Real estate services firm Newmark (NASDAQ: NMRK) reported Q2 CY2026 results exceeding the market’s revenue expectations, with sales up 17% year on year to $888.4 million. The company expects the full year’s revenue to be around $3.83 billion, close to analysts’ estimates. Its non-GAAP profit of $0.39 per share was in line with analysts’ consensus estimates.
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Newmark (NMRK) Q2 CY2026 Highlights:
- Revenue: $888.4 million vs analyst estimates of $869.2 million (17% year-on-year growth, 2.2% beat)
- Adjusted EPS: $0.39 vs analyst estimates of $0.38 (in line)
- Adjusted EBITDA: $139.2 million vs analyst estimates of $129.4 million (15.7% margin, 7.6% beat)
- The company reconfirmed its revenue guidance for the full year of $3.83 billion at the midpoint
- Management reiterated its full-year Adjusted EPS guidance of $1.93 at the midpoint
- EBITDA guidance for the full year is $675 million at the midpoint, above analyst estimates of $665.9 million
- Operating Margin: 4.5%, down from 5.6% in the same quarter last year
- Free Cash Flow was $341.7 million, up from -$386.2 million in the same quarter last year
- Market Capitalization: $2.88 billion
Company Overview
Founded in 1929, Newmark (NASDAQ: NMRK) provides commercial real estate services, including leasing advisory, global corporate services, investment sales and capital markets, property and facilities management, valuation and advisory, and consulting.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can have short-term success, but a top-tier one grows for years. Over the last five years, Newmark grew its sales at a 10.7% annual rate. Though this growth is acceptable on an absolute basis, we need to see more than just topline growth for the consumer discretionary sector, which can display significant earnings volatility. This means our bar for the sector is particularly high, reflecting the non-essential and hit-driven nature of the products and services offered. Additionally, five-year CAGR starts around Covid, when revenue was depressed then rebounded.
We at StockStory place the most emphasis on long-term growth, but within consumer discretionary, a stretched historical view may miss a company riding a successful new product or trend. Newmark’s annualized revenue growth of 19% over the last two years is above its five-year trend, which is encouraging. 
This quarter, Newmark reported year-on-year revenue growth of 17%, and its $888.4 million of revenue exceeded Wall Street’s estimates by 2.2%.
Looking ahead, sell-side analysts expect revenue to grow 10.6% over the next 12 months, a deceleration versus the last two years. This projection is underwhelming and indicates its products and services will see some demand headwinds.
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Operating Margin
Newmark’s operating margin has been trending up over the last 12 months and averaged 5.9% over the last two years. The company’s higher efficiency is a breath of fresh air, but its suboptimal cost structure means it still sports inadequate profitability for a consumer discretionary business.
This quarter, Newmark generated an operating margin profit margin of 4.5%, down 1.1 percentage points year on year. This reduction is quite minuscule and indicates the company’s overall cost structure has been relatively stable.
Earnings Per Share
We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.
Newmark’s EPS grew at a weak 7.8% compounded annual growth rate over the last five years, lower than its 10.7% annualized revenue growth. We can see the difference stemmed from higher interest expenses or taxes as the company actually improved its operating margin and repurchased its shares during this time.
In Q2, Newmark reported adjusted EPS of $0.39, up from $0.31 in the same quarter last year. This print beat analysts’ estimates by 2%. Over the next 12 months, Wall Street expects Newmark’s full-year EPS to grow 10.4% from $1.82 to $2.01.
Key Takeaways from Newmark’s Q2 Results
It was encouraging to see Newmark beat analysts’ EBITDA expectations this quarter. We were also happy its revenue outperformed Wall Street’s estimates. Overall, this print had some key positives. The stock remained flat at $16.07 immediately following the results.
Should you buy the stock or not? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).
