Marcus & Millichap authorizes $70M additional buyback program

Board greenlights new repurchase authorization; $90.1M remains available under combined program

What the filing says

Marcus & Millichap's Board of Directors approved an additional $70 million authorization for share repurchases on April 30, 2026, according to the company's second-quarter 2026 earnings release. The new authorization expands the company's capital return capacity as it executes ongoing buybacks and dividend payments.

Through August 3, 2026, the company had repurchased 912,957 shares in the first half of 2026 at an average price of $26.22 per share, totaling $23.9 million. On a cumulative basis since August 2022, Marcus & Millichap has repurchased and retired 3,987,494 shares at an average price of $30.06 per share for a total of $119.9 million.

After accounting for repurchases executed through early August 2026, the company has approximately $90.1 million available under its stock repurchase program. The company stated that repurchases are expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. No time limit has been established for completion of the program.

On April 30, 2026, the Company's Board of Directors approved an additional $70 million to repurchase common stock under its stock repurchase program. After accounting for shares repurchased through August 3, 2026, the Company has approximately $90.1 million available to repurchase shares under its program. No time limit has been established for the completion of the program, and the repurchases are expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. — Marcus & Millichap, Inc. 8-K filing  ·  View on SEC EDGAR →

What this means

Marcus & Millichap's new $70 million authorization reflects management confidence in capital generation amid improving commercial real estate market conditions in 2026. The company has deployed $23.9 million of the newly authorized capacity in the first half of 2026, and maintains $90.1 million in total available repurchase capacity. Since August 2022, the company has retired roughly 4 million shares (approximately 10% of current shares outstanding) at an average price of $30.06, compared to the H1 2026 execution price of $26.22, indicating lower buyback costs in recent periods. The absence of a time limit provides flexibility, with execution contingent on market conditions and alternative investment opportunities.

Frequently asked questions

What authorization did Marcus & Millichap's board approve in April 2026?

On April 30, 2026, the Board approved an additional $70 million for share repurchases under the company's stock repurchase program. This new authorization supplements the company's earlier repurchase programs dating back to August 2022.

How much authorization is currently available for repurchases?

After accounting for shares repurchased through August 3, 2026, Marcus & Millichap has approximately $90.1 million remaining available under its repurchase program. This includes the newly authorized $70 million plus any unspent balance from prior authorizations.

How many shares did the company repurchase in the first half of 2026?

Marcus & Millichap repurchased 912,957 shares during the six months ended June 30, 2026, at an average price of $26.22 per share, totaling $23.9 million in capital deployed.

What is the cumulative repurchase activity since the program began in August 2022?

Since August 2022, the company has repurchased and retired 3,987,494 shares at an average price of $30.06 per share for a total expenditure of $119.9 million.

How will Marcus & Millichap execute future repurchases?

The company expects to execute repurchases from time to time through open market purchases, privately negotiated transactions, and Rule 10b5-1 plans. Execution will be subject to general business and market conditions and other investment opportunities, with no established time limit for the program.

Why is Marcus & Millichap returning capital to shareholders in 2026?

Management stated that the fortress balance sheet is enabling the company to continue investing in its platform and talent while returning capital to shareholders as part of efforts to create long-term value. This follows improved financial performance in the first half of 2026, with revenue up 18% year-over-year.