Newmark Group, Inc. (NMRK) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the Newmark Group third quarter 2025 financial results call. Today's call is being recorded. At this time, I'd like to turn the call over to Jason McGruder, head of investor relations. Please go ahead. Thank you, operator, and good morning. Newmark issued its third quarter 2025 financial results press release this morning. Unless otherwise stated, the results provided on today's call compare only the three months ending September 30th, 2025 with the year earlier period. Except as otherwise stated, we will be referring to our results only on a non-GAAP basis, including the terms adjusted earnings and adjusted EBITDA. Unless otherwise stated, any figures discussed today with respect to cash flow from operations refer to net cash provided by operating activities excluding the impact of GSC FHA loan origination and sales. We may also use the term cash generated by the business, which is the same operating cash flow measure before the impact of cash used for employee loans. Please refer to today's press release, supplemental tables, and quarter results presentation on our website for complete updated definitions of any non-GAAP terms, reconciliation of these items to the corresponding GAAP results, and how, when, and why management uses them. For additional information on our cash flow measures, as well as relevant industry or economic statistics. The outlook discussed today assumes no material acquisitions or meaningful changes in our stock price. Our expectations are subject to change based on various macroeconomic, social, political, and other factors. None of our targets or goals beyond 2025 should be considered formal guidance. also i remind you that information on this call contains forward-looking statements including without limitation stat...