Financial Performance - Fourth-quarter net income was $13 million, or $0.34 per share, compared to $8.5 million, or $0.22 per share, in the prior-year period. For the full year, the company reported a net loss of $1.9 million, or $0.05 per share, which included an $0.08 per share charge related to a legal reserve [1][7] - Total revenue for the full year increased to $755 million from $696 million in 2024, with fourth-quarter revenue of $244 million, up 2% year over year [2][3][4] - Adjusted EBITDA improved to $25 million in 2025, compared to $9 million in 2024, reflecting a 39% increase from the same period last year [2][3][4] Brokerage Activity - The company experienced a shift towards smaller, private client deals, with private client activity accounting for 65% of fourth-quarter brokerage revenue, totaling $133 million, up from 59% and $120 million a year earlier [6][10] - The brokerage deal count increased to 1,902 in Q4 and 6,038 for the year, while total volume for the year was $35 billion, up 3.5% [9][10] - Average transaction size decreased to $5.8 million from $6.2 million a year earlier, reflecting the increase in private client activity [9] Financing Growth - Financing revenue rose to $104 million for the full year, a 23% increase, driven by a 33% rise in transaction count and a 31% increase in volume to $11.9 billion [5][12] - In Q4, financing revenue was $33 million, up 6% from $31 million, with an 8% increase in transaction volume to $3.7 billion across 507 transactions [12][13] - The company accessed over 420 lenders in 2025, enhancing its financing capabilities [13] Cost Management - Total operating expenses in Q4 were $229 million, down 2% year over year, while full-year operating expenses increased 5.5% to $769 million, below the 8.5% revenue growth rate [7] - Fourth-quarter SG&A expenses were $71 million, down 7% year over year, and full-year SG&A improved to 38% of revenue from 40% the prior year [7] Shareholder Returns - The company ended the quarter with no debt and $398 million in cash and marketable securities, returning $29 million to shareholders through dividends and share repurchases [20][21] - For 2025, the company repurchased $27 million of shares and provided $47 million through dividends and repurchases during the year [21] Future Outlook - The company is optimistic about 2026 due to stabilized interest rates and ongoing price adjustments, with cap rates up 85–110 basis points since 2022 and prices down approximately 20% [17] - The company expects first-quarter revenue to follow normal seasonality and be sequentially lower than Q4, while also noting macroeconomic and geopolitical uncertainties [18]

2025 Fourth Quarter 2025 Earnings Conference Call February 13, 2026 FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements, including our expectations regarding the long-term outlook of the commercial real estate transaction market and our positioning within it, our belief relating to the Company's long- term growth, our assessment of the key factors influencing the Company's business outlook, including the expectation for future interest rate cuts or rising inflation and likely im ...

Financial Performance - Revenue for the third quarter of 2025 was $193.9 million, a 15.1% increase year-over-year[11] - Net income for the third quarter of 2025 was $0.2 million, a 104.5% increase year-over-year[11] - Sales volume for the third quarter of 2025 was $12.2 billion, a 1.7% increase year-over-year[11] - Year-to-date revenue reached $511.2 million, up 12.1% year-over-year[12] - Year-to-date net loss was $(15.2) million, a 27.2% decrease year-over-year[12] Brokerage Operations - Real estate brokerage commissions revenue for the third quarter of 2025 was $162.2 million, up 14.2% year-over-year[13] - Brokerage sales volume for the third quarter of 2025 was $8.4 billion, a 2.0% decrease year-over-year[13] - Financing fees revenue for the third quarter of 2025 was $26.3 million, up 27.7% year-over-year[17] - Financing sales volume for the third quarter of 2025 was $2.9 billion, a 34.4% increase year-over-year[17] Market Trends - Private investors dominate the U S commercial real estate market, accounting for 57% of dollar volume[34]

Core Viewpoint - Marcus & Millichap, Inc. will report its financial results for Q3 2025 on November 7, 2025, before market open [1] Company Announcement - The company specializes in commercial real estate investment sales, financing, and research and advisory services [1] - A webcast and conference call will be held on the same day at 10:30 a.m. Eastern Time to discuss the results [1]

Financial Performance - Revenue for the second quarter of 2025 reached $172.3 million, an increase of 8.8% year-over-year[13] - Net loss for the second quarter was $(11.0) million, a 99.3% change year-over-year[13] - Adjusted EBITDA for the second quarter was $1.5 million, representing a 1.0% increase year-over-year[13] - Year-to-date revenue totaled $317.3 million, up 10.4% compared to the previous year[14] - Year-to-date net loss was $(15.5) million, a (0.4)% change year-over-year[14] - Year-to-date Adjusted EBITDA was $(7.3) million, a 15.7% increase year-over-year[14] Operational Highlights - Sales volume for the second quarter reached $12.3 billion, a 29.9% increase year-over-year[13] - Transaction closings for the second quarter totaled 2,070, up 15.0% year-over-year[13] - The number of investment sales and financing professionals as of June 30, 2025, was 1,640, a decrease of (5.0)% year-over-year[13] Market Trends - Private investors dominate the U S commercial real estate market, accounting for 59% of dollar volume[34] - Transactions in the $1 million to <$10 million range constitute 66% of the total[16]

Financial Performance - Revenue reached $145 million, a 12.3% increase year-over-year[13] - Net loss was $(4.4) million, a 55.7% improvement year-over-year[13] - Adjusted EBITDA was $(8.7) million, a 13.3% improvement year-over-year[13] Operational Highlights - Sales volume totaled $9.4 billion, a decrease of 3.5% year-over-year[13] - Transaction closings numbered 1,706, a 9.1% increase year-over-year[13] - The number of investment sales and financing professionals was 1,668 as of March 31, 2025, a 3.1% decrease year-over-year[13] Brokerage Performance - Brokerage sales volume was $6.7 billion, a 17.6% increase year-over-year[14] - Brokerage transaction closings numbered 1,175, a 6.6% increase year-over-year[14] - Real estate brokerage commissions revenue reached $123.6 million, a 12.9% increase year-over-year[14] Financing Performance - Financing sales volume was $1.9 billion, a 16.1% increase year-over-year[16] - Financing transaction closings numbered 337, a 44.0% increase year-over-year[16] - Financing fees revenue reached $18.1 million, a 25.7% increase year-over-year[16]