Marcus & Millichap reports improved Q1 2025 results driven by revenue growth and reduced net loss

Marcus & Millichap (NYSE:MMI), a leading national real estate services firm specializing in commercial real estate investment sales, financing, research and advisory services, today announced its financial results for the first quarter ended March 31, 2025.

For the first quarter of 2025, total revenue rose to $145 million, a substantial increase from $129.1 million in the first quarter of 2024. 

Brokerage commissions, the largest component of the company's revenue, increased to $123.6 million, up from $109.5 million in the prior year's first quarter.

Breaking down the brokerage revenue, the Private Client Market segment saw revenue of $77.7 million, an increase from $73.2 million in the first quarter of 2024.

The Middle Market and Larger Transaction Market segments demonstrated stronger growth, with revenue reaching $40.9 million, compared to $31.5 million in the same period last year.

The company's financing division also contributed to the positive results, with financing fees climbing to $18.1 million, a significant jump from $14.4 million.

Despite the challenging commercial real estate landscape characterized by cautious investor sentiment and interest rate uncertainty, Marcus & Millichap successfully narrowed its net loss.

The net loss for the first quarter of 2025 was $4.4 million, or $0.11 per common share, diluted, a considerable improvement from the net loss of $10 million, or $0.26 per common share, diluted, reported in the first quarter of 2024.

Adjusted EBITDA also showed improvement, coming in at $8.7 million for the first quarter of 2025, compared to $10.1 million in the same period last year.