Marcus & Millichap, Inc. Earnings Per Share Disclosure
| Years Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Numerator (Basic and Diluted): | ||||||||||||||||||||
| Net loss | $ | (1,909) | $ | (12,362) | $ | (34,035) | ||||||||||||||
Change in value for stock settled consideration(1) | (4) | 31 | 65 | |||||||||||||||||
| Adjusted net loss | $ | (1,913) | $ | (12,331) | $ | (33,970) | ||||||||||||||
| Denominator: | ||||||||||||||||||||
| Basic | ||||||||||||||||||||
| Weighted average common shares issued and outstanding | 38,960 | 38,695 | 38,674 | |||||||||||||||||
Deduct: Unvested RSAs (2) | (17) | (17) | (15) | |||||||||||||||||
| Weighted average common shares outstanding | 38,943 | 38,678 | 38,659 | |||||||||||||||||
| Basic loss per common share | $ | (0.05) | $ | (0.32) | $ | (0.88) | ||||||||||||||
| Diluted | ||||||||||||||||||||
| Weighted average common shares outstanding from above | 38,943 | 38,678 | 38,659 | |||||||||||||||||
Add: Dilutive effect of RSUs, RSAs, PSUs & ESPP(3) | — | — | — | |||||||||||||||||
| Weighted average common shares outstanding | 38,943 | 38,678 | 38,659 | |||||||||||||||||
| Diluted loss per common share | $ | (0.05) | $ | (0.32) | $ | (0.88) | ||||||||||||||
Antidilutive shares excluded from diluted earnings per common share(4) | 1,100 | 962 | 1,593 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 16, 2018 | |
| 2016 | Mar 16, 2017 | |
| 2015 | Mar 15, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.