Marcus & Millichap (MMI) FY2025 results: revenue $755 million, up 8.5% on the year
Marcus & Millichap, Inc. (MMI) reported revenue of $755 million for fiscal 2025, the year ended 31 December 2025, up 8.5% on the year before. Net income was -$2 million, and diluted earnings per share $-0.05. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$755 million
+8.5% on the year
FY2018FY2025
Operating margin
-1.8%
-4.7% a year earlier
FY2018FY2025
Net income
-$2 million
FY2018FY2025
Diluted EPS
-$0.05
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Q4 net income turned positive: Q4 net income was $13.3 million, or $0.34 diluted per share, against $8.5 million, or $0.22 diluted per share, in Q4 2024.
Full-year revenue rose 8.5%: Full-year 2025 revenue was $755.2 million against $696.1 million in 2024.
Private Client revenue up 10.3%: Q4 Private Client Market brokerage revenue was $132.8 million, up from $120.4 million a year earlier.
Middle and larger deal revenue fell: Q4 Middle Market and Larger Transaction Market brokerage revenue was $64.6 million, down 15.8% from $76.7 million.
Cost of services ratio rose 10 basis points: Cost of services was 63.3% of Q4 total revenue. Management linked the increase to senior professionals earning a higher amount of additional commissions.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
66.7
21.7
-72.4
+207.0%
Capital expenditure
7.9
7.9
9.4
-0.0%
Free cash flow
58.8
13.8
-81.8
+324.7%
Free cash flow margin
7.8%
2.0%
-12.7%
Cash from investing
-3.8
-9.9
74.9
Cash from financing
-54.6
-28.8
-67.7
Depreciation and amortisation
12.1
16.6
13.6
-27.1%
Share-based compensation
24.2
23.8
24.1
+1.8%
Buybacks
25.4
0.8
39.4
+3,131.3%
Dividends paid
20.6
20.2
20.1
+1.6%
Diluted shares, weighted
39m
39m
39m
+0.7%
Shares outstanding at period end
38m
39m
38m
-1.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
603
631
645
-4.4%
Debt
0.0
0.0
0.0
Operating lease liabilities
59.5
65.7
69.4
-9.5%
Other liabilities
165
173
164
-5.0%
Total liabilities and equity
827
870
878
-4.9%
Fixed assets
23.9
26.1
27.4
-8.7%
Goodwill
37.9
37.6
38.0
+0.7%
Intangible assets
3.8
5.9
13.1
-35.7%
Investments
236
241
236
-1.9%
Cash and equivalents
162
153
171
+5.5%
Other assets
363
406
393
-10.5%
Total assets
827
870
878
-4.9%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.