Newmark Group, Inc. (NMRK)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.6B

Revenue growth

20.8%

Net income, last twelve months

$148.3M

Earnings per share

$0.81

Operating margin

7.7%

Net margin

4.1%

Free cash flow

$797.6M

Return on equity

10.3%

Market value

$3.0B

Price to earnings

14.9x

Dividend yield

1.2%

Cash

$259.7M

Debt

$1.8B

Debt to equity

1.24

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 29 October 2026.

• Revenue up 12.7% to $973.2 million. Total revenues were $973.2 million against $863.5 million a year earlier, and $2,708.1 million year to date, up 18.4%.
• Adjusted EPS up 14.3% to $0.48. Post-tax Adjusted EPS was $0.48 against $0.42, up 14.3%. Year to date it was $1.20 against $0.94, up 27.7%.
• Adjusted EBITDA up 14.6%. Adjusted EBITDA was $166.4 million against $145.2 million. Year to date it reached $426.7 million, up 22.5%.
• GAAP EPS rose to $0.27. GAAP net income per fully diluted share was $0.27 against $0.25. Year to date GAAP EPS was $0.45 against $0.32.
• Management and servicing fees up 18.3%. Management Services, Servicing Fees, and Other rose 18.3% to $376.3 million, the fifth consecutive record quarter for these resilient businesses.
• Leasing revenue up 26.5%. Leasing and Other Commissions rose 26.5% to $308.6 million, an all-time best third quarter, with higher fees from industrial and office clients on the West Coast and in Texas.
• Leasing demand from technology and other sectors. Management cited higher demand from investor and occupier clients in artificial intelligence, data centers, other technology, manufacturing, legal services, aerospace and defense, and health care.
• Capital Markets revenue down 4.4%. Capital Markets revenue was $288.2 million, down 4.4%. Investment Sales revenue rose 7.5% to $171.9 million, offset by lower origination revenue.
• Origination fees fell against tough comparison. Fees from commercial mortgage origination, net, fell 21.1% to $79.6 million, against a large 2025 comparison period.
• Fees excluding pass-through up 11.6%. Fees excluding pass through and OMSR revenues rose 11.6% to $817.2 million in the quarter, and 18.0% to $2,291.9 million year to date.
• Investment Sales volumes up about 33%. Investment Sales volumes rose about 33% globally and 31% in the U.S., while global Total Debt volumes fell 37%.
• U.S. industry sales volumes up 25%. Newmark Research estimates U.S. industry investment sales volumes improved about 25% year on year, based on MSCI data that excludes entity sales.
• European investment sales down 24%. MSCI data as of October 28, 2026 show European investment sales volumes down 24% over the same timeframe, and such preliminary data is usually revised upwards.
• Multifamily Agency originations down 28%. Newmark Research estimates industry multifamily Agency originations fell 28% over the three months to September 30, 2026, while Newmark's Agency originations fell 16%.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 97 held.

Every filing

The newest filings with the SEC of 235 held.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

357 funds held it at 30 Jun 2026: 171 added and 75 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• KE Holdings Inc. (BEKE): revenue $13.2B, market value $19.5B
• Jones Lang Lasalle Inc. (JLL): revenue $28.2B, market value $15.2B
• Compass, Inc. (COMP): revenue $10.6B, market value $6.9B
• Marriott Vacations Worldwide Corp. (VAC): revenue $5.2B, market value $3.9B
• Opendoor Technologies Inc. (OPEN): revenue $3.3B, market value $1.9B
• Marcus & Millichap, Inc. (MMI): revenue $812.2M, market value $1.0B
• Agnt, Inc. (AGNT): revenue $5.0B, market value $658.4M

What the company does

Newmark Group, Inc. is a commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers. It was founded in New York City in 1929 and spun off from BGC in November 2018. As of 31 December 2025 it had over 8,800 employees in approximately 140 offices in 120 cities. It operates in one reportable segment, real estate services.

How it makes money

The company reports revenue from three sources: Management Services, Servicing Fees and Other; Leasing and Other Commissions; and Capital Markets. Lease brokerage fees are generally earned when a lease is signed, and in many cases the landlord pays them. Capital markets fees are recognised when a property sale closes or when debt or equity is funded. Servicing fees accrue over the life of each mortgage loan. Property management fees are typically paid monthly as a percentage of the rental income of the property under management. Some property and facilities management revenue simply repays costs that clients reimburse.

Revenue tends to be lowest in the first quarter and highest in the fourth, because many market participants want to close deals before year end. Over the five years from 2021 through 2025, the first quarter averaged approximately 21% of revenue and the fourth quarter 30%.

What it sells to owners and investors

- Capital Markets: investment sales, equity placement, mortgage brokerage, debt placement, loan sales and structured finance on behalf of third parties. - GSE and FHA lending: origination, sale and servicing of multifamily and other commercial real estate loans. The company takes part in programs run by Fannie Mae and Freddie Mac and originates loans under HUD FHA programs. It is an approved HUD MAP and HUD LEAN lender and an approved Ginnie Mae issuer. It is one of 25 approved lenders in the Fannie Mae DUS program and one of 23 approved Freddie Mac seller/servicers. - Loan servicing and asset management: the company keeps the servicing of loans it sells. Its servicing portfolio is 63.6% limited servicing and asset management, 35.6% primary servicing and 0.8% special servicing. Fitch, S&P and Kroll rate its servicing operations. - Landlord representation leasing, Valuation and Advisory, and property management: property management covers office (including medical and life sciences), industrial and retail properties. - Other services: flexible workspace, due diligence, managed services, fund accounting and consulting. - U.K. business rates services: the company manages rate payments for approximately 1,800 corporate clients.

What it sells to occupiers

Tenant representation leasing covers space acquisition and disposition, site selection, lease negotiation and lease auditing. Occupier Solutions, called OS, provides project management, transaction management, lease administration, facilities management and consulting on areas such as workplace strategy and supply chain. Clients include Fortune 500 and Forbes Global 2000 companies, government agencies, and organisations in healthcare and higher education. These services are often delivered through multi-year contracts, and some fees depend on meeting savings targets.

Technology and data

Workframe is the company's client-facing leasing portal, combining deal tracking, portfolio views and AI-assisted document review. Newmark Analytics provides lease pricing estimates, and the company also uses geospatial analytics for location decisions. A loan digitization platform links loan processing, underwriting and servicing.

Where it operates and its people

Approximately 13% of revenue came from international sources. In smaller markets where it has no office of its own, the company works with independently owned offices it calls business partners. They pay contractual and referral fees, and their results are not included in the company's figures. Together with those partners, Newmark operated from approximately 175 offices with over 9,300 professionals across four continents.

Expenses of approximately 1,300 employees are partly or fully reimbursed by clients, mainly in property management and OS. India offshoring and outsourcing operations had over 1,900 employees. Employees, independent contractors, partners, executive officers and directors owned approximately 24% of the company's equity on a fully diluted basis. The company says it retained approximately 93% of its top-performing producers between 2021 and 2025.

How it competes

The company competes with CBRE Group, Colliers International Group, Cushman & Wakefield, Jones Lang LaSalle and Savills. Specialist firms such as Berkadia, Eastdil Secured, Marcus & Millichap and Walker & Dunlop compete in certain service lines. In flexible workspace the competitors include International Workplace Group and WeWork. It also competes with in-house corporate real estate departments, lenders and consulting firms. The filing describes the industry as highly fragmented and notes that some smaller competitors are more entrenched locally or regionally.

Who controls it

Newmark Group is a holding company that controls Newmark Holdings and, through it, Newmark OpCo. It has Class A and Class B common stock, and each Class B share carries 10 votes. Cantor, CFGM and Mr. Brandon Lutnick held all 21,285,533 Class B shares, representing approximately 57.0% of total voting power. Barry M. Gosin is Chief Executive Officer and Stephen M. Merkel is Chairman of the Board, following Howard Lutnick's departure on 18 February 2025.

*From Newmark's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1690680/000162828026013160/nmrk-20251231.htm)*

From the company's 10-K.