Newmark Group
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Newmark Group (NMRK) investor relations material

Newmark Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Achieved record quarterly and full-year revenues in 2025, with all major business lines surpassing $1 billion in annual revenue for the first time, driven by double-digit top-line growth and organic expansion.

  • Fourth quarter revenues increased 15% year-over-year; Adjusted EPS up 24%, GAAP EPS up 42%.

  • Strong organic growth in U.S. operations, with international expansion underway but not yet contributing significant revenue.

  • Declared a quarterly dividend of $0.03 per share and increased share repurchase authorization to $400 million.

  • AI and digital infrastructure trends are fueling growth, especially in office leasing, data centers, and valuation services.

Financial highlights

  • Q4 2025 total revenues reached $1,006 million, up 15.3% year-over-year; FY 2025 revenues were $3,294 million, up 20.3%.

  • Adjusted EPS increased 23.6% to $0.68 in Q4 and 31.7% to $1.62 for FY 2025.

  • Adjusted EBITDA was $214 million in Q4, up 17%, and $562.4 million for FY 2025, up 26.3%.

  • Adjusted free cash flow rose 38.4% to $268.9 million for the year.

  • GAAP net income for fully diluted shares increased 41.4% to $92.9 million in Q4 and 182.5% to $173.0 million for FY 2025.

Outlook and guidance

  • FY 2026 revenue guidance is $3.7–$3.8 billion, up 12–15% year-over-year; Adjusted EBITDA expected at $635–$675 million, up 13–20%.

  • Adjusted EPS guidance for 2026 is $1.82–$1.92, up 12–19% year-over-year.

  • Over 90% of 2026 earnings growth anticipated to be organic.

  • Capital markets expected to grow above midpoint, management and servicing in line, leasing below midpoint.

  • Adjusted Earnings Tax Rate projected at 13–15% for 2026.

How do acquisitions factor into 2026 organic growth
Balance growth investments with shareholder returns?
What specific factors drive market share gains?
AI impact on commoditized CRE deals
International hires productivity timeline
Balance of share repurchases vs growth investment
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Frequently asked questions

Newmark Group Inc is a commercial real estate services company offering brokerage, advisory, property management, and valuation services. The company serves occupiers, owners, developers, and investors across office, retail, industrial, and multifamily sectors. Newmark also provides capital markets solutions, including debt and equity financing advisory. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ.

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