Real estate brokerage and services firm Marcus & Millichap (NYSE: MMI) will be announcing earnings results this Friday morning. Here’s what to expect.

Marcus & Millichap met analysts’ revenue expectations last quarter, reporting revenues of $193.9 million, up 15.1% year on year. It was an exceptional quarter for the company, with EPS in line with analysts’ estimates and an impressive beat of analysts’ EBITDA estimates.

Is Marcus & Millichap a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Marcus & Millichap’s revenue to decline 4.4% year on year to $229.5 million, a reversal from the 44.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.22 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Marcus & Millichap has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Marcus & Millichap’s peers in the consumer discretionary segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Zillow delivered year-on-year revenue growth of 18.1%, beating analysts’ expectations by 0.5%, and Forestar Group reported revenues up 9%, topping estimates by 2.1%. Zillow traded down 17.3% following the results while Forestar Group was also down 6.2%.

Read our full analysis of Zillow’s results here and Forestar Group’s results here.

Debates over possible tariffs and corporate tax adjustments have raised questions about economic stability in 2025. While some of the consumer discretionary stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2.8% on average over the last month. Marcus & Millichap is up 1.4% during the same time and is heading into earnings with an average analyst price target of $28 (compared to the current share price of $26.13).

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