Newmark Group (NMRK) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of $973.2M, up 12.7% YoY; Adjusted EBITDA rose 14.6% to $166.4M and Adjusted EPS rose 14.3% to $0.48.

• Leasing and recurring service businesses drove growth; revenue rose for a ninth consecutive quarter, with double-digit Adjusted EBITDA and Adjusted EPS growth for a tenth consecutive quarter.

• Active pipelines supported expectations for double-digit FY26 growth, while macro volatility and deal-closing uncertainty prompted lower guidance.

Financial highlights

• Q3 GAAP net income for fully diluted shares was $67.4M, up 5.3% YoY; GAAP diluted EPS was $0.27, versus $0.25.

• Q3 post-tax Adjusted Earnings rose 15.3% to $122.1M; 9M post-tax Adjusted Earnings increased 27.4% to $303.0M.

• 9M revenue reached $2,708.1M, up 18.4%; Adjusted EBITDA was $426.7M, up 22.5%, and Adjusted EPS was $1.20, up 27.7%.

• Q3 fee revenue, excluding Pass Through and OMSR revenues, rose 11.6% to $817.2M; 9M fee revenue increased 18.0% to $2.3B.

• Q3 revenue rose 11.2% in the U.S. and U.K. combined and 39.9% in the rest of the world; U.S. growth was attributed primarily to productivity gains.

Outlook and guidance

• FY26 revenue guidance was revised to $3.70B–$3.80B from $3.775B–$3.875B; Adjusted EBITDA to $629M–$667M from $656M–$694M; and Adjusted EPS to $1.80–$1.90 from $1.87–$1.98.

• Revised FY26 ranges imply revenue growth of 12%–15%, Adjusted EBITDA growth of 12%–19% and Adjusted EPS growth of 11%–17%; management still expects records for all three metrics.

• Forecast assumes Capital Markets below midpoint, Management/Servicing generally in line with midpoint and Leasing above midpoint; excludes future acquisitions and assumes no meaningful share-price change from October 28.

• Adjusted Earnings tax-rate guidance remains 13%–15%; equity-based compensation is expected at the high end of its 7%–9% target as a share of commission-based revenue.

• For 2027, recurring businesses are expected to grow double digits and Leasing at a slower single-digit pace; earnings are viewed within ±10% of record 2026, excluding acquisitions.