Filing Flows › Marcus & Millichap (MMI) › Q1 2026
Marcus & Millichap (MMI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Marcus & Millichap (MMI) reported revenue of $171M for the first quarter 2026 (Q1 2026), +18% from a year earlier and -30% from the quarter before. Operating margin was -3.4%, net loss $3.1M (1.8% of revenue).
Marcus & Millichap, Q1 2026: revenue $171M (+18% year over year), operating margin -3.4%, net loss $3.1M, operating cash flow −$27.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $171M | -30% | +18% |
| Operating profit | −$5.8M | -137% | — |
| Net earnings | −$3.1M | -123% | — |
| Operating cash flow | −$27.6M | -160% | — |
What changed
Revenue was $171.5M in Q1 2026, up 18% year over year and down 30% from the previous quarter. Real estate brokerage commissions was the largest line at 81% of revenue. Real estate brokerage commissions added $14.5M year over year (up 12%), 55% of the total change.
Operating costs exceeded revenue by $5.8M, an operating margin of -3.4%. Total costs grew 9% against revenue growth of 18%. The fastest-growing cost line was Other operating costs (+16%). The quarter ended with a net loss of $3.1M, after a profit of $13.3M the previous quarter. Non-operating items added $3.6M, -167% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$27.6M. Non-cash charges added back $2.4M of depreciation and amortization and $6.6M of share-based compensation. Working capital and other items used $33.5M. Capital expenditures of $3.0M exceeded it, leaving free cash flow of −$30.5M.
Questions
What was Marcus & Millichap's revenue in the first quarter 2026?
Marcus & Millichap (MMI) reported revenue of $171M for the first quarter 2026 (Q1 2026), +18% from a year earlier and -30% from the quarter before.
Was Marcus & Millichap profitable in the first quarter 2026?
Operating loss was $5.8M (-3.4% of revenue) and net loss $3.1M.
Source: Marcus & Millichap 10-Q on SEC EDGAR.