Real estate services firm Newmark (NASDAQ: NMRK) reported Q1 CY2026 results topping the market’s revenue expectations, with sales up 27.2% year on year to $846.5 million. The company’s full-year revenue guidance of $3.83 billion at the midpoint came in 2.9% above analysts’ estimates. Its non-GAAP profit of $0.33 per share was 21.1% above analysts’ consensus estimates.
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Newmark (NMRK) Q1 CY2026 Highlights:
- Revenue: $846.5 million vs analyst estimates of $748.1 million (27.2% year-on-year growth, 13.2% beat)
- Adjusted EPS: $0.33 vs analyst estimates of $0.27 (21.1% beat)
- Adjusted EBITDA: $121.2 million vs analyst estimates of $107 million (14.3% margin, 13.2% beat)
- The company lifted its revenue guidance for the full year to $3.83 billion at the midpoint from $3.75 billion, a 2% increase
- Management raised its full-year Adjusted EPS guidance to $1.93 at the midpoint, a 2.9% increase
- EBITDA guidance for the full year is $675 million at the midpoint, above analyst estimates of $655.6 million
- Operating Margin: 3.2%, up from -2.7% in the same quarter last year
- Free Cash Flow was -$257.8 million compared to -$184.8 million in the same quarter last year
- Market Capitalization: $2.91 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 put up a good quarter or two, but many enduring ones grow for years. Over the last five years, Newmark grew its sales at a 12.5% 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 18% over the last two years is above its five-year trend, which is encouraging. 
This quarter, Newmark reported robust year-on-year revenue growth of 27.2%, and its $846.5 million of revenue topped Wall Street estimates by 13.2%.
Looking ahead, sell-side analysts expect revenue to grow 8.6% over the next 12 months, a deceleration versus the last two years. This projection doesn't excite us and indicates its products and services will face some demand challenges.
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Operating Margin
Newmark’s operating margin has risen over the last 12 months and averaged 6% 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 3.2%, up 5.9 percentage points year on year. This increase was a welcome development and shows it was more efficient.
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 weak 10.8% annual EPS growth over the last five years aligns with its revenue performance. This tells us it maintained its per-share profitability as it expanded.
In Q1, Newmark reported adjusted EPS of $0.33, up from $0.21 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects Newmark’s full-year EPS of $1.74 to grow 10.8%.
Key Takeaways from Newmark’s Q1 Results
We were impressed by how significantly Newmark blew past analysts’ revenue expectations this quarter. We were also glad its full-year revenue guidance exceeded Wall Street’s estimates. On the other hand, its adjusted operating income missed. Zooming out, we think this quarter featured some important positives. The stock traded up 2.3% to $16.13 immediately following the results.
Indeed, Newmark had a rock-solid quarterly earnings result, but is this stock a good investment here? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
