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Dec 31, 2025
Newmark Q4 2025 Earnings Report
Newmark reported record fourth quarter 2025 results with double-digit revenue and earnings growth.
Key Takeaways
Newmark delivered record Q4 2025 revenues of $1,005,959,000, up 15.3% year-over-year, driven by strong performance across Management Services, Leasing, and Capital Markets. GAAP net income available to common stockholders rose to $67,979,000, with GAAP EPS of $0.37 and Adjusted EPS of $0.68, reflecting continued operating leverage and margin expansion.
Total revenues increased 15.3% year-over-year to $1,005,959,000, marking a record fourth quarter.
GAAP net income available to common stockholders rose 49.7% to $67,979,000.
Capital Markets revenue grew 19.2% year-over-year, extending multi-quarter double-digit growth momentum.
Adjusted EBITDA increased 17.0% year-over-year to $214,029,000, supporting a net leverage ratio of 0.8x.
Revenue by Segment
Forward Guidance
For FY 2026, Newmark expects total revenues between $3,700,000,000 and $3,800,000,000, Adjusted EPS between $1.82 and $1.92, Adjusted EBITDA between $635,000,000 and $675,000,000, and an Adjusted Earnings tax rate of 13% to 15%, implying continued double-digit growth.
Positive Outlook
- Expected total revenue growth of 12% to 15% year-over-year.
- Projected Adjusted EPS growth of 12% to 19%.
- Adjusted EBITDA guidance implies 13% to 20% growth.
- Over 90% of expected earnings growth anticipated to be organic.
- Favorable macro backdrop supporting commercial real estate recovery.
Challenges Ahead
- Guidance excludes potential acquisitions beyond Q1 2026.
- Assumes no meaningful change in stock price affecting equity-based compensation.
- Subject to macroeconomic, political, and social uncertainties.
- Tax rate expected to rise to 13%–15% from 11.4% in FY 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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