Newmark Group, Inc. (NMRK) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the Newmark 4Q 2025 Public Financial Results Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jason Magruder, Head of Informed Relations. Please go ahead, sir. Thank you, operator, and good morning, everyone. Newmark issued its fourth quarter and full year 2025 financial results press release this morning. Unless otherwise stated, the results provided on today's call compare only the three months ending December 31st, 2025 with the year earlier period. Except as otherwise specified, 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 referred to are 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, the supplemental tables, quarterly results presentation on our website for complete and updated definitions of any non-GAAP terms, reconciliations 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 excludes the potential impact of any acquisitions that close after the first quarter of 2026 and assumes no meaningful changes in new market stock price compared with yesterday's close. Our expectations are subject to change based on various macroeconomic, social, and political factors. None of our targets or goals beyond 2026 sho...