Newmark Group (NMRK) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenues of $888.4 million, up 17% year-over-year, with double-digit growth across all major business lines including Management Services, Leasing, and Capital Markets.

• Adjusted EBITDA rose 22.1% to $139.2 million in Q2 2026, with margin expansion to 15.7%.

• Adjusted EPS increased 25.8% to $0.39, and post-tax Adjusted Earnings for Q2 were $97.5 million.

• The company continued to invest in talent, recurring revenue businesses, and international expansion, completing key acquisitions and announcing a CEO transition.

• Board declared a $0.06 per share quarterly dividend, payable August 28, 2026.

Financial highlights

• Q2 2026 total revenues: $888.4 million, up 17% year-over-year; six-month revenues: $1.73 billion, up 21.8%.

• Adjusted Free Cash Flow for TTM reached $391.1 million, up 71.6% year-over-year, with an 85% conversion ratio.

• Net leverage ratio at 1.0x, with $259.7 million in cash and $867.3 million in total debt as of June 30, 2026.

• GAAP net income for Q2 was $27.1 million, down 5.7% year-over-year; YTD net income rose 190.3% to $46.7 million.

• Fully diluted weighted-average shares outstanding for Q2 2026: 251.9 million.

Outlook and guidance

• Reaffirmed FY 2026 outlook: total revenues of $3.775–$3.875 billion (15–18% YoY growth), Adjusted EPS of $1.87–$1.98 (15–22% YoY), and Adjusted EBITDA of $656–$694 million (17–23% YoY).

• Double-digit top- and bottom-line growth targeted for the third consecutive year, with annual share count growth of 2% or less.

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

• Management cited a strong pipeline but noted tougher comps in the second half of the year and will revisit guidance next quarter.

• Outlook excludes potential impacts from future acquisitions and assumes no significant changes in stock price.