Question 1

What is Marcus & Millichap's total operating expenses?

Accepted Answer

Marcus & Millichap (MMI) reported total operating expenses of $200.7M in Q2 2026.

Question 2

How has Marcus & Millichap's total operating expenses changed year-over-year?

Accepted Answer

Marcus & Millichap's total operating expenses increased by 10.7% year-over-year, from $181.32M to $200.7M.

Question 3

What is the long-term trend for Marcus & Millichap's total operating expenses?

Accepted Answer

Over 4 years (2021 to 2025), Marcus & Millichap's total operating expenses has grown at a -8.7% compound annual growth rate (CAGR), from $1.11B to $768.87M.

Question 4

What does total operating expenses mean?

Accepted Answer

The sum of all operating costs including COGS, SG&A, R&D, D&A, and other operating charges. Revenue minus total operating expenses equals operating income.

Line item	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Cost of services	126,666	106,618	230,303	194,966
Selling, general and administrative	71,688	71,550	142,903	143,102
Depreciation and amortization	2,348	3,153	4,739	6,002
Total operating expenses	200,702	181,321	377,945	344,070
Operating income (loss)	2,213	(9,045)	(3,563)	(26,756)
Other income, net	4,192	5,498	7,955	9,477
Interest expense	(140)	(200)	(293)	(387)
Income (loss) before provision (benefit) for income taxes	6,265	(3,747)	4,099	(17,666)

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Marcus & Millichap MMI Total Operating Expenses