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- **Q3 Revenue Surges 25.9%**: Driven by 59.7% capital markets growth and 13.7% leasing expansion. 
- **$2B Recurring Revenue Target by 2029**: Accelerating global expansion with 9 new offices and 100+ hires. 
- **Strong Margins & Cash Flow**: 16.8% EBITDA margin, $291.9M free cash flow (134% YoY). 
- **Confidence in 2026 Targets**: Maintain $630M EBITDA and $1.75 EPS goals despite macro caution. 
- **Data Center Dominance**: 129% debt volume growth vs 2.5x industry rate; 67% investment sales growth.

**【CEO Summary Section】**
- **Record Q3 Growth**: Total revenue of $863.5M, up 25.9% YoY, driven by double-digit gains across all major business lines (leasing, capital markets, management services). 
- **Strategic Acquisitions**: Recent purchase of RealFoundations (real estate consulting & tech integration) and launch of fund administration business. 
- **Global Expansion**: 9 new international offices opened since 2024, with 100+ new hires in Europe, APAC, and India. 
- **Long-Term Goal**: Target $2B+ in recurring revenue by 2029 through expanded investor and occupier solutions.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: 
  - Management/services: $235.2M (+12.6%)
  - Leasing: $182.3M (+13.7%)
  - Capital markets: $346.0M (+59.7%)
- **Profitability**: Adjusted EBITDA of $145.2M (+28.9%), margin 16.8% (vs 15.2% YoY). 
- **Guidance 2025**: 
  - Revenue: $3.175B-$3.325B (+18.5% midpoint)
  - EBITDA: $543M-$579M (+22%-30%)
  - EPS: $1.53-$1.63 (+24%-33%)
- **Cash Flow**: $291.9M free cash flow (12M trailing, +134%).

**【Q&A Highlights】**
- **Data Center Growth**: 129% YoY debt volume growth vs 2.5x industry rate; 67% investment sales growth vs 1.7x industry. 
- **Expansion Strategy**: CFO confirms 100bps EBITDA margin expansion in 2025 despite $75M+ investments in growth. 
- **2026 Targets**: Maintain confidence in $630M EBITDA and $1.75 EPS targets despite cautious macro outlook. 
- **Political Risks**: CEO dismisses NYC mayor race impact, citing strong NYC financial sector fundamentals. 
- **RealFoundations Fit**: Integrates with existing tech platforms (MRI/Yardi) to offer end-to-end investor solutions.

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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

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Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Other Non-Operating Income (Loss)

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Net Income

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Preferred Stock Dividends

Other Adjustments

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

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NMRK

NMRK fundamentals

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