Marcus & Millichap Q2 Earnings Call Highlights

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Sat, August 8, 2026 astatine 2:03 PM CDT 6 min read

Key Points

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Strong Q2 recovery: Revenue roseate 18% to $203 million, portion nett income improved to $4 cardinal from an $11 cardinal nonaccomplishment a twelvemonth earlier. Adjusted EBITDA accrued to $12 cardinal from $1.5 million.
Broad-based transaction growth: Brokerage gross climbed 18% to $167 million, supported by higher private-client, middle-market and large-deal activity. Financing gross accrued 15% arsenic indebtedness transactions roseate 17%, with refinancings making up 47% of quarterly financing revenue.
Cautious but progressive outlook: Management cited interest-rate volatility and geopolitical and ostentation risks arsenic factors extending woody timelines, but said improved liquidity and much realistic pricing are narrowing bid-ask spreads. The institution besides authorized further stock repurchases, leaving astir $90 cardinal available, and declared a $0.25 semiannual dividend.

Marcus & Millichap (NYSE:MMI) reported second-quarter 2026 gross maturation of 18%, supported by gains crossed its brokerage and financing operations, arsenic commercialized existent property transaction enactment improved from prior-year levels.

Total gross roseate to $203 cardinal from $172 cardinal successful the 2nd 4th of 2025. Net income was $4 million, oregon $0.10 per share, compared with a nett nonaccomplishment of $11 million, oregon $0.28 per share, a twelvemonth earlier. Adjusted EBITDA accrued to $12 cardinal from $1.5 million.

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For the archetypal half, gross accrued 18% to $374 million. Year-to-date adjusted EBITDA was $15 million, compared with a $7 cardinal nonaccomplishment successful the prior-year period, portion net were $0.02 per stock versus a nonaccomplishment of $0.40 per share.

Broad-Based Brokerage Growth

President and Chief Executive Officer Hessam Nadji said the institution delivered its champion archetypal fractional since 2022, with maturation crossed private-client, middle-market and larger transactions. Brokerage gross accrued 18% twelvemonth implicit twelvemonth to $167 cardinal and represented 82% of full quarterly revenue.

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Marcus & Millichap completed 1,530 brokerage transactions totaling $10 cardinal successful measurement during the quarter, representing increases of 11% successful transaction number and 18% successful measurement from the year-earlier period.

Private-client brokerage gross roseate 14% to $106 million.
Middle-market gross accrued 13% to $22 million.
Revenue from transactions supra $20 cardinal climbed 43% to $33 million.

Nadji said private-client multifamily and single-tenant retail enactment continued to amended arsenic pricing adjusted to higher involvement rates and banks and recognition unions became much progressive successful lending. Over the past 12 months, private-client multifamily gross grew 19%, portion single-tenant retail gross roseate 16%.

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