Marcus & Millichap Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Marcus & Millichap Inc reported revenue of $755.2M (+8.5% year on year) and net income of ($1.9M) (+84.6% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenue | $755.2M | $696.1M | $645.9M | $1.3B |
| Cost of services | $470.5M | $431.5M | $406.6M | $850.9M |
| Selling, general and administrative | $286.3M | $280.9M | $285.0M | $300.0M |
| Depreciation and amortization | $12.1M | $16.6M | $13.6M | $13.4M |
| Total operating expenses | $768.9M | $729.0M | $705.3M | $1.2B |
| Operating loss | ($13.7M) | ($32.9M) | ($59.4M) | $137.4M |
| Other income, net | $17.5M | $20.7M | $19.9M | $5.3M |
| Interest expense | ($773.0K) | ($812.0K) | ($888.0K) | ($708.0K) |
| Income (loss) before provision (benefit) for income taxes | $3.0M | ($13.0M) | ($40.4M) | $142.0M |
| Provision (benefit) for income taxes | $4.9M | ($666.0K) | ($6.4M) | $37.8M |
| Net loss | ($1.9M) | ($12.4M) | ($34.0M) | $104.2M |
| Basic (in dollars per share) | -$0.05 | -$0.32 | -$0.88 | $2.61 |
| Diluted (in dollars per share) | -$0.05 | -$0.32 | -$0.88 | $2.59 |
| Basic (in shares) | 38.9M | 38.7M | 38.7M | 39.9M |
| Diluted (in shares) | 38.9M | 38.7M | 38.7M | 40.2M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenue | $202.9M | $171.5M | $193.9M | $172.3M |
| Cost of services | $126.7M | $103.6M | $121.0M | $106.6M |
| Selling, general and administrative | $71.7M | $71.2M | $72.5M | $71.5M |
| Depreciation and amortization | $2.3M | $2.4M | $2.7M | $3.2M |
| Total operating expenses | $200.7M | $177.2M | $196.3M | $181.3M |
| Operating income (loss) | $2.2M | ($5.8M) | ($2.4M) | ($9.0M) |
| Other income, net | $4.2M | $3.8M | $4.0M | $5.5M |
| Interest expense | ($140.0K) | ($153.0K) | ($197.0K) | ($200.0K) |
| Income (loss) before provision (benefit) for income taxes | $6.3M | ($2.2M) | $1.5M | ($3.7M) |
| Provision (benefit) for income taxes | $2.4M | $934.0K | $1.2M | $7.3M |
| Net income (loss) | $3.9M | ($3.1M) | $240.0K | ($11.0M) |
| Basic (in dollars per share) | $0.10 | -$0.08 | $0.01 | -$0.28 |
| Diluted (in dollars per share) | $0.10 | -$0.08 | $0.01 | -$0.28 |
| Basic (in shares) | 37.8M | 38.2M | 39.0M | 39.0M |
| Diluted (in shares) | 38.0M | 38.2M | 39.2M | 39.0M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash, cash equivalents, and restricted cash (restricted cash of $11,253 and $10,678 at December 31, 2025 and December 31, 2024, respectively) | $161.9M | $153.4M | $170.8M | — |
| Commissions receivable | $14.9M | $18.8M | $16.2M | $8.5M |
| Prepaid expenses | $10.4M | $9.3M | $8.8M | $9.4M |
| Income tax receivable | $2.0M | $6.0M | $9.3M | $8.7M |
| Marketable debt securities, available-for-sale (amortized cost of $90,557 and $189,667 at December 31, 2025 and December 31, 2024, respectively, and $0 allowance for credit losses) | $90.6M | $189.7M | $168.9M | $253.4M |
| Advances and loans, net | $15.3M | $17.5M | $3.6M | $4.0M |
| Other assets, current | $14.2M | $15.5M | $16.2M | $7.3M |
| Total current assets | $309.2M | $410.3M | $393.7M | $527.1M |
| Property and equipment, net | $23.9M | $26.1M | $27.4M | $27.6M |
| Operating lease right-of-use assets, net | $74.3M | $81.1M | $90.1M | $87.9M |
| Marketable debt securities, available-for-sale (amortized cost of $145,570 and $52,366 at December 31, 2025 and December 31, 2024, respectively, and $0 allowance for credit losses) | $145.7M | $51.1M | $67.5M | $68.6M |
| Assets held in rabbi trust | $13.5M | $12.2M | $10.8M | $9.6M |
| Deferred tax assets, net | $44.6M | $48.1M | $46.9M | $41.3M |
| Goodwill and other intangible assets, net | $41.7M | $43.5M | $51.2M | $55.7M |
| Advances and loans, net | $147.2M | $173.7M | $175.8M | $170.0M |
| Other assets, non-current | $27.1M | $23.6M | $15.0M | $15.9M |
| Total assets | $827.2M | $869.8M | $878.4M | $1.0B |
| Accounts payable and accrued expenses | $11.0M | $13.7M | $8.1M | $11.4M |
| Deferred compensation and commissions | $57.5M | $67.2M | $55.8M | $75.3M |
| Operating lease liabilities | $18.8M | $18.5M | $18.3M | $17.0M |
| Accrued bonuses and other employee related expenses | $23.9M | $25.5M | $19.1M | $38.3M |
| Other liabilities, current | $10.3M | $8.1M | $3.9M | $9.9M |
| Total current liabilities | $121.4M | $133.0M | $105.3M | $152.0M |
| Deferred compensation and commissions | $35.4M | $33.3M | $47.8M | $64.5M |
| Operating lease liabilities | $59.5M | $65.7M | $69.4M | $65.1M |
| Other liabilities, non-current | $7.8M | $7.0M | $10.7M | $8.6M |
| Total liabilities | $224.1M | $239.0M | $233.1M | $290.2M |
| Commitments and contingencies | $0 | $0 | $0 | $0 |
| Preferred stock | $0 | $0 | $0 | $0 |
| Common stock | $4.0K | $4.0K | $4.0K | $4.0K |
| Additional paid-in capital | $192.9M | $173.3M | $153.7M | $131.5M |
| Retained earnings | $409.8M | $458.9M | $492.3M | $585.6M |
| Accumulated other comprehensive income (loss) | $401.0K | ($1.4M) | ($768.0K) | ($3.6M) |
| Total stockholders’ equity | $603.1M | $630.8M | $645.3M | $713.5M |
| Total liabilities and stockholders’ equity | $827.2M | $869.8M | $878.4M | $1.0B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash, cash equivalents, and restricted cash (restricted cash of $1,750 and $11,253 at June 30, 2026 and December 31, 2025, respectively) | $153.5M | $136.5M | $117.4M | $86.0M |
| Commissions receivable | $13.5M | $12.8M | $17.9M | $16.9M |
| Income tax receivable | $3.4M | $802.0K | $6.4M | $6.4M |
| Marketable debt securities, available-for-sale (amortized cost of $57,287 and $90,557 at June 30, 2026 and December 31, 2025, respectively, and $0 allowance for credit losses) | $57.2M | $56.5M | $129.4M | $136.5M |
| Advances and loans, net | $15.2M | $14.4M | $12.4M | $33.8M |
| Prepaid expenses and other assets, current | $27.8M | — | — | — |
| Total current assets | $270.6M | $245.1M | $309.8M | $302.1M |
| Property and equipment, net | $23.1M | $24.4M | $24.5M | $24.2M |
| Operating lease right-of-use assets, net | $69.9M | $70.8M | $75.3M | $79.4M |
| Marketable debt securities, available-for-sale (amortized cost of $135,819 and $145,570 at June 30, 2026 and December 31, 2025, respectively, and $0 allowance for credit losses) | $134.4M | $141.5M | $134.7M | $110.2M |
| Assets held in rabbi trust | $14.0M | $13.2M | $13.3M | $12.8M |
| Deferred tax assets, net | $43.3M | $44.0M | $48.7M | $50.0M |
| Goodwill and other intangible assets, net | $40.7M | $41.2M | $42.0M | $42.7M |
| Advances and loans, net | $140.5M | $146.7M | $139.1M | $145.9M |
| Other assets, non-current | $29.2M | $28.0M | $25.2M | $24.9M |
| Total assets | $765.8M | $755.0M | $812.5M | $792.2M |
| Accounts payable and accrued expenses | $10.0M | $11.2M | $14.7M | $10.9M |
| Deferred compensation and commissions | $40.2M | $33.7M | $42.2M | $37.4M |
| Operating lease liabilities | $17.5M | $18.3M | $19.3M | $18.6M |
| Accrued bonuses and other employee related expenses | $16.3M | $11.0M | $18.8M | $15.9M |
| Other liabilities, current | $8.9M | $18.3M | $18.2M | $4.1M |
| Total current liabilities | $92.8M | $92.5M | $113.2M | $87.0M |
| Deferred compensation and commissions | $30.5M | $29.4M | $29.8M | $26.3M |
| Operating lease liabilities | $56.7M | $56.7M | $59.3M | $63.8M |
| Other liabilities, non-current | $6.9M | $7.3M | $8.0M | $7.3M |
| Total liabilities | $186.9M | $185.9M | $210.3M | $184.4M |
| Commitments and contingencies | $0 | $0 | $0 | $0 |
| Preferred stock, $0.0001 par value: Authorized shares – 25,000,000; issued and outstanding shares – none at June 30, 2026 and December 31, 2025, respectively | 0 | 0 | 0 | 0 |
| Common stock, $0.0001 par value: Authorized shares – 150,000,000; issued and outstanding shares – 37,871,003 and 38,422,993 at June 30, 2026 and December 31, 2025, respectively | 4.0K | 4.0K | 4.0K | 4.0K |
| Additional paid-in capital | $203.5M | $196.3M | $186.8M | $181.6M |
| Retained earnings | $376.7M | $373.3M | $415.3M | $425.8M |
| Accumulated other comprehensive (loss) income | ($1.2M) | ($517.0K) | $171.0K | $325.0K |
| Total stockholders’ equity | $578.9M | $569.1M | $602.2M | $607.8M |
| Total liabilities and stockholders’ equity | $765.8M | $755.0M | $812.5M | $792.2M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net loss | ($1.9M) | ($12.4M) | ($34.0M) | $104.2M |
| Depreciation and amortization | $12.1M | $16.6M | $13.6M | $13.4M |
| Non-cash lease expense | $21.3M | $25.0M | $26.3M | $23.1M |
| Credit loss expense (recovery) | ($31.0K) | $578.0K | ($128.0K) | ($51.0K) |
| Stock-based compensation | $24.2M | $23.8M | $24.1M | $17.3M |
| Deferred taxes, net | $3.1M | ($1.4M) | ($6.4M) | ($6.1M) |
| Unrealized foreign exchange (gains) losses | ($108.0K) | $191.0K | ($37.0K) | $534.0K |
| Net realized (gains) losses on marketable debt securities, available-for-sale | ($8.0K) | $0 | $190.0K | ($86.0K) |
| Other non-cash items | $2.4M | ($1.7M) | ($341.0K) | ($973.0K) |
| Commissions receivable | $4.4M | ($3.4M) | ($7.6M) | $8.4M |
| Prepaid expenses | ($1.1M) | ($498.0K) | $599.0K | $3.8M |
| Advances and loans | $29.1M | ($12.8M) | ($5.2M) | ($54.8M) |
| Other assets | ($2.4M) | ($8.8M) | ($7.2M) | ($9.8M) |
| Accounts payable and accrued expenses | ($3.6M) | $5.7M | ($3.0M) | ($4.1M) |
| Income tax receivable and payable | $4.1M | $3.3M | ($616.0K) | ($26.5M) |
| Accrued bonuses and other employee related expenses | ($1.6M) | $6.4M | ($19.2M) | ($11.5M) |
| Deferred compensation and commissions | ($7.0M) | ($1.8M) | ($35.8M) | ($24.6M) |
| Operating lease liabilities | ($19.8M) | ($19.0M) | ($18.4M) | ($21.2M) |
| Other liabilities | $3.5M | $2.1M | $573.0K | $2.5M |
| Net cash provided by (used in) operating activities | $66.7M | $21.7M | ($72.4M) | $13.6M |
| Purchases of marketable debt securities, available-for-sale | ($327.0M) | ($190.7M) | ($302.3M) | ($380.8M) |
| Proceeds from sales and maturities of marketable debt securities, available-for-sale | $331.1M | $188.8M | $391.6M | $351.0M |
| Purchases of convertible notes | $0 | $0 | ($5.0M) | — |
| Issuances of employee notes receivable | ($105.0K) | ($82.0K) | ($126.0K) | ($74.0K) |
| Payments received on employee notes receivable | $0 | $6.0K | $34.0K | $71.0K |
| Purchase of property and equipment | ($7.9M) | ($7.9M) | ($9.4M) | ($11.7M) |
| Net cash (used in) provided by investing activities | ($3.8M) | ($9.9M) | $74.9M | ($54.0M) |
| Taxes paid related to net share settlement of stock-based awards | ($5.9M) | ($5.9M) | ($4.4M) | ($9.7M) |
| Proceeds from issuance of shares pursuant to employee stock purchase plan | 821.0K | 847.0K | 661.0K | 709.0K |
| Dividends paid | ($20.6M) | ($20.2M) | ($20.1M) | ($60.4M) |
| Principal payments on stock appreciation rights liability | ($2.2M) | ($2.0M) | ($1.9M) | ($1.8M) |
| Principal payments on deferred and contingent consideration | ($1.4M) | ($743.0K) | ($2.4M) | ($5.4M) |
| Cash paid for stock repurchases | ($25.4M) | ($785.0K) | ($39.4M) | ($29.1M) |
| Net cash used in financing activities | ($54.6M) | ($28.8M) | ($67.7M) | ($105.6M) |
| Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash | $219.0K | ($365.0K) | $122.0K | ($366.0K) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $8.5M | ($17.3M) | ($65.1M) | ($146.3M) |
| Cash, cash equivalents, and restricted cash at beginning of period | $153.4M | $170.8M | $235.9M | $382.1M |
| Cash, cash equivalents, and restricted cash at end of period | $161.9M | $153.4M | $170.8M | — |
| Interest paid during the period | $478.0K | $581.0K | $478.0K | $614.0K |
| Income taxes paid, net | $422.0K | $468.0K | $674.0K | $69.8M |
| Cash paid for amounts included in the measurement of operating lease liabilities | $24.0M | $23.2M | $22.3M | $21.8M |
| Unpaid purchases of property and equipment | $1.2M | $561.0K | $257.0K | $684.0K |
| Right-of-use assets obtained in exchange for operating lease liabilities | $14.4M | $16.1M | $28.3M | $27.0M |
| Issuance of stock for the settlement of deferred consideration | $417.0K | $833.0K | $1.8M | $1.4M |
| Dividend payable | $836.0K | $884.0K | $923.0K | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | $809.0K | ($3.1M) | ($15.2M) | ($15.5M) |
| Depreciation and amortization | $4.7M | $2.4M | $8.7M | $6.0M |
| Non-cash lease expense | $10.4M | $5.2M | $16.0M | $10.7M |
| Credit loss expense | $101.0K | ($13.0K) | ($99.0K) | $504.0K |
| Stock-based compensation | $13.4M | $6.6M | $18.4M | $12.4M |
| Deferred taxes, net | $1.7M | $817.0K | ($978.0K) | ($2.2M) |
| Unrealized foreign exchange gains (losses) | $185.0K | $92.0K | ($95.0K) | ($176.0K) |
| Net realized gains on marketable debt securities, available-for-sale | $0 | $0 | ($8.0K) | ($8.0K) |
| Other non-cash items | $681.0K | $556.0K | $1.8M | $2.1M |
| Commissions receivable | $1.1M | $2.0M | $1.2M | $2.4M |
| Prepaid expenses | ($6.2M) | $515.0K | $440.0K | $1.6M |
| Advances and loans | $6.6M | $1.3M | $40.1M | $11.3M |
| Other assets | $676.0K | ($949.0K) | ($3.9M) | ($889.0K) |
| Accounts payable and accrued expenses | ($409.0K) | $585.0K | $663.0K | ($2.9M) |
| Income tax receivable | ($1.4M) | $1.2M | ($341.0K) | ($333.0K) |
| Accrued bonuses and other employee related expenses | ($7.5M) | ($12.9M) | ($6.7M) | ($9.5M) |
| Deferred compensation and commissions | ($20.1M) | ($26.9M) | ($27.6M) | ($35.4M) |
| Operating lease liabilities | ($9.9M) | ($4.9M) | ($15.0M) | ($10.1M) |
| Other liabilities | ($215.0K) | ($113.0K) | $3.0M | ($1.8M) |
| Net cash used in operating activities | ($5.4M) | ($27.6M) | $20.4M | ($31.8M) |
| Purchases of marketable debt securities, available-for-sale | ($77.9M) | ($34.4M) | ($285.0M) | ($197.9M) |
| Proceeds from sales and maturities of marketable debt securities, available-for-sale | $120.3M | $71.2M | $261.4M | $191.2M |
| Issuances of employee notes receivable | ($50.0K) | ($50.0K) | ($104.0K) | ($100.0K) |
| Payments received on employee notes receivable | $25.0K | $24.0K | $0 | $0 |
| Purchase of property and equipment | ($3.9M) | ($3.0M) | ($5.5M) | ($3.2M) |
| Net cash provided by (used in) investing activities | $38.5M | $33.8M | ($29.2M) | ($10.1M) |
| Taxes paid related to net share settlement of stock-based awards | ($3.4M) | ($3.3M) | ($5.8M) | ($5.0M) |
| Proceeds from issuance of shares pursuant to employee stock purchase plan | 540.0K | — | 441.0K | 441.0K |
| Dividends paid | ($10.4M) | ($775.0K) | ($10.8M) | ($10.6M) |
| Principal payments on stock appreciation rights liability | ($2.5M) | ($2.5M) | ($2.2M) | ($2.2M) |
| Principal payments on contingent consideration | ($42.0K) | ($42.0K) | — | — |
| Cash paid for stock repurchases | ($25.5M) | ($24.9M) | ($8.0M) | ($7.4M) |
| Net cash used in financing activities | ($41.3M) | ($31.5M) | ($27.4M) | ($25.9M) |
| Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash | ($238.0K) | ($98.0K) | $162.0K | $264.0K |
| Net decrease in cash, cash equivalents, and restricted cash | ($8.4M) | ($25.4M) | ($36.1M) | ($67.5M) |
| Cash, cash equivalents, and restricted cash at beginning of period | $161.9M | $161.9M | $153.4M | $153.4M |
| Cash, cash equivalents, and restricted cash at end of period | $153.5M | $136.5M | $117.4M | $86.0M |
| Interest paid during the period | $367.0K | $294.0K | $466.0K | $455.0K |
| Income taxes paid, net | $4.1M | $31.0K | $387.0K | $380.0K |
| Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable | $45.0K | $18.0K | $56.0K | $37.0K |
| Unpaid purchases of property and equipment | $561.0K | $768.0K | $683.0K | $415.0K |
| Right-of-use assets obtained in exchange for operating lease liabilities | $6.0M | $1.7M | $10.0M | $8.8M |
| Issuance of stock for the settlement of deferred consideration | $0 | — | $417.0K | $417.0K |
| Dividend payable | $384.0K | $9.9M | $10.6M | $449.0K |
Marcus & Millichap Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.