Newmark’s first quarter was marked by strong revenue gains, driven by broad-based performance across management services, leasing, and capital markets. Management highlighted that the seventh consecutive quarter of double-digit revenue growth was powered by organic expansion and successful integration of recent acquisitions. CEO Barry Gosin pointed to robust U.S. office leasing in major markets such as San Francisco and New York, as well as the company’s ability to serve complex global client needs. Cross-market mandates and increasing demand for specialized talent hubs also contributed to the positive momentum.
Is now the time to buy NMRK? Find out in our full research report (it’s free for active Edge members).
Newmark (NMRK) Q1 CY2026 Highlights:
- Revenue: $846.5 million vs analyst estimates of $748.1 million (27.2% year-on-year growth, 13.2% beat)
- Adjusted EPS: $0.33 vs analyst estimates of $0.27 (21.1% beat)
- Adjusted EBITDA: $121.2 million vs analyst estimates of $107 million (14.3% margin, 13.2% beat)
- The company lifted its revenue guidance for the full year to $3.83 billion at the midpoint from $3.75 billion, a 2% increase
- Management raised its full-year Adjusted EPS guidance to $1.93 at the midpoint, a 2.9% increase
- EBITDA guidance for the full year is $675 million at the midpoint, above analyst estimates of $655.6 million
- Operating Margin: 3.1%, up from -2.7% in the same quarter last year
- Market Capitalization: $3.06 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Newmark’s Q1 Earnings Call
- Alexander Goldfarb (Piper Sandler) asked about the trajectory of cash flow relative to earnings. CFO Michael Rispoli replied that cash flow growth is expected to mirror earnings, emphasizing strong year-over-year gains and ongoing flexibility.
- Alexander Goldfarb (Piper Sandler) questioned the outlook for data center investment amid industry CapEx and power concerns. CEO Barry Gosin said client appetite remains strong, and that Newmark’s expertise in complex power-related transactions is a competitive advantage.
- Mitch Germain (Citizens Bank) inquired about integration and cross-selling from recent acquisitions. Gosin highlighted “incredible” cross-sell momentum, especially in fund administration and property accounting, benefiting institutional portfolios.
- Mitch Germain (Citizens Bank) asked about productivity ramp for new hires outside the U.S. and the impact of garden leave periods. Gosin and Rispoli noted that productivity is accelerating as garden leave burns off, with promising profitability in France and similar expectations for Germany and Italy.
- Brendan Lynch (Barclays) sought clarification on guidance for leasing revenue growth, given tough comps. Rispoli explained the outlook is driven mostly by strong prior-year leasing performance, particularly in key U.S. markets.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will be monitoring (1) execution on international expansion and the ramp-up of recently hired producers, (2) the pace of growth in capital markets, particularly in alternative asset classes such as affordable and senior housing, and (3) the impact of technology adoption—including AI—on productivity and margins. Additional focus will be on management’s ability to maintain cross-selling momentum and integrate new business lines in infrastructure and technical facility management.
Newmark currently trades at $16.88, up from $15.77 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).
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