Filing Flows › Marcus & Millichap (MMI) › Q2 2025
Marcus & Millichap (MMI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Marcus & Millichap (MMI) reported revenue of $172M for the second quarter 2025 (Q2 2025), +9% from a year earlier and +19% from the quarter before. Operating margin was -5.3%, net loss $11.0M (6.4% of revenue).
Marcus & Millichap, Q2 2025: revenue $172M (+9% year over year), operating margin -5.3%, net loss $11.0M, operating cash flow $21.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $172M | +19% | +9% |
| Operating profit | −$9.0M | — | — |
| Net earnings | −$11.0M | — | — |
| Operating cash flow | $21.0M | — | 25× |
| Free cash flow | $19.3M | — | — |
What changed
Revenue was $172.3M in Q2 2025, up 9% year over year and up 19% from the previous quarter. Real estate brokerage commissions was the largest line at 82% of revenue. Financing fees added $8.0M year over year (up 44%), 57% of the total change. Other revenue declined 1%.
Operating costs exceeded revenue by $9.0M, an operating margin of -5.3%. Total costs grew 9% against revenue growth of 9%. The fastest-growing cost line was SG&A (+10%). The quarter ended with a net loss of $11.0M, wider than the previous quarter's $4.4M loss. Non-operating items added $5.3M, -141% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $21.0M (up 2370% year over year). Non-cash charges added back $3.2M of depreciation and amortization and $6.2M of share-based compensation. Working capital and other items added $22.7M. Capital expenditures of $1.7M left free cash flow of $19.3M.
Questions
What was Marcus & Millichap's revenue in the second quarter 2025?
Marcus & Millichap (MMI) reported revenue of $172M for the second quarter 2025 (Q2 2025), +9% from a year earlier and +19% from the quarter before.
Was Marcus & Millichap profitable in the second quarter 2025?
Operating loss was $9.0M (-5.3% of revenue) and net loss $11.0M.
Source: Marcus & Millichap 10-Q on SEC EDGAR.