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Marcus & Millichap (MMI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Marcus & Millichap (MMI) reported revenue of $244M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +26% from the quarter before. Operating margin was 6.3%, net earnings $13.3M (5.5% of revenue).
Marcus & Millichap, Q4 2025: revenue $244M (+2% year over year), operating margin 6.3%, net earnings $13.3M, operating cash flow $46.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $244M | +26% | +2% |
| Operating profit | $15.4M | — | +130% |
| Net earnings | $13.3M | 55× | +56% |
| Operating cash flow | $46.3M | -11% | -18% |
| Free cash flow | $43.9M | -12% | -20% |
What changed
Revenue was $243.9M in Q4 2025, up 2% year over year and up 26% from the previous quarter. Real estate brokerage commissions was the largest line at 84% of revenue.
Operating profit was $15.4M, a 6.3% margin (up 3.5 points year over year). Of the extra revenue versus a year earlier, 225% reached operating profit, above the 3% margin then. Total costs fell 2% while revenue rose 2%. Net earnings were $13.3M, up 56% year over year. The effective tax rate was 30.7%.
Operating cash flow was $46.3M (down 18% year over year), 348% of net earnings. Non-cash charges added back $3.4M of depreciation and amortization and $5.9M of share-based compensation. Working capital and other items added $23.7M. Capital expenditures of $2.4M left free cash flow of $43.9M.
Questions
What was Marcus & Millichap's revenue in the fourth quarter 2025?
Marcus & Millichap (MMI) reported revenue of $244M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +26% from the quarter before.
Was Marcus & Millichap profitable in the fourth quarter 2025?
Operating profit was $15.4M (6.3% of revenue) and net earnings $13.3M.
Source: Marcus & Millichap 10-K on SEC EDGAR.