NMRK earnings analysis
What we found in NMRK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Newmark delivered second-quarter revenue of $888.419 million, approximately 17.1% above the prior-year quarter and 4.9% above the preceding quarter; adjusted EPS of $0.39 exceeded the $0.37 consensus estimate, while GAAP diluted EPS was $0.11. The supplied 10-Q extract does not provide current gross margin, operating margin, free cash flow, segment results, or new quantitative guidance. Balance-sheet and market-risk disclosures highlight $600.0 million of 7.500% Senior Notes, $270.0 million of Credit Facility borrowings, and $9.1 million of annual earnings sensitivity to a 100-basis-point SOFR increase, supporting a balanced outlook.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue exceeded $888 million
- Second-quarter revenue was $888.419 million, up approximately 17.1% from $759 million in second-quarter 2025 and 4.9% from $847 million in first-quarter 2026. The company also reported adjusted EPS of $0.39 in the earnings disclosure, versus consensus of $0.37.
- GAAP EPS improved sequentially
- GAAP diluted EPS was $0.11, compared with $0.11 in second-quarter 2025 and $0.08 in first-quarter 2026, indicating sequential improvement but no year-over-year growth.
- Disclosure controls remained effective
- The filing states that disclosure controls and procedures were effective as of June 30, 2026, and that there were no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Corporate debt and refinancing exposure
- Newmark had $600.0 million of 7.500% Senior Notes and $270.0 million outstanding under its Credit Facility as of June 30, 2026, or $870.0 million of disclosed corporate borrowings. The Credit Facility is based on SOFR, creating refinancing and floating-rate exposure.
- SOFR sensitivity remains material
- A 100-basis-point increase in 30-day SOFR would reduce annual earnings by $9.1 million based on outstanding warehouse and repurchase balances as of June 30, 2026. Conversely, a 100-basis-point decrease would increase annual earnings by approximately $9.1 million.
- Fannie Mae DUS credit risk
- Under the Fannie Mae DUS program, Newmark is generally required to absorb approximately one-third of losses on the unpaid principal balance of a loan at the time of loss settlement. Higher defaults or non-compliance findings could therefore increase risk-sharing payments and adversely affect results.
- No new formal risk-factor changes
- The company states that there were no material changes to the risk factors disclosed in its 2025 Form 10-K. This limits evidence of newly added risks in the current filing, although existing exposures remain applicable.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.11
What they said about what is next.
The supplied 10-Q text does not provide quantitative guidance. The prior July 29, 2026 earnings disclosure reaffirmed FY2026 revenue guidance of $3.775 billion-$3.875 billion and adjusted EPS guidance of $1.87-$1.98; those figures are not repeated in the supplied 10-Q extract.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 8, 2026
- Newmark Group, Inc. displayed strong financial performance in Q1 2026, with a revenue increase of 27.2% year-over-year and a significant EPS surprise. Management remains positive about ongoing regional growth,…
- 10-K · April 30, 2026
- Newmark Group, Inc. reported significant growth in its 2025 performance, achieving total revenue of $4.2 billion, a 15% increase from the previous year, with an operating margin improvement to 12.6%. The company…
- 10-K · March 2, 2026
- Newmark’s 10-K highlights meaningful top-line momentum with full-year revenue rising to about $3.297 billion in 2025 from $2.738 billion in 2024, driven by a very strong Q4 2025 ($1.01 billion). Operating margins…
- 10-Q · November 10, 2025
- Newmark’s 10-Q shows a strong top-line beat: Q3 revenue of $863,000,000, up from $759,112,000 in the prior quarter and $686,000,000 year-over-year. Operating margin compressed modestly to 5.0% (from 5.6% QoQ and 5.9%…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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