Cash flow volatility is pronounced, highlighted by a 2026Q1 OCF/NI ratio of -17.17 and a $162.5 million outflow related to working capital swings.
| Cash from Operations | 103.81M | 172M | -9.94M | -265.96M | 1.2B | -48.71M | -777.69M | 986.76M | -332.37M | 852.22M | -646.34M | 387.15M |
| Operating CF Margin % | - | 5.15% | -0.36% | -10.77% | 44.22% | -1.68% | -40.82% | 44.49% | -16.23% | 53.38% | -47.88% | 32.26% |
| Operating CF Growth % | 200.85% | 1831.09% | 96.26% | -122.23% | 2556.1% | 93.74% | -178.81% | 396.89% | -139% | 231.85% | -266.95% | - |
| Net Income | 149.37M | 155.45M | 85.49M | 62.38M | 112.55M | 978.13M | 109.28M | 161.71M | 191.9M | 145.1M | 167.21M | -2.73M |
| Depreciation & Amortization | 92.21M | 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 | 141.61M | 282.05M | 185.4M | 139.75M | 138.31M | 356.35M | 130.76M | 258.84M | 224.64M | 10M | 88.2M | 154.29M |
| Deferred Taxes | 17.58M | 16.81M | 1.05M | -5.2M | -24.5M | 118.65M | 419K | -27.85M | 16.39M | 44.38M | -1.14M | -11.28M |
| Other Non-Cash Items | -268.83M | -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 | -53.21M | -381.82M | -223.47M | -260.9M | -205.55M | -349.61M | -162.02M | -173.06M | -45.9M | 2.03M | -53.91M | -75.2M |
| Change in Receivables | -217.54M | -251M | 17.35M | -312.57M | 42.44M | -278.03M | 123.74M | -52.02M | -129.49M | -57.17M | 9.46M | -17.31M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -251.71M | -119.49M | 1.76M | 0 | 0 |
| Change in Payables | -97.05M | -27.8M | 629K | 71.67M | -35.33M | -4.4M | -82.42M | 90.71M | 152.88M | 13.1M | 0 | 0 |
| Cash from Investing | -205.83M | -198.11M | -33.43M | -49.74M | 308.63M | 453.09M | -3.6M | -56.79M | 7.74M | 379K | -34.42M | -18.74M |
| Capital Expenditures | -22.19M | -29.37M | -31.51M | -55.36M | -62.19M | -19.72M | -19.83M | -36.02M | -24.12M | -21.12M | -34.94M | -21.39M |
| CapEx % of Revenue | 0.64% | 0.88% | 1.15% | 2.24% | 2.3% | 0.68% | 1.04% | 1.62% | 1.18% | 1.32% | 2.59% | 1.78% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -180.69M | -115.38M | -1.61M | 0 | 0 | 0 | 90K | 8.56M | 63.27M | 2.79M | -7.68M | -9.26M |
| Cash from Financing | 53.98M | -44.85M | 89.53M | 261.46M | -1.46B | -396.28M | 817.82M | -895.51M | 338.66M | -798.2M | 635.95M | -351.12M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -263.42M | -127.07M | -212.57M | -37.43M | -294.8M | -290.54M | -6.36M | -37.37M | -486K | 0 | 0 | 0 |
| Dividends Paid | -21.75M | -21.72M | -20.62M | -20.91M | -17.93M | -7.63M | -23.17M | -69.25M | -41.79M | -190.88M | 0 | 0 |
| Share Repurchases | -263.42M | -127.07M | -212.57M | -37.43M | -294.8M | -290.54M | -6.36M | -37.37M | -486K | 0 | 0 | 0 |
| Other Financing | 50.66M | -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 | -48.03M | -70.96M | 46.16M | -54.25M | 46.45M | 8.1M | 36.53M | 34.47M | 14.03M | 54.4M | -44.8M | 17.3M |
| Free Cash Flow | 81.61M | 142.63M | -43.05M | -321.32M | 1.13B | -68.43M | -797.52M | 950.75M | -356.49M | 831.09M | -681.27M | 365.76M |
| FCF Margin % | 2.35% | 4.27% | -1.57% | -13.01% | 41.92% | -2.35% | -41.86% | 42.86% | -17.41% | 52.06% | -50.47% | 30.47% |
| FCF Growth % | 154.2% | 431.27% | 86.6% | -128.33% | 1757.39% | 91.42% | -183.88% | 366.7% | -142.89% | 221.99% | -286.26% | - |
| FCF per Share | 0.32 | 0.56 | -0.24 | -1.82 | 4.63 | -0.35 | -4.44 | 5.14 | -2.18 | 6.01 | -3.03 | 1.62 |
| FCF Conversion (FCF/Net Income) | 0.55x | 1.36x | -0.16x | -6.25x | 14.37x | -0.06x | -9.71x | 8.41x | -3.11x | 5.90x | -3.84x | -138.12x |
| Interest Paid | 55.69M | 56.37M | 32.13M | 45.43M | 37.81M | 36.27M | 40.64M | 36.96M | 81.84M | 21M | 11.69M | 8.84M |
| Taxes Paid | 41.58M | 43.46M | 49.83M | 57.18M | 99.55M | 99.38M | 80.29M | 95.09M | 1.17M | 46K | 79K | 131K |
Cyclical Cash Flow Volatility
As reported in financial statements, Newmark's operating cash flow frequently diverges from net income, with the 2026Q1 OCF/NI ratio of -17.17 highlighting a severe disconnect that suggests reported earnings may significantly overstate the firm's actual ability to generate cash from its core brokerage operations.
The extreme volatility in the OCF/NI ratio indicates that accounting net income is a poor proxy for liquidity at Newmark. Investors should monitor whether this gap is driven by temporary timing differences in commission receipts or more permanent structural issues in how the firm recognizes revenue versus cash collection.
Based on Newmark's reported figures, free cash flow margins have exhibited extreme swings, ranging from a high of 60.5% in 2025Q4 to a low of -49.3% in 2025Q2, which suggests that the firm's cash generation is highly sensitive to the timing of large-scale institutional transaction closings.
This erratic FCF trajectory underscores the high-beta nature of the business model. The inability to maintain consistent positive free cash flow suggests that the firm may face liquidity pressure during prolonged periods of market stagnation, necessitating a closer look at their reliance on external financing.
According to recent SEC filings, working capital changes have been a primary driver of cash flow volatility, with a significant $162.5 million outflow in 2026Q1 alone, indicating that the firm's cash position is heavily dependent on the cyclical nature of its accounts receivable and broker-related payables.
The substantial swings in working capital suggest that Newmark's cash cycle is prone to sudden, large-scale disruptions. This pattern appears to reflect the lumpy nature of commercial real estate commissions, which may leave the firm vulnerable to liquidity crunches during periods of reduced transaction volume.
Data from the cash flow statement reveals that stock-based compensation, which reached $68.4 million in 2026Q1, consistently acts as a non-cash add-back that obscures the true economic cost of talent retention, suggesting that the firm's reported cash flow metrics may be artificially inflated by this accounting treatment.
By relying heavily on equity-linked compensation to attract and retain top producers, Newmark effectively shifts the cost of its human capital off the cash flow statement. This practice warrants further investigation, as it may mask the true cash-burn rate required to sustain the firm's competitive position in the market.
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.