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Financials · MMI

Marcus & Millichap Inc. (MMI) financials

For the twelve months ended Sep 30, 2026, Marcus & Millichap Inc. reported $826.70M of revenue and $15.12M of net income.

Revenue, TTM
$826.70M
Revenue growth, YoY
+10.0%
Net income, TTM
$15.12M
Net margin
1.8%
Free cash flow, TTM
$65.86M
EPS, diluted, TTM
$0.38
Cash
$189.22M
P/E
69.49
P/S
1.27
Market cap
$1.05B
Annual revenue$755.16M
FY2016FY2025
Annual net income-$1.91M
FY2016FY2025
Annual free cash flow$58.78M
FY2016FY2025

MMI revenue and earnings growth

MMI revenueQ3 2026$208.37M

Quarter YoY
+7.5%
QoQ
+2.7%
FY YoY
+8.5%
5Y CAGR
+1.0%
10Y CAGR
+0.9%

MMI revenue was $208.37M in fiscal Q3 2026 (ended Sep 30, 2026), up 7.5% from a year earlier and up 2.7% from the prior quarter. For the full fiscal 2025 it was $755.16M, up 8.5% from fiscal 2024. Compound annual growth was +1.0% over 5 years and +0.9% over 10 years. It rose in 7 of the last 10 fiscal years.

MMI net incomeQ3 2026$1.01M

Quarter YoY
+319.6%
QoQ
-74.2%

MMI net income was $1.01M in fiscal Q3 2026 (ended Sep 30, 2026), up 319.6% from a year earlier and down 74.2% from the prior quarter. For the full fiscal 2025 it was -$1.91M, compared with -$12.36M in fiscal 2024.

MMI EPSQ3 2026$0.03

Quarter YoY
+200.0%
QoQ
-70.0%

MMI diluted EPS was $0.03 in fiscal Q3 2026 (ended Sep 30, 2026), up 200.0% from a year earlier and down 70.0% from the prior quarter. For the full fiscal 2025 it was -$0.05, compared with -$0.32 in fiscal 2024.

MMI free cash flowQ3 2026$31.30M

Quarter YoY
-37.4%
QoQ
+47.4%
FY YoY
+324.7%
5Y CAGR
+13.5%
10Y CAGR
-1.0%

MMI free cash flow was $31.30M in fiscal Q3 2026 (ended Sep 30, 2026), down 37.4% from a year earlier and up 47.4% from the prior quarter. For the full fiscal 2025 it was $58.78M, up 324.7% from fiscal 2024. Compound annual growth was +13.5% over 5 years and -1.0% over 10 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$755.16M$696.06M$645.93M$1.30B$1.30B$716.91M$806.43M$814.82M$719.70M$717.45M
Cost of revenue-------$502.88M$446.56M$444.77M
Gross profit-------$311.93M$273.14M$272.68M
Selling, general and admin$286.28M$280.91M$285.02M$300.01M$255.15M$204.51M$203.11M$193.35M$171.65M$161.79M
Operating income-$13.71M-$32.91M-$59.37M$137.40M$189.36M$53.61M$96.42M$112.29M$96.13M$106.50M
Interest expense$773.0K$812.0K$888.0K$708.0K$580.0K$900.0K$1.39M$1.40M$1.50M$1.53M
Pre-tax income$3.02M-$13.03M-$40.40M$142.03M$193.30M$59.36M$107.51M$117.22M$99.23M$107.10M
Income tax$4.93M-$666.0K-$6.37M$37.80M$50.83M$16.53M$30.58M$29.96M$47.70M$42.45M
Net income-$1.91M-$12.36M-$34.03M$104.22M$142.47M$42.84M$76.93M$87.26M$51.52M$64.66M
EPS, basic-$0.05-$0.32-$0.88$2.61$3.57$1.08$1.95$2.23$1.32$1.66
EPS, diluted-$0.05-$0.32-$0.88$2.59$3.55$1.08$1.95$2.22$1.32$1.66
Diluted shares38.9M38.7M38.7M40.2M40.2M39.7M39.5M39.4M39.1M39.0M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$161.92M$153.44M$170.75M$235.87M$382.14M$243.15M$232.67M$214.68M$220.79M$187.37M
Current assets$309.21M$410.32M$393.69M$527.14M$608.13M$429.08M$410.17M$371.34M$320.43M$234.01M
Goodwill$37.85M$37.60M$38.05M$37.91M$34.07M$33.38M$15.07M$11.46M$0-
Total assets$827.18M$869.80M$878.41M$1.00B$1.05B$779.12M$709.03M$566.38M$459.66M$394.02M
Current liabilities$121.45M$133.02M$105.27M$152.01M$225.63M$120.32M$101.81M$92.86M$83.26M$78.18M
Total liabilities$224.08M$238.98M$233.14M$290.20M$348.89M$232.29M$214.13M$156.81M$144.78M$135.16M
Shareholders' equity$603.10M$630.82M$645.27M$713.51M$696.30M$546.84M$494.87M$409.57M$314.89M$258.85M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$66.66M$21.71M-$72.43M$13.63M$255.90M$38.09M$25.29M$117.31M$66.54M$74.49M
Capital expenditures$7.87M$7.87M$9.37M$11.67M$6.86M$6.95M$8.81M$8.07M$6.55M$9.47M
Free cash flow$58.78M$13.84M-$81.80M$1.96M$249.05M$31.14M$16.48M$109.24M$59.98M$65.01M
Investing cash flow-$3.82M-$9.90M$74.87M-$53.98M-$108.36M-$17.23M-$3.42M-$117.98M-$27.34M$19.82M
Financing cash flow-$54.58M-$28.75M-$67.68M-$105.56M-$5.92M-$10.33M-$3.88M-$5.44M-$5.78M-$3.12M
Dividends paid$20.55M$20.23M$20.10M$60.36M$0$0----
Share repurchases$25.37M$785.0K$39.44M$29.05M$0$0----
Stock-based compensation$24.23M$23.79M$24.15M$17.31M$10.36M$9.90M$9.28M$11.98M$9.14M$7.04M
Depreciation and amortization$12.10M$16.59M$13.63M$13.41M$11.72M$10.90M$8.02M$6.30M$5.36M$4.39M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY8.5%7.8%-50.4%0.4%80.8%-11.1%-1.0%13.2%0.3%4.1%
Net income growth, YoY----26.8%232.6%-44.3%-11.8%69.4%-20.3%-2.6%
EPS growth, YoY----27.0%228.7%-44.6%-12.2%68.2%-20.5%-1.8%
Gross margin-------38.3%38.0%38.0%
Operating margin-1.8%-4.7%-9.2%10.6%14.6%7.5%12.0%13.8%13.4%14.8%
Net margin-0.3%-1.8%-5.3%8.0%11.0%6.0%9.5%10.7%7.2%9.0%
Free cash flow margin7.8%2.0%-12.7%0.2%19.2%4.3%2.0%13.4%8.3%9.1%
Return on equity-0.3%-2.0%-5.3%14.6%20.5%7.8%15.5%21.3%16.4%25.0%
Return on assets-0.2%-1.4%-3.9%10.4%13.6%5.5%10.8%15.4%11.2%16.4%
Current ratio2.553.083.743.472.703.574.034.003.852.99

Source: XBRL data Marcus & Millichap Inc. files with the SEC, latest filing dated Nov 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MMI peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
MMI$826.70M+10.0%$15.12M1.8%$1.05B
CBRE$45.01B+14.8%$1.38B3.1%$39.05B
BEKECN¥94.58B+1.2%CN¥2.99B3.2%$21.30B
JLL$28.20B+11.4%$1.10B3.9%$16.94B
INVH$2.90B+7.2%$682.40M23.5%$15.61B
CSGP$3.67B+20.2%$179.00M4.9%$12.29B
COMP$12.61B+89.8%$133.50M1.1%$7.73B
TRNO$518.86M+17.2%$353.32M68.1%$7.33B
FSV$5.50B+5.4%$145.05M2.6%$6.42B

MMI FAQ

8 questions
  • What is MMI revenue?
    Marcus & Millichap Inc. (MMI) reported $826.70M of revenue for the twelve months ended Sep 30, 2026. That is up 10.0% from the year before. Revenue for fiscal 2025 was $755.16M.
  • Is MMI profitable?
    Yes. Marcus & Millichap Inc. earned $15.12M in net income for the twelve months ended Sep 30, 2026, a net margin of 1.8%.
  • How much cash and debt does MMI have?
    Marcus & Millichap Inc. reported $189.22M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is MMI revenue growing?
    Marcus & Millichap Inc.'s revenue changed +8.5% in fiscal 2025, to $755.16M. Its compound annual growth rate was +1.0% over 5 years and +0.9% over 10 years.
  • What is MMI free cash flow?
    Marcus & Millichap Inc. generated $65.86M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $74.12M less capital expenditures.
  • What is MMI earnings per share?
    Diluted earnings per share were $0.38 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did MMI last report financial results?
    The latest statements here come from Marcus & Millichap Inc.'s 10-Q filed on Nov 6, 2026, covering the period ended Sep 30, 2026.
  • Where does this MMI financial data come from?
    Quantisnow builds these statements from the structured XBRL data Marcus & Millichap Inc. files with the SEC. It is provided for information only and is not investment advice.