NMRKMEDIUM SIGNALFINANCIAL10-K

NMRK delivered strong financial performance with revenue growing over 20% and operating income expanding meaningfully to $234 million.

The company demonstrated solid operational leverage with operating income growing substantially faster than revenue, indicating improved efficiency and margin expansion. The leadership transition language suggests potential governance changes ahead, though the strong financial results provide positive momentum during this period.

Comparing 2026-03-02 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

NMRK showed robust growth across key metrics with revenue increasing 20% to $3.3 billion and operating income expanding to $234 million. The balance sheet strengthened with stockholders' equity rising 21% to $1.5 billion and cash positions growing modestly to $229 million, while the company reduced share buyback activity by 40%. The overall financial picture signals a company executing well operationally with improving profitability and a solid capital position.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+43.5%
$163.0M$234.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Share Buybacks
Cash Flow
-40.2%
$212.6M$127.1M

Buyback activity reduced 40.2% — capital being redeployed elsewhere or cash conservation underway.

Stockholders Equity
Balance Sheet
+21.2%
$1.2B$1.5B

Equity base grew 21.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Revenue
P&L
+20.3%
$2.7B$3.3B

Revenue growing 20.3% — solid top-line momentum, watch margins for quality of growth.

Cash & Equivalents
Balance Sheet
+15.9%
$197.7M$229.1M

Cash grew 15.9% — improving liquidity position supports investment and shareholder returns.

Current Assets
Balance Sheet
+13.1%
$1.8B$2.0B

Current assets grew 13.1% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-03
ADDED
1 to the Form 10-K for the fiscal year ended 2025 or the proxy statement with the SEC on or before April 30, 2026.
OpCo and their respective subsidiaries (other than, prior to the Spin-Off, the Newmark Entity Group), collectively BGC Group BGC Group, Inc.
businesses of BGC, including Newmark Entity Group, and which is owned jointly, following the closing of the Corporate Conversion, by BGC Partners and the successor to BGC Holdings Board or Board of Directors Board of Directors of the Company Bylaws Amended and Restated Bylaws of Newmark Group, Inc.
Lutnick and/or any of his immediate family members as so designated by Mr.
Brandon Lutnick and any trusts or other entities controlled by Mr.
CECL Current Expected Credit Losses Certificate of Incorporation Second Amended and Restated Certificate of Incorporation of Newmark CF Secured CF Secured, LLC CF Co Cantor Fitzgerald Co., a wholly owned broker-dealer subsidiary of Cantor CFE Cantor Fitzgerald Europe CFGM CF Group Management, Inc., the managing general partner of Cantor CFS11 CFS11 Holdings, LLC, a subsidiary of Cantor CIO Chief Information Officer CISO Chief Information Security Officer Class A properties Most prestigious buildings competing for premier office users with rents above average for the area.
Building finishes are fair to good for the area and systems are adequate, but the building cannot compete with Class A properties at the same price Class C properties Buildings competing for tenants requiring functional space at rents below the area average Commission-based revenues Includes Leasing and Other Commissions, fees from commercial mortgage origination, net, investment sales, and V A.
It also includes certain fees under contract produced by the Company s flexible workspace and tenant representation service lines Contribution Ratio Ratio of shares of Newmark Common Stock that were outstanding compared to the shares of BGC common stock outstanding as of immediately prior to the Newmark IPO (not including any shares of our common stock sold in the Newmark IPO); this ratio was set initially at a fraction equal to one divided by 2.2 Controlling Investment Trustee Any individual serving as investment trustee of the Purchaser Trusts (currently Mr.
Lutnick, his spouse, his estate, any of his descendants, any of his relatives, or any trust established for his benefit or for the benefit of his spouse, any of his descendants or any of his relatives, the right to exchange shares of Newmark Class A common stock into Newmark Class B common stock on a one-to-one basis up to the number then authorized but unissued 3 Exchange Ratio The ratio by which a Newmark Holdings limited partnership interest for which an exchange right has been granted can be exchanged for a number of shares of Newmark Class A common stock Family Branch Each of Mr.
LPUs, N Units, PLPUs, PPSIs, PPSUs, PSEs, PSIs, PSUs, REUs, RPUs, and SPUs, along with future types of limited partnership units in Newmark Holdings Lutnick Family Voting Agreement The voting and transfer agreement relating to Lutnick Family Voting Agreement Securities entered into on May 16, 2025 by Mr.
REMOVED
We anticipate that we will file such proxy statement with the SEC on or before April 30, 2025.
OpCo and their respective subsidiaries (other than, prior to the Spin-Off, the Newmark Entity Group), collectively, and in each case as such entities existed prior to the Corporate Conversion BGC Group BGC Group, Inc.
businesses of BGC, including Newmark Entity Group, and which is owned jointly, following the closing of the Corporate Conversion, by BGC Partners and the successor to BGC Holdings BH2 Newmark BH2 LLP, a London-based real estate advisory firm Board or Board of Directors Board of Directors of the Company Bylaws Amended and Restated Bylaws of Newmark Group, Inc.
Lutnick and/or any of his immediate family members as so designated by Howard W.
Lutnick and any trusts or other entities controlled by Howard W.
Lutnick Cantor Units Limited partnership interests of Newmark Holdings or, prior to the Corporate Conversion, Newmark Holdings or BGC Holdings, held by the Cantor Entity Group, which Newmark Holdings units are exchangeable into shares of Newmark Class A common stock or Newmark Class B common stock and which BGC Holdings units were exchangeable into shares of BGC Class A common stock or BGC Class B common stock, as applicable CARES Act The Coronavirus Aid, Relief, and Economic Security Act CCRE Cantor Commercial Real Estate Company, L.P.
Building finishes are fair to good for the area and systems are adequate, but the building cannot compete with Class A at the same price Class C properties Buildings competing for tenants requiring functional space at rents below the area average Commission-based revenues Includes Leasing and Other Commissions, Fees from Commercial Mortgage Origination, net , Investment Sales , and Valuation Advisory.
Kastle Barometer Security provider Kastle Systems tracks the number of employees in ten of the largest U.S.
LPUs, N Units, PLPUs, PPSIs, PPSUs, PSEs, PSIs, PSUs, REUs, RPUs, and SPUs, along with future types of limited partnership units in Newmark Holdings MBA Mortgage Bankers Association McCall Almy McCall Almy, Inc.
Merkel CIC Agreement Change of Control Agreement that Stephen Merkel entered into with the Company on February 18, 2025 4 MPC Monetary Policy Committee of the Bank of England MSCI MSCI Real Assets (formerly known as Real Capital Analytics, or RCA ) MSRs Mortgage servicing rights Nasdaq Nasdaq, Inc.
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