Marcus & Millichap Reports 8.5% Revenue Growth and 23% Financing Gain in 2025
Marcus & Millichap grew revenue 8.5% in 2025 as client outreach and bonus depreciation demand boosted results, and financing revenue rose 23% on lender relationships. The firm added 100 sales professionals, the most in seven years, delivered 12% private and middle market growth, while institutional revenue fell 13% on oversupply.
1. Financial Performance Highlights
Marcus & Millichap achieved 8.5% revenue growth in 2025, driven by enhanced client outreach and a late-quarter surge in private client demand to utilize bonus depreciation. Financing revenue surged 23%, supported by expanded lender relationships and a strategic alliance with M&T Bank.
2. Sales Force Expansion
The company added 100 net sales professionals in 2025, marking its strongest headcount increase in seven years. Recruitment standards were refined and internship and fellowship programs were expanded to attract new talent.
3. Segment Performance Details
Private client and middle market segments ($1M–$20M) grew 12% as bid-ask spreads narrowed and regional lender activity picked up. Conversely, the institutional segment ($20M+) saw a 13% revenue decline due to oversupply and pricing pressure in certain multifamily metros.
4. Profitability and Outlook
Management cites operational discipline and nascent operating leverage from the enlarged sales force as key drivers of improved profitability. Continued scaling of recent hires is expected to enhance margins as revenue production ramps up.