MARCUS & MILLICHAP, INC.

EDGAR

Annual consolidated revenue for 2025: about USD 755.2M, using the latest reported figures. The previous period, 2024, was about USD 696.1M.

Watchlist

Latest quarter

Revenue

203 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating margin

1.09%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: 2213000 USD Source
  • Revenue: 202915000 USD Source

Operating cash flow

22.2 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: -5393000 USD Source
  • Operating Cash Flow: -27571000 USD Source

Free cash flow

21.2 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: -5393000 USD Source
  • Operating Cash Flow: -27571000 USD Source
  • Capital Expenditure: 3919000 USD Source
  • Capital Expenditure: 2974000 USD Source
Cash and cash equivalents
236 million USD Source
Exact value

235873000 USD

Long-term debt including current maturities
Not available
Shares outstanding
37.9 million shares Source
Exact value

37871003 shares

Reported share-count change

-2.89% · -1.13 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 38996974 shares · 2025-06-30· Source
  • 37871003 shares · 2026-06-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

812 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Revenue: 193892000 USD · 2025-07-01 – 2025-09-30 Source
  • Revenue: 755156000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 511206000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 171467000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 202915000 USD · 2026-04-01 – 2026-06-30 Source

Net income

14.4 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Net income: 240000 USD · 2025-07-01 – 2025-09-30 Source
  • Net income: -1909000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: -15217000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: -3100000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 3909000 USD · 2026-04-01 – 2026-06-30 Source

Operating cash flow

93.1 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: 20389000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -31821000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: 66657000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 20389000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -27571000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: -5393000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: -27571000 USD · 2026-01-01 – 2026-03-31 Source

Capital expenditure

8.57 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Capital expenditure: 5476000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 3224000 USD · 2025-01-01 – 2025-06-30 Source
  • Capital expenditure: 7872000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 5476000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 2974000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 3919000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 2974000 USD · 2026-01-01 – 2026-03-31 Source

Free cash flow

84.5 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: 20389000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -31821000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: 66657000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 20389000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -27571000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: -5393000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: -27571000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 5476000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 3224000 USD · 2025-01-01 – 2025-06-30 Source
  • Capital expenditure: 7872000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 5476000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 2974000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 3919000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 2974000 USD · 2026-01-01 – 2026-03-31 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-08-06.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 11 of 11 periods available· newest 2025-12-31
  • Operating income: 11 of 11 periods available· newest 2025-12-31
  • Net income: 11 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 11 of 11 periods available· newest 2025-12-31
  • Total assets: 11 of 11 periods available· newest 2025-12-31
  • Total liabilities: 11 of 11 periods available· newest 2025-12-31
  • Current assets: 11 of 11 periods available· newest 2025-12-31
  • Current liabilities: 11 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 8 of 11 periods available· newest 2022-12-31
  • long term debt: No compatible figures in this window
  • Shares outstanding: 11 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +8.5%

    Prior period

    USD 696.06 million

    –

    Current period

    USD 755.16 million

    –

    Exact inputs and evidence

    755156000 − 696060000 = 59096000 USD

    696060000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    755156000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    +USD 10.45 million

    Prior period

    −USD 12.36 million

    –

    Current period

    −USD 1.91 million

    –

    Exact inputs and evidence

    -1909000 − -12362000 = 10453000 USD

    -12362000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -1909000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    +207%

    Prior period

    USD 21.71 million

    –

    Current period

    USD 66.66 million

    –

    Exact inputs and evidence

    66657000 − 21714000 = 44943000 USD

    21714000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    66657000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    0%

    Prior period

    USD 7.87 million

    –

    Current period

    USD 7.87 million

    –

    Exact inputs and evidence

    7872000 − 7873000 = -1000 USD

    7873000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    7872000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 755.16 million 100% of revenue
  • Operating costs Derived USD 768.87 million 102% of revenue
  • Operating income −USD 13.71 million −1.8% of revenue
  • Tax, interest and other Derived −USD 11.8 million −1.6% of revenue
  • Net income −USD 1.91 million −0.3% of revenue

Cash

  • Operating cash flow USD 66.66 million 8.8% of revenue
  • Capital expenditure USD 7.87 million 1% of revenue
  • Free cash flow Derived USD 58.79 million 7.8% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 9%85%
  • 2017 87%
  • 2018 11%86%
  • 2019 9.5%88%
  • 2020 93%
  • 2021 11%85%
  • 2022 89%
  • 2023 Operating loss: operating costs were 109% of revenue.
  • 2024 Operating loss: operating costs were 105% of revenue.
  • 2025 Operating loss: operating costs were 102% of revenue.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-31717450000 610949000 Derived 106501000 41844000 Derived 64657000 65013000 Derived
Source
2017 2017-01-01 – 2017-12-31719700000 623568000 Derived 96132000 44608000 Derived 51524000 59983000 Derived
Source
2018 2018-01-01 – 2018-12-31814816000 702529000 Derived 112287000 25030000 Derived 87257000 109242000 Derived
Source
2019 2019-01-01 – 2019-12-31806428000 710005000 Derived 96423000 19493000 Derived 76930000 16475000 Derived
Source
2020 2020-01-01 – 2020-12-31716906000 663292000 Derived 53614000 10776000 Derived 42838000 31143000 Derived
Source
2021 2021-01-01 – 2021-12-311296440000 1107084000 Derived 189356000 46886000 Derived 142470000 249046000 Derived
Source
2022 2022-01-01 – 2022-12-311301710000 1164309000 Derived 137401000 33176000 Derived 104225000 1963000 Derived
Source
2023 2023-01-01 – 2023-12-31645927000 705295000 Derived -59368000 -25333000 Derived -34035000 -81800000 Derived
Source
2024 2024-01-01 – 2024-12-31696060000 728969000 Derived -32909000 -20547000 Derived -12362000 13841000 Derived
Source
2025 2025-01-01 – 2025-12-31755156000 768867000 Derived -13711000 -11802000 Derived -1909000 58785000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 755.2M 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1.4B1.1B702.9M351.5M0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue717450000
2017Revenue719700000
2018Revenue814816000
2019Revenue806428000
2020Revenue716906000
2021Revenue1296440000
2022Revenue1301710000
2023Revenue645927000
2024Revenue696060000
2025Revenue755156000

Revenue growth

Change in revenue from the same financial period one year earlier.

8.5% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.91%53%15%-23%-61%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over yearNo prior comparable period
2017Year over year0.3%
2018Year over year13.2%
2019Year over year-1%
2020Year over year-11.1%
2021Year over year80.8%
2022Year over year0.4%
2023Year over year-50.4%
2024Year over year7.8%
2025Year over year8.5%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin -1.8% 2025
Net margin -0.3% 2025
Free cash flow margin 7.8% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.21.8%12.5%3.3%-6.0%-15.2%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin14.8%
2017Operating margin13.4%
2018Operating margin13.8%
2019Operating margin12%
2020Operating margin7.5%
2021Operating margin14.6%
2022Operating margin10.6%
2023Operating margin-9.2%
2024Operating margin-4.7%
2025Operating margin-1.8%
2016Net margin9%
2017Net margin7.2%
2018Net margin10.7%
2019Net margin9.5%
2020Net margin6%
2021Net margin11%
2022Net margin8%
2023Net margin-5.3%
2024Net margin-1.8%
2025Net margin-0.3%
2016Free cash flow margin9.1%
2017Free cash flow margin8.3%
2018Free cash flow margin13.4%
2019Free cash flow margin2%
2020Free cash flow margin4.3%
2021Free cash flow margin19.2%
2022Free cash flow margin0.2%
2023Free cash flow margin-12.7%
2024Free cash flow margin2%
2025Free cash flow margin7.8%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 66.7M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.282.2M187.0M91.7M-3.5M-98.7M201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow74486000
2017Operating cash flow66537000
2018Operating cash flow117314000
2019Operating cash flow25287000
2020Operating cash flow38088000
2021Operating cash flow255903000
2022Operating cash flow13629000
2023Operating cash flow-72430000
2024Operating cash flow21714000
2025Operating cash flow66657000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 58.8M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.275.5M179.6M83.6M-12.3M-108.3M201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow65013000
2017Free cash flow59983000
2018Free cash flow109242000
2019Free cash flow16475000
2020Free cash flow31143000
2021Free cash flow249046000
2022Free cash flow1963000
2023Free cash flow-81800000
2024Free cash flow13841000
2025Free cash flow58785000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

27.1% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.37.0%27.8%18.5%9.3%0.0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets34.3%
2017Liabilities / assets31.5%
2018Liabilities / assets27.7%
2019Liabilities / assets30.2%
2020Liabilities / assets29.8%
2021Liabilities / assets33.4%
2022Liabilities / assets28.9%
2023Liabilities / assets26.5%
2024Liabilities / assets27.5%
2025Liabilities / assets27.1%

Current assets to current liabilities

Current assets divided by current liabilities.

2.55× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.4.35×3.26×2.18×1.09×0.00×201620212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016Current assets / current liabilities2.99×
2017Current assets / current liabilities3.85×
2018Current assets / current liabilities4×
2019Current assets / current liabilities4.03×
2020Current assets / current liabilities3.57×
2021Current assets / current liabilities2.7×
2022Current assets / current liabilities3.47×
2023Current assets / current liabilities3.74×
2024Current assets / current liabilities3.08×
2025Current assets / current liabilities2.55×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
USD 64.66 million
Exact value

Exact value: 64657000 USD

2016-01-01 – 2016-12-31: 64657000 USD Inspect Net Income Open source
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USD 74.49 million
Exact value

Exact value: 74486000 USD

2016-01-01 – 2016-12-31: 74486000 USD Inspect Operating Cash Flow Open source
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USD 9.47 million
Exact value

Exact value: 9473000 USD

2016-01-01 – 2016-12-31: 9473000 USD Inspect Capital Expenditure Open source
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USD 65.01 million
Calculation and evidence

74486000 − 9473000 USD

Exact free cash flow: 65013000 USD

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2017 2017-01-01 – 2017-12-31
USD 51.52 million
Exact value

Exact value: 51524000 USD

2017-01-01 – 2017-12-31: 51524000 USD Inspect Net Income Open source
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USD 66.54 million
Exact value

Exact value: 66537000 USD

2017-01-01 – 2017-12-31: 66537000 USD Inspect Operating Cash Flow Open source
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USD 6.55 million
Exact value

Exact value: 6554000 USD

2017-01-01 – 2017-12-31: 6554000 USD Inspect Capital Expenditure Open source
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USD 59.98 million
Calculation and evidence

66537000 − 6554000 USD

Exact free cash flow: 59983000 USD

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2018 2018-01-01 – 2018-12-31
USD 87.26 million
Exact value

Exact value: 87257000 USD

2018-01-01 – 2018-12-31: 87257000 USD Inspect Net Income Open source
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USD 117.31 million
Exact value

Exact value: 117314000 USD

2018-01-01 – 2018-12-31: 117314000 USD Inspect Operating Cash Flow Open source
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USD 8.07 million
Exact value

Exact value: 8072000 USD

2018-01-01 – 2018-12-31: 8072000 USD Inspect Capital Expenditure Open source
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USD 109.24 million
Calculation and evidence

117314000 − 8072000 USD

Exact free cash flow: 109242000 USD

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2019 2019-01-01 – 2019-12-31
USD 76.93 million
Exact value

Exact value: 76930000 USD

2019-01-01 – 2019-12-31: 76930000 USD Inspect Net Income Open source
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USD 25.29 million
Exact value

Exact value: 25287000 USD

2019-01-01 – 2019-12-31: 25287000 USD Inspect Operating Cash Flow Open source
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USD 8.81 million
Exact value

Exact value: 8812000 USD

2019-01-01 – 2019-12-31: 8812000 USD Inspect Capital Expenditure Open source
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USD 16.48 million
Calculation and evidence

25287000 − 8812000 USD

Exact free cash flow: 16475000 USD

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2020 2020-01-01 – 2020-12-31
USD 42.84 million
Exact value

Exact value: 42838000 USD

2020-01-01 – 2020-12-31: 42838000 USD Inspect Net Income Open source
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USD 38.09 million
Exact value

Exact value: 38088000 USD

2020-01-01 – 2020-12-31: 38088000 USD Inspect Operating Cash Flow Open source
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USD 6.95 million
Exact value

Exact value: 6945000 USD

2020-01-01 – 2020-12-31: 6945000 USD Inspect Capital Expenditure Open source
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USD 31.14 million
Calculation and evidence

38088000 − 6945000 USD

Exact free cash flow: 31143000 USD

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2021 2021-01-01 – 2021-12-31
USD 142.47 million
Exact value

Exact value: 142470000 USD

2021-01-01 – 2021-12-31: 142470000 USD Inspect Net Income Open source
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USD 255.9 million
Exact value

Exact value: 255903000 USD

2021-01-01 – 2021-12-31: 255903000 USD Inspect Operating Cash Flow Open source
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USD 6.86 million
Exact value

Exact value: 6857000 USD

2021-01-01 – 2021-12-31: 6857000 USD Inspect Capital Expenditure Open source
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USD 249.05 million
Calculation and evidence

255903000 − 6857000 USD

Exact free cash flow: 249046000 USD

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2022 2022-01-01 – 2022-12-31
USD 104.23 million
Exact value

Exact value: 104225000 USD

2022-01-01 – 2022-12-31: 104225000 USD Inspect Net Income Open source
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USD 13.63 million
Exact value

Exact value: 13629000 USD

2022-01-01 – 2022-12-31: 13629000 USD Inspect Operating Cash Flow Open source
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USD 11.67 million
Exact value

Exact value: 11666000 USD

2022-01-01 – 2022-12-31: 11666000 USD Inspect Capital Expenditure Open source
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USD 1.96 million
Calculation and evidence

13629000 − 11666000 USD

Exact free cash flow: 1963000 USD

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2023 2023-01-01 – 2023-12-31
−USD 34.04 million
Exact value

Exact value: -34035000 USD

2023-01-01 – 2023-12-31: -34035000 USD Inspect Net Income Open source
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−USD 72.43 million
Exact value

Exact value: -72430000 USD

2023-01-01 – 2023-12-31: -72430000 USD Inspect Operating Cash Flow Open source
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USD 9.37 million
Exact value

Exact value: 9370000 USD

2023-01-01 – 2023-12-31: 9370000 USD Inspect Capital Expenditure Open source
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−USD 81.8 million
Calculation and evidence

-72430000 − 9370000 USD

Exact free cash flow: -81800000 USD

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2024 2024-01-01 – 2024-12-31
−USD 12.36 million
Exact value

Exact value: -12362000 USD

2024-01-01 – 2024-12-31: -12362000 USD Inspect Net Income Open source
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USD 21.71 million
Exact value

Exact value: 21714000 USD

2024-01-01 – 2024-12-31: 21714000 USD Inspect Operating Cash Flow Open source
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USD 7.87 million
Exact value

Exact value: 7873000 USD

2024-01-01 – 2024-12-31: 7873000 USD Inspect Capital Expenditure Open source
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USD 13.84 million
Calculation and evidence

21714000 − 7873000 USD

Exact free cash flow: 13841000 USD

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2025 2025-01-01 – 2025-12-31
−USD 1.91 million
Exact value

Exact value: -1909000 USD

2025-01-01 – 2025-12-31: -1909000 USD Inspect Net Income Open source
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USD 66.66 million
Exact value

Exact value: 66657000 USD

2025-01-01 – 2025-12-31: 66657000 USD Inspect Operating Cash Flow Open source
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USD 7.87 million
Exact value

Exact value: 7872000 USD

2025-01-01 – 2025-12-31: 7872000 USD Inspect Capital Expenditure Open source
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USD 58.79 million
Calculation and evidence

66657000 − 7872000 USD

Exact free cash flow: 58785000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

154 filings · 4,762 latest values · 4,762 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001578732, 1578732, MMI, edgar:1578732

Also known as MARCUS & MILLICHAP, INC., Marcus & Millichap, Inc.