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Marcus & Millichap cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$31.3M in Q3 2026 · $65.9M over twelve months

Operating cash flow$33.2M
Capital spending−$1.9M
Free cash flow+$31.3M
Cash / net income33.0×

Analysis

In Q3 2026, Marcus & Millichap generated $33.2M of operating cash flow and spent $1.9M on capital projects, leaving free cash flow of $31.3M. That is $18.7M less than in Q3 2025 ($50.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $74.1M; the largest uses were buybacks ($42.9M), dividends ($20.3M), capital spending ($8.3M); besides operations, cash came from other investing ($75.8M), shares issued ($920K); the cash balance rose by $71.9M.

Operating cash flow was $33.2M against net income of $1.0M — 33.0× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$6.8M, employee-related liabilities +$4.7M, depreciation & amortization +$2.3M.

Free cash flow

Marcus & Millichap: free cash flow by quarterMarcus & Millichap: free cash flow by quarter$55.1MQ4 2024−$54.3MQ1 2025$19.3MQ2 2025$50.0MQ3 2025$43.9MQ4 2025−$30.5MQ1 2026$21.2MQ2 2026$31.3MQ3 2026
Operating cash flow less capital spending.
Marcus & Millichap: operating cash flow against capital spendingMarcus & Millichap: operating cash flow against capital spendingOperating cash flowCapital spending$56.7M$1.5MQ4 2024−$52.8M$1.5MQ1 2025$21.0M$1.7MQ2 2025$52.2M$2.3MQ3 2025$46.3M$2.4MQ4 2025−$27.6M$3.0MQ1 2026$22.2M$945KQ2 2026$33.2M$1.9MQ3 2026
Latest (Q3 2026): Operating cash flow $33.2M, Capital spending $1.9M.

Capital allocation, year by year

Marcus & Millichap: where the cash came from (up) and went (down), by fiscal yearMarcus & Millichap: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $256MFY2021: Shares issued $653KFY2021: Capital spending −$6.9MFY2021: Acquisitions $229K$257MFY2021FY2022: Operating cash flow $13.6MFY2022: Shares issued $709KFY2022: Capital spending −$11.7MFY2022: Acquisitions −$12.5MFY2022: Buybacks −$29.1MFY2022: Dividends −$60.4M$14.3MFY2022FY2023: Operating cash flow −$72.4MFY2023: Shares issued $661KFY2023: Capital spending −$9.4MFY2023: Buybacks −$39.4MFY2023: Dividends −$20.1M$661KFY2023FY2024: Operating cash flow $21.7MFY2024: Shares issued $847KFY2024: Capital spending −$7.9MFY2024: Buybacks −$785KFY2024: Dividends −$20.2M$22.6MFY2024FY2025: Operating cash flow $66.7MFY2025: Shares issued $821KFY2025: Capital spending −$7.9MFY2025: Buybacks −$25.4MFY2025: Dividends −$20.6M$67.5MFY2025
Over these 5 years operating cash flow totalled $285M; the largest uses were dividends ($121M) and buybacks ($94.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$246M
Debtnone
Net cash$246M

Marcus & Millichap funds itself: free cash flow was $65.9M over the last twelve months, with $246M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Marcus & Millichap: sources (+) and uses (−) of cash, Q3 2026Marcus & Millichap: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$35.7MOperating cash flow$33.2MOther investing$5.6MCapital spending−$1.9MTaxes on employees’ shares−$889KDividends−$195KExchange rates−$68K
Marcus & Millichap: sources (+) and uses (−) of cash, TTM to Q3 2026Marcus & Millichap: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$75.8MOperating cash flow$74.1MCash drawn (+) / kept (−)−$71.9MBuybacks−$42.9MDividends−$20.3MCapital spending−$8.3MTaxes on employees’ shares−$4.4MOther financing−$2.8MShares issued$920KExchange rates−$249K

From profit to cash

Marcus & Millichap: net income to operating cash flow, Q3 2026Marcus & Millichap: net income to operating cash flow, Q3 2026Net income$1.0MDepreciation & amortization$2.3MStock-based pay$6.8MDeferred taxes−$56KOther non-cash−$65KPayables−$760KEmployee-related liabilities$4.7MPrepaid and other assets−$909KOther liabilities$178KOperating cash flow$33.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$33.2M−$1.9M—−$195K—−$35.7M$31.3M
Q2 2026$22.2M−$945K−$545K−$9.6M—−$17.0M$21.2M
Q1 2026−$27.6M−$3.0M−$24.9M−$775K—$25.4M−$30.5M
Q4 2025$46.3M−$2.4M−$17.4M−$9.8M$380K−$44.6M$43.9M
Q3 2025$52.2M−$2.3M−$577K−$178K—−$31.4M$50.0M
Q2 2025$21.0M−$1.7M−$7.0M−$9.9M—$63.8M$19.3M
Q1 2025−$52.8M−$1.5M−$425K−$697K—$3.7M−$54.3M
Q4 2024$56.7M−$1.5M−$231K−$9.7M$423K$19.3M$55.1M

Marcus & Millichap: income statement and cash flow

Marcus & Millichap, Q3 2026: revenue $208M (+8% year over year), operating margin -0.4%. The chart follows the revenue to costs, profit and cash.

Marcus & Millichap: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.