Newmark Q3 Revenue Rises 12.7% to $973.2 Million as 2026 Outlook Falls

Newmark Group reported total revenues of $973.2 million for the third quarter of 2026 on October 29, 2026, up 12.7% from $863.5 million a year earlier, and lowered its full-year 2026 outlook, according to the commercial real estate advisor’s full-text financial results release. The company also declared its quarterly dividend and reauthorized its $400 million share repurchase program.

GAAP net income for fully diluted shares was $67.4 million, or $0.27 per share, compared with $64.0 million, or $0.25 per share, in the third quarter of 2025. Net income available to common stockholders was $48.9 million versus $46.2 million, with basic earnings per share of $0.27 versus $0.26. Post-tax Adjusted Earnings rose 15.3% to $122.1 million from $105.9 million, producing Adjusted EPS of $0.48 versus $0.42, while Adjusted EBITDA increased 14.6% to $166.4 million from $145.2 million.

For the first nine months of 2026, total revenues reached $2,708.1 million, up 18.4% from $2,288.1 million in the year-earlier period. Year-to-date Adjusted EPS was $1.20 versus $0.94, and year-to-date Adjusted EBITDA was $426.7 million versus $348.4 million.

Chief Executive Officer Barry Gosin said Newmark generated record third-quarter revenues and double-digit gains in Leasing and in its recurring businesses as the company progresses toward its goal of over $2 billion in annual Management and Servicing revenues by 2029. “Our transaction pipelines remain active and robust,” Gosin said, adding that the company continues to expect double-digit full-year growth in revenues, Adjusted EBITDA, and Adjusted EPS and anticipates its best-ever full-year results for each metric.

Segment Results

Management Services, Servicing Fees, and Other revenue rose 18.3% to $376.3 million, which the company described as its fifth consecutive record quarter for those businesses, and Newmark’s total Servicing and Asset Management portfolio grew 23.2% year on year. The company also recently won a long-term Property and Project Management assignment from institutional investor and developer 601W Companies that is expected to cover over 21 million square feet of U.S. office assets.

Leasing and Other Commissions climbed 26.5% to $308.6 million, which Newmark called its all-time best third quarter for the business. The company attributed the improvement to higher demand from investor and occupier clients across artificial intelligence, data centers, and other technology sectors, as well as manufacturing, legal services, aerospace and defense, and health care, supported by higher fees from industrial and office clients across several key West Coast markets and Texas.

Capital Markets revenue fell 4.4% to $288.2 million. Within the segment, Investment Sales rose 7.5% to $171.9 million, while Fees from Commercial Mortgage Origination, net dropped 21.1% to $79.6 million and OMSR Revenues declined 9.4% to $36.7 million. Newmark’s Investment Sales volumes rose approximately 33% globally and 31% in the U.S., while its global Total Debt volumes fell 37% against a year-earlier quarter in which Capital Markets volumes grew 99%, led by a $4 billion joint venture supporting the development of an AI data center campus in Pennsylvania and a $1.4 billion recapitalization of a New York City office property.

Newmark Research estimated that U.S. industry investment sales volumes improved approximately 25% year on year in the quarter, based on its analysis of MSCI sales data, while industry GSE placement activity declined 30% as reported by Fannie Mae and Freddie Mac. On the same basis as its reported volume statistics, Newmark Research estimated industry multifamily Agency originations fell 28%, while Newmark’s own Agency originations were down 16%.

2026 Outlook Revised Lower

Newmark cut its full-year 2026 total revenue guidance to a range of $3,700 million to $3,800 million, representing growth of 12% to 15%, from a prior range of $3,775 million to $3,875 million, representing 15% to 18% growth. Full-year 2025 revenue was $3,294.0 million.

The company revised its 2026 Adjusted EPS outlook to $1.80 to $1.90, or growth of 11% to 17%, from $1.87 to $1.98, or 15% to 22% growth; 2025 Adjusted EPS was $1.62. Its 2026 Adjusted EBITDA outlook moved to $629 million to $667 million, or 12% to 19% growth, from $656 million to $694 million, or 17% to 23% growth, against 2025 Adjusted EBITDA of $562.4 million. The Adjusted Earnings tax rate outlook was unchanged at 13% to 15%.

Newmark attributed the revision to a challenging macroeconomic environment that creates uncertainty with respect to the timing of deal closings. The outlook excludes the potential impact of any future acquisitions and assumes no meaningful change in the company’s stock price compared with the closing price on October 28, 2026.

On October 28, 2026, Newmark’s Board of Directors declared a qualified quarterly dividend of $0.06 per share, payable on November 30, 2026, to Class A and Class B common stockholders of record as of November 13, 2026, which is also the ex-dividend date. The declaration compared with a dividend of $0.03 per share declared in the third quarter of 2025.

Newmark repurchased 3.9 million shares for $59.4 million during the third quarter and 14.3 million shares for $210.5 million in the first nine months of 2026. The company had $189.5 million remaining under its share repurchase and unit redemption authorization as of September 30, 2026, and on October 28, 2026, the Board reauthorized the company’s $400 million buy-back program.

Cash and cash equivalents stood at $240.0 million and total corporate debt at $877.5 million as of September 30, 2026, compared with $229.1 million and $671.7 million at December 31, 2025. Newmark’s net leverage was 1.0 times trailing twelve-month Adjusted EBITDA of $640.7 million. On September 16, 2026, S&P Global Ratings upgraded Newmark’s issuer credit rating to BBB- from BB+.

The company’s tax rate for Adjusted Earnings was 12.9% in the third quarter of 2026 versus 12.1% a year earlier. Year-earlier results included a net $42.3 million received from insurers pursuant to a previously disclosed settlement of a stockholder derivative litigation, an item excluded from Adjusted Earnings and Adjusted EBITDA as non-recurring. Adjusted Free Cash Flow was $108.7 million in the quarter versus $163.0 million in the prior-year period, while GAAP net cash used in operating activities was $286.1 million versus net cash provided of $112.6 million. Fully diluted weighted-average share count was 252.7 million versus 251.7 million.

For the twelve months ended September 30, 2026, Newmark generated revenues of over $3.7 billion, and as of September 30, 2026, the company and its business partners together operated from approximately 200 offices with 10,500 professionals across four continents, according to the company. Newmark scheduled a conference call for 10:00 a.m. ET on October 29, 2026, to discuss the results, with a webcast replay expected to be accessible within 24 hours of the live call.