Marcus & Millichap Posts 57% Q4 EPS Surge, 8.5% Annual Revenue Growth
Marcus & Millichap reported fourth quarter revenue of $244.0 million, up 1.6% year-over-year, and EPS of $0.34, a 57.0% increase. Full-year revenue grew 8.5% to $755.2 million, while net loss narrowed to $1.9 million and adjusted EBITDA rose 162.6% to $24.6 million.
1. Fourth Quarter Results
Marcus & Millichap reported $244.0 million in Q4 revenue, up 1.6% from the prior year, driven by a 1.2% rise in brokerage commissions to $205.3 million and a 6.5% increase in financing fees to $33.2 million. Net income reached $13.3 million, or $0.34 per share, diluted.
2. Full Year 2025 Performance
Full-year revenue climbed 8.5% to $755.2 million with brokerage commissions up 7.3% to $632.5 million. Private Client Market revenue rose 11.1% while financing fees jumped 23.0% to $103.9 million. The company narrowed its net loss to $1.9 million and drove adjusted EBITDA to $24.6 million.
3. Outlook and Strategic Initiatives
CEO Hessam Nadji cited cost controls, exclusive inventory expansion and renewed lender activity as key drivers. He expects solid momentum in 2026 on strengthening market fundamentals, leveraging a strong balance sheet to invest in growth, maintain capital returns and pursue strategic opportunities.