Revenue growth remains highly volatile, swinging to 18.2% in 2026Q1, while gross margins have compressed from 40.5% in 2024Q1 to 36.8% in 2026Q1 due to competitive pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 781.59M | 755.16M | 696.06M | 645.93M | 1.3B | 1.3B | 716.91M | 806.43M | 814.82M | 719.7M | 717.45M | 689.05M | 572.19M | 435.89M | 385.72M | 274.7M |
| Revenue Growth % | 9.77% | 8.49% | 7.76% | -50.38% | 0.41% | 80.84% | -11.1% | -1.03% | 13.22% | 0.31% | 4.12% | 20.42% | 31.27% | 13.01% | 40.41% | - |
| Cost of Goods Sold | 509.06M | 494.68M | 431.47M | 406.64M | 850.89M | 840.21M | 447.88M | 498.88M | 502.88M | 446.56M | 444.77M | 423.39M | 350.1M | 264.64M | 230.25M | 162.48M |
| COGS % of Revenue | - | 65.51% | 61.99% | 62.96% | 65.37% | 64.81% | 62.47% | 61.86% | 61.72% | 62.05% | 61.99% | 61.44% | 61.19% | 60.71% | 59.69% | 59.15% |
| Gross Profit | 272.53M | 260.47M | 264.59M | 239.28M | 450.82M | 456.23M | 269.03M | 307.55M | 311.93M | 273.14M | 272.68M | 265.67M | 222.09M | 171.26M | 155.47M | 112.23M |
| Gross Margin % | 34.87% | 34.49% | 38.01% | 37.04% | 34.63% | 35.19% | 37.53% | 38.14% | 38.28% | 37.95% | 38.01% | 38.56% | 38.81% | 39.29% | 40.31% | 40.85% |
| Gross Profit Growth % | - | -1.56% | 10.58% | -46.92% | -1.19% | 69.59% | -12.53% | -1.41% | 14.2% | 0.17% | 2.64% | 19.62% | 29.68% | 10.16% | 38.53% | - |
| Operating Expenses | 272.73M | 272.77M | 297.5M | 298.65M | 313.42M | 266.88M | 215.41M | 211.13M | 199.65M | 177.01M | 166.18M | 151.01M | 137.48M | 149.97M | 106.46M | 88.77M |
| OpEx % of Revenue | - | 36.12% | 42.74% | 46.24% | 24.08% | 20.59% | 30.05% | 26.18% | 24.5% | 24.6% | 23.16% | 21.92% | 24.03% | 34.41% | 27.6% | 32.32% |
| Selling, General & Admin | 0 | 0 | 280.91M | 285.02M | 300.01M | 255.15M | 204.51M | 203.11M | 193.35M | 171.65M | 161.79M | 147.71M | 134.27M | 146.93M | 103.48M | 85.8M |
| SG&A % of Revenue | - | - | 40.36% | 44.13% | 23.05% | 19.68% | 28.53% | 25.19% | 23.73% | 23.85% | 22.55% | 21.44% | 23.47% | 33.71% | 26.83% | 31.23% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -195K | -12.29M | -32.91M | -59.37M | 137.4M | 189.36M | 53.61M | 96.42M | 112.29M | 96.13M | 106.5M | 114.65M | 84.61M | 21.29M | 49.01M | 23.45M |
| Operating Margin % | -0.02% | -1.63% | -4.73% | -9.19% | 10.56% | 14.61% | 7.48% | 11.96% | 13.78% | 13.36% | 14.84% | 16.64% | 14.79% | 4.88% | 12.71% | 8.54% |
| Operating Income Growth % | - | 62.65% | 44.57% | -143.21% | -27.44% | 253.18% | -44.4% | -14.13% | 16.8% | -9.74% | -7.11% | 35.51% | 297.47% | -56.57% | 108.94% | - |
| EBITDA | 11.45M | -195K | -16.32M | -45.74M | 150.81M | 201.08M | 64.51M | 104.44M | 118.58M | 101.5M | 110.89M | 117.96M | 87.81M | 24.33M | 51.99M | 26.43M |
| EBITDA Margin % | 1.46% | -0.03% | -2.34% | -7.08% | 11.59% | 15.51% | 9% | 12.95% | 14.55% | 14.1% | 15.46% | 17.12% | 15.35% | 5.58% | 13.48% | 9.62% |
| EBITDA Growth % | 178.04% | 98.81% | 64.32% | -130.33% | -25% | 211.68% | -38.23% | -11.93% | 16.84% | -8.47% | -5.99% | 34.33% | 260.94% | -53.2% | 96.73% | - |
| D&A (Non-Cash Add-back) | 11.64M | 12.1M | 16.59M | 13.63M | 13.41M | 11.72M | 10.9M | 8.02M | 6.3M | 5.36M | 4.39M | 3.31M | 3.21M | 3.04M | 2.98M | 2.97M |
| EBIT | 15.51M | 3.79M | -12.22M | -39.51M | 142.74M | 193.88M | 60.26M | 108.9M | 118.62M | 100.72M | 108.64M | 115.09M | 84.63M | 22.05M | 49.45M | 23.45M |
| Net Interest Income | -739K | -773K | -812K | -888K | -708K | -580K | -900K | -1.39M | -1.4M | -1.5M | -1.53M | -1.73M | -1.65M | -105K | -4K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 14.77M | 3.02M | -13.03M | -40.4M | 142.03M | 193.3M | 59.36M | 107.51M | 117.22M | 99.23M | 107.1M | 113.37M | 82.98M | 21.94M | 49.44M | 23.8M |
| Pretax Margin % | 1.89% | 0.4% | -1.87% | -6.25% | 10.91% | 14.91% | 8.28% | 13.33% | 14.39% | 13.79% | 14.93% | 16.45% | 14.5% | 5.03% | 12.82% | 8.67% |
| Income Tax | 15.36M | 4.93M | -666K | -6.37M | 37.8M | 50.83M | 16.53M | 30.58M | 29.96M | 47.7M | 42.45M | 47.02M | 33.45M | 13.73M | 21.51M | 10.36M |
| Effective Tax Rate % | 103.97% | 163.21% | 5.11% | 15.76% | 26.62% | 26.3% | 27.84% | 28.45% | 25.56% | 48.07% | 39.63% | 41.47% | 40.31% | 62.6% | 43.5% | 43.5% |
| Net Income | -587K | -1.91M | -12.36M | -34.03M | 104.22M | 142.47M | 42.84M | 76.93M | 87.26M | 51.52M | 64.66M | 66.35M | 49.53M | 8.21M | 27.93M | 13.45M |
| Net Margin % | -0.08% | -0.25% | -1.78% | -5.27% | 8.01% | 10.99% | 5.98% | 9.54% | 10.71% | 7.16% | 9.01% | 9.63% | 8.66% | 1.88% | 7.24% | 4.9% |
| Net Income Growth % | 91.36% | 84.56% | 63.68% | -132.66% | -26.84% | 232.58% | -44.32% | -11.84% | 69.35% | -20.31% | -2.55% | 33.96% | 503.59% | -70.62% | 107.69% | - |
| Net Income (Continuing) | -587K | -1.91M | -12.36M | -34.03M | 104.22M | 142.47M | 42.84M | 76.93M | 87.26M | 51.52M | 64.66M | 66.35M | 49.53M | 8.21M | 27.93M | 13.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -344.47M | -285.66M | -205.15M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.02 | -0.05 | -0.32 | -0.88 | 2.59 | 3.55 | 1.08 | 1.95 | 2.22 | 1.32 | 1.66 | 1.69 | 1.27 | 0.24 | 0.70 | 0.35 |
| EPS Growth % | 91.82% | 84.69% | 63.64% | -133.98% | -27.04% | 228.7% | -44.62% | -12.16% | 68.18% | -20.48% | -1.78% | 33.07% | 429.17% | -65.71% | 100% | - |
| EPS (Basic) | - | -0.05 | -0.32 | -0.88 | 2.61 | 3.57 | 1.08 | 1.95 | 2.23 | 1.32 | 1.66 | 1.71 | 1.27 | 0.24 | 0.70 | 0.35 |
| Diluted Shares Outstanding | 38.2M | 38.94M | 38.68M | 38.66M | 40.19M | 40.19M | 39.73M | 39.55M | 39.38M | 39.1M | 39.03M | 39.16M | 38.98M | 38.81M | 37.95M | 37.95M |
| Basic Shares Outstanding | 38.2M | 38.94M | 38.68M | 38.66M | 39.89M | 39.89M | 39.64M | 39.4M | 39.15M | 38.99M | 38.9M | 38.85M | 38.85M | 38.79M | 37.95M | 37.95M |
| Dividend Payout Ratio | - | - | - | - | 57.91% | - | - | - | - | - | - | - | 0.83% | 459.19% | 110.1% | 122.87% |
Cyclical Transaction Volume Sensitivity
As reported in recent financial filings, MMI's revenue growth has exhibited significant volatility, with a 18.2% year-over-year increase in 2026Q1 following a period of contraction, suggesting that transaction velocity remains highly sensitive to external interest rate environments and shifting private client sentiment across the US market.
The inconsistent revenue trajectory reflects the firm's heavy reliance on transactional brokerage commissions rather than recurring service fees. Investors should monitor whether the recent growth uptick represents a sustainable recovery in deal flow or merely a temporary fluctuation in the timing of private client asset liquidations.
Based on the provided income statement data, MMI's gross margin has trended downward from 40.5% in 2024Q1 to 36.8% in 2026Q1, indicating that competitive pressures on broker commission splits may be eroding the firm's ability to retain a larger share of transaction-based revenue during downturns.
The contraction in gross margins suggests that the firm is forced to offer more favorable splits to retain top-tier talent in a challenging market. This trend warrants further investigation into whether the current commission structure is sustainable if transaction volumes do not return to historical norms.
According to the quarterly income statement, MMI's operating margin has frequently dipped into negative territory, reaching -3.4% in 2026Q1, which implies that the firm's fixed cost base is currently too high to be adequately absorbed by the prevailing level of brokerage transaction activity.
The inability to maintain positive operating income during periods of lower revenue suggests a lack of sufficient operating leverage. The firm appears to be struggling to scale its fixed costs, such as office leases and support staff, in alignment with the cyclical nature of its commission-based revenue model.
As indicated by the financial data, MMI consistently records significant stock-based compensation expenses, often exceeding $6 million per quarter, which appears to be a persistent drag on reported net income and complicates the assessment of the firm's underlying operational profitability during periods of negative earnings.
The recurring nature of these non-cash charges suggests that shareholders are experiencing consistent dilution, which may mask the true cash-generating capacity of the brokerage business. Analysts should carefully evaluate the impact of these expenses on EPS, as they represent a meaningful portion of the firm's cost structure.
Based on the reported figures, the firm's transition to negative net margins suggests that MMI is highly vulnerable to a sustained high-interest-rate environment, which may continue to suppress the bid-ask spread and prevent the necessary deal velocity required to return the company to consistent profitability.
Short-sellers might focus on the firm's lack of recurring revenue buffers, which leaves it uniquely exposed to market cycles compared to more diversified peers. If the current price discovery phase in commercial real estate persists, the firm may face continued pressure on its bottom line despite its strong cash position.
Quick answers to the most common questions about buying MMI stock.
For fiscal year 2025, Marcus & Millichap, Inc. (MMI) reported total revenue of $755.2M. This represents a 174.9% increase compared to $274.7M in 2011.
Marcus & Millichap, Inc. (MMI) reported a net loss of $1.9M for the fiscal year ending 2025.
Marcus & Millichap, Inc. (MMI) reported an operating income of $-12.3M, resulting in an operating profit margin of -1.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Marcus & Millichap, Inc. (MMI) generated $260.5M in gross profit for the year, representing a gross profit margin of 34.5%. This demonstrates the company's core pricing power and production efficiency.