Newmark Cuts 2026 Outlook After Deal-Timing Uncertainty

The Tip Desk · November 1, 2026 · 3 min read

Third-quarter revenue reached a record $973.2 million, up 12.7%, as the company lowered full-year revenue to $3.70 billion–$3.80 billion.

Newmark Group (NMRK), a commercial real estate advisor, reported record third-quarter revenue of $973.2 million, up 12.7% from $863.5 million a year earlier, and cut its 2026 outlook, citing macroeconomic volatility that it said creates challenges with the timing and certainty of deal closings.

The year-over-year revenue gain slowed from 17.0% in the second quarter and 27.2% in the first. Adjusted EBITDA was $166.4 million, up 14.6% from $145.2 million. Adjusted earnings were $0.48 a share, up 14.3% from $0.42. GAAP net income for fully diluted shares was $67.4 million, or $0.27 a share, up 5.3% and 8.0%, respectively.

Chief Executive Officer Barry M. Gosin said the company produced double-digit gains in Leasing and in its recurring businesses and that transaction pipelines remain active. He said Newmark continues to expect double-digit growth in revenues, Adjusted EBITDA, and Adjusted EPS and anticipates achieving its best-ever full-year results for each of those metrics. The company said it is revising its 2026 outlook because of the volatility in the macroeconomic environment.

Management Services, Servicing Fees, and Other rose 18.3% to $376.3 million, the fifth consecutive record quarter for those businesses. The company said the increase was led by organic growth in outsourcing for occupiers, owners, and lenders, and by same-store improvement from Valuation & Advisory. Management Services fees also reflected six acquisitions completed since the third quarter of last year. Pass-through revenues, which have no impact on GAAP or non-GAAP earnings, were $119.2 million. The Servicing and Asset Management portfolio expanded 23.2% year-on-year. Newmark said it recently won a long-term property and project management assignment from 601W Companies expected to include more than 21 million square feet of U.S. office assets.

Leasing and Other Commissions were $308.6 million, up 26.5% from $244.0 million, an all-time best third quarter. The company said the improvement was led by higher demand from investor and occupier clients across artificial intelligence, data centers, and other technology sectors, as well as in manufacturing, legal services, aerospace and defense, and health care, and was supported by higher fees from industrial and office clients across several key West Coast markets and Texas.

Capital Markets revenues declined 4.4% to $288.2 million after 16.0% growth in the second quarter and 45.5% growth in the first. Investment Sales were $171.9 million, up 7.5%, with volumes up approximately 33% globally and 31% in the United States. The company said that improvement was led by multifamily, particularly in seniors and affordable housing, as well as higher industrial and retail volumes. Fees from Commercial Mortgage Origination, net, fell 21.1% to $79.6 million. Newmark said Origination faced a difficult comparison after approximately 129% growth in Total Debt volumes in the third quarter of 2025, in addition to lower industry multifamily GSE activity. OMSR revenues were $36.7 million.

The company revised its 2026 outlook to $3.70 billion–$3.80 billion of revenue, implying 12%–15% year-over-year growth, from a prior range of $3.775 billion–$3.875 billion. Adjusted EPS is now expected at $1.80–$1.90, and Adjusted EBITDA at $629 million–$667 million. The outlook excludes the potential impact of future acquisitions and assumes no meaningful change in the stock price from the October 28 close.

On September 16, S&P Global Ratings upgraded Newmark’s issuer credit rating to BBB- from BB+. Net leverage remained 1.0 times at quarter-end. Cash and cash equivalents were $240.0 million and total corporate debt $877.5 million. The company repurchased 3.9 million shares for $59.4 million in the third quarter. On October 28, the board re-authorized a $400 million buy-back program, with $189.5 million remaining under the prior authorization as of September 30. The board declared a $0.06 a share quarterly dividend payable November 30.