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Real estate services · Real Estate · Fiscal year ends Dec 31
Newmark reported revenue of $2.8B in the fiscal year ended Dec 2025, up 21.9% from the year before. Operating income was $234M, an operating margin of 8.4%, and net income was $126M. Operating cash flow of $172M less capital expenditure of $29M left free cash flow of $143M. Net debt was $443M.
Ranks among the 16 real estate services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,499 | 2,305 | 2,073 | 2,273 | 2,770 |
| Operating income | 1,255 | 186 | 125 | 163 | 234 |
| Net interest incomeBanks | −33.5 | −31.0 | −21.7 | – | – |
| Pre-tax income | 1,221 | 155 | 103 | 131 | 202 |
| Income tax | 243 | 42.1 | 41.1 | 45.8 | 46.1 |
| Net income | 978 | 113 | 62.4 | 85.5 | 126 |
| Diluted EPS | 3.80 | 0.45 | 0.24 | 0.34 | 0.68 |
| Diluted shares | 196 | 245 | 176 | 178 | 253 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 191 | 233 | 165 | 198 | 229 |
| Receivables | 569 | 524 | 623 | – | – |
| Current assets | 2,524 | 1,076 | 1,506 | 1,773 | 2,005 |
| Net PP&E | 136 | 156 | 178 | 167 | 156 |
| Goodwill | 657 | 706 | 777 | 771 | 802 |
| Total assets | 5,216 | 3,941 | 4,472 | 4,710 | 5,019 |
| Deferred revenue | 3.7 | 2.9 | 2.7 | 1.3 | 1.4 |
| Current liabilities | 2,193 | 1,576 | 1,490 | 1,780 | 1,907 |
| Short-term debt | 0.0 | 548 | 0.0 | – | – |
| Long-term debt | 545 | 0.0 | 547 | 671 | 672 |
| Total liabilities | 3,531 | 2,399 | 2,877 | 3,172 | 3,267 |
| Shareholders' equity | 1,278 | 1,181 | 1,253 | 1,206 | 1,462 |
| Backlog (remaining obligations) | 180 | 167 | 169 | 146 | 146 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −48.7 | 1,196 | −266 | −9.9 | 172 |
| Capital expenditure | 19.7 | 62.2 | 55.4 | 31.5 | 29.4 |
| Free cash flow | −68.4 | 1,134 | −321 | −41.4 | 143 |
| Depreciation & amortisation | 122 | 166 | 166 | 174 | 181 |
| Stock-based compensation | 301 | −4.7 | 0.0 | −0.7 | 0.0 |
| Acquisitions | 69.8 | 64.2 | – | – | – |
| Share buybacks | 291 | 295 | 37.4 | 213 | 127 |
| Dividend per share | – | 0.12 | 0.12 | 0.12 | 0.12 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.8% | −10.1% | 9.7% | 21.9% |
| Operating income growth (YoY) | – | −85.2% | −32.5% | 30.2% | 43.5% |
| EPS growth (YoY) | – | −88.2% | −46.7% | 41.7% | 100.0% |
| Operating margin | 50.2% | 8.1% | 6.0% | 7.2% | 8.4% |
| Net margin | 39.1% | 4.9% | 3.0% | 3.8% | 4.6% |
| Return on equityBlank when equity is negative | 76.5% | 9.5% | 5.0% | 7.1% | 8.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 41.5% | 7.8% | 4.2% | 5.6% | 7.5% |
| Free cash flow margin | −2.7% | 49.2% | −15.5% | −1.8% | 5.1% |
| Cash conversion (CFO ÷ net income) | −0.05x | 10.6x | −4.26x | −0.12x | 1.36x |
| Receivable days | 83 | 83 | 110 | – | – |
| Debt ÷ equity | 0.43x | 0.46x | 0.44x | 0.56x | 0.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 354 | 315 | 382 | 473 | 443 |
| Current ratio | 1.15x | 0.68x | 1.01x | 1.00x | 1.05x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.