Marcus & Millichap Inc. reported second-quarter results on August 6 that swung the brokerage back to profit, with revenue climbing 17.8% year over year to $202.9 million and net income of $3.9 million, or $0.10 per diluted share, reversing a year-ago net loss. Brokerage commissions rose 18.1% to $167 million on an 18.4% increase in total sales volume, while revenue from Middle Market and Larger Transactions jumped 29.4% to $54.7 million and Private Client Market brokerage revenue rose 13.6% to $106.2 million. Financing fees added 15.3% to reach $30.3 million, pretax income hit $6.3 million for a $10 million turnaround, and Adjusted EBITDA nearly tripled to $12.1 million from $1.5 million. For the first half, revenue rose 18% to $374.4 million and pretax results flipped from a $17.7 million loss to $4.1 million in income, though six-month net income was just $0.8 million, or $0.02 per diluted share. The board declared a semi-annual dividend of $0.25 per share payable October 6 to shareholders of record on September 15, and the company repurchased 912,957 shares for $23.9 million in the six months ended June 30, with another $70 million in buyback capacity approved on April 30 on top of $119.9 million already spent since August 2022. Management said bid-ask spreads remain wider than normal and price discovery challenges are expected to extend through the rest of 2026, citing the Middle East conflict, inflation, interest rate uncertainty, recession risk, and tariff and immigration policy shifts.
Marcus & Millichap IncQ2 revenue climbed 17.8% to $202.9M and swung to $3.9M net income, with Adjusted EBITDA nearly tripling.
