$MMI

Marcus & Millichap, Inc.

CIK:0001578732|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 202,915	$ 172,276	$ 374,382	$ 317,314
Operating expenses:
Cost of services	126,666	106,618	230,303	194,966
Selling, general and administrative	71,688	71,550	142,903	143,102
Depreciation and amortization	2,348	3,153	4,739	6,002
Total operating expenses	200,702	181,321	377,945	344,070
Operating income (loss)	2,213	(9,045)	(3,563)	(26,756)
Other income, net	4,192	5,498	7,955	9,477
Interest expense	(140)	(200)	(293)	(387)
Income (loss) before provision (benefit) for income taxes	6,265	(3,747)	4,099	(17,666)
Provision (benefit) for income taxes	2,356	7,288	3,290	(2,209)
Net income (loss)	$ 3,909	$ (11,035)	$ 809	$ (15,457)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.10	$ (0.28)	$ 0.02	$ (0.40)
Diluted (in dollars per share)	$ 0.10	$ (0.28)	$ 0.02	$ (0.40)
Weighted average common shares outstanding:
Basic (in shares)	37,827	39,004	38,013	38,967
Diluted (in shares)	38,019	39,004	38,249	38,967
Real estate brokerage commissions
Revenue:
Total revenue	$ 167,002	$ 141,417	$ 305,114	$ 265,039
Financing fees
Revenue:
Total revenue	30,266	26,259	57,112	44,389
Other revenue
Revenue:
Total revenue	$ 5,647	$ 4,600	$ 12,156	$ 7,886

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 809	$ (15,457)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	4,739	6,002
Non-cash lease expense	10,394	10,687
Credit loss expense	101	504
Stock-based compensation	13,396	12,402
Deferred taxes, net	1,740	(2,209)
Unrealized foreign exchange gains (losses)	185	(176)
Net realized gains on marketable debt securities, available-for-sale	0	(8)
Other non-cash items	681	2,099
Changes in operating assets and liabilities:
Commissions receivable	1,107	2,440
Prepaid expenses	(6,177)	1,574
Advances and loans	6,564	11,344
Other assets	676	(889)
Accounts payable and accrued expenses	(409)	(2,933)
Income tax receivable	(1,390)	(333)
Accrued bonuses and other employee related expenses	(7,538)	(9,507)
Deferred compensation and commissions	(20,126)	(35,418)
Operating lease liabilities	(9,930)	(10,133)
Other liabilities	(215)	(1,810)
Net cash used in operating activities	(5,393)	(31,821)
Cash flows from investing activities
Purchases of marketable debt securities, available-for-sale	(77,859)	(197,928)
Proceeds from sales and maturities of marketable debt securities, available-for-sale	120,307	191,176
Issuances of employee notes receivable	(50)	(100)
Payments received on employee notes receivable	25	0
Purchase of property and equipment	(3,919)	(3,224)
Net cash provided by (used in) investing activities	38,504	(10,076)
Cash flows from financing activities
Taxes paid related to net share settlement of stock-based awards	(3,413)	(4,976)
Proceeds from issuance of shares pursuant to employee stock purchase plan	540	441
Dividends paid	(10,353)	(10,577)
Principal payments on stock appreciation rights liability	(2,518)	(2,230)
Principal payments on contingent consideration	(42)	(1,118)
Cash paid for stock repurchases	(25,492)	(7,398)
Net cash used in financing activities	(41,278)	(25,858)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	(238)	264
Net decrease in cash, cash equivalents, and restricted cash	(8,405)	(67,491)
Cash, cash equivalents, and restricted cash at beginning of period	161,921	153,445
Cash, cash equivalents, and restricted cash at end of period	153,516	85,954
Supplemental disclosures of cash flow information:
Interest paid during the period	367	455
Income taxes paid, net	4,120	380
Supplemental disclosures of noncash investing and financing activities:
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable	45	37
Unpaid purchases of property and equipment	561	415
Right-of-use assets obtained in exchange for operating lease liabilities	5,969	8,826
Issuance of stock for the settlement of deferred consideration	0	417
Dividend payable	$ 384	$ 449

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash, cash equivalents, and restricted cash (restricted cash of $1,750 and $11,253 at June 30, 2026 and December 31, 2025, respectively)	$ 153,516	$ 161,921
Commissions receivable	13,542	14,851
Income tax receivable	3,352	1,962
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)	57,249	90,564
Advances and loans, net	15,211	15,299
Prepaid expenses and other assets, current	27,765	24,613
Total current assets	270,635	309,210
Property and equipment, net	23,110	23,877
Operating lease right-of-use assets, net	69,895	74,333
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)	134,446	145,701
Assets held in rabbi trust	13,987	13,476
Deferred tax assets, net	43,260	44,586
Goodwill and other intangible assets, net	40,741	41,662
Advances and loans, net	140,478	147,215
Other assets, non-current	29,243	27,120
Total assets	765,795	827,180
Current liabilities:
Accounts payable and accrued expenses	9,962	11,021
Deferred compensation and commissions	40,161	57,463
Operating lease liabilities	17,500	18,796
Accrued bonuses and other employee related expenses	16,268	23,856
Other liabilities, current	8,937	10,311
Total current liabilities	92,828	121,447
Deferred compensation and commissions	30,486	35,416
Operating lease liabilities	56,653	59,459
Other liabilities, non-current	6,915	7,755
Total liabilities	186,882	224,077
Commitments and contingencies	0	0
Stockholders’ equity:
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
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	4
Additional paid-in capital	203,468	192,945
Retained earnings	376,674	409,753
Accumulated other comprehensive (loss) income	(1,233)	401
Total stockholders’ equity	578,913	603,103
Total liabilities and stockholders’ equity	$ 765,795	$ 827,180