Marcus & Millichap, Inc. · NYSE:MMI
Marcus & Millichap — Q4 2025 Earnings Presentation
38 slides from Marcus & Millichap's earnings presentation, Feb 13, 2026
Slide 1: Fourth Quarter 2025 Earnings Conference Call
2025 Earnings Conference Call February 13, 2026 Fourth Quarter 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements, including our expectations regarding the long-term outlook of the commercial real estate transaction market and our positioning within it, our belief relating to the Company’s long- term growth, our assessment of the k
Slide 3: Conference Call Participants
CONFERENCE CALL PARTICIPANTS Hessam Nadji President, Chief Executive Officer and Director Steve DeGennaro Chief Financial Officer 3
Slide 4: MMI Financial Highlights
MMI Financial Highlights
Slide 5: 2025 Fourth Quarter Highlights
2025 FOURTH QUARTER HIGHLIGHTS Financial Highlights YoY Revenue 244.0 million 1.6 % Net Income $13.3 million 55.7 % Adjusted EBITDA $25.0 million 38.7 % Operational Highlights YoY Sales Volume 16.9 billion (8.0)% Transaction Closings 2,753 10.8 % Number of Investment Sales and Financing 1,808 5.6 %
Slide 6: Full-Year 2025 Highlights
FULL-YEAR 2025 HIGHLIGHTS Financial Highlights YoY Revenue 755.2 million 8.5 % Net Loss $(1.9) million 84.6 % Adjusted EBITDA $24.6 million 162.6 % Operational Highlights YoY Sales Volume 50.8 billion 2.5 % Transaction Closings 8,818 12.5 % Number of Investment Sales and Financing 1,808 5.6 % Profes
Slide 7: 2025 Fourth Quarter Brokerage Highlights
2025 FOURTH QUARTER BROKERAGE HIGHLIGHTS YoY Sales Volume $11.8 billion (4.0)% Transaction Closings 1,902 9.2% Number of Investment Sales Professionals as 1,708 6.1% of December 31, 2025 Real Estate Brokerage Commissions Revenue $205.3 million 1.2% Revenue by Transactions by Transactions by Transact
Slide 8: Full-Year 2025 Brokerage Highlights
FULL-YEAR 2025 BROKERAGE HIGHLIGHTS YoY Sales Volume $34.8 billion 3.5% Transaction Closings 6,038 10.9% Number of Investment Sales Professionals as 1,708 6.1% of December 31, 2025 Real Estate Brokerage Commissions Revenue $632.5 million 7.3% Revenue by Transactions by Transactions by Transaction Si
Slide 9: 2025 Fourth Quarter Financing Highlights
2025 FOURTH QUARTER FINANCING HIGHLIGHTS YoY Sales Volume $3.7 billion 7.7% Transaction Closings 507 19.3% Number of Financing Professionals as of 100 (2.0)% December 31, 2025 Financing Fees Revenue 33.2 million 6.5% Transactions by Transactions by Property Type Region Northeast / Other, 18% Mid-Atl
Slide 10: Full-Year 2025 Financing Highlights
FULL-YEAR 2025 FINANCING HIGHLIGHTS YoY Sales Volume $11.9 billion 31.2% Transaction Closings 1,659 32.8% Number of Financing Professionals as of 100 (2.0)% December 31, 2025 Financing Fees Revenue 103.9 million 23.0% Transactions by Transactions by Property Type Region Other, 19% Northeast / Multif
Slide 11: Market Highlights
Market Highlights
Slide 12: Job Gains Have Slowed; AI, Trade and Immigration Policies May Weigh on Growth
JOB GAINS HAVE SLOWED; ARTIFICIAL INTELLIGENCE, TRADE AND IMMIGRATION POLICIES MAY WEIGH ON GROWTH Annual Employment Growth Unemployment Rate 10 7% 2023: 2.6M 2024: 2.0M 2025: 584K 5 2026*: 472K 6% Employment Growth (Millions) Unemployment Rate 0 5% -5 4% -10 3% 12 20 4 20 9 20 4 * 20 1 20 6 20 1 20
Slide 13: Fed Rate Policy Uncertain; 10-Year Treasury Likely Range-Bound
FED RATE POLICY UNCERTAIN AS NEW FED CHAIR NOMINEE ANNOUNCED; 10-YEAR TREASURY LIKELY RANGE-BOUND 10-Year Treasury vs. Fed Funds Rate Inflation Adjusted Fed Balance Sheet 10-Year Treasury Fed Funds Rate Notes & Bonds MBS 6.0% TIPS/TIPS Inflation Compensation/Agencies/Bills Fed Holdings (Trillions No
Slide 14: Headline Inflation Trending Modestly Higher; Tariffs Pose Risk
HEADLINE INFLATION TRENDING MODESTLY HIGHER; TARIFFS STILL POSE ADDITIONAL INFLATION RISK, KEEPING FED CAUTIOUS Inflation vs. 10-Year Treasury CPI Inflation 10-Year Treasury Core PCE 10.0% 7.5% Rate 5.0% 2.5% 0.0% 20 19 18 17 16 * 24 23 22 21 25 20 20 20 20 20 20 20 20 20 20 * Through December 2025;
Slide 15: Private Investors Dominate U.S. Commercial Real Estate
PRIVATE PRIVATEINVESTORS DOMINATE INVESTORS DOMINATE U.S. U.S. COMMERCIAL COMMERCIAL REAL REAL ESTATE; ESTATE; INSTITUTIONAL INVESTORS INSTITUTIONAL INVESTOR MORE HESITANT ACTIVITY INDUE HAS LAGGED CURRENT WINDOW TO FLIGHT TO SAFETY 100% 3% 5% 4% 4% 4% 4% 4% 5% 3% 6% 7% 6% 7% 9% 10% 7% 90% 9% 7% 5%
Slide 16: Retail Sales Remain Healthy; Space Demand Positive
RETAIL SALES REMAIN HEALTHY; SPACE DEMAND POSITIVE FOR MOST PROPERTY TYPES Core Retail Sales Growth Trends • Wage gains and robust savings have 10.0% sustained retail sales; despite 7.5% expectations of a slowdown, consumer Y-O-Y Percent Change strength remains positive. 5.0% • Uncertainty surroundi
Slide 17: Property Fundamentals Generally Sound; Variations Widening
PROPERTY FUNDAMENTALS GENERALLY SOUND BY HISTORICAL STANDARDS; Occupancy Trends VARIATIONS WIDENING 100% • Multifamily and industrial aggressively delivered 95% record new completions over the past few years, but Occupancy (%) seeing significant pullback. Over-supply limited to 90% select local mark
Slide 18: Maturing CRE Loan Volumes Unlikely to Be Disruptive
MATURING CRE LOAN VOLUMES UNLIKELY TO BE DISRUPTIVE; LENDERS BEGINNING TO REDUCE LENIENCY; Commercial Real Estate Loan Maturities* RISKS VARY BY PROPERTY TYPE 1,000 Other Dollar Volume (Billions) 750 • With the exception of office and self-self- Healthcare storage properties, rent growth and Hotel a
Slide 19: CRE Transaction Flow Gaining Momentum
CRE TRANSACTION FLOW GAINING MOMENTUM, BUT UNCERTAINTY STILL Annual U.S. Commercial Real Estate Sales Trends(1) WEIGHING ON RECOVERY 60 Total Transactions (000s) • Transaction count in 2025 grew an estimated 17% 45 year-over-year while dollar volume increased 25% year-over-year. 30 • The Federal Res
Slide 20: CRE Yield Spreads Beginning to Expand
COMMERCIAL REAL ESTATE YIELD SPREADS BEGINNING TO EXPAND; Cap Rate/10-Year Treasury Spreads PRICING STILL RECALIBRATING CRE Cap Rate 10-Year Treasury Rate • Recent downturn of interest rates and modestly rising capital flows offering 12% increased prospect of higher transaction flow. 10% Caution, ho
Slide 21: MMI Market Position
MMI Market Position
Slide 22: MMI Well-Aligned with the CRE Market
MMI WELL-ALIGNED WITH THE CRE MARKET Private Client Segment Boasts Largest Transaction and Commission Pool Opportunity • Private client market typically consists of sales $1 million to • Influenced by personal drivers that result in buying/selling/ <$10 million. refinancing properties, as well as ma
Slide 23: MMI Financial Details
MMI Financial Details
Slide 24: Total Revenue
TOTAL REVENUE ($ IN MILLIONS) Q4’24 vs Q4’25 Full-Year ‘24 vs ‘25 300 900 1.6 % 800 250 $240.1 $244.0 8.5% $755.2 $696.1 700 200 600 500 150 400 100 300 200 50 100 0 0 Q4'24 Q4'25 '24 '25 24
Slide 25: Brokerage Operating Metrics Q4
BROKERAGE OPERATING METRICS Q4 2024 vs Q4 2025 Total Sales Volume Total Number of Transactions ($ in billions) 20 9.2% 1,902 2,000 1,742 (4.0)% 15 $12.3 $11.8 1,500 10 1,000 5 500 0 Q4'24 Q4'25 0 Q4'24 Q4'25 Average Number of Investment Sales Professionals Average Commission Per Transaction ($ in th
Slide 26: Brokerage Operating Metrics Full-Year
BROKERAGE OPERATING METRICS FULL-YEAR 2024 vs 2025 Total Sales Volume Total Number of Transactions ($ in billions) 50 7,500 40 3.5% 10.9% 6,038 $33.6 $34.8 6,000 5,447 30 4,500 20 3,000 10 1,500 0 0 '24 '25 '24 '25 Average Number of Investment Sales Professionals Average Commission Per Transaction (
Slide 27: Brokerage Revenue by Market Segment Q4
BROKERAGE REVENUE BY MARKET SEGMENT Q4 2024 vs Q4 2025 <$1 million Private Client Market ($1 - <$10 million) ($ in thousands) ($ in thousands) 9,000 150,000 10.3% $7,913 $132,774 38.0% $120,364 7,500 125,000 $5,735 100,000 6,000 4,500 75,000 3,000 50,000 1,500 25,000 0 0 Q4'24 Q4'25 Q4'24 Q4'25 Midd
Slide 28: Brokerage Revenue by Market Segment Full-Year
BROKERAGE REVENUE BY MARKET SEGMENT FULL-YEAR 2024 vs 2025 <$1 million Private Client Market ($1 - <$10 million) ($ in thousands) ($ in thousands) 30,000 500,000 23.3% $25,945 11.1% 25,000 $406,316 $21,034 400,000 $365,837 20,000 300,000 15,000 200,000 10,000 100,000 5,000 0 0 '24 '25 '24 '25 Middle
Slide 29: Operating Expense
OPERATING EXPENSE ($ IN MILLIONS) Q4’24 vs Q4’25 FY ‘24 vs FY ‘25 250 1,000 $233.4 $228.5 200 800 $768.9 $729.0 $151.8 150 $154.5 600 $470.5 63.2% of Rev 63.3% of Rev 62.0% of Rev $431.5 62.3% of Rev 100 400 31.8% of Rev $76.3 40.3% of Rev $70.6 29.0% of Rev $280.9 $286.3 37.9% of Rev 50 200 2.2% of
Slide 30: Net Income and Adjusted EBITDA Performance Q4
NET INCOME AND ADJUSTED EBITDA PERFORMANCE Q4 2024 vs Q4 2025 Net Income Adjusted EBITDA ($ in millions) ($ in millions) $15.0 $30.0 $13.3 38.7% $25.0 $25.0 55.7% $10.0 $20.0 $18.0 $8.5 $15.0 $5.0 $10.0 $5.0 $— $— Q4'24 Q4'25 Q4'24 Q4'25 30
Slide 31: Net Income and Adjusted EBITDA Performance Full-Year
NET INCOME AND ADJUSTED EBITDA PERFORMANCE FULL-YEAR 2024 vs 2025 Net Loss Adjusted EBITDA ($ in millions) ($ in millions) $5.0 $30.0 $24.6 $— 84.6% 162.6% $20.0 $(1.9) $(5.0) $10.0 $9.4 $(10.0) $(12.4) $(15.0) $— '24 '25 '24 '25 31
Slide 32: Cash Flows Provided by Operating Activities
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES Q4 Cash Flows Provided By Annual Cash Flows Provided By Operating Activities Operating Activities (1) ($ in millions) ($ in millions) $60.0 $56.7 $80.0 (18.3)% $66.7 $50.0 $46.3 207.0% $60.0 $40.0 $30.0 $40.0 $20.0 $21.7 $20.0 $10.0 $— $— Q4'24 Q4'25 '24 '
Slide 33: Liquidity Position
LIQUIDITY POSITION Cash and Cash Equivalents and Marketable Debt Securities, Available-For-Sale ($ in millions) 500 1.0% $394.2 $398.2 400 300 $240.8 $236.3 200 100 $153.4 $161.9 0 12/31/2024 12/31/2025 Cash and Cash Equivalents Marketable Debt Securities, Available-For-Sale Liquidity position as of
Slide 34: Appendix
Appendix
Slide 35: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Adjusted EBITDA as net income (loss) before (i) interest income Three Months Ended Twelve Months Ended and other, including interest on marketable debt securities, December 31, December 31, available-for-sale and cash, cash equivalents, and restricted cash, and net rea
Slide 36: Company Overview
NATIONAL PLATFORM FOCUSED ON REAL ESTATE INVESTMENT BROKERAGE • Over 50 years of experience dedicated to perfecting real estate investment brokerage • Designed to maximize real estate value, facilitate investment options by geography and property type, and create liquidity for investors MARKET LEADE
Slide 37: Illustrative MMI Earnings Model
ILLUSTRATIVE MMI EARNINGS MODEL Investment Productivity Transaction Commission Sales Agents Value Rate Revenue Investment Financing & Cost of Sales Other SG&A(1) EBITDA(2) Services Revenue Revenue 1. Includes stock-based compensation 2. EBITDA is not a measurement of our financial performance under
Slide 38: Fourth Quarter 2025
Marcus ¢ Millichap Fourth Quarter 2025