Marcus & Millichap, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
MMI$24.62-6.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets as of December 31, 202 and
CONSOLIDATED BALANCE SHEETS
(in thousands, except for shares and par value)
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash, cash equivalents, and restricted cash (restricted cash of $11,253 and $10,678 at December 31, 2025 and December 31, 2024, respectively) | $161,921 | $153,445 |
| Commissions receivable | 14,851 | 18,804 |
| Prepaid expenses | 10,424 | 9,311 |
| Income tax receivable | 1,962 | 6,030 |
| Marketable debt securities, available-for-sale (amortized cost of $90,557 and $189,667 at December 31, 2025 and December 31, 2024, respectively, and $0 allowance for credit losses) | 90,564 | 189,667 |
| Advances and loans, net | 15,299 | 17,519 |
| Other assets, current | 14,189 | 15,543 |
| Total current assets | 309,210 | 410,319 |
| Property and equipment, net | 23,877 | 26,139 |
| Operating lease right-of-use assets, net | 74,333 | 81,120 |
| Marketable debt securities, available-for-sale (amortized cost of $145,570 and $52,366 at December 31, 2025 and December 31, 2024, respectively, and $0 allowance for credit losses) | 145,701 | 51,147 |
| Assets held in rabbi trust | 13,476 | 12,191 |
| Deferred tax assets, net | 44,586 | 48,080 |
| Goodwill and other intangible assets, net | 41,662 | 43,521 |
| Advances and loans, net | 147,215 | 173,657 |
| Other assets, non-current | 27,120 | 23,626 |
| Total assets | $827,180 | $869,800 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $11,021 | $13,737 |
| Deferred compensation and commissions | 57,463 | 67,197 |
| Operating lease liabilities | 18,796 | 18,522 |
| Accrued bonuses and other employee related expenses | 23,856 | 25,485 |
| Other liabilities, current | 10,311 | 8,076 |
| Total current liabilities | 121,447 | 133,017 |
| Deferred compensation and commissions | 35,416 | 33,257 |
| Operating lease liabilities | 59,459 | 65,701 |
| Other liabilities, non-current | 7,755 | 7,007 |
| Total liabilities | 224,077 | 238,982 |
| Commitments and contingencies | — | — |
| Stockholders’ equity: | ||
| Preferred stock, $0.0001 par value: | ||
| Authorized shares – 25,000,000; issued and outstanding shares – none at December 31, 2025 and December 31, 2024, respectively | — | — |
| Common stock, $0.0001 par value: | ||
| Authorized shares – 150,000,000; issued and outstanding shares – 38,422,993 and 38,856,790 at December 31, 2025 and December 31, 2024, respectively | 4 | 4 |
| Additional paid-in capital | 192,945 | 173,340 |
| Retained earnings | 409,753 | 458,907 |
| Accumulated other comprehensive income (loss) | 401 | (1,433) |
| Total stockholders’ equity | 603,103 | 630,818 |
| Total liabilities and stockholders’ equity | $827,180 | $869,800 |
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