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

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

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 Price Performance

Shares of MMI traded up $0.22 during mid-day trading on Friday, reaching $25.23. The company’s stock had a trading volume of 116,871 shares, compared to its average volume of 271,041. Marcus & Millichap has a 12-month low of $24.43 and a 12-month high of $41.94. The company’s 50 day moving average is $27.12 and its 200 day moving average is $29.24. The stock has a market cap of $981.83 million, a PE ratio of -158.47 and a beta of 1.32.

Marcus & Millichap Announces Dividend

The firm also recently announced a dividend, which will be paid on Friday, April 3rd. Investors of record on Friday, March 13th will be issued a $0.25 dividend. This represents a yield of 190.0%. The ex-dividend date of this dividend is Friday, March 13th. Marcus & Millichap’s dividend payout ratio is -312.50%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Wells Fargo & Company reduced their target price on Marcus & Millichap from $29.00 to $28.00 and set an “underweight” rating for the company in a report on Monday, February 2nd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Marcus & Millichap in a research note on Monday, December 29th. Finally, Wall Street Zen lowered shares of Marcus & Millichap from a “buy” rating to a “hold” rating in a research report on Sunday, December 28th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Marcus & Millichap presently has an average rating of “Reduce” and a consensus price target of $28.00.

Institutional Trading of Marcus & Millichap

Institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC lifted its stake in Marcus & Millichap by 773.2% in the fourth quarter. Renaissance Technologies LLC now owns 260,200 shares of the real estate investment trust’s stock valued at $7,101,000 after buying an additional 230,400 shares during the last quarter. Jane Street Group LLC boosted its holdings in Marcus & Millichap by 542.1% in the 4th quarter. Jane Street Group LLC now owns 269,722 shares of the real estate investment trust’s stock valued at $7,361,000 after purchasing an additional 227,719 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Marcus & Millichap by 1,372.2% in the third quarter. Millennium Management LLC now owns 172,267 shares of the real estate investment trust’s stock valued at $5,056,000 after buying an additional 160,566 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Marcus & Millichap by 58.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 148,445 shares of the real estate investment trust’s stock worth $4,051,000 after purchasing an additional 54,869 shares during the period. Finally, Invesco Ltd. boosted its holdings in Marcus & Millichap by 64.1% during the third quarter. Invesco Ltd. now owns 128,485 shares of the real estate investment trust’s stock worth $3,771,000 after buying an additional 50,204 shares in the last quarter. 62.78% of the stock is owned by hedge funds and other institutional investors.

Marcus & Millichap Company Profile

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.