Newmark lifts revenue 12.7%, cuts 2026 outlook amid deal uncertainty
Key Facts
Newmark generated revenue of $973.2 million in the three months ended September 30, 2026, up 12.7% from $863.5 million in the same period of 2025, while the company raised its annual forecasts for revenue, adjusted earnings per share and adjusted EBITDA. The company said in its quarterly results that adjusted after-tax earnings rose 15.3% to $122.1 million. Despite revenue and earnings growth, Newmark cut its 2026 outlook because of uncertainty over the timing of deal closings. Management said it still sees an active and strong deal pipeline, but is revising its estimates amid economic volatility. The results place third-quarter activity growth alongside the company's caution about when that activity will translate into completed deals.
Adjusted earnings per share were $0.48 in the third quarter, compared with $0.42 a year earlier, while GAAP net income per diluted share was $0.27 versus $0.25. Revenue rose from $863.5 million to $973.2 million over the year, an annual increase of 12.7%. Revenue since the start of 2026 was about $2.7081 billion, up 18.4% from $2.2881 billion in the same period last year. These comparisons show activity expanding in the quarter and over the year, alongside improvement in earnings per share on both an adjusted and accounting basis. Leasing services were a notable contributor to growth, with revenue up 26.5% to a third-quarter record.
Newmark attributed growth in leasing activity to demand from sectors including artificial intelligence, data centers, technology, manufacturing and health care. CEO Barry Gosin said, "Our deal pipelines remain active and strong," adding that the company continues to expect double-digit growth in revenue, EBITDA and adjusted earnings per share. He linked the outlook revision, however, to economic volatility and uncertainty over the timing of deal closings. This highlights the company's reliance on market activity and completed transactions, even as demand supports leasing services. Management did not change its expectation of double-digit growth, but lowered its annual ranges in light of risks tied to deal timing.
Newmark now expects 2026 revenue of between $3.7 and $3.8 billion, adjusted earnings per share of between $1.80 and $1.90, and adjusted EBITDA of between $629 and $667 million. The company said uncertainty over the timing of deal closings prompted the revisions. In trading reported on October 29, the stock was at an intraday price of $11.70, down 2.94%, at 11:45 a.m. Eastern time. EL7 data showed the last recorded close at $12.06 on October 28. The trading figures capture the stock's reaction in the session after the announcement, while the revised outlook remains central to the company's view for the rest of the year.