Filing Flows › Marcus & Millichap (MMI) › Q2 2026 › vs Q2 2025
Marcus & Millichap (MMI) Q2 2026 vs Q2 2025 (year over year)
Marcus & Millichap's revenue rose $30.6M (+18%) from $172M in Q2 2025 to $203M in Q2 2026. The biggest changes: Real estate brokerage commissions +$25.6M (+18%); Financing fees +$4.0M (+15%); Other revenue +$1.0M (+23%). Operating margin 1.1% against -5.3% (+6.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 1.1% | -5.3% | +6.3 pts |
| Net margin | 1.9% | -6.4% | +8.3 pts |
| Free cash flow margin | 10.5% | 11.2% | -0.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Real estate brokerage commissions | $167M | $141M | $25.6M | +18% |
| Financing fees | $30.3M | $26.3M | $4.0M | +15% |
| Other revenue | $5.6M | $4.6M | $1.0M | +23% |
| Revenue | $203M | $172M | $30.6M | +18% |
| Other income, net | $4.1M | $5.3M | −$1.2M | -24% |
| Operating profit | $2.2M | −$9.0M | $11.3M | — |
| Costs & expenses | $201M | $181M | $19.4M | +11% |
| Pre-tax earnings | $6.3M | −$3.7M | $10.0M | — |
| SG&A | $71.7M | $71.5M | $138K | +0.2% |
| Other operating costs | $129M | $110M | $19.2M | +18% |
| Net earnings | $3.9M | −$11.0M | $14.9M | — |
| Income tax | $2.4M | $7.3M | −$4.9M | -68% |
| Depreciation & amortization | $2.3M | $3.2M | −$805K | -26% |
| Share-based compensation | $6.8M | $6.2M | $557K | +9% |
| Working capital & other | $9.1M | $22.7M | −$13.5M | -60% |
| Operating cash flow | $22.2M | $21.0M | $1.2M | +6% |
| Free cash flow (OCF − capex) | $21.2M | $19.3M | $1.9M | +10% |
| Capital expenditures | $945K | $1.7M | −$788K | -45% |
Questions
How much did Marcus & Millichap's revenue grow year over year in Q2 2026?
Marcus & Millichap's revenue rose $30.6M (+18%) from $172M in Q2 2025 to $203M in Q2 2026.
What drove Marcus & Millichap's revenue change in Q2 2026?
Real estate brokerage commissions +$25.6M (+18%); Financing fees +$4.0M (+15%); Other revenue +$1.0M (+23%).