Marcus & Millichap, Inc. (MMI) Earnings
Marcus & Millichap, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $-0.08. MMI has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise -202.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.08 | $-0.08 | +0.0% | $172M | +5.7% |
| Feb 13, 2026 | $-0.07 | $0.34 | +553.3% | $244M | +47.0% |
| Nov 7, 2025 | $0.24 | $0.09 | -62.5% | $194M | -19.1% |
| Aug 7, 2025 | $-0.02 | $-0.28 | -1300.0% | $172M | -7.5% |
| May 7, 2025 | $-0.16 | $-0.11 | +31.3% | $145M | -16.0% |
| Feb 14, 2025 | $-0.06 | $0.22 | +466.7% | $240M | +20.2% |
| Nov 8, 2024 | $-0.19 | $-0.14 | +26.3% | $169M | -10.3% |
| Feb 15, 2024 | $-0.28 | $-0.27 | +3.6% | $166M | -2.9% |
| Nov 2, 2023 | $-0.26 | $-0.24 | +7.7% | $162M | -1.7% |
| Aug 4, 2023 | $-0.23 | $-0.23 | +0.0% | $163M | +7.5% |
| May 5, 2023 | $-0.17 | $-0.15 | +11.8% | $155M | -0.6% |
| Feb 17, 2023 | $0.19 | $0.20 | +5.3% | $262M | +0.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Revenue grew 18% year-over-year with brokerage up 12% and financing up 48%. Adjusted EBITDA improved to nearly $3 million from a loss of nearly $9 million a year ago. - MMI completed nearly 1,400 brokerage transactions in the first quarter, a 15% increase. Transactions per agent increased 11%. Seven of 11 property types serviced had brokerage revenue growth. Office, multifamily, etc. had strong activity. - Private client brokerage revenue improved 13% year-over-year. Larger transaction segment had a 25% revenue increase in the quarter, reversing last year's decline. - Financing revenue was $27 million, a 48% increase, with total financing volume up 60% across nearly 400 transactions. Average deal size increased 36%. - Auction revenue nearly doubled year-over-year, and revenue from loan sales and IPA capital markets increased 39%. Headcount ended the quarter with 1,621 investment brokers, up 87 from the first quarter of 2025. - Technology investments in AI to drive efficiency; balance sheet strong with $335 million in cash and no debt.
Guidance
- Second quarter revenue expected to reflect continued year-over-year improvement building on Q1 momentum. - Cost of services in the second quarter is expected to remain in the range of 62 to 63.5% of revenue. - SG&A in the second quarter should reflect modest year-over-year growth in absolute dollars driven by continued investment in agent support programs and technology infrastructure. - Tax expense is anticipated to be in the range of $500,000 to $1.5 million for the second quarter.
Segment performance
Real estate brokerage commissions for the first quarter were $138 million, an increase of 12% year-over-year and accounted for 81% of total revenue. They completed 1,348 brokerage transactions with a total volume of $7.9 billion, up 15% and 19% respectively. Within brokerage, the core private client market accounted for 64% of brokerage revenue, $88 million, up 13% year-over-year. Revenue from the larger transaction segment (deals above $20 million) was $25 million, a 25% increase year-over-year. Financing revenue was $27 million in the first quarter, an increase of 48% compared to the prior year quarter, driven by 60% growth in dollar volume to $3.1 billion across 398 financing transactions. Other revenue, including leasing, consulting, etc., was $6.5 million in the first quarter, an increase of 98% compared to the prior year, primarily reflecting growth in loan sales and advisory services.
Risks & headwinds
- General economic conditions and commercial real estate market conditions. - Ability to retain and attract transactional professionals. - Retaining business philosophy and partnership culture amid competitive pressures. - Integrating new agents and sustaining growth. - Geopolitical and macroeconomic variables which could moderate the pace of activity.
Analyst Q&A
Q: Isama, are your customers more immune to rate movements, given that it seems to be kind of part of their everyday life at this point?
A: No, they're not immune, and they're actually very sensitive to it. The pent-up demand for transactions is trumping the interest rate volatility effect.
Q: I think you mentioned 188 unique lenders, if I'm not mistaken, this quarter. I know you probably don't have the number in front of you, but I'm just curious, kind of where did that stand, maybe two, three years ago?
A: It tightened down quite a bit in 2023 and 2024, but saw significant improvement in the last two quarters with banks and credit unions returning.
Q: Larger transaction activity, clearly pretty decent amount of growth this quarter. Was that a function of your hiring, or do you think that just the price expectations amongst the sellers have become a bit more reasonable, or did both basically contribute to that?
A: Contributions from both factors. Predominantly, transactions that didn't consummate last year due to a pricing gap cleared the market in Q1, and a number of our clients that had been hesitant to bring product to market because the pricing expectation just wasn't going to be met, capitulated to more realistic price expectations.