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Marcus & Millichap
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Latest analysis
Updated Aug 6, 2026
Marcus & Millichap posts 18% Q2 revenue growth; larger-deal segment surges 43% as CRE market recovery broadens.
Marcus & Millichap delivered $203 million in Q2 2026 revenue, up 18% year-over-year, with all three business segments registering growth for the first time since market disruption began. The larger-deal segment (deals >$20M) posted 43% revenue growth, private client business grew 14%, and financing revenue rose 15%, signaling a return to broad-based deal activity. Net income reached $4 million (vs. $11 million loss in Q2 2025) and adjusted EBITDA improved to $12 million, though the company remains below its 2021–22 peak profitability as it deploys substantial noncash talent-acquisition and retention costs.
Tone: bullishRevenue
$755.2M
MMI 10-K · FY 2025
Employees
854
Revenue FY2024
$696.1M
Founded
1971
Profile
MMI 10-K Item 1 · Feb 26, 2026Marcus & Millichap is a leading national commercial real estate services firm focused on investment sales brokerage and financing. The company is the dominant broker in the $1 million to $10 million private client market, which represents more than 80% of total U.S. commercial property transactions above $1 million. It operates through a network of over 1,800 commission-based independent contractor professionals across more than 80 offices in the United States and Canada.
Read filing description ↓ Collapse description ↑
Marcus & Millichap, Inc. is a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services. We are the leading national investment brokerage company in the $1 million to $10 million private client market. This is the largest and most active market and consistently comprises more than 80% of total U.S. commercial property transactions greater than $1 million in the marketplace. As of December 31, 2025, we had 1,808 investment sales and financing professionals who are primarily commission-based independent contractors who provide real estate investment brokerage and financing services to sellers and buyers of commercial real estate in over 80 offices in the United States and Canada. In 2025, we closed 8,818 sales, financing, and other transactions with total sales volume of approximately $50.8 billion. We generate revenue by collecting real estate brokerage commissions upon the sale, and financing fees upon the financing of commercial properties, by providing equity advisory services and loan sales, loan guarantees and providing consulting and advisory services. Real estate brokerage commissions are typically based upon the value of the property and financing fees are typically based upon the size of the loan. In 2025, approximately 84% of our revenues were generated from real estate brokerage commissions, 14% from financing fees, and 2% from other revenue, including consulting and advisory services. Marcus & Millichap, Inc was formed in June 2013 in preparation for the spin-off of Marcus & Millichap Real Estate Investment Services, Inc., which was founded in 1971.
Primary products
- Real estate brokerage commissions
- Financing fees
- Equity advisory services
- Loan sales
- Loan guarantees
- Consulting and advisory services
End markets
Geographies
Named customers
Named competitors
“We believe we are uniquely positioned in the commercial marketplace with more than 50 years of experience representing clients in need of commercial real estate services across multiple property types, investor types, and geographic regions, with the ability to grow with our clients and an independent management team that provides training and mentoring opportunities to our sales team.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $696.1 million in 2024 to $755.2 million in 2025, driven by growth in both real estate brokerage commissions and financing fees, though the company continued to report an operating loss.
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