Filing Flows › Marcus & Millichap (MMI) › Q3 2026
Marcus & Millichap (MMI) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 6, 2026
Marcus & Millichap (MMI) reported revenue of $208M for the third quarter 2026 (Q3 2026), +7% from a year earlier and +3% from the quarter before. Operating margin was -0.4%, net earnings $1.0M (0.5% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $208M | +3% | +7% |
| Operating profit | −$906K | -141% | — |
| Net earnings | $1.0M | -74% | +320% |
| Operating cash flow | $33.2M | +50% | -36% |
| Free cash flow | $31.3M | +47% | -37% |
What changed
Revenue was $208.4M in Q3 2026, up 7% year over year and up 3% from the previous quarter. Real estate brokerage commissions was the largest line at 84% of revenue. Real estate brokerage commissions added $11.9M year over year (up 7%), 82% of the total change.
Operating costs exceeded revenue by $906K, an operating margin of -0.4%. Total costs grew 7% against revenue growth of 7%. Net earnings were $1.0M, up 320% year over year. The effective tax rate was 61.2%. Non-operating items added $3.5M, 135% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $33.2M (down 36% year over year), 3301% 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 $23.1M. Capital expenditures of $1.9M left free cash flow of $31.3M.
Questions
What was Marcus & Millichap's revenue in the third quarter 2026?
Marcus & Millichap (MMI) reported revenue of $208M for the third quarter 2026 (Q3 2026), +7% from a year earlier and +3% from the quarter before.
Was Marcus & Millichap profitable in the third quarter 2026?
Operating loss was $906K (-0.4% of revenue) and net earnings $1.0M.
Source: Marcus & Millichap 10-Q on SEC EDGAR.