Newmark Group (NMRK): 2Q26 First Take: Solid quarter with reaffirmed guidance

First-page research excerpt

Equity Research

29 July 2026 | 6:18AM PDT

Newmark Group (NMRK): 2Q26 First Take: Solid quarter with reaffirmed

guidance

NMRK reported 2Q26 Adj. EPS of $0.39 which was 1.7%/0.4% above GSe/Cons and

Adj. EBITDA of $139.2mn, which was +2.4%/+1.5% above GSe/Cons. The largely

in-line Adj EPS and EBITDA was driven by strong beats on investment sales and

leasing revenues, offset by lower mortgage origination revenues (off of a tougher

comparison from a large data center financing in 2Q25).

Julien Blouin

2026 guidance reaffirmed: Management maintained FY 2026 guidance with Adj

EBITDA in range of $656mn to $694mn, $675mn MP which is in-line GSe and above

VA cons of $676mn/$671mn respectively. Adj EPS is anticipated in a range of

$1.87-$1.98 MP of $1.93 vs GSe/Cons at $1.93/$1.96. Management expects capital

markets to outperform the most in 2026, followed by management services and

leasing growth.

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Goldman Sachs India SPL

+1(415)393-7638 |

Goldman Sachs & Co. LLC

Ryan Treais

Goldman Sachs & Co. LLC

Shikhar Gupta

Earnings Results versus GS Expectations

Leasing & Other commissions: NMRK’s 2Q26 Leasing revenue grew +17% YoY. This

was above GS and consensus expectations of +10%/14%. Management mentioned

that it is an all time best second quarter result for this line of business. Management

noted that the increased activity has been due to AI, technology and financial

services related sectors.

Management Services: Management Services revenue increased 17.7% YoY in 2Q,

above GSe/consensus expectations of 15.3%/15.8%. Management highlighted this

as the fourth consecutive quarter of record results for the resilient businesses and

noted double-digit organic growth in the segment.

Capital markets: Capital markets revenues were mixed across investment sales and

mortgage origination. Investment sales increased 54.4% YoY, well above

GS/consensus estimates of 25%/18%, while mortgage origination revenue declined

19% YoY versus GS/consensus expectations of +3%/+9% (due to tougher

comparisons from the large data center financing in 2Q25). Newmark increased total

Capital Markets volumes by 25.2% which included a -18.9% YoY decrease in Total

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