Marcus & Millichap stock: Q3 revenue rises as larger deals lead

Published on 11/10/2026 at 01:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Marcus & Millichap stock followed a third-quarter report showing higher revenue and net income. Management sees deal activity improving as loans mature.

Key takeaways from the quarter

Revenue growth was led by middle-market and larger commercial real estate transactions.
Management expects interest-rate uncertainty to weigh on near-term activity while loan maturities could support sales from 2027.
Marcus & Millichap plans platform improvements, talent investment and potential strategic acquisitions.

MMI, US5663241090, Illustration mit AI erstellt.

Marcus & Millichap reported stronger third-quarter results on Friday, November 6, after revenue rose 7.5 percent year over year to 208.4 million US dollars. The company said net income reached 1.0 million US dollars, or 0.03 US dollars per diluted share, compared with 0.2 million US dollars, or 0.01 US dollars, a year earlier. The figures come from the company's third-quarter results release.

Larger deals lift brokerage revenue

Brokerage commissions increased 7.4 percent to 174.1 million US dollars. Revenue from the Middle Market and Larger Transaction Market rose 18.1 percent to 62.0 million US dollars, while Private Client Market revenue grew 3.6 percent to 106.0 million US dollars.

Financing fees increased 2.6 percent to 27.0 million US dollars. Operating expenses rose to 209.3 million US dollars, leaving an operating loss of 0.9 million US dollars for the quarter. Adjusted EBITDA increased to 8.2 million US dollars from 6.9 million US dollars.

Interest rates remain the main constraint

Chief Executive Officer Hessam Nadji said higher interest rates had widened bid-ask spreads and put pressure on real estate valuations. The company said the near-term outlook remained tempered, but expected loan maturities and postponed transactions to support sales activity going into 2027.

For the first nine months, revenue increased 14.0 percent to 582.8 million US dollars. Net income was 1.8 million US dollars, compared with a loss of 15.2 million US dollars in the same period of 2025. Adjusted EBITDA improved to 23.3 million US dollars from a loss of 0.4 million US dollars.

Business model and competitive position

Marcus & Millichap provides commercial real estate investment sales, financing, research, advisory and leasing services across the United States and Canada. The company is based in Calabasas, California, and reported 80 offices and 1,808 investment sales and financing professionals as of December 31, 2025, according to its company profile. It competes with broader commercial real estate service firms including CBRE, JLL and Cushman & Wakefield, while maintaining a more focused position in investment sales and financing.