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Earnings Per Share and Weighted-Average Shares Outstanding
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share and Weighted-Average Shares Outstanding Earnings Per Share and Weighted-Average Shares Outstanding
U.S. GAAP guidance — Earnings (Loss) Per Share provides guidance on the computation and presentation of earnings (loss) per share. Basic EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding and contingent shares for which all necessary conditions have been satisfied except for the passage of time. Net income (loss) is allocated to Newmark’s outstanding common stock, FPUs, limited partnership units and Cantor Units (see Note 2 — “Limited Partnership Interests in Newmark Holdings and BGC Holdings”).

The following is the calculation of Newmark’s basic EPS (in thousands, except per share data): 
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Basic earnings per share:
Net income (loss) available to common stockholders
$46,154 $17,794 $58,209 $15,820 
Basic weighted-average shares of common stock outstanding177,230 170,088 177,717 172,767 
Basic earnings per share$0.26 $0.10 $0.33 $0.09 

Fully diluted EPS is calculated utilizing net income (loss) available to common stockholders plus net income allocations to the limited partnership interests in Newmark Holdings as the numerator. The denominator comprises Newmark’s weighted-average number of outstanding shares of Newmark common stock and, if dilutive, the weighted-average number of limited partnership interests and other contracts to issue shares of common stock, stock options and RSUs. The limited partnership interests generally are potentially exchangeable into shares of Newmark Class A common stock and are entitled to remaining earnings after the deduction for the Preferred Distribution; as a result, they are included in the fully diluted EPS computation to the extent that the effect would be dilutive.

The following is the calculation of Newmark’s fully diluted EPS (in thousands, except per share data):

 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Fully diluted earnings per share:
Net income (loss) available to common stockholders$46,154 $17,794 $58,209 $15,820 
Allocations of net income to limited partnership interests in Newmark Holdings, net of tax17,829 8,357 21,876 7,148 
Net income (loss) for fully diluted shares$63,983 $26,151 $80,085 $22,968 
Weighted-average shares:
Common stock outstanding177,230 170,088 177,717 172,767 
Partnership units(1)
68,316 79,371 70,549 77,792 
RSUs (Treasury stock method)5,714 5,138 4,576 4,398 
Newmark exchange shares414 373 337 419 
Fully diluted weighted-average shares of common stock outstanding251,674 254,970 253,179 255,376 
Fully diluted earnings per share$0.25 $0.10 $0.32 $0.09 
(1)Partnership units collectively include FPUs, limited partnership units, and Cantor Units (see Note 2 — “Limited Partnership Interests in Newmark Holdings and BGC Holdings” for more information).
For both the three and nine months ended September 30, 2025, 43.6 thousand potentially dilutive securities were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. For the three and nine months ended September 30, 2024, 0.1 million and 0.3 million potentially dilutive securities, respectively, were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive.