Filing Flows › Marcus & Millichap (MMI) › Q3 2026 › vs Q2 2026
Marcus & Millichap (MMI) Q3 2026 vs Q2 2026 (quarter over quarter)
Marcus & Millichap's revenue rose $5.5M (+3%) from $203M in Q2 2026 to $208M in Q3 2026. The biggest changes: Real estate brokerage commissions +$7.1M (+4%); Financing fees −$3.3M (-11%); Other revenue +$1.6M (+29%).
Marcus & Millichap, Q3 2026: revenue $208M (+8% year over year), operating margin -0.4%, net earnings $1.0M, operating cash flow $33.2M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 15.0% | 10.5% | +4.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Real estate brokerage commissions | $174M | $167M | $7.1M | +4% |
| Financing fees | $27.0M | $30.3M | −$3.3M | -11% |
| Other revenue | $7.3M | $5.6M | $1.6M | +29% |
| Revenue | $208M | $203M | $5.5M | +3% |
| Other income, net | $3.5M | $4.1M | −$551K | -14% |
| Costs & expenses | $212M | $207M | $4.9M | +2% |
| Operating costs | $209M | $201M | $8.6M | +4% |
| Income tax | $1.6M | $2.4M | −$768K | -33% |
| Net earnings | $1.0M | $3.9M | −$2.9M | -74% |
| SG&A | $73.5M | $71.7M | $1.8M | +3% |
| Other operating costs | $136M | $129M | $6.7M | +5% |
| Operating cash sources | $33.2M | $22.2M | $11.1M | +50% |
| Depreciation & amortization | $2.3M | $2.3M | −$43K | -2% |
| Share-based compensation | $6.8M | $6.8M | $11K | +0.2% |
| Working capital & other | $23.1M | $9.1M | $14.0M | +153% |
| Operating cash flow | $33.2M | $22.2M | $11.1M | +50% |
| Free cash flow (OCF − capex) | $31.3M | $21.2M | $10.1M | +47% |
| Capital expenditures | $1.9M | $945K | $1.0M | +106% |
Questions
How much did Marcus & Millichap's revenue grow quarter over quarter in Q3 2026?
Marcus & Millichap's revenue rose $5.5M (+3%) from $203M in Q2 2026 to $208M in Q3 2026.
What drove Marcus & Millichap's revenue change in Q3 2026?
Real estate brokerage commissions +$7.1M (+4%); Financing fees −$3.3M (-11%); Other revenue +$1.6M (+29%).