Marcus & Millichap Inc. reported preliminary financial results for the fourth quarter (Q4) and full year (FY) 2025. In Q4 2025, the company posted total revenue of USD 244.0 million, an increase of 1.6%. Earnings per common share reached USD 0.34, up 57.0%. Adjusted EBITDA was USD 24.6 million, up over 2.6 times compared to the prior-year period. For the twelve months ended December 31, 2025, Marcus & Millichap declared two semi-annual regular dividends totaling USD 20.4 million and repurchased 933,115 shares of common stock for an aggregate purchase price of USD 26.9 million. As of February 10, 2026, the company had approximately USD 42.0 million available under its share repurchase program. The company highlighted that its Q4 performance benefited from a late-stage acceleration of transaction closings, ongoing cost controls, and efficiency efforts, which contributed to improved profitability. Initiatives to grow exclusive inventory, increase client outreach, expand financing availability, and leverage market improvement supported results, particularly in the Private Client business. Management noted positive momentum in this segment, attributing gains to price adjustments and increased lender activity. The period also saw the implementation of new tax laws favorable to commercial real estate investors, alongside increased costs related to in-person events, client meetings, and conferences, as well as continued market volatility and geopolitical uncertainty.

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