Let’s dig into the relative performance of Newmark (NASDAQ: NMRK) and its peers as we unravel the now-completed Q4 consumer discretionary - real estate services earnings season.

The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Real estate services companies provide brokerage, property management, appraisal, and advisory services, earning transaction-based commissions and recurring management fees. Tailwinds include long-term housing demand driven by demographic growth, technology platforms that expand market access, and commercial real estate complexity that sustains advisory needs. Headwinds are pronounced: rising interest rates directly suppress transaction volumes by reducing housing affordability and commercial deal activity. Commission-rate compression, driven by discount brokerages and regulatory changes, erodes per-transaction revenue. The industry is highly cyclical, with revenue swings amplified by leverage. PropTech (property technology) disruptors threaten traditional intermediary models.

The 14 consumer discretionary - real estate services stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 3.9% while next quarter’s revenue guidance was 2.2% below.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 11% since the latest earnings results.

Newmark (NASDAQ: NMRK)

Founded in 1929, Newmark (NASDAQ: NMRK) provides commercial real estate services, including leasing advisory, global corporate services, investment sales and capital markets, property and facilities management, valuation and advisory, and consulting.

Newmark reported revenues of $1.01 billion, up 15.3% year on year. This print was in line with analysts’ expectations, and overall, it was a satisfactory quarter for the company with full-year revenue guidance exceeding analysts’ expectations but a significant miss of analysts’ adjusted operating income estimates.

Newmark pulled off the highest full-year guidance raise of the whole group. The results were likely priced in, however, and the stock is flat since reporting. It currently trades at $14.86.

Is now the time to buy Newmark? Access our full analysis of the earnings results here, it’s free.

Best Q4: The Real Brokerage (NASDAQ: REAX)

Founded in Toronto, Canada in 2014, The Real Brokerage (NASDAQ: REAX) is a technology-driven real estate brokerage firm combining a tech-centric model with an agent-centric philosophy.

The Real Brokerage reported revenues of $505.1 million, up 44.1% year on year, outperforming analysts’ expectations by 7.6%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

The Real Brokerage pulled off the fastest revenue growth among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 10.6% since reporting. It currently trades at $2.45.

Is now the time to buy The Real Brokerage? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: eXp World (NASDAQ: EXPI)

Founded in 2009, eXp World (NASDAQ: EXPI) is a real estate company known for its virtual, cloud-based approach to real estate brokerage.

eXp World reported revenues of $1.19 billion, up 8.5% year on year, exceeding analysts’ expectations by 2.6%. Still, it was a softer quarter as it posted a significant miss of analysts’ adjusted operating income estimates and a significant miss of analysts’ EBITDA estimates.

As expected, the stock is down 17.8% since the results and currently trades at $6.00.

Read our full analysis of eXp World’s results here.

Marcus & Millichap (NYSE: MMI)

Founded in 1971, Marcus & Millichap (NYSE: MMI) specializes in commercial real estate investment sales, financing, research, and advisory services.

Marcus & Millichap reported revenues of $244 million, up 1.6% year on year. This result beat analysts’ expectations by 6.3%. It was a stunning quarter as it also logged a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

The stock is up 6.3% since reporting and currently trades at $26.59.

Read our full, actionable report on Marcus & Millichap here, it’s free.

JLL (NYSE: JLL)

Founded in 1999 through the merger of Jones Lang Wootton and LaSalle Partners, JLL (NYSE: JLL) is a company specializing in real estate advisory and investment management services.

JLL reported revenues of $7.61 billion, up 11.7% year on year. This print topped analysts’ expectations by 1.3%. Overall, it was a very strong quarter as it also put up a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

The stock is up 5.5% since reporting and currently trades at $302.69.

Read our full, actionable report on JLL here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.