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How Marcus & Millichap (MMI) makes money
Marcus & Millichap (MMI) made $208M of revenue in the third quarter 2026 (Q3 2026), +7% from a year earlier. Real estate brokerage commissions brought in $174M (84%); Financing fees brought in $27.0M (13%); Other revenue brought in $7.3M (3%).
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Real estate brokerage commissions | $174M | 83.6% | +4% | +7% |
| Financing fees | $27.0M | 12.9% | -11% | +3% |
| Other revenue | $7.3M | 3.5% | +29% | +34% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $208M | 100.0% |
| Income tax | $1.6M | 0.8% |
| Operating cash flow | $33.2M | 16.0% |
| Free cash flow | $31.3M | 15.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $208M | +8% |
| Q2 2026 | $203M | +18% |
| Q1 2026 | $171M | +18% |
| Q4 2025 | $244M | +2% |
| Q3 2025 | $194M | +15% |
| Q2 2025 | $172M | +9% |
| Q1 2025 | $145M | +12% |
From Marcus & Millichap's 10-Q filed Nov 6, 2026 (on EDGAR).
Questions
How does Marcus & Millichap make money?
Marcus & Millichap (MMI) made $208M of revenue in the third quarter 2026 (Q3 2026), +7% from a year earlier. Real estate brokerage commissions brought in $174M (84%); Financing fees brought in $27.0M (13%); Other revenue brought in $7.3M (3%).
What is Marcus & Millichap's biggest business?
Real estate brokerage commissions: $174M in the third quarter 2026, 84% of revenue, +7% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.