Newmark Cuts 2026 Revenue Outlook to $3.7–$3.8 Billion Despite Record Quarterly Revenue
Key Facts
Newmark cut its 2026 revenue outlook to a range of $3.7 billion to $3.8 billion, from $3.775 billion to $3.875 billion, despite posting record third-quarter revenue of $973.2 million. The company said in its results statement that volatility in the macroeconomic environment is creating challenges in timing deal closings and assessing the certainty of closing. It lowered its annual revenue growth outlook to 12%–15% from its previous estimate of 15%–18%. The revision came with the release of results for the first nine months, when revenue reached $2.7081 billion, up 18.4% year over year. The figures place record quarterly performance alongside a more cautious annual outlook, while the company continues to expect double-digit growth.
Third-quarter revenue rose 12.7% to $973.2 million, compared with $863.5 million in the same period of 2025. The company reported second-quarter revenue of $888.4 million, up 17.0% from $759.1 million a year earlier. It had then reaffirmed its annual outlook range of $3.775–$3.875 billion before cutting it in the third quarter. In the third-quarter results, GAAP net income attributable to stockholders on a diluted basis rose to $67.4 million from $64.0 million a year earlier. Adjusted earnings per share increased to $0.48 from $0.42, while adjusted EBITDA rose 14.6% to $166.4 million.
Revenue details showed mixed performance across the company’s businesses: leasing and other commissions revenue rose 26.5% to $308.6 million in the third quarter. Management services, servicing fees and other revenue increased 18.3% to $376.3 million. By contrast, capital markets revenue fell 4.4% to $288.2 million. Newmark said leasing posted the best third quarter in the company’s history, with higher demand from investors and occupiers in the artificial intelligence, data center and technology sectors. The sectors it also cited included manufacturing, legal services, defense and health care.
Chief Executive Barry Gosin said deal pipelines remain active and strong, and the company expects to continue delivering double-digit growth in revenue, adjusted EBITDA and adjusted earnings per share. He added that the company expects to post its best annual results ever on these measures. This reflects continued expectations for annual growth, although the target revenue range has fallen from the previous estimate. Management services, servicing fees and other revenue had posted a fifth consecutive quarterly record in the second quarter, according to the company. Its loan servicing and asset management portfolio also expanded 23.2% year over year in that quarter.
On shareholder returns, the company announced on October 28 that its board had approved a quarterly cash dividend of $0.06 per share. The dividend is payable on November 30 to shareholders of record on November 13, 2026. In trading, Newmark shares closed at $12.06 on October 28. Investing.com reported that the stock was at $11.83 during trading on October 29, down 1.91% from the previous close, as the results and revised outlook were released. This reflects the share move reported by market data after the company’s announcement; the available information does not include details on the day’s trading range.
The outlook cut comes ahead of a previously announced leadership transition: Gosin will step down as chief executive on December 31, 2026, while continuing as chairman of Newmark & Company. The board expects to name the new chief executive before year-end. The company did not link the outlook revision to the transition, attributing it instead to macroeconomic volatility and the resulting difficulty in estimating deal-closing timelines and certainty. The revised revenue range for the current year remains $3.7 billion to $3.8 billion, while the announced cash dividend is payable on November 30 to shareholders of record on November 13.