Marcus and Millichap, Inc

marcusmillichap.com

What Do They Do?

Brokers commercial properties for owners and investors, arranges financing for property owners, developers and investors, and provides commercial real estate research and advisory services.

How Do They Make Money?

The firm earns a brokerage commission when a property sale closes and financing fees when a loan closes. It also earns fees from loan sales, loan guarantees, advisory and consulting work, and recurring loan performance fees from certain lenders.

revenue

Segment	Share	How money arrives
Real estate brokerage commissions Sold outright	84% FY2022: 90%	Sold outright
Financing fees	14% FY2022: 8.7%
Other revenue	2.5% FY2022: 1.4%

Who Are Their Customers?

Commercial property owners and investors use the firm to sell or buy properties; owners, developers and investors also use its financing services. It provides research and advisory services to clients.

Do Revenues Turn Into Profits?

Not on paper. It lost $1.9M in FY2025, but brought in more cash than it spent: $58.8M of free cash flow.

Operating income, FY2025

−2% of revenue

▼ −58% (Loss) vs FY2024 (−$32.9M, −5%)

Net income, FY2025

0% of revenue

▼ −85% (Loss) vs FY2024 (−$12.4M, −2%)

Free cash flow, FY2025

8% of revenue

▲ +325% vs FY2024 ($13.8M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +18%; vs $172.3M in Q2 FY2025
Net income: ▲ Now profitable; vs −$11M in Q2 FY2025

Real estate brokerage commissions share of revenue vs 82.1% in Q2 FY2025

Shrinking. Revenue fell 42% in 4 years, from $1.3B in FY2021 to $755.2M in FY2025, about 13% a year.

Revenue over time

Real estate brokerage commissions Financing fees Other revenue

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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