Revenues from Contracts with Customers

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

Revenues from Contracts with Customers

The following table presents Newmark’s total revenues separately for its revenues from contracts with customers and other sources of revenues (in thousands):

	Three Months Ended March 31,
	2026		2025
Revenues from contracts with customers:
Leasing and Other Commissions	$	250,031	$	208,074
Investment sales	140,666		92,858
Mortgage brokerage and debt placement	57,198		37,186
Management Services	270,163		218,112
Total	$	718,058	$	556,230
Other sources of revenue(1):
Fair value of expected net future cash flows from servicing recognized at commitment, net	$	29,180	$	21,403
Loan originations related fees and sales premiums, net	25,413		22,080
Servicing fees and other	73,868		65,781
Total	$	846,519	$	665,494

(1)Although these items have customers under contract, they were recorded as other sources of revenue as they were excluded from the scope of ASC 606.

Disaggregation of Revenues

Newmark’s chief operating decision-maker, regardless of geographic location and service line, evaluates the operating results, including revenues, of Newmark as total real estate services (see Note 3 — “Summary of Significant Accounting Policies” for further discussion).

Contract Balances

The timing of Newmark’s revenue recognition may differ from the timing of payment by its customers. Newmark records a receivable when revenue is recognized prior to payment and Newmark has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, Newmark records deferred revenue until the performance obligations are satisfied.

Newmark’s deferred revenue primarily relates to customers paying in advance or billed in advance where the performance obligation has not yet been satisfied. Deferred revenue is recorded as a contract liability. Deferred revenue at March 31, 2026 and December 31, 2025 was $0.9 million and $1.4 million, respectively. During the three months ended March 31, 2026 and 2025, Newmark recorded deferred revenue of $0.3 million and $0.4 million, respectively, and recognized revenue of $0.8 million and $0.5 million, respectively, that was recorded as deferred revenue at the beginning of the period.

For Knotel and Deskeo, the Company’s remaining performance obligations that represent contracted customer revenues, that have not yet been recognized as revenue as of March 31, 2026 and that will be recognized as revenue in future periods over the life of the customer contracts in accordance with ASC 606, are approximately $158.1 million. Over half of the remaining performance obligations as of March 31, 2026 are scheduled to be recognized as revenue within the next twelve months, with the remaining to be recognized over the remaining life of the customer contracts, which extends through 2030.

Approximate future cash flows to be received over the next five years as of March 31, 2026 are as follows (in thousands):

2026	$	92,801
2027	42,990
2028	18,717
2029	3,488
2030	99
Thereafter	—
Total	$	158,095