Marcus & Millichap (NYSE:MMI) Posts Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Marcus & Millichap (NYSE:MMI) announced its earnings results on Friday. The real estate investment trust reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.12, FiscalAI reports. The firm had revenue of $243.95 million for the quarter, compared to the consensus estimate of $229.45 million. Marcus & Millichap had a negative return on equity of 0.58% and a negative net margin of 0.89%.

Here are the key takeaways from Marcus & Millichap’s conference call:

• Marcus & Millichap delivered resumed profitability in 2025 with total revenue of $755 million (up 8.5%) and Adjusted EBITDA of $25 million versus $9 million in 2024, and Q4 results beat a tough prior-year comp.
• The firm added nearly 100 net brokerage and financing professionals (the strongest sales-force growth in seven years) and completed roughly 9,000 transactions totaling over $50 billion, with Private Client and Middle Market activity accelerating.
• Financing continues to scale — 2025 financing revenue rose 23% to $104 million, transaction count jumped 33%, and MMCC/IPA closed nearly $12 billion of financings (including ~$2.3B placed with Fannie/Freddie).
• Larger institutional deals (transactions ? $20M) declined ~13% as institutional apartment strength eased and select metros face oversupply and rising multifamily vacancies, leaving some assets underpriced to clear the market.
• The company enters 2026 with a strong balance sheet (~$398 million cash, no debt), ongoing dividends/share repurchases and targeted investments in AI and central services, while remaining disciplined and cautious on M&A given recent valuation uncertainty.

Marcus & Millichap Stock Up 3.6%

Shares of NYSE MMI opened at $25.91 on Friday. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -647.64 and a beta of 1.32. The company’s 50-day simple moving average is $27.06 and its 200-day simple moving average is $29.18. Marcus & Millichap has a 52-week low of $24.43 and a 52-week high of $41.94.

Marcus & Millichap Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Friday, April 3rd. Shareholders of record on Friday, March 13th will be issued a dividend of $0.25 per share. This represents a yield of 190.0%. The ex-dividend date of this dividend is Friday, March 13th. Marcus & Millichap’s dividend payout ratio (DPR) is presently -312.50%.

Institutional Investors Weigh In On Marcus & Millichap

Large investors have recently bought and sold shares of the company. Cerity Partners LLC purchased a new position in shares of Marcus & Millichap in the fourth quarter worth about $249,000. Algert Global LLC acquired a new position in shares of Marcus & Millichap during the 3rd quarter worth approximately $354,000. Intech Investment Management LLC grew its position in shares of Marcus & Millichap by 8.1% in the third quarter. Intech Investment Management LLC now owns 10,284 shares of the real estate investment trust’s stock valued at $302,000 after purchasing an additional 767 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Marcus & Millichap by 20.5% in the second quarter. BNP Paribas Financial Markets now owns 10,137 shares of the real estate investment trust’s stock valued at $311,000 after purchasing an additional 1,727 shares during the last quarter. Finally, Norges Bank purchased a new stake in Marcus & Millichap in the 2nd quarter valued at $236,000. 62.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MMI has been the subject of several research reports. Wall Street Zen downgraded shares of Marcus & Millichap from a “buy” rating to a “hold” rating in a research note on Sunday, December 28th. Wells Fargo & Company reduced their price target on shares of Marcus & Millichap from $29.00 to $28.00 and set an “underweight” rating for the company in a research report on Monday, February 2nd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Marcus & Millichap in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $28.00.

More Marcus & Millichap News

Here are the key news stories impacting Marcus & Millichap this week:

• Positive Sentiment: Q4 results beat expectations: MMI reported EPS of $0.34 vs. consensus $0.22 and revenue of $243.95M vs. $229.45M, driven by higher transaction volume and advisory fees — a clear near-term catalyst for the stock. MarketBeat Earnings Summary
• Positive Sentiment: Deal flow pickup: Marcus & Millichap brokered a $40M hospitality asset sale in Baton Rouge, signaling continued deal activity that supports revenue for its brokerage model. Marcus & Millichap Facilitates $40 Million Hospitality Asset Sale in Baton Rouge
• Neutral Sentiment: Earnings call materials released — management commentary, slide deck and transcript are available for detail on margins, pipeline and guidance; review the call for color on transaction pace and expense trends. Press Release / Slide Deck
• Neutral Sentiment: Multiple outlets published transcripts and snapshots of Q4 (Seeking Alpha, Yahoo, TheHour, BayStreet), useful for parsing management remarks vs. headline numbers. Earnings Call Transcript (Seeking Alpha)
• Neutral Sentiment: Regulatory note: a recent SEC filing discussed an investment manager “closing the book” on a real estate position — worth monitoring if it signals institutional repositioning in the sector or for MMI specifically. Investment Manager Closes the Book on Real Estate Stock
• Negative Sentiment: Profitability and technicals remain cautionary: MMI still shows a negative net margin (~-0.9%) and negative ROE, and the share price sits below its 50- and 200?day moving averages and near its 1?year low — risks to sustained multiple expansion absent clear margin improvement. MMI Price & Key Metrics (MarketBeat)

About Marcus & Millichap

Marcus & Millichap (NYSE: MMI) is a leading commercial real estate brokerage firm focused on investment sales, financing, research and advisory services. Founded in 1971 by George M. Marcus and William A. Millichap, the company has grown to specialize in the marketing of multifamily, retail, office, industrial, hospitality and other commercial property types. Through an extensive network of investment specialists, Marcus & Millichap connects property owners and investors with tailored transactions across a range of asset classes.

The firm offers comprehensive capital markets solutions, including debt and equity placement, structured finance, and customized financing programs.