Filing Flows › Marcus & Millichap (MMI) › Q2 2026
Marcus & Millichap (MMI) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Marcus & Millichap (MMI) reported revenue of $203M for the second quarter 2026 (Q2 2026), +18% from a year earlier and +18% from the quarter before. Operating margin was 1.1%, net earnings $3.9M (1.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $203M | +18% | +18% |
| Operating profit | $2.2M | — | — |
| Net earnings | $3.9M | — | — |
| Operating cash flow | $22.2M | — | +6% |
| Free cash flow | $21.2M | — | +10% |
What changed
Revenue was $202.9M in Q2 2026, up 18% year over year and up 18% from the previous quarter. Real estate brokerage commissions was the largest line at 82% of revenue. Real estate brokerage commissions added $25.6M year over year (up 18%), 84% of the total change.
Operating profit was $2.2M, a 1.1% margin (up 6.3 points year over year). Total costs grew 11% against revenue growth of 18%. The fastest-growing cost line was Other operating costs (+18%). Net earnings were $3.9M. The effective tax rate was 37.6%. Non-operating items added $4.1M, 65% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $22.2M (up 6% year over year), 567% of net earnings. Non-cash charges added back $2.3M of depreciation and amortization and $6.8M of share-based compensation. Working capital and other items added $9.1M. Capital expenditures of $945K left free cash flow of $21.2M.
Questions
What was Marcus & Millichap's revenue in the second quarter 2026?
Marcus & Millichap (MMI) reported revenue of $203M for the second quarter 2026 (Q2 2026), +18% from a year earlier and +18% from the quarter before.
Was Marcus & Millichap profitable in the second quarter 2026?
Operating profit was $2.2M (1.1% of revenue) and net earnings $3.9M.
Source: Marcus & Millichap 10-Q on SEC EDGAR.