong Market Performance: Rockstar Capital owns and manages 23 multifamily properties totaling 4,567 units in Texas, reinforcing its market position in the rapidly growing Richmond/Katy corridor and further solidifying its investment portfolio in the region.
See More
Marcus & Millichap Reports Strong Q1 2026 Earnings Growth
- Significant Revenue Growth: Marcus & Millichap reported $171.5 million in revenue for Q1 2026, an 18% increase year-over-year, marking the strongest first-quarter growth in four years, indicating robust performance amid market recovery.
- Strong Brokerage Performance: Brokerage revenue grew nearly 12% year-over-year, with nearly 1,400 transactions completed, totaling $7.9 billion in volume, demonstrating the company's competitive strength and a rebound in client demand across diverse markets.
- Outstanding Financing Results: Financing revenue reached $27 million, a 48% increase, with total financing volume growing by 60%, showcasing the company's strong growth in financing and adaptability to market conditions.
- Expanded Share Repurchase Program: The company repurchased approximately $23 million of its stock in Q1 and received an additional $70 million authorization for share buybacks, bringing the total to $90 million, reflecting confidence in future growth and commitment to shareholder returns.
See More
Marcus & Millichap Q1 Earnings Highlights
- Significant Revenue Growth: Marcus & Millichap reported Q1 revenue of $171.5 million, reflecting an 18.3% year-over-year increase, indicating strong market performance and sustained client demand.
- Brokerage Commissions Rise: Brokerage commissions reached $138.1 million, up 11.7% from $123.6 million a year ago, showcasing the company's successful expansion in the private client market.
- Surge in Financing Fees: Financing fees soared to $26.8 million, a 48.1% increase from $18.1 million last year, highlighting a significant rise in demand for financing services, which enhances overall profitability.
- Improved Net Loss: The company reported a net loss of $3.1 million, an improvement from a net loss of $4.4 million in the previous year, demonstrating positive progress in cost control and operational efficiency.
See More
IPA Capital Markets Secures Over $116 Million Financing for Industrial Development
- Significant Financing: IPA Capital Markets arranged over $116.5 million in financing for a 1.4 million-square-foot industrial property, demonstrating the firm's robust capabilities in capital markets services and the growing demand in the sector.
- Favorable Loan Terms: The financing secured a 95% loan-to-cost ratio at a fixed rate of 5.28%, which not only reduces financing costs but also provides stable funding support for the developer, facilitating the project's progress.
- Clear Market Positioning: IPA Capital Markets focuses on providing commercial real estate financing solutions for major private and institutional clients, including debt, mezzanine financing, and equity investments, further solidifying its leadership in the commercial real estate financing sector.
- Strong Company Background: Marcus & Millichap, as a leading brokerage firm in commercial real estate investment sales and financing, closed 8,818 transactions with a sales volume of $50.8 billion in 2025, showcasing its influence and expertise in the industry.
See More
