Real estate brokerage and services firm Marcus & Millichap (NYSE:MMI) announced better-than-expected revenue in Q2 CY2026, with sales up 17.8% year on year to $202.9 million. Its GAAP profit of $0.10 per share was significantly above analysts’ consensus estimates.
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Marcus & Millichap (MMI) Q2 CY2026 Highlights:
- Revenue: $202.9 million vs analyst estimates of $194.3 million (17.8% year-on-year growth, 4.4% beat)
- EPS (GAAP): $0.10 vs analyst estimates of $0.03 (significant beat)
- Adjusted EBITDA: $12.12 million vs analyst estimates of $3.5 million (6% margin, significant beat)
- Operating Margin: 1.1%, up from -5.3% in the same quarter last year
- Market Capitalization: $1.18 billion
Company Overview
Founded in 1971, Marcus & Millichap (NYSE:MMI) specializes in commercial real estate investment sales, financing, research, and advisory services.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Over the last five years, Marcus & Millichap’s demand was weak and its revenue declined by 1.5% per year. This wasn’t a great result and is a sign of poor business quality.
We at StockStory place the most emphasis on long-term growth, but within consumer discretionary, a stretched historical view may miss a company riding a successful new product or trend. Marcus & Millichap’s annualized revenue growth of 14.9% over the last two years is above its five-year trend, which is encouraging. 
We can dig further into the company’s revenue dynamics by analyzing its most important segments, Brokerage and Financing, which are 82.3% and 14.9% of revenue. Over the last two years, Marcus & Millichap’s Brokerage revenue (commission fees) averaged 10.4% year-on-year growth while its Financing revenue (financing fees) averaged 27.8% growth. 
This quarter, Marcus & Millichap reported year-on-year revenue growth of 17.8%, and its $202.9 million of revenue exceeded Wall Street’s estimates by 4.4%.
Looking ahead, sell-side analysts expect revenue to grow 8.8% over the next 12 months, a deceleration versus the last two years. This projection doesn’t excite us and indicates its products and services will face some demand challenges.
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Operating Margin
Marcus & Millichap’s operating margin has risen over the last 12 months, but it still averaged negative 1.4% over the last two years. This is due to its large expense base and inefficient cost structure.
This quarter, Marcus & Millichap generated an operating margin profit margin of 1.1%, up 6.3 percentage points year on year. This increase was a welcome development and shows it was more efficient.
Earnings Per Share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth — for example, a company could inflate its sales through excessive spending on advertising and promotions.
Sadly for Marcus & Millichap, its EPS declined by 27.8% annually over the last five years, more than its revenue. This tells us the company struggled because its fixed cost base made it difficult to adjust to shrinking demand.
In Q2, Marcus & Millichap reported EPS of $0.10, up from negative $0.28 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects Marcus & Millichap’s full-year EPS to grow 89.2% from $0.37 to $0.70.
Key Takeaways from Marcus & Millichap’s Q2 Results
It was good to see Marcus & Millichap beat analysts’ EPS expectations this quarter. We were also excited its EBITDA outperformed Wall Street’s estimates by a wide margin. Zooming out, we think this was a good print with some key areas of upside. The stock remained flat at $31.24 immediately after reporting.
Big picture, is Marcus & Millichap a buy here and now? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).