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Marcus & Millichap, Inc. Reports Preliminary Results for Second Quarter 2026

MMI
  • Marcus & Millichap, Inc. reported second quarter 2026 total revenue of $202.9 million, a 17.8% increase compared to $172.3 million in the second quarter 2025.
  • Net income for the second quarter 2026 was $3.9 million, or $0.10 per diluted share, compared to a net loss of $11.0 million, or $0.28 per diluted share, in the prior year period.
  • Brokerage commissions rose 18.1% to $167.0 million, driven by an 18.4% increase in total sales volume.
  • Private Client Market brokerage revenue increased 13.6% to $106.2 million, while Middle Market & Larger Transaction Market revenue grew 29.4% to $54.7 million.
  • Financing fees increased 15.3% to $30.3 million, attributed to a 5.4% rise in financing volume & a 10 basis point increase in average fee rates.
  • Adjusted EBITDA for the second quarter 2026 reached $12.1 million, up from $1.5 million in the second quarter 2025.
  • For the six months ended June 30, 2026, total revenue increased 18.0% to $374.4 million, with net income of $0.8 million, or $0.02 per diluted share.
  • Total operating expenses for the second quarter 2026 were $200.7 million, primarily due to a $20.0 million increase in cost of services.
  • As of June 30, 2026, the Company employed 1,677 investment sales & financing professionals.
  • The Board declared a semi-annual dividend of $0.25 per share, payable on October 6, 2026, to stockholders of record on September 15, 2026.
  • During the first six months of 2026, the Company repurchased 912,957 shares for $23.9 million, leaving approximately $90.1 million available under its stock repurchase program.
  • CEO Hessam Nadji cited improved client outreach, bank activity, & asset repricing as key drivers for the quarter's performance.
  • The Company anticipates market challenges such as interest rate volatility & geopolitical uncertainty to persist through 2026, though it expects a return to long-term growth.
  • Total sales volume for the second quarter 2026 was approximately $14.1 billion across 2,306 transactions.
  • The Company noted that the Private Client Market remains fragmented & offers long-term consolidation opportunities, accounting for over 80% of U.S. commercial property transactions.