Backaction-evading measurements of mechanical motion can achieve precision below the zero-point uncertainty and quantum squeezing, which makes them a resource for quantum metrology and quantum information processing. We provide an exact expression for the conditional state of an optomechanical system in a two-tone backaction-evading measurement beyond the standard adiabatic approximation and perform extensive numerical simulations to go beyond the usual rotating-wave approximation. We predict the simultaneous presence of conditional mechanical squeezing, intracavity squeezing, and optomechanical entanglement. We further apply an analogous analysis to the multimode optomechanical system of two mechanical and one cavity mode and find conditional mechanical Einstein-Podolski-Rosen entanglement and genuinely tripartite optomechanical entanglement. Our analysis is of direct relevance for ultrasensitive measurements and measurement-based control in high-cooperativity optomechanical sensors operating beyond the adiabatic limit.