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Jun 30, 2025
Newmark Q2 2025 Earnings Report
Newmark delivered strong second quarter 2025 results with double-digit revenue and earnings growth.
Key Takeaways
Newmark reported Q2 2025 total revenues of $759,100,000, up 19.9% year-over-year, on strength across major business lines. GAAP net income was $28,800,000 with EPS of $0.11. Adjusted EPS was $0.31, reflecting solid operating leverage and continued momentum in Capital Markets and recurring services. Full-year guidance was raised for revenues and adjusted earnings.
Total revenues rose 19.9% year-over-year to $759,100,000 in Q2 2025. :contentReference[oaicite:0]{index=0}
Adjusted EPS increased 40.9% year-over-year to $0.31. :contentReference[oaicite:1]{index=1}
Capital Markets revenues grew 37.9% year-over-year. :contentReference[oaicite:2]{index=2}
Adjusted EBITDA increased 32.1% to $114,000,000. :contentReference[oaicite:3]{index=3}
Forward Guidance
Newmark raised its full-year 2025 guidance, expecting total revenues between $3.05 billion and $3.25 billion and Adjusted EPS between $1.47 and $1.57, driven by strong first half results and a robust pipeline.
Positive Outlook
- Expected full-year revenue growth to $3.05–$3.25B.
- Projected adjusted earnings per share of $1.47–$1.57.
- Momentum in Capital Markets with continued double-digit gains.
- Recurring revenue strength in management and leasing services.
- Raised guidance reflects confidence in business pipeline.
Challenges Ahead
- Higher expenses related to growth initiatives impacted adjusted costs.
- Equity-based compensation increased significantly year-over-year.
- Operating cash flow remained negative due to loan origination funding flows.
- Capital markets activity sensitive to macroeconomic conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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