Newmark Group, Inc.

Total revenue increased 17% year over year to $888.4 million versus $759.1 million. Adjusted EPS rose 25.8% to $0.39 from $0.31, and adjusted EBITDA increased 22.1% to $139.2 million from $114 million. Adjusted EBITDA margin improved by 65 basis points; excluding pass-through items and recent M&A/international growth investments, management said margin expansion would have been about 100 basis points higher. Management and servicing revenue was up 17.7%, leasing revenue was up 17.2%, and capital markets revenue grew 16%. For the balance sheet, Newmark ended with $259.7 million of cash and cash equivalents, $867.3 million of total corporate debt, and 1x net leverage. Trailing-12-month adjusted free cash flow increased 71.6% to $391.1 million, equal to 85.3% of adjusted earnings. Guidance was unchanged: at the midpoint, management expects 2026 total revenue up about 16%, adjusted EPS up about 19%, and adjusted EBITDA up about 20%.

Barry Gosin said Newmark is delivering strong operating leverage and broad-based growth, with double-digit year-over-year revenue growth in capital markets for 11 straight quarters, management and servicing for 8, and leasing for 7. He emphasized that the company’s recurring revenue businesses, international expansion, industry fundamentals, and AI investments should support long-term growth and market share gains. Tone was confident and upbeat, but he also noted that timing of some large transactions is hard to predict.

Michael Rispoli highlighted the main financial drivers: revenue of $888.4 million, adjusted EPS of $0.39, adjusted EBITDA of $139.2 million, and margin expansion of 65 basis points. He noted expenses rose 16.6%, but would have been up only 9.6% excluding pass-through items and global growth initiatives. He also cited $259.7 million of cash, $867.3 million of debt, 1x net leverage, and trailing-12-month adjusted free cash flow of $391.1 million, which was 85.3% of adjusted earnings and at the high end of the company’s target range.

Analysts pressed on debt originations, guidance, data center financing, multifamily, leasing runway, and capital allocation. Management said the debt pipeline remains strong through the back half of the year and that large data center, digital infrastructure, and office transactions are still in the pipeline. On guidance, Lou Alvarado said the company held it steady because of tougher second-half comparisons, uncertain timing on large deals, and a desire to see more data despite continued strong activity. On buybacks versus M&A, management said capital is likely to be directed toward acquisitions if deals close, with buybacks resuming later if M&A does not materialize.