Newmark Group (NMRK) investor relations material

Executive summary

• Achieved record quarterly and full-year revenues in 2025, with all major business lines surpassing $1 billion in annual revenue for the first time, driven by double-digit top-line growth and organic expansion.

• Fourth quarter revenues increased 15% year-over-year; Adjusted EPS up 24%, GAAP EPS up 42%.

• Strong organic growth in U.S. operations, with international expansion underway but not yet contributing significant revenue.

• Declared a quarterly dividend of $0.03 per share and increased share repurchase authorization to $400 million.

• AI and digital infrastructure trends are fueling growth, especially in office leasing, data centers, and valuation services.

Financial highlights

• Q4 2025 total revenues reached $1,006 million, up 15.3% year-over-year; FY 2025 revenues were $3,294 million, up 20.3%.

• Adjusted EPS increased 23.6% to $0.68 in Q4 and 31.7% to $1.62 for FY 2025.

• Adjusted EBITDA was $214 million in Q4, up 17%, and $562.4 million for FY 2025, up 26.3%.

• Adjusted free cash flow rose 38.4% to $268.9 million for the year.

• GAAP net income for fully diluted shares increased 41.4% to $92.9 million in Q4 and 182.5% to $173.0 million for FY 2025.

Outlook and guidance

• FY 2026 revenue guidance is $3.7–$3.8 billion, up 12–15% year-over-year; Adjusted EBITDA expected at $635–$675 million, up 13–20%.

• Adjusted EPS guidance for 2026 is $1.82–$1.92, up 12–19% year-over-year.

• Over 90% of 2026 earnings growth anticipated to be organic.

• Capital markets expected to grow above midpoint, management and servicing in line, leasing below midpoint.

• Adjusted Earnings Tax Rate projected at 13–15% for 2026.