Marcus & Millichap, Inc. has reported its preliminary financial results for the fourth quarter and full year of 2025. The company's earnings per common share in the fourth quarter of 2025 increased by 57.0% compared to the same period in 2024, reaching $0.34.
In the fourth quarter of 2025, the company reported total revenue of $244.0 million, marking a 1.6% increase from the $240.1 million reported in the fourth quarter of 2024. Brokerage commissions amounted to $205.3 million, representing a 1.2% increase from $202.8 million in the same period the previous year.
The private client market brokerage revenue in the fourth quarter of 2025 saw a significant increase of 10.3%, reaching $132.8 million compared to $120.4 million in the fourth quarter of 2024. However, the middle market and larger transaction market brokerage revenue experienced a decrease of 15.8%, amounting to $64.6 million compared to $76.7 million in the fourth quarter of 2024.
Additionally, financing fees for the fourth quarter of 2025 increased by 6.5% to $33.2 million from $31.2 million in the fourth quarter of 2024. The company reported a net income of $13.3 million, or $0.34 per common share, diluted, compared to $8.5 million, or $0.22 per common share, diluted in the same period the previous year. Adjusted EBITDA for the fourth quarter of 2025 was $25.0 million, reflecting an impressive increase of 38.7% from $18.0 million in the fourth quarter of 2024.
For the full year of 2025, Marcus & Millichap reported total revenue of $755.2 million, an 8.5% increase from the $696.1 million reported in 2024. Brokerage commissions for the full year amounted to $632.5 million, showing a 7.3% increase from $589.7 million in 2024.
The private client market brokerage revenue for the full year of 2025 saw a substantial increase of 11.1%, reaching $406.3 million compared to $365.8 million in 2024. However, the middle market and larger transaction market brokerage revenue experienced a decrease of 1.3%, amounting to $200.3 million compared to $202.8 million in 2024. Financing fees for the full year of 2025 increased by 23.0% to $103.9 million from $84.5 million in 2024.
Despite the revenue growth, Marcus & Millichap reported a net loss of $1.9 million, or $0.05 loss per common share, diluted, compared to a net loss of $12.4 million, or $0.32 loss per common share, diluted in 2024. The company's adjusted EBITDA for the full year of 2025 was $24.6 million, reflecting a substantial increase of 162.6% from $9.4 million in 2024.
Hessam Nadji, President and Chief Executive Officer of Marcus & Millichap, attributed the solid fourth quarter results to a late-stage acceleration of transaction closings and highlighted the company's ongoing cost controls and focus on efficiency, which resulted in a meaningful improvement in profitability. Nadji also emphasized the positive momentum in the company's private client business and expressed confidence in the solid momentum as the company entered 2026.
As a result of these announcements, the company's shares have moved 0.26% on the market, and are now trading at a price of $27.27. For more information, read the company's full 8-K submission here.
