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Earnings Per Share and Weighted-Average Shares Outstanding | 12 Months Ended
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Dec. 31, 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):
|  |  |  | Year Ended December 31, |  |
|  |  |  |  |  | 2025 |  | 2024 |  | 2023 |  |
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  |  |  |  |  | $ | 126,186 |  |  | $ | 61,234 |  |  | $ | 42,575 |  |  |
Basic weighted-average shares of common stock outstanding |  |  |  |  |  | 178,456 |  |  | 172,179 |  |  | 173,475 |  |  |
Basic earnings per share |  |  |  |  |  | $ | 0.71 |  |  | $ | 0.36 |  |  | $ | 0.25 |  |  |
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):
|  |  |  | Year Ended December 31, |
|  |  |  |  |  | 2025 |  | 2024 |  | 2023 |
Fully diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  |  |  |  |  | $ | 126,186 |  |  | $ | 61,234 |  |  | $ | 42,575 |  |
Allocations of net income to limited partnership interests in Newmark Holdings, net of tax |  |  |  |  |  | 46,808 |  |  | — |  |  | — |  |
Net income (loss) for fully diluted shares |  |  |  |  |  | $ | 172,994 |  |  | $ | 61,234 |  |  | $ | 42,575 |  |
Weighted-average shares: |  |  |  |  |  |  |  |  |  |  |
Common stock outstanding |  |  |  |  |  | 178,456 |  |  | 172,179 |  |  | 173,475 |  |
Partnership units(1) |  |  |  |  |  | 69,773 |  |  | — |  |  | — |  |
RSUs (Treasury stock method) |  |  |  |  |  | 4,871 |  |  | 5,110 |  |  | 2,413 |  |
Newmark exchange shares |  |  |  |  |  | 350 |  |  | 402 |  |  | 494 |  |
Fully diluted weighted-average shares of common stock outstanding |  |  |  |  |  | 253,450 |  |  | 177,691 |  |  | 176,382 |  |
Fully diluted earnings per share |  |  |  |  |  | $ | 0.68 |  |  | $ | 0.34 |  |  | $ | 0.24 |  |
(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 the years ended December 31, 2025, 2024 and 2023, 0.2 million, 77.7 million and 73.4 million potentially dilutive securities were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive.

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