Marcus & Millichap (MMI) Operating Expenses (2012 - 2026)
Marcus & Millichap (MMI) recorded Operating Expenses of $200.7 million in Q2 2026, up 10.7% from $181.32 million a year earlier and up 13.2% from the prior quarter.
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Analysis
Marcus & Millichap (MMI) Operating Expenses (2012 - 2026) Analysis & Trends
On a TTM basis, Marcus & Millichap's Operating Expenses came in at $802.74 million as of Jun 30, 2026, up 6.0% year-over-year; for FY2025, it came in at $768.87 million, up 5.5% from FY2024.
- Annual Operating Expenses has a five-year compound annual growth rate of 3.0% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $728.97 million in FY2024 (+3.4%), $705.3 million in FY2023 (-39.4%), $1.16 billion in FY2022 (+5.2%) and $1.11 billion in FY2021 (+66.9%).
- Quarterly Operating Expenses has ranged from $149.21 million in Q1 2024 to $413.25 million in Q4 2021 over the past five years.
- On a year-over-year basis, Operating Expenses rose in seven of the last eight quarters, with growth averaging 9.2%.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 88.6% in Q3 2021, against a decline of 48.8% in Q2 2023 at the low end.
- Per Business Quant, the preceding three quarters came in at $177.24 million (Q1 2026), $228.53 million (Q4 2025) and $196.27 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Cbre | 37.92 Bn | 31.69 Bn | 2.09 Bn | - |
| 2 | KE Holdings | 37.35 Bn | 18.06 Bn | 1.03 Bn | -587.69 Mn |
| 3 | Jones Lang Lasalle | 14.31 Bn | 12.53 Bn | - | 6.64 Bn |
| 4 | Compass | 6.79 Bn | 5.25 Bn | - | 4.18 Bn |
| 5 | Colliers International | 4.60 Bn | 3.67 Bn | 635.11 Mn | 485.10 Mn |
| 6 | Cushman & Wakefield | 2.75 Bn | 233.71 Mn | 512.00 Mn | 2.63 Bn |
| 7 | Newmark | 1.99 Bn | 1.36 Bn | - | 848.02 Mn |
| 8 | Marcus & Millichap | 1.10 Bn | 195.57 Mn | - | 200.70 Mn |
| 9 | Agnt | 593.27 Mn | 122.95 Mn | 98.80 Mn | 97.16 Mn |
| 10 | Rmr | 587.71 Mn | 512.17 Mn | - | 162.79 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 200.70 Mn |
| Mar 31, 2026 | 177.24 Mn |
| Dec 31, 2025 | 228.53 Mn |
| Sep 30, 2025 | 196.27 Mn |
| Jun 30, 2025 | 181.32 Mn |
| Mar 31, 2025 | 162.75 Mn |
| Dec 31, 2024 | 233.37 Mn |
| Sep 30, 2024 | 179.98 Mn |
| Jun 30, 2024 | 166.41 Mn |
| Mar 31, 2024 | 149.21 Mn |
| Dec 31, 2023 | 183.44 Mn |
| Sep 30, 2023 | 177.46 Mn |
| Jun 30, 2023 | 173.54 Mn |
| Mar 31, 2023 | 170.85 Mn |
| Dec 31, 2022 | 256.59 Mn |
| Sep 30, 2022 | 293.29 Mn |
| Jun 30, 2022 | 339.22 Mn |
| Mar 31, 2022 | 275.21 Mn |
| Dec 31, 2021 | 413.25 Mn |
| Sep 30, 2021 | 286.72 Mn |
API Access
Marcus & Millichap Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=MMI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "MMI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=MMI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();