Company: MMI
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050707
Chunk: 163

Company: Marcus & Millichap, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 163
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.2 179,976 106.8 16,290 9.1 %Operating loss(2,374)(1.2)(11,465)(6.8)9,091 (79.3)%Other income, net4,041 2.0 5,321 3.1 (1,280)(24.1)%Interest expense(197)(0.1)(208)(0.1)11 (5.3)%Income (loss) before provision (benefit) for income taxes1,470 0.7 (6,352)(3.8)7,822 (123.1)%Provision (benefit) for income taxes1,230 0.6 (967)(0.6)2,197 (227.2)%Net Income (loss)$240 0.1 %$(5,385)(3.2)%$5,625 (104.5)%Adjusted EBITDA(1)$6,889 3.6 %$(21)0.0 %$6,910 (2)

(1)Adjusted EBITDA is not a measurement of our financial performance under U.S. GAAP and should not be considered as an alternative to net loss, operating income or any other measures derived in accordance with U.S. GAAP. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net loss, which is the most directly comparable U.S. GAAP financial measure, see “Non-GAAP Financial Measure” below.

(2)Percentage not meaningful.

Revenue

Total revenue was $193.9 million for the three months ended September 30, 2025 compared to $168.5 million for the same period in 2024, an increase of $25.4 million, or 15.1%. Total revenue increased as a result of increases in real estate brokerage commissions and financing fees, partially offset by a reduction in other revenue, as described below. See “Factors Affecting Our Business” for additional market information.

Real estate brokerage commissions. Revenue from real estate brokerage commissions increased to $162.2 million for the three months ended September 30, 2025 from $142.0 million for the same period in 2024, an increase of $20.2 million, or 14.2%. The increase was the result of the total number of transactions increasing by 19.2% and