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Marcus & Millichap (MMI) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Marcus & Millichap (MMI) Q3 2026 earnings results →
Q3 2026 Revenue up 8% year over year to $208M · 0¢ of every $1 of revenue kept as net profit · operating margin -0.4%
Marcus & Millichap made $208M in Q3 2026 (+8% Y/Y): Real estate brokerage commissions $174M, Financing fees $27.0M, Other revenue $7.3M. Operating margin -0.4%, net earnings $1.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $208.4M in Q3 2026, up 7% year over year and up 3% from the previous quarter. Real estate brokerage commissions was the largest line at 84% of revenue. Real estate brokerage commissions added $11.9M year over year (up 7%), 82% of the total change.
Operating costs exceeded revenue by $906K, an operating margin of -0.4%. Total costs grew 7% against revenue growth of 7%. Net earnings were $1.0M, up 320% year over year. The effective tax rate was 61.2%. Non-operating items added $3.5M, 135% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $33.2M (down 36% year over year), 3301% of net earnings. Non-cash charges added back $2.3M of depreciation and amortization and $6.8M of share-based compensation. Working capital and other items added $23.1M. Capital expenditures of $1.9M left free cash flow of $31.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $208M | +8% | -0.4% | $1.0M | $33.2M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $203M | +18% | 1.1% | $3.9M | $22.2M |
| Q1 2026 | 10-Q | May 7, 2026 | $171M | +18% | -3.4% | −$3.1M | −$27.6M |
| Q4 2025 | 10-K | Feb 26, 2026 | $244M | +2% | 6.3% | $13.3M | $46.3M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $194M | +15% | -1.2% | $240K | $52.2M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $172M | +9% | -5.3% | −$11.0M | $21.0M |
| Q1 2025 | 10-Q | May 7, 2025 | $145M | +12% | -12.2% | −$4.4M | −$52.8M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Marcus & Millichap
Marcus & Millichap, Inc. (“MMI”) 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 its own words, from its 10-K, filed Feb 26, 2026.
Marcus & Millichap against its Real Estate Agents & Managers (For Others) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +12%. Operating margin: -0.4% against the peers' median 0.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MMI Marcus & Millichap | Q3 2026 | $208M | +8% | -0.4% |
| JLL Jones Lang Lasalle | Q3 2026 | $7.3B | +12% | 5.4% |
| COMP Compass | Q3 2026 | $3.9B | +111% | 2.2% |
| AGNT Agnt | Q3 2026 | $1.4B | +6% | 0.2% |
| VAC Marriott Vacations Worldwide | Q3 2026 | $1.4B | +8% | 11.2% |
| OPEN Opendoor Technologies | Q3 2026 | $1.0B | +12% | -18.3% |
| NMRK Newmark Group | Q3 2026 | $973M | +13% | 8.8% |
| REAX Real Remax Group | Q3 2026 | $728M | +28% | -9.9% |
| DOUG Douglas Elliman | Q2 2026 | $283M | +4% | -1.2% |
Source: Marcus & Millichap 10-Q on SEC EDGAR · CIK 1578732 · Real Estate Agents & Managers (For Others)
Guidance and outlook
13F: who owns MMI and who is buying
More on MMI
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results