Marcus & Millichap, Inc. (MMI) Income Statement
MMI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMMI revenue and net income
Where MMI's revenue goes
2025Each bar shows an amount and its share of revenue. MMI kept −0.3% of revenue as net income.
MMI profit margins
MMI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.5% | −16.6% | +1.0% | +0.9% |
| Gross profit | −1.6% | −16.7% | −0.6% | −0.2% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MMI quarterly EPS vs estimates
Marcus & Millichap beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 6, 2026 (estimate $0.06).
MMI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $755.2M | $696.1M | $645.9M | $1.30B | $1.30B | $716.9M | $806.4M | $814.8M | $719.7M | $717.5M |
| Cost of revenue | $494.7M | $431.5M | $406.6M | $850.9M | $840.2M | $447.9M | $498.9M | $502.9M | $446.6M | $444.8M |
| Gross profit | $260.5M | $264.6M | $239.3M | $450.8M | $456.2M | $269.0M | $307.6M | $311.9M | $273.1M | $272.7M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $286.3M | $280.9M | $285.0M | $300.0M | $255.2M | $204.5M | $204.0M | $194.4M | $172.5M | $163.0M |
| Total operating expenses | $272.8M | $297.5M | $298.6M | $313.4M | $266.9M | $215.4M | $211.1M | $199.6M | $177.0M | $166.2M |
| Operating income | −$12.3M | −$32.9M | −$59.4M | $137.4M | $189.4M | $53.6M | $96.4M | $112.3M | $96.1M | $106.5M |
| Interest income | $773,000 | $812,000 | $888,000 | $708,000 | $580,000 | $900,000 | $1.4M | $1.4M | $1.5M | $1.5M |
| Interest expense | $773,000 | $812,000 | $888,000 | $708,000 | $580,000 | $900,000 | $1.4M | $1.4M | $1.5M | $1.5M |
| Income before taxes | $3.0M | −$13.0M | −$40.4M | $142.0M | $193.3M | $59.4M | $107.5M | $117.2M | $99.2M | $107.1M |
| Income taxes | $4.9M | −$666,000 | −$6.4M | $37.8M | $50.8M | $16.5M | $30.6M | $30.0M | $47.7M | $42.4M |
| Net income | −$1.9M | −$12.4M | −$34.0M | $104.2M | $142.5M | $42.8M | $76.9M | $87.3M | $51.5M | $64.7M |
| EBITDA | $15.9M | $4.4M | −$25.9M | $156.1M | $205.6M | $71.2M | $116.9M | $124.9M | $106.1M | $113.0M |
| EPS (diluted) | −$0.04 | −$0.32 | −$0.89 | $2.58 | $3.52 | $1.07 | $1.95 | $2.21 | $1.61 | $1.66 |
| Gross margin | 34.5% | 38.0% | 37.0% | 34.6% | 35.2% | 37.5% | 38.1% | 38.3% | 38.0% | 38.0% |
| Operating margin | −1.6% | −4.7% | −9.2% | 10.6% | 14.6% | 7.5% | 12.0% | 13.8% | 13.4% | 14.8% |
| Net margin | −0.3% | −1.8% | −5.3% | 8.0% | 11.0% | 6.0% | 9.5% | 10.7% | 7.2% | 9.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $202.9M | $171.5M | $243.9M | $193.9M | $172.3M | $145.0M | $240.1M | $168.5M | $158.4M | $129.1M | $166.2M | $162.0M |
| Cost of revenue | $126.7M | $108.4M | $161.2M | $126.5M | $112.9M | $94.0M | $151.8M | $104.8M | $98.1M | $76.9M | $105.4M | $104.6M |
| Gross profit | $76.2M | $63.0M | $82.7M | $67.4M | $59.4M | $51.0M | $88.3M | $63.8M | $60.3M | $52.2M | $60.8M | $57.4M |
| Sales, general & admin | $71.7M | $71.2M | $70.7M | $72.5M | $71.5M | $71.6M | $76.3M | $70.7M | $65.0M | $68.9M | $74.7M | $69.2M |
| Total operating expenses | $74.0M | $68.8M | $67.1M | $69.2M | $67.6M | $68.9M | $81.6M | $75.2M | $68.3M | $72.3M | $78.0M | $72.8M |
| Operating income | $2.2M | −$5.8M | $15.7M | −$1.8M | −$8.3M | −$17.9M | $6.7M | −$11.5M | −$8.0M | −$20.1M | −$17.2M | −$15.4M |
| Interest income | — | — | $189,000 | $197,000 | $200,000 | $187,000 | $201,000 | $208,000 | — | — | — | $241,000 |
| Interest expense | $140,000 | $153,000 | $189,000 | $197,000 | $200,000 | $187,000 | $201,000 | $208,000 | $204,000 | $199,000 | $216,000 | $241,000 |
| Income before taxes | $6.3M | −$2.2M | $19.2M | $1.5M | −$3.7M | −$13.9M | $11.5M | −$6.4M | −$3.4M | −$14.7M | −$11.7M | −$11.2M |
| Income taxes | $2.4M | $934,000 | $5.9M | $1.2M | $7.3M | −$9.5M | $2.9M | −$967,000 | $2.1M | −$4.7M | −$1.5M | −$2.0M |
| Net income | $3.9M | −$3.1M | $13.3M | $240,000 | −$11.0M | −$4.4M | $8.5M | −$5.4M | −$5.5M | −$10.0M | −$10.2M | −$9.2M |
| EBITDA | $8.8M | $378,000 | $22.8M | $4.4M | −$394,000 | −$10.9M | $17.0M | −$1.6M | $95,000 | −$11.1M | −$8.2M | −$7.4M |
| EPS (diluted) | $0.10 | −$0.08 | $0.34 | $0.01 | −$0.28 | −$0.11 | $0.22 | −$0.14 | −$0.14 | −$0.26 | −$0.27 | −$0.24 |
| Gross margin | 37.6% | 36.8% | 33.9% | 34.8% | 34.5% | 35.2% | 36.8% | 37.8% | 38.1% | 40.5% | 36.6% | 35.4% |
| Operating margin | 1.1% | −3.4% | 6.4% | −0.9% | −4.8% | −12.3% | 2.8% | −6.8% | −5.1% | −15.6% | −10.3% | −9.5% |
| Net margin | 1.9% | −1.8% | 5.5% | 0.1% | −6.4% | −3.0% | 3.6% | −3.2% | −3.5% | −7.7% | −6.2% | −5.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MMI's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MMI financial results
In fiscal year 2025 (ended December 31, 2025), Marcus & Millichap reported revenue of $755.2 million, up 8.5% from the year before. It had a net loss of $1.9 million, a net profit margin of −0.3%. Diluted earnings per share came to −$0.04. Over five years revenue grew at an average rate of 1.0% a year.
See the MMI stock overview for the latest quote and news, or the MMI chart for price history and technical indicators.
MMI income statement FAQ
What is Marcus & Millichap's annual revenue?
Marcus & Millichap reported total revenue of $755.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 8.5% from $696.1 million the previous year.
Is Marcus & Millichap profitable?
No. Marcus & Millichap reported a net loss of $1.9 million in fiscal 2025, a net profit margin of −0.3%; its operating margin was −1.6%.
What is Marcus & Millichap's gross margin?
Marcus & Millichap's gross margin was 34.5% in fiscal 2025: for every $100 of revenue, Marcus & Millichap kept $34 after the direct cost of its products and services.
How fast is Marcus & Millichap growing?
Revenue grew 1.0% a year on average over the last five fiscal years, from $716.9 million to $755.2 million.
What are Marcus & Millichap's earnings per share?
Marcus & Millichap earned $-0.04 per diluted share in fiscal 2025, compared with $-0.32 a year earlier.
When will Marcus & Millichap report its next earnings?
Marcus & Millichap is expected to report results for the quarter ending September 30, 2026 on November 6, 2026 before the market opens.
When does Marcus & Millichap's fiscal year end?
Marcus & Millichap's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.