Free cash flow was negative in five of ten quarters, including -$286.1M in 2026Q3, while FFO remained comparatively steady between $37.6M and $117.0M, suggesting working-capital timing dominates reported cash generation and may point to external funding reliance.
Newmark Group, Inc. (NMRK) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash from Operations | 447.25M | 172M | -9.94M | -265.96M | 1.2B | -48.71M | -777.69M | 986.76M | -332.37M | 852.22M | -646.34M | 387.15M |
| Operating CF Growth % | -142.97% | 1831.09% | 96.26% | -122.23% | 2556.1% | 93.74% | -178.81% | 396.89% | -139% | 231.85% | -266.95% | - |
| Operating CF / Revenue % | 12.04% | 5.15% | -0.36% | -10.77% | 44.22% | -1.68% | -40.82% | 44.49% | -16.23% | 53.38% | -47.88% | 32.26% |
| Net Income | 151.03M | 155.45M | 85.49M | 62.38M | 112.55M | 978.13M | 109.28M | 161.71M | 191.9M | 145.1M | 167.21M | -2.73M |
| Depreciation & Amortization | 139.09M | 181.3M | 174.3M | 166.22M | 165.82M | 121.73M | 141.19M | 131.14M | 97.73M | 95.81M | 72.2M | 71.77M |
| Stock-Based Compensation | 134.83M | 282.05M | 185.4M | 139.75M | 138.31M | 356.35M | 130.76M | 258.84M | 224.64M | 10M | 88.2M | 154.29M |
| Other Non-Cash Items | 73.51M | -81.78M | -232.7M | -368.21M | 1.01B | -1.27B | -997.32M | 635.98M | -817.13M | 554.9M | -829.6M | 404.41M |
| Working Capital Changes | -95.77M | -381.82M | -223.47M | -260.9M | -205.55M | -349.61M | -162.02M | -173.06M | -45.9M | 2.03M | -53.91M | -75.2M |
| Cash from Investing | -269.2M | -198.11M | -33.43M | -49.74M | 308.63M | 453.09M | -3.6M | -56.79M | 7.74M | 379K | -34.42M | -18.74M |
| Acquisitions (Net) | -2.45M | -53.36M | 0 | -99.89M | -64.25M | -69.75M | -5.85M | -33.94M | -34.51M | 2.79M | 518K | 2.65M |
| Purchase of Investments | -500K | 0 | -312K | 0 | -2.75M | -8.5M | -12.75M | -28M | -29.5M | -2.79M | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 105.5M | 437.82M | 551.06M | 34.74M | 32.61M | 95.88M | 18.71M | 0 | 0 |
| Other Investing | -246.35M | -115.38M | -1.61M | 0 | 0 | 0 | 90K | 8.56M | 63.27M | 2.79M | -7.68M | -9.26M |
| Cash from Financing | -163.26M | -44.85M | 89.53M | 261.46M | -1.46B | -396.28M | 817.82M | -895.51M | 338.66M | -798.2M | 635.95M | -351.12M |
| Dividends Paid | -21.58M | -21.72M | -20.62M | -20.91M | -17.93M | -7.63M | -23.17M | -69.25M | -41.79M | -190.88M | 0 | 0 |
| Common Dividends | -21.58M | -21.72M | -20.62M | -20.91M | -17.93M | -7.63M | -23.17M | -69.25M | -41.79M | -101.73M | 0 | 0 |
| Debt Issuance (Net) | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K |
| Share Repurchases | -212.07M | -127.07M | -212.57M | -37.43M | -294.8M | -290.54M | -6.36M | -37.37M | -486K | 0 | 0 | 0 |
| Other Financing | 407.85M | -34.19M | -57.96M | -41.43M | -92.49M | -54.33M | -90.74M | -111.52M | 999.54M | 443.89M | -13.07M | 67.43M |
| Net Change in Cash | 14.78M | -70.96M | 46.16M | -54.25M | 46.45M | 8.1M | 36.53M | 34.47M | 14.03M | 54.4M | -44.8M | 17.3M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2M | 0 | 0 | 0 |
| Cash at Beginning | 263.62M | 304.87M | 258.71M | 312.95M | 266.5M | 258.4M | 221.87M | 187.41M | 173.37M | 66.63M | 111.43M | 94.13M |
| Cash at End | 241.82M | 233.91M | 304.87M | 258.71M | 312.95M | 266.5M | 258.4M | 221.87M | 187.41M | 121.03M | 66.63M | 111.43M |
| Free Cash Flow | 406.54M | 142.63M | -43.05M | -321.32M | 1.13B | -68.43M | -797.52M | 950.75M | -356.49M | 831.09M | -681.27M | 365.76M |
| FCF Growth % | 803.37% | 431.27% | 86.6% | -128.33% | 1757.39% | 91.42% | -183.88% | 366.7% | -142.89% | 221.99% | -286.26% | - |
| FCF / Revenue % | 10.94% | 4.27% | -1.57% | -13.01% | 41.92% | -2.35% | -41.86% | 42.86% | -17.41% | 52.06% | -50.47% | 30.47% |
Quick answers to the most common questions about buying NMRK stock.
Newmark Group, Inc. (NMRK) generated $172.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Newmark Group, Inc. (NMRK) generated $142.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Newmark Group, Inc. (NMRK) spent $29.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Newmark Group, Inc. (NMRK) returned $21.7M to shareholders via cash dividends and spent $127.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Volatile quarterly cash conversion
Metrics are mathematically derived from official filings.
Operating Cash Swings Dwarf FFO Stability
Based on the reported quarterly figures, NMRK's operating cash flow swung between negative $379.7M and positive $618.5M over ten quarters, while FFO remained comparatively steady between $37.6M and $117.0M, indicating working-capital timing dominates reported cash generation.
The gap between FFO and operating cash flow is extreme, with OCF frequently negative even when FFO is positive, which suggests that receivables, broker commission accruals, and forgivable recruitment advances absorb large amounts of cash in some quarters. Cash appears to be released in concentrated bursts, such as the $618.5M in 2025Q4, which means any single quarter is a poor proxy for sustainable cash earnings. Investors should monitor whether the negative OCF quarters reflect timing or a recurring structural cash cost of maintaining the producer base.
Dividend Coverage Thin After Recurring Payouts
Per the reported AFFO data, NMRK's dividends paid were covered by AFFO by a wide margin in most recent quarters, with Div/AFFO ratios ranging from 0.05 to 0.16, though the payout data is incomplete for the latest period.
Low Div/AFFO ratios imply that the distribution itself is not the binding constraint on cash, but the ratio is computed on AFFO that is itself volatile and weakly tied to the OCF swings. Because AFFO in the quarters shown ranged from $32.1M to $117.0M while OCF fluctuated sharply, the retained AFFO buffer may be overstated when quarters of negative OCF occur. The absence of AFFO and dividend data for 2026Q3 means the coverage trend cannot be confirmed for the most recent period.
Negative Quarters Raise Funding Questions
Based on NMRK's reported figures, free cash flow was negative in five of ten quarters, including a deeply negative $286.1M in 2026Q3, which may indicate reliance on balance sheet or external funding to bridge operating outflows.
Repeated negative free cash flow quarters suggest that transaction-driven working capital build can outrun internally generated cash in some periods. Without disclosed financing activity in the supplied data, the specific funding source cannot be verified, and this analysis does not assume any particular financing access. Investors should monitor debt and equity issuance alongside future FCF to determine whether the negative quarters are self-funding over a full cycle.
Net Income Understates Cash Volatility
As reported in the quarterly figures, NMRK's FFO to net income ratio swung from 20.47 to negative 18.24 across periods, with net income near breakeven in several quarters, indicating GAAP earnings are a weak guide to cash generation.
The extreme FFO to net income ratios show that non-cash items, including depreciation, mortgage servicing rights valuation changes, and stock-based compensation, materially separate reported earnings from cash-based earnings. Net income of roughly $14M to $20M in several quarters contrasts with FFO of $60M to $94M, implying large add-backs that may not reflect recurring economics. Analysts should treat FFO and AFFO as the more relevant earnings base while still testing whether recruitment-related non-cash costs recur.
Adjusted Cash Metrics May Overstate Durability
Based on the reported quarterly data, the apparent cash strength in profitable quarters such as 2025Q4 may not persist, given that the same period sits within a ten-quarter sequence containing four consecutive-scale negative OCF quarters.
The most favorable cash quarters appear episodic rather than structural, and adjusted metrics that exclude forgivable loans and recruitment-linked costs may flatter sustainable cash generation if producer replacement spending is continuous. The FCF margin of 60.5% in 2025Q4 contrasts sharply with -49.3% in 2025Q2, suggesting the business has not yet shown stable cash conversion. This warrants further investigation into whether the cash cost of talent acquisition is being capitalized or deferred outside the metrics that headline analysis typically uses.