Marcus & Millichap Inc
NYSE:MMI

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Marcus & Millichap Inc
NYSE:MMI
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Price: 28.01 USD -0.36% Market Closed
Market Cap: 1.1B USD

Marcus & Millichap Inc
Investor Relations

In the competitive arena of real estate investment services, Marcus & Millichap Inc. stands as a significant player, with origins dating back to 1971 when George Marcus and William Millichap embarked on a mission to redefine the brokerage landscape. Their vision materialized into a powerhouse firm that uniquely combines in-depth market knowledge with an extensive network of skilled agents. Situated strategically in diverse metro areas across the U.S. and Canada, the company has cultivated a reputation for facilitating the sale and financing of commercial properties. With a focus on investment sales, Marcus & Millichap empowers clients from individuals to institutional investors, ensuring each transaction is supported by data-driven insights and localized market intelligence. This combination allows the firm to frequently adapt to shifting market dynamics, maintaining excellence in client service.

Marcus & Millichap’s revenue generation is intricately tied to its brokerage services, specifically through commissions from successfully closed transactions. With an expansive network of agents specializing in various property types—ranging from multifamily units to retail spaces—the company adeptly matches buyers and sellers, positioning itself as an intermediary that bridges market entities with investment opportunities. Complementing its core brokerage operations, the firm has diversified into financing services, providing clients with access to a vast array of mortgage options through Marcus & Millichap Capital Corporation. This strategic move not only solidifies client relationships by offering vertically integrated services but also leverages market synergies to enhance profitability, ensuring Marcus & Millichap can navigate economic headwinds while maintaining its leadership status in the industry.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 7, 2025
AI Summary
Q3 2025

Revenue Growth: Revenue rose 15% year-over-year to $194 million, marking the fifth consecutive quarter of year-over-year growth.

Profitability Return: The company posted net income of $240,000 ($0.01 per share) versus a net loss last year, despite a $4 million legal reserve.

Financing Surge: Financing revenue jumped 28% year-over-year, with improved lending conditions and increased activity from banks and credit unions.

Private Client Strength: Private client brokerage revenue climbed 17% with a 22% increase in transactions, driven by returning investor activity and price discovery.

Cost Management: SG&A expense was flat year-over-year after normalizing for the legal reserve, reflecting tight cost control despite investments in technology and talent.

Positive Outlook: Management expects continued sequential improvement, citing better lending, higher investor motivation, and market realignment, but notes Q4 will face tough comps from last year.

Auction Platform Traction: The auction division closed 191 sales year-to-date, accounting for about 25% of commercial property auctions in the U.S.

Key Financials
Revenue
$194 million
Net Income
$240,000
Earnings Per Share
$0.01
Adjusted EBITDA
$6.9 million
Operating Expense
$196 million
Cost of Services
$121 million
Cost of Services as % of Revenue
62.4%
SG&A Expense
$73 million
Real Estate Brokerage Commissions
$162 million
Transaction Volume
$8.4 billion
Number of Transactions
nearly 1,600
Average Commission Rate
1.9%
Private Client Brokerage Revenue
$102 million
Financing Revenue
$26 million
Financing Transaction Volume
$2.9 billion
Number of Financing Transactions
406
Other Revenue
$5 million
Cash, Cash Equivalents, and Marketable Securities
$382 million
Shares Repurchased
265,000
Average Share Repurchase Price
$30.33
Dividend Paid Post-Q3
$10 million
Tax Expense Guidance for Q4
$4 million to $6 million
Auction Platform Sales Year-to-Date
191
Earnings Call Recording
Other Earnings Calls

Management

Mr. George M. Marcus
Founder & Chairman
No Bio Available
Mr. Hessam Nadji
President, CEO & Director
No Bio Available
Mr. Steven F. DeGennaro
Executive VP & CFO
No Bio Available
Mr. Richard D. Matricaria
Executive VP & COO of Western Division
No Bio Available
Mr. Kurt Henry Schwarz
First VP of Finance & Chief Accounting Officer
No Bio Available
Mr. Ken Sayward
Senior VP & Chief Information Officer
No Bio Available
Mr. Andrew Strockis
Senior VP & Chief Marketing Officer
No Bio Available
Ms. Janice Y. Coonley SPHR
Chief People Officer & Senior VP
No Bio Available
Mr. Tim Speck
Senior VP & Division Manager of Texas offices
No Bio Available
Mr. Jeffrey M. Mishkin
Senior Vice President of Investments
No Bio Available

Contacts

Address
CALIFORNIA
Calabasas
23975 Park Sorrento Ste 400
Contacts