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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
U.S. federal | $ | 15,252 |  |  | $ | 22,931 |  |  | $ | 28,317 |
U.S. state and local | 7,215 |  |  | 9,748 |  |  | 11,634 |
Foreign | 6,433 |  |  | 10,343 |  |  | 3,881 |
UBT | 365 |  |  | 1,714 |  |  | 2,466 |
Total | $ | 29,265 |  |  | $ | 44,736 |  |  | $ | 46,298 |
Deferred: |  |  |  |  |
U.S. federal | 12,615 |  |  | 2,660 |  |  | (2,592) |
U.S. state and local | 7,062 |  |  | 222 |  |  | (2,074) |
Foreign | (2,895) |  |  | (2,275) |  |  | (91) |
UBT | 27 |  |  | 440 |  |  | (438) |
Total | $ | 16,809 |  |  | $ | 1,047 |  |  | $ | (5,195) |
Provision for income taxes | $ | 46,074 |  |  | $ | 45,783 |  |  | $ | 41,103 |
Schedule of Pre-Tax Book Income | Pre-Tax Book Income in the consolidated statements of income included the following components (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
U.S. | 223,585 |  |  | 144,246 |  |  | 111,902 |
International | (22,065) |  |  | (12,972) |  |  | (8,424) |
Total | $ | 201,520 |  |  | $ | 131,274 |  |  | $ | 103,478 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate is as follows:
| Year ended December 31, 2025
| Amount |  | Rate
U.S. Federal Statutory Rate | $ | 42,319 |  |  | 21.0 | %
State and Local Income Taxes, Net of Federal Income Tax Effects (1) | 11,489 |  |  | 5.7 |
Foreign Tax Effects |  |  |
United Kingdom |  |  |
Valuation Allowance | 3,721 |  |  | 1.9 |
Non-Controlling Interest | (2,206) |  |  | (1.1) |
Other | 605 |  |  | 0.3 |
France |  |  |
Valuation Allowance | 2,249 |  |  | 1.1 |
Other | (301) |  |  | (0.1) |
Other Foreign | 3,869 |  |  | 1.9 |
Effect of Cross- Borders Tax Laws |  |  |
Foreign branch income (losses) | (4,770) |  |  | (2.4) |
Tax Credits | (410) |  |  | (0.2) |
Nontaxable / Nondeductible Items |  |  |
Non-Controlling Interest | (4,777) |  |  | (2.4) |
Sec 162(m) Compensation Deduction Limitation | 572 |  |  | 0.3 |
Travel and Entertainment | 2,493 |  |  | 1.3 |
Other | 2,301 |  |  | 1.1 |
Changes in Unrecognized Tax Benefits | 335 |  |  | 0.2 |
Other Adjustments |  |  |
Stock-Based Compensation | (7,032) |  |  | (3.5) |
Revaluation of deferred taxes related to ownership changes | (4,383) |  |  | (2.2) |
Provision for income tax | $ | 46,074 |  |  | 22.9 | %
(1)State and local income taxes in New York State, New York City and California made up the majority(greater than 50 percent) of the tax effect in this category. Differences between Newmark’s actual income tax expense and the amount calculated utilizing the U.S. federal statutory rates were as follows (in thousands):
|  | Year Ended December 31,
|  |  | 2024 |  | 2023
Tax expense at federal statutory rate |  |  | $ | 27,567 |  |  | $ | 21,728 |
Non-controlling interest |  |  | (10,246) |  |  | (5,909) |
Incremental impact of foreign taxes compared to the federal rate |  |  | (3,723) |  |  | (2,127) |
Other permanent differences |  |  | 2,602 |  |  | (829) |
U.S. state and local taxes, net of U.S. federal benefit |  |  | 6,098 |  |  | 5,872 |
New York City UBT |  |  | 1,762 |  |  | 1,041 |
Section 162(m) compensation deduction limitation |  |  | 8,149 |  |  | 5,806 |
Revaluation of deferred taxes related to ownership changes |  |  | 2,134 |  |  | 2,752 |
Other rate change |  |  | 581 |  |  | (1,408) |
Valuation allowance |  |  | 7,904 |  |  | 6,881 |
Prior year true ups |  |  | 3,901 |  |  | 7,439 |
Windfall Tax Benefit |  |  | (4,201) |  |  | 828 |
Uncertain Tax Positions |  |  | 3,468 |  |  | — |
Other |  |  | (213) |  |  | (971) |
Provision for income tax |  |  | $ | 45,783 |  |  | $ | 41,103 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of Newmark’s deferred tax asset and liability consisted of the following (in thousands):
| December 31,
| 2025 |  | 2024
Deferred tax asset |  |  |
Basis difference of investments | $ | 32,371 |  |  | $ | 36,266 |
Deferred compensation | 143,685 |  |  | 130,510 |
Other deferred and accrued expenses | 8,510 |  |  | 11,576 |
Net operating loss and credit carry-forwards | 50,825 |  |  | 37,599 |
Other | — |  |  | 1,238 |
Total deferred tax asset | 235,391 |  |  | 217,189 |
Valuation Allowance | (48,815) |  |  | (38,261) |
Deferred tax asset, net of allowance | $ | 186,576 |  |  | $ | 178,928 |
Deferred tax liability |  |  |
Depreciation and amortization | 84,041 |  |  | 80,016 |
Other | 2,271 |  |  | — |
Deferred tax liability(1) | $ | 86,312 |  |  | $ | 80,016 |
Net deferred tax asset | $ | 100,264 |  |  | $ | 98,912 |
(1)Before netting within tax jurisdictions.
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning to the ending amounts of gross unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
Balance, January 1, 2023 | $ | — |
Balance, December 31, 2023 | $ | — |
Increases related to prior year | $ | 2,577 |
Balance, December 31, 2024 | 2,577 |
Increases related to prior year | 142 |
Balance, December 31, 2025 | $ | 2,719 |
Schedule of Cash Tax Payments, Net of Refunds | The cash tax payments, net of refunds, consisted of the following (in thousands):
| Year Ended December 31,
| 2025
Federal | $ | 23,494 |
State |
NYS | $ | 2,395 |
NYC | 1,799 |
Other States | 5,035 |
Foreign |
United Kingdom | 8,022 |
Other Foreign | 2,718 |
Total Cash Payments, net of refunds | $ | 43,463 |

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