Marcus & Millichap, Inc. SEC 10-Q Report

Marcus & Millichap, Inc., a leading commercial real estate investment services firm, has released its Form 10-Q report for the second quarter of 2025. The report highlights the company's financial performance and operational achievements, providing insights into its revenue growth, operational efficiency, and market position.

Financial Highlights

• Total Revenue: $317.3 million, reflecting an increase from $287.5 million in the same period last year, driven by higher real estate brokerage commissions and financing fees.
• Operating Loss: $(26.8) million, compared to $(28.1) million in the prior year, indicating a slight improvement in operating efficiency.
• Net Loss: $(15.5) million, consistent with the $(15.5) million loss in the previous year, despite increased revenue, due to higher operating expenses.
• Basic and Diluted Net Loss Per Share: $(0.40), unchanged from the same period last year, reflecting stable per-share performance amidst consistent net losses.

Business Highlights

• Revenue Segments: During the three months ended June 30, 2025, approximately 82% of the company's revenue was generated from real estate brokerage commissions, 15% from financing fees, and 3% from other real estate-related services.
• Sales Units: The company closed 2,070 investment sales, financing, and other transactions in the three months ended June 30, 2025, and 3,776 transactions in the six months ended June 30, 2025, with total sales volume of approximately $12.3 billion and $21.7 billion, respectively.
• Geographical Performance: The company's Canadian operations represented 3.7% and 4.1% of total revenue for the three and six months ended June 30, 2025, respectively, indicating a decrease from 6.5% and 5.6% in the same periods of 2024.
• Future Outlook: Management anticipates potential future interest rate cuts or rising inflation, which could impact commercial real estate demand. The company is also focused on executing its capital return program, including a semi-annual dividend and stock repurchase program.
• Operational Workforce: As of June 30, 2025, the company had 1,640 investment sales and financing professionals operating in more than 80 offices, primarily as exclusive independent contractors.
• Market Position: Marcus & Millichap has maintained its position as the top commercial real estate investment broker in the United States based on the number of investment transactions for over 15 years.

SEC Filing: Marcus & Millichap, Inc. [ MMI ] - 10-Q - Aug. 07, 2025