Filing Flows › Marcus & Millichap (MMI) › Q3 2026 › vs Q3 2025
Marcus & Millichap (MMI) Q3 2026 vs Q3 2025 (year over year)
Marcus & Millichap's revenue rose $14.5M (+7%) from $194M in Q3 2025 to $208M in Q3 2026. The biggest changes: Real estate brokerage commissions +$11.9M (+7%); Other revenue +$1.8M (+34%); Financing fees +$688K (+3%).
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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 15.0% | 25.8% | -10.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Real estate brokerage commissions | $174M | $162M | $11.9M | +7% |
| Financing fees | $27.0M | $26.3M | $688K | +3% |
| Other revenue | $7.3M | $5.4M | $1.8M | +34% |
| Revenue | $208M | $194M | $14.5M | +7% |
| Other income, net | $3.5M | $3.8M | −$343K | -9% |
| Costs & expenses | $212M | $198M | $14.1M | +7% |
| Operating costs | $209M | $196M | $13.0M | +7% |
| Income tax | $1.6M | $1.2M | $358K | +29% |
| Net earnings | $1.0M | $240K | $767K | +320% |
| SG&A | $73.5M | $72.5M | $990K | +1% |
| Other operating costs | $136M | $124M | $12.0M | +10% |
| Operating cash sources | $33.2M | $52.2M | −$19.0M | -36% |
| Depreciation & amortization | $2.3M | $2.7M | −$438K | -16% |
| Share-based compensation | $6.8M | $6.0M | $825K | +14% |
| Working capital & other | $23.1M | $43.3M | −$20.1M | -47% |
| Operating cash flow | $33.2M | $52.2M | −$19.0M | -36% |
| Free cash flow (OCF − capex) | $31.3M | $50.0M | −$18.7M | -37% |
| Capital expenditures | $1.9M | $2.3M | −$303K | -13% |
Questions
How much did Marcus & Millichap's revenue grow year over year in Q3 2026?
Marcus & Millichap's revenue rose $14.5M (+7%) from $194M in Q3 2025 to $208M in Q3 2026.
What drove Marcus & Millichap's revenue change in Q3 2026?
Real estate brokerage commissions +$11.9M (+7%); Other revenue +$1.8M (+34%); Financing fees +$688K (+3%).