Marcus & Millichap, Inc. Reports Preliminary Results for Fourth Quarter and Full Year 2025

Earnings per common share of $0.34 in the Fourth Quarter 2025, an increase of 57.0% compared to Fourth Quarter 2024

Published on Feb. 13, 2026

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Marcus & Millichap, Inc., a leading national real estate services firm, reported its fourth quarter and full year 2025 preliminary financial results. The company saw revenue growth of 8.5% year over year, driven by a 7.3% increase in brokerage commissions and a 23.0% increase in financing fees. Net income for the full year 2025 was a loss of $1.9 million, compared to a loss of $12.4 million in 2024, while Adjusted EBITDA increased 162.6% to $24.6 million.

Why it matters

Marcus & Millichap's results reflect the continued recovery in the commercial real estate market, with the company's Private Client Market segment showing particular strength. The company's focus on cost controls and efficiency improvements has also led to a meaningful improvement in profitability. As the company enters 2026, it remains well-positioned to capitalize on the improving investor sentiment and trading environment.

The details

For the fourth quarter 2025, total revenue was $244.0 million, an increase of 1.6% compared to the prior year period. Brokerage commissions were $205.3 million, up 1.2%, driven by a 9.2% increase in the total number of transactions and a 9 basis point increase in the average commission rate, partially offset by a 4.0% decrease in total sales volume. Financing fees were $33.2 million, up 6.5%, due to a 7.7% increase in total financing volume, partially offset by a 5 basis point decrease in the average fee rate. Total operating expenses decreased by 2.1% to $228.5 million.

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The players

Marcus & Millichap, Inc.

A leading national real estate services firm specializing in commercial real estate investment sales, financing, research and advisory services.

Hessam Nadji

President and Chief Executive Officer of Marcus & Millichap.

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What they’re saying

“We delivered solid fourth quarter results against a tough comparison thanks to a late-stage acceleration of transaction closings and concluded 2025 as the second consecutive year of revenue recovery amid the severe market disruption. Our ongoing cost controls and focus on efficiency resulted in a meaningful improvement in profitability.”

— Hessam Nadji, President and Chief Executive Officer (Business Wire)

“We enter 2026 with solid momentum. Market fundamentals continue to strengthen as lowered prices become more compelling, especially compared to replacement cost. While we remain mindful of lingering economic uncertainty and elevated geopolitical factors, the improving investor sentiment and trading environment we are seeing is encouraging.”

— Hessam Nadji, President and Chief Executive Officer (Business Wire)

The takeaway

Marcus & Millichap's strong fourth quarter and full year 2025 results demonstrate the company's ability to navigate a challenging market environment and position itself for continued growth. The company's focus on cost controls, efficiency improvements, and capitalizing on the recovery in the commercial real estate market have positioned it well for the future.