Filing Flows › Marcus & Millichap (MMI) › Q2 2026 › vs Q1 2026
Marcus & Millichap (MMI) Q2 2026 vs Q1 2026 (quarter over quarter)
Marcus & Millichap's revenue rose $31.4M (+18%) from $171M in Q1 2026 to $203M in Q2 2026. The biggest changes: Real estate brokerage commissions +$28.9M (+21%); Financing fees +$3.4M (+13%); Other revenue −$862K (-13%). Operating margin 1.1% against -3.4% (+4.5 pts).
Marcus & Millichap, Q2 2026: revenue $203M (+18% year over year), operating margin 1.1%, net earnings $3.9M, operating cash flow $22.2M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 1.1% | -3.4% | +4.5 pts |
| Net margin | 1.9% | -1.8% | +3.7 pts |
| Free cash flow margin | 10.5% | -17.8% | +28.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Real estate brokerage commissions | $167M | $138M | $28.9M | +21% |
| Financing fees | $30.3M | $26.8M | $3.4M | +13% |
| Other revenue | $5.6M | $6.5M | −$862K | -13% |
| Revenue | $203M | $171M | $31.4M | +18% |
| Other income, net | $4.1M | $3.6M | $442K | +12% |
| Operating profit | $2.2M | −$5.8M | $8.0M | — |
| Costs & expenses | $201M | $177M | $23.5M | +13% |
| Pre-tax earnings | $6.3M | −$2.2M | $8.4M | — |
| SG&A | $71.7M | $71.2M | $473K | +0.7% |
| Other operating costs | $129M | $106M | $23.0M | +22% |
| Net earnings | $3.9M | −$3.1M | $7.0M | — |
| Income tax | $2.4M | $934K | $1.4M | +152% |
| Depreciation & amortization | $2.3M | $2.4M | −$43K | -2% |
| Share-based compensation | $6.8M | $6.6M | $164K | +2% |
| Working capital & other | $9.1M | −$33.5M | $42.6M | — |
| Operating cash flow | $22.2M | −$27.6M | $49.7M | — |
| Free cash flow (OCF − capex) | $21.2M | −$30.5M | $51.8M | — |
| Capital expenditures | $945K | $3.0M | −$2.0M | -68% |
Questions
How much did Marcus & Millichap's revenue grow quarter over quarter in Q2 2026?
Marcus & Millichap's revenue rose $31.4M (+18%) from $171M in Q1 2026 to $203M in Q2 2026.
What drove Marcus & Millichap's revenue change in Q2 2026?
Real estate brokerage commissions +$28.9M (+21%); Financing fees +$3.4M (+13%); Other revenue −$862K (-13%).