All segments grow for first time

Marcus & Millichap reported Q2 2026 revenue of $202.9 million, up 17.8% year-over-year. All business segments registered growth simultaneously for the first time since recent market disruptions began.

“All business segments registered growth simultaneously for the first time since recent market disruptions began.”

Brokerage commissions surge 18%

Brokerage commissions, which make up 82% of revenue, jumped to $167.0 million from $141.4 million year-over-year. Larger institutional deals grew fastest at 29.4%, while private clients grew 13.6%.

“Middle Market and Larger Transaction Market brokerage revenue surged 29.4%”

Financing volume explodes 60%

Q1 2026 financing fees grew 48.1% year-over-year, with total financing volume jumping 60% across nearly 400 transactions. Average deal size increased 35%, showing bigger deals are closing.

“Financing volume growing 60% across nearly 400 transactions, and average deal size increasing 35%”

Multifamily becomes strategic focus

Recent transactions include a $90.5 million West Palm Beach sale, $51 million Los Angeles asset, $43 million Miami construction financing, and $53 million Northwest Arkansas refinance. All multifamily deals.

Operating margin swings positive

Operating margin improved to 1.1% from negative 5.3% in Q2 2025. Adjusted EBITDA surged 732.6% to $12.1 million. Net income reached $3.9 million, or $0.10 per share, versus a $11.0 million loss in the prior year.

“Operating margin improved to 1.1% from negative 5.3% in Q2 2025”

Strong balance sheet, flat costs

Despite 18% revenue growth, SG&A expenses stayed flat year-over-year, proving the platform's scalability. The company holds $153.5 million in cash and declared a $0.25 semi-annual dividend.