Newmark Group (NMRK) Q1 2026 earnings summary

Executive summary

• Achieved seventh consecutive quarter of double-digit revenue growth and eighth consecutive quarter of double-digit earnings improvement, with record first quarter consolidated revenues of $846.5M, up 27.2% year-over-year, and broad-based gains across Management Services, Leasing, and Capital Markets.

• GAAP net income for fully diluted shares was $19.6M, reversing a loss of $8.8M in 1Q25; GAAP EPS was $0.08 versus $(0.05) last year.

• Adjusted EPS rose 57.1% to $0.33; Adjusted EBITDA increased 35.8% to $121.2M, with margin expanding by 91bps to 14.3%.

• Post-tax Adjusted Earnings to fully diluted shareholders rose 53.5% to $83.4M.

• Share repurchases totaled 10.4M shares for $151.1M at an average price of $14.58, with $248.9M remaining under repurchase authorization.

Financial highlights

• Total revenues reached $846.5M, up 27.2% from $665.5M year-over-year.

• Adjusted EBITDA: $121.2M (up 35.8% YoY); Adjusted EPS: $0.33 (up 57.1% YoY); Post-tax Adjusted Earnings: $83.4M (up 53.5% YoY).

• Dividend declared at $0.06 per share, doubling year-over-year and first increase since 2022.

• Adjusted Free Cash Flow (TTM) up 111.7% to $361.5M, representing ~82% of Adjusted Earnings.

• Cash flow from operations increased 186.1% on a trailing twelve-month basis.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $3.775–$3.875B, up 15–18%; Adjusted EBITDA expected between $656–$694M, up 17–23%; Adjusted EPS guidance of $1.87–$1.98, up 15–22%.

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

• Capital Markets expected to grow fastest, Management/Servicing in line with midpoint, Leasing below midpoint due to tough comps.

• Guidance assumes no major acquisitions or significant stock price changes.

• Targets double-digit top- and bottom-line growth for the third consecutive year.