Filing Flows › Marcus & Millichap (MMI) › Q1 2025
Marcus & Millichap (MMI) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Marcus & Millichap (MMI) reported revenue of $145M for the first quarter 2025 (Q1 2025), +12% from a year earlier and -40% from the quarter before. Operating margin was -12.2%, net loss $4.4M (3.0% of revenue).
Marcus & Millichap, Q1 2025: revenue $145M (+12% year over year), operating margin -12.2%, net loss $4.4M, operating cash flow −$52.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $145M | -40% | +12% |
| Operating profit | −$17.7M | — | — |
| Net earnings | −$4.4M | — | — |
| Operating cash flow | −$52.8M | — | — |
What changed
Revenue was $145.0M in Q1 2025, up 12% year over year and down 40% from the previous quarter. Real estate brokerage commissions was the largest line at 85% of revenue. Real estate brokerage commissions added $14.1M year over year (up 13%), 89% of the total change. Other revenue declined 37%.
Operating costs exceeded revenue by $17.7M, an operating margin of -12.2%. Total costs grew 9% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+14%). The quarter ended with a net loss of $4.4M, after a profit of $8.5M the previous quarter. Non-operating items added $3.8M, -27% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$52.8M. Non-cash charges added back $2.8M of depreciation and amortization and $6.2M of share-based compensation. Working capital and other items used $57.4M. Capital expenditures of $1.5M exceeded it, leaving free cash flow of −$54.3M.
Questions
What was Marcus & Millichap's revenue in the first quarter 2025?
Marcus & Millichap (MMI) reported revenue of $145M for the first quarter 2025 (Q1 2025), +12% from a year earlier and -40% from the quarter before.
Was Marcus & Millichap profitable in the first quarter 2025?
Operating loss was $17.7M (-12.2% of revenue) and net loss $4.4M.
Source: Marcus & Millichap 10-Q on SEC EDGAR.