Marcus & Millichap, Inc. (MMI) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -27.57M | 46.27M | 52.21M | 21.02M | -52.84M | 56.66M | 15.23M | 851K | -51.02M | 14.68M | 7.66M | 6.43M | -101.21M | 25.4M | 40.06M | 15.7M | -67.53M | 156.31M | 66.13M | 53.57M |
| Operating CF Margin % | -16.08% | 18.97% | 26.93% | 12.2% | -36.43% | 23.6% | 9.04% | 0.54% | -39.52% | 8.83% | 4.73% | 3.95% | -65.38% | 9.68% | 12.37% | 3.96% | -21.14% | 31.57% | 19.89% | 18.8% |
| Operating CF Growth % | 47.82% | -18.33% | 242.83% | 2370.04% | -3.57% | 285.83% | 98.79% | -86.77% | 49.59% | -42.2% | -80.88% | -59.02% | -49.86% | -83.75% | -39.41% | -70.7% | -235.96% | 135.57% | 180.4% | 5574.58% |
| Net Income | -3.1M | 13.31M | 240K | -11.04M | -4.42M | 8.55M | -5.38M | -5.54M | -9.99M | -10.23M | -9.24M | -8.73M | -5.83M | 7.91M | 21.36M | 42.17M | 32.78M | 62M | 33.92M | 31.53M |
| Depreciation & Amortization | 2.39M | 3.35M | 2.74M | 3.15M | 2.85M | 5.29M | 4.55M | 3.33M | 3.42M | 3.31M | 3.64M | 3.47M | 3.21M | 3.24M | 2.92M | 3.33M | 3.91M | 2.92M | 2.85M | 2.96M |
| Stock-Based Compensation | 0 | 5.86M | 5.97M | 6.22M | 6.18M | 6.04M | 6.07M | 5.89M | 5.79M | 8.34M | 5.45M | 5.35M | 5.01M | 4.64M | 4.54M | 4.28M | 3.86M | 2.71M | 2.7M | 2.66M |
| Deferred Taxes | 0 | 19.22M | 1.23M | 7.29M | -9.5M | 2.2M | -967K | 2.1M | -4.75M | -1.51M | -10.1M | 1.66M | 3.53M | -3.82M | -2.13M | -1.23M | 1.1M | -9M | -3.63M | -129K |
| Other Non-Cash Items | 13.25M | -9.11M | 4.45M | 5.42M | 7.69M | 6.86M | 6.41M | 5.73M | 5.09M | 7.06M | 6M | 6.85M | 6.12M | 4.64M | 5.69M | 6.66M | 5.54M | 10.36M | 6.44M | 5.68M |
| Working Capital Changes | -40.11M | 13.65M | 37.59M | 9.97M | -55.64M | 27.72M | 4.55M | -10.66M | -50.6M | 7.72M | 11.92M | -2.17M | -113.24M | 8.79M | 7.67M | -39.51M | -114.73M | 87.33M | 23.83M | 10.86M |
| Change in Receivables | 2M | 36.37M | -904K | -3.21M | 5.32M | -9.78M | -2.93M | -2.31M | 2.03M | -533K | -4.94M | -78K | -1.32M | 3.55M | -19.14M | -508K | 3.43M | -5.54M | -516K | -6.56M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 868K | -613K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 585K | -4.25M | 3.6M | 951K | -3.88M | 1.24M | 2.85M | 504K | 1.1M | -1.09M | -2.54M | -1.72M | 2.39M | 871K | -2.26M | -3.99M | 1.31M | 6.16M | -968K | 2.92M |
| Cash from Investing | 33.8M | 25.39M | -19.14M | -67.24M | 57.17M | -65.21M | -3.47M | 80.38M | -21.6M | -53.87M | 46.36M | -34.98M | 117.36M | -22.68M | 25.28M | -63.56M | 6.98M | -52.57M | -13.93M | -44.99M |
| Capital Expenditures | -2.97M | -2.4M | -2.25M | -1.73M | -1.49M | -1.53M | -2.05M | -1.66M | -2.64M | -1.68M | -2.22M | -2.61M | -2.86M | -3.1M | -3.54M | -3.14M | -1.88M | -2.62M | -1.47M | -1.67M |
| CapEx % of Revenue | 1.73% | 0.98% | 1.16% | 1.01% | 1.03% | 0.64% | 1.22% | 1.05% | 2.04% | 1.01% | 1.37% | 1.6% | 1.85% | 1.18% | 1.09% | 0.79% | 0.59% | 0.53% | 0.44% | 0.59% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -4K | -100K | 0 | -81K | 0 | 5K | 0 | -6K | 48.58M | -89K | 3K | -3K | 0 | 53K | -53K | 0 | 14K | 26K |
| Cash from Financing | -31.55M | -27.15M | -1.57M | -17.79M | -8.07M | -10.41M | -1.12M | -9.73M | -7.5M | -14.36M | -946K | -28.36M | -24.02M | -37.78M | -5.88M | -55.96M | -5.94M | 162K | -1.62M | 58K |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -24.95M | -17.01M | -577K | -6.97M | -425K | -231K | 0 | 0 | -554K | -4.51M | -368K | -18.23M | -16.7M | -23.1M | -5.66M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -9.79M | -178K | -9.88M | -697K | -9.74M | -150K | -9.74M | -592K | -9.66M | -112K | -9.89M | -441K | -10.2M | -79K | -50.08M | 0 | 0 | 0 | 0 |
| Share Repurchases | -24.95M | -17.39M | -577K | -6.97M | -425K | -231K | 0 | 0 | -554K | -4.51M | -368K | -18.23M | -16.7M | -23.39M | -5.66M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -6.6M | -345K | -812K | -933K | -6.95M | -439K | -967K | 16K | -6.35M | -184K | -466K | -242K | -6.88M | -4.49M | -137K | -5.87M | -5.94M | 162K | -1.62M | 58K |
| Net Change in Cash | -25.41M | 44.56M | 31.41M | -63.75M | -3.74M | -19.27M | 10.72M | 71.44M | -80.2M | -53.42M | 52.95M | -56.81M | -7.85M | -34.99M | 59.21M | -104.04M | -66.44M | 101.13M | 50.59M | 8.71M |
| Free Cash Flow | -30.55M | 43.87M | 49.96M | 19.29M | -54.33M | 55.13M | 13.18M | -806K | -53.66M | 13M | 5.44M | 3.83M | -104.07M | 22.3M | 36.52M | 12.56M | -69.42M | 153.69M | 64.66M | 51.9M |
| FCF Margin % | -17.81% | 17.98% | 25.77% | 11.2% | -37.46% | 22.96% | 7.82% | -0.51% | -41.56% | 7.82% | 3.36% | 2.35% | -67.23% | 8.5% | 11.28% | 3.17% | -21.73% | 31.04% | 19.45% | 18.21% |
| FCF Growth % | 43.78% | -20.41% | 279.02% | 2492.93% | -1.25% | 323.95% | 142.25% | -121.07% | 48.44% | -41.7% | -85.1% | -69.53% | -49.92% | -85.49% | -43.51% | -75.81% | -227.43% | 137.1% | 189.16% | 6212.72% |
| FCF per Share | -0.80 | 1.13 | 1.28 | 0.49 | -1.40 | 1.40 | 0.34 | -0.02 | -1.40 | 0.34 | 0.14 | 0.10 | -2.65 | 0.56 | 0.91 | 0.31 | -1.72 | 3.80 | 1.61 | 1.29 |
| FCF Conversion (FCF/Net Income) | 8.89x | 3.48x | 217.54x | -1.90x | 11.95x | 6.63x | -2.83x | -0.15x | 5.11x | -1.43x | -0.83x | -0.74x | 17.35x | 3.21x | 1.88x | 0.37x | -2.06x | 2.52x | 1.95x | 1.70x |
| Interest Paid | 0 | 0 | 11K | 70K | 385K | 12K | 10K | 67K | 492K | 55K | 15K | 15K | 393K | 15K | 85K | 15K | 499K | 15K | 20K | 17K |
| Taxes Paid | 0 | 0 | 7K | 359K | 21K | -444K | 19K | 263K | 162K | -48K | 8K | 505K | 209K | 11.28M | 18.53M | 39.58M | 464K | 18.39M | 12.27M | 17.56M |