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: 25.650
Low
29.00
Averages
29.00
High
29.00
Current: 25.650
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. It also offers market research, consulting and advisory, and leasing services to its clients. 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 other services, such as loan sales and due diligence, and receives recurring loan performance fees from certain lenders. It provides advisory and consulting services in forming investment strategy and making transaction decisions.
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.
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- Quality Amenities Offered: The property features a mix of studio, one-, two-, and three-bedroom units with nine-foot ceilings, stainless steel appliances, and private patios, along with amenities such as a swimming pool, 24-hour fitness center, and yoga studio, enhancing its rental appeal and income potential.
- Prime Location: Hancock Terrace is situated near Santa Maria Town Center, major highways, and key employers, which boosts its investment value and future leasing demand, further solidifying IPA's market position in the region.
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- Film Industry Impact: Cameron emphasizes that Warner Bros. releases about 15 films annually, which are crucial for theater operations, and the merger would reduce the number of films produced, limiting filmmakers' choices and consequently reducing job opportunities.
- Regulatory Concerns: Senator Lee noted receiving feedback from actors and directors expressing concerns about the Netflix-Warner Bros. merger, indicating a plan for follow-up hearings to further address these issues, reflecting heightened regulatory scrutiny on the transaction.
- Netflix's Position: In its written testimony, Netflix committed to supporting theatrical releases of Warner Bros. films and plans to invest $20 billion in film and TV production by 2026, asserting that the merger will increase production investments, although Cameron questions the sustainability of these commitments.
See More
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- Revenue Growth: The company's revenue for the fourth quarter reached $243.95 million, up 1.6% from $240.08 million last year, indicating stable revenue generation amidst a competitive real estate market.
- Enhanced Profitability: The earnings per share increased by 54.5% compared to the previous year, which not only boosts investor confidence but also provides a stronger financial foundation for future capital operations.
- Optimistic Market Outlook: With the growth in profit and revenue, Marcus & Millichap solidifies its market position in the real estate sector, which is expected to attract more investor interest in its future growth potential.
See More
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- Significant Revenue Growth: Marcus & Millichap reported total revenue of $244 million for Q4 2025, reflecting a 2% increase year-over-year, while adjusted EBITDA surged from $9 million in 2024 to $25 million, showcasing the company's resilience in a complex market environment.
- Record Transaction Volume: The firm completed nearly 9,000 transactions in Q4, totaling over $50 billion, with notable growth in private client and financing segments, as the private client business accounted for 65% of brokerage revenue at $133 million, indicating strong market demand.
- Accelerated Talent Expansion: The company achieved nearly 100 net additions to its sales force in 2025, marking the highest growth in seven years, which enhances its competitive position in the market and lays a solid foundation for future business growth.
- AI-Driven Efficiency Improvements: The firm is strategically advancing the application of AI technologies to enhance operational efficiency and reduce costs; although acquisition plans have not yet materialized, management remains optimistic about future market prospects, emphasizing a continued focus on client value propositions.
See More
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- Revenue Growth: The company achieved Q4 revenue of $244 million, a 1.6% year-over-year increase, surpassing expectations by $14.55 million, indicating sustained competitiveness in the market.
- Commission Performance: Brokerage commissions totaled $205.3 million, up 1.2% year-over-year, with private client market commissions rising 10.3%, despite a 15.8% decline in middle market and larger transaction commissions, showcasing market segment vitality.
- Increased Financing Fees: Financing fees reached $33.2 million, a 6.5% increase, reflecting heightened demand for financing services, which further supports overall revenue growth.
See More
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- Earnings Growth: In Q4 2025, earnings per share reached $0.34, a remarkable 57.0% increase year-over-year, indicating significant profitability improvements amidst market disruptions, thereby boosting investor confidence.
- Steady Revenue Growth: Total revenue for Q4 was $244 million, up 1.6% from the previous year, with brokerage commissions at $205.3 million, reflecting the company's ability to maintain stable revenue streams in a competitive environment.
- Strong Private Client Market Performance: Brokerage revenue from the Private Client Market hit $132.8 million, a 10.3% increase, showcasing the company's successful strategy in high-commission markets and further solidifying its market leadership.
- Significant EBITDA Improvement: Adjusted EBITDA for Q4 2025 was $25 million, a 38.7% increase, demonstrating ongoing enhancements in cost control and operational efficiency, laying a solid foundation for future growth.
See More
