Filing Flows › Marcus & Millichap (MMI) › Q3 2025
Marcus & Millichap (MMI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Marcus & Millichap (MMI) reported revenue of $194M for the third quarter 2025 (Q3 2025), +15% from a year earlier and +13% from the quarter before. Operating margin was -1.2%, net earnings $240K (0.1% of revenue).
Marcus & Millichap, Q3 2025: revenue $194M (+15% year over year), operating margin -1.2%, net earnings $240K, operating cash flow $52.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $194M | +13% | +15% |
| Operating profit | −$2.4M | — | — |
| Net earnings | $240K | — | — |
| Operating cash flow | $52.2M | +148% | +243% |
| Free cash flow | $50.0M | +159% | +279% |
What changed
Revenue was $193.9M in Q3 2025, up 15% year over year and up 13% from the previous quarter. Real estate brokerage commissions was the largest line at 84% of revenue. Real estate brokerage commissions added $20.2M year over year (up 14%), 80% of the total change. Other revenue declined 9%.
Operating costs exceeded revenue by $2.4M, an operating margin of -1.2%. Total costs grew 9% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+13%). Net earnings were $240K. The effective tax rate was 83.7%. Non-operating items added $3.8M, 261% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $52.2M (up 243% year over year), 21754% of net earnings. Non-cash charges added back $2.7M of depreciation and amortization and $6.0M of share-based compensation. Working capital and other items added $43.3M. Capital expenditures of $2.3M left free cash flow of $50.0M.
Questions
What was Marcus & Millichap's revenue in the third quarter 2025?
Marcus & Millichap (MMI) reported revenue of $194M for the third quarter 2025 (Q3 2025), +15% from a year earlier and +13% from the quarter before.
Was Marcus & Millichap profitable in the third quarter 2025?
Operating loss was $2.4M (-1.2% of revenue) and net earnings $240K.
Source: Marcus & Millichap 10-Q on SEC EDGAR.