Newmark Posts Record $973.2 Million in Revenue, Cuts 2026 Outlook

Key Facts

Newmark reported record third-quarter revenue of $973.2 million, up 12.7% year over year and above analyst estimates of $955.3 million. Adjusted earnings per share were $0.48, above the $0.47 estimate and up from $0.42 a year earlier. Adjusted net income after tax also rose 15.3% to $122.1 million from $105.9 million. At the same time, the company narrowed its 2026 guidance ranges, citing a challenging macroeconomic environment that has raised questions about when deals will close. The results pair a quarterly beat with management’s caution about converting market activity into completed transactions.

For the first nine months, revenue reached $2.7081 billion, compared with $2.2881 billion in the same period last year, an increase of 18.4%. Earnings per diluted share under generally accepted accounting principles were $0.27, versus $0.25 a year earlier. The figures reflect broader activity during the year, alongside higher adjusted profitability in the third quarter. Management nevertheless lowered its annual outlook, saying deal-closing timelines had become a source of uncertainty. The company said its pipeline “remains active and strong” and that it continues to expect double-digit growth in revenue, adjusted EBITDA and adjusted earnings per share.

In capital markets, revenue fell 4.4% despite a 33.4% increase in investment sales volume, as weaker loan origination activity offset sales gains. The chief financial officer said higher interest rates extended the time needed to close deals, giving parties the opportunity to renegotiate terms or reconsider putting assets up for sale. Activity in the government-sponsored housing finance business also fell by about 30% during the quarter. Loan origination activity faced a difficult comparison after debt volume rose 129.1% in the third quarter of the previous year. These factors show how delayed closings and weakness in some activities can weigh on transaction-related revenue, even as investment sales volume remains strong.

Management said the new guidance reflects expected annual revenue growth of between 12% and 15%, adjusted EBITDA growth of between 12% and 19%, and adjusted earnings-per-share growth of between 11% and 17%. The company said its expected 2026 results would be the best in its history for revenue, adjusted EBITDA and adjusted earnings per share. The outlook accompanies a long-term shift toward recurring revenue sources; those businesses have represented about 40% of total revenue year to date, up from 24% in 2017. The chief executive said the company is targeting more than $2 billion in annual management and services revenue by 2029. These targets remain tied to business performance and the company’s ability to close deals in an environment where timing is volatile.

On shareholder returns, Newmark on October 28 declared a qualifying quarterly cash dividend of $0.06 per share, payable on November 30 to shareholders of record on November 13. The board also reauthorized the $400 million share repurchase program on October 28. The company repurchased 3.9 million shares for $59.4 million during the third quarter. These steps come alongside the lower annual outlook, as the company continues to point to double-digit growth in revenue and adjusted profitability. Upcoming dates for shareholders include the November 13 record date, followed by the dividend payment on November 30, 2026.