Newmark Group Inc

Latest Results (15.04.2026):

Newmark Group, Inc. reported results for the fourth quarter of 2025 (4Q25) and full year 2025, announcing record quarterly and full‑year revenues and continued double‑digit top‑ and bottom‑line growth. For 4Q25 Newmark delivered $1,006.0 million of total revenues (+15.3% YoY), GAAP net income per diluted share of $0.37 (+42% YoY), Adjusted EPS of $0.68 (+23.6% YoY), and Adjusted EBITDA of $214.0 million (+17.0% YoY). Full year 2025 totals include $3,294.0 million of revenue (+20.3% YoY), GAAP EPS $0.68 (vs. $0.34), Adjusted EPS $1.62 (+31.7% YoY), and Adjusted EBITDA $562.4 million (+26.3% YoY).

Top‑line and growth

4Q25 revenue was $1,006.0M (+15.3% YoY); FY2025 revenue was $3,294.0M (+20.3% YoY). Fees (excluding pass‑through and OMSR) grew ~15.9% year‑over‑year in 4Q25 and ~21.5% for the year. Management highlighted that Management & Servicing, Leasing, and Capital Markets each exceeded $1 billion of annual revenue.

Earnings and margins

GAAP net income for diluted shares in 4Q25 was $92.9M (GAAP EPS $0.37, +42.3% YoY). Post‑tax Adjusted Earnings in 4Q25 were $171.8M (Adjusted EPS $0.68, +23.6% YoY). Adjusted EBITDA was $214.0M in 4Q25 (+17.0% YoY) and $562.4M for FY2025 (+26.3% YoY).

Segment performance

Management Services, Servicing & Other grew 13.0% in 4Q25 and the servicing/asset management portfolio reached a record $211.2B (+15.2% YoY). Leasing revenues rose 13.6% in 4Q25, and Capital Markets grew 19.2% (9th consecutive quarter of double‑digit growth); Investment Sales volumes were up materially (Investment Sales revenue +28.3% in 4Q25 and volumes +50.4% YoY in the quarter).

Expenses and drivers

Total GAAP operating expenses in 4Q25 were $882.4M (+14.7% YoY), driven primarily by higher compensation (commissions tied to revenue growth), equity‑based compensation increases, costs from recent acquisitions, and investments in growth initiatives.

Balance sheet and cash flow

As of Dec. 31, 2025 cash & equivalents were $229.1M and total corporate debt was $671.7M. Newmark reported net leverage of 0.8x (net debt / trailing‑12M Adjusted EBITDA). Net cash provided by operating activities was $618.5M in 4Q25; Adjusted Free Cash Flow for FY2025 was $268.9M.

Capital returns and corporate actions

The Board declared a quarterly dividend of $0.03 per share (payable Mar 27, 2026). The company increased its share repurchase and unit redemption authorization from $244.9M remaining to a new $400M authorization (announced Feb 18, 2026); $127.1M of repurchases were used in 2025.

Outlook for FY2026

Newmark provided 2026 guidance: total revenues $3,700–$3,800M (+12–15% YoY), Adjusted EPS $1.82–$1.92 (+12–19%), Adjusted EBITDA $635–$675M (+13–20%), and an adjusted earnings tax rate of 13–15%. Management expects >90% of 2026 earnings growth to be organic.

Other notable items

Management cited continued international expansion and acquisitions (RealFoundations, Catella Valuation Advisory and pending Altus Canadian Appraisals transaction), ongoing hiring of revenue‑generating professionals, and a settlement-related $42.3M non‑recurring GAAP other‑income item in FY2025 that was excluded from Adjusted metrics.