Earnings summaries and quarterly performance for Cushman & Wakefield.
Executive leadership at Cushman & Wakefield.
Michelle MacKay
Detailed
Chief Executive Officer
CEO
AM
Andrew McDonald
Detailed
Global President & Chief Operating Officer
NR
Nathaniel Robinson
Detailed
Executive Vice President, Chief Investment & Strategy Officer
NJ
Neil Johnston
Detailed
Executive Vice President, Chief Financial Officer
NP
Noelle Perkins
Detailed
Executive Vice President, Chief Legal Officer & Secretary
Board of directors at Cushman & Wakefield.
Research analysts who have asked questions during Cushman & Wakefield earnings calls.
AP
Anthony Paolone
JPMorgan Chase & Co.
6 questions for CWK
Also covers: ALX, ARE, AVB +32 more
RK
Ronald Kamdem
Morgan Stanley
5 questions for CWK
Also covers: AAT, ADC, AHR +37 more
JB
Julien Blouin
The Goldman Sachs Group, Inc.
4 questions for CWK
Also covers: ALX, AMH, CBRE +12 more
MG
Mitch Germain
Citizens JMP
3 questions for CWK
Also covers: ADC, ALEX, BNL +17 more
PA
Peter Abramowitz
Jefferies
3 questions for CWK
Also covers: AHH, ARE, BXP +14 more
Stephen Sheldon
William Blair & Company
3 questions for CWK
Also covers: AGYS, ALRM, APEI +11 more
AK
Alex Kram
UBS
2 questions for CWK
Also covers: BR, MSCI
Brendan Lynch
Barclays
2 questions for CWK
Also covers: AMT, BXP, CCI +24 more
Michael Griffin
Citigroup Inc.
2 questions for CWK
Also covers: AHR, ALX, ARE +35 more
PO
Patrick O'Shaughnessy
Raymond James
2 questions for CWK
Also covers: AMTD, BR, CBRE +8 more
Seth Bergey
Citi
2 questions for CWK
Also covers: AHR, BDN, BXP +16 more
Stephen Sheldon
William Blair
2 questions for CWK
Also covers: AGYS, ALRM, CBRE +9 more
AK
Alex Kramm
UBS Group AG
1 question for CWK
Also covers: BR, CBOE, CBRE +16 more
Patrick McIlwee
William Blair
1 question for CWK
Also covers: LRN, LZ, OLO +1 more
SB
Seth Berge
Citigroup
1 question for CWK
Also covers: BDN, BXP, CBRE +5 more
Recent press releases and 8-K filings for CWK.
Cushman & Wakefield Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Outlook
CWK
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Cushman & Wakefield delivered strong full-year 2025 results, with $7.1 billion in revenue, an 11% increase in Adjusted EBITDA to $656 million, and 34% adjusted EPS growth to $1.22.
- The company significantly improved its financial position, generating $293 million in free cash flow with a 103% conversion rate and reducing its net leverage ratio to 2.9 times by year-end 2025, ahead of original expectations.
- Q4 2025 demonstrated continued momentum, with revenue increasing 7% to $2 billion, driven by 15% growth in Capital Markets revenue and 5% growth in the leasing business, which achieved its highest quarterly level ever.
- For 2026, Cushman & Wakefield anticipates 6%-8% revenue growth and 15%-20% adjusted EPS growth.
- The company recorded a $177 million non-cash impairment to its Greystone joint venture in Q4 2025 due to revised future earnings expectations.
Feb 19, 2026, 2:00 PM
Cushman & Wakefield Reports Strong FY 2025 Results and Provides 2026 Outlook
CWK
Earnings
Guidance Update
Share Buyback
- Cushman & Wakefield reported strong full-year 2025 results, with adjusted EPS growth of 34% and $7.1 billion in revenue, an increase of 7%. The company achieved a 103% free cash flow conversion rate and reduced its net leverage ratio to 2.9 times by year-end.
- For the fourth quarter of 2025, revenue grew 7% to $2 billion, driven by 15% growth in Capital Markets revenue globally and 5% growth in the leasing business.
- The company provided a 2026 outlook, anticipating revenue growth of 6%-8% and adjusted EPS growth of 15%-20%, with a target to reach 2x net leverage by 2028.
- Management plans a balanced capital allocation strategy, prioritizing organic growth and debt reduction, while also evaluating future share buybacks. The company is also actively integrating AI to enhance operations and client services.
Feb 19, 2026, 2:00 PM
Cushman & Wakefield Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Outlook
CWK
Earnings
Guidance Update
New Projects/Investments
- Cushman & Wakefield delivered strong full-year 2025 results, with adjusted EPS growing 34% to $1.22, total revenue increasing 7% to $7.1 billion, and adjusted EBITDA growing 11% to $656 million.
- The company generated $293 million in free cash flow, representing a 103% conversion rate, and improved its net leverage ratio to 2.9 times at year-end 2025 from 3.8 times at year-end 2024.
- For 2026, Cushman & Wakefield anticipates revenue growth of 6%-8% and adjusted EPS growth of 15%-20%, with free cash flow conversion expected in the 60%-80% range.
- A $177 million non-cash impairment was recorded for the Greystone joint venture in Q4 2025 due to lower future earnings expectations.
- The company plans a balanced capital allocation approach, prioritizing organic growth and continued debt reduction to achieve a 2x leverage target by 2028, while evaluating share buybacks for the longer term.
Feb 19, 2026, 2:00 PM
Cushman & Wakefield Announces Q4 and Full Year 2025 Financial Results
CWK
Earnings
Guidance Update
- Cushman & Wakefield reported Q4 2025 revenue of $2,914 million and Adjusted EPS of $0.54.
- For the full year 2025, the company achieved $10,288 million in revenue, $656 million in Adjusted EBITDA, and $1.22 in Adjusted EPS.
- Key achievements in FY 2025 included generating $293 million in free cash flow and reducing net leverage to 2.9x by year-end after paying down $300 million in debt.
- The company provided a positive full-year 2026 outlook, forecasting revenue growth of 6-8% and Adjusted EPS growth of 15-20%.
Feb 19, 2026, 2:00 PM
Cushman & Wakefield Reports Record Q4 and Full Year 2025 Financial Results
CWK
Earnings
Revenue Acceleration/Inflection
- Cushman & Wakefield reported its highest fourth quarter and full year revenue in company history for 2025, with Q4 revenue increasing 11% to $2.9 billion and full year revenue increasing 9% to $10.3 billion.
- The company recorded a net loss of $22.4 million for Q4 2025, primarily due to a one-time $177.0 million other-than-temporary impairment loss on its equity method investment in Cushman Wakefield Greystone LLC.
- Despite the net loss, Adjusted diluted earnings per share (EPS) increased 13% to $0.54 for Q4 2025 and 34% to $1.22 for the full year 2025.
- Adjusted EBITDA increased 7% to $238.7 million for Q4 2025 and 13% to $656.2 million for the full year 2025.
- Cushman & Wakefield improved cash flow by more than $125 million from 2024, with net cash provided by operating activities reaching $340.4 million and free cash flow generated of $293.0 million for 2025, and also prepaid $300 million in debt during the year.
Feb 19, 2026, 12:01 PM
Cushman & Wakefield Reports Strong Revenue Growth and Adjusted Earnings for Q4 and Full Year 2025
CWK
Earnings
Revenue Acceleration/Inflection
- Cushman & Wakefield reported record fourth quarter and full year revenue for 2025, with total revenue increasing 11% to $2.9 billion for Q4 2025 and 9% to $10.3 billion for the full year 2025.
- The company recorded a net loss of $22.4 million for the fourth quarter of 2025, resulting in a diluted loss per share of $0.10, primarily due to a $177.0 million other-than-temporary impairment loss on its equity method investment in Cushman Wakefield Greystone LLC.
- Despite the reported net loss, Adjusted diluted earnings per share grew 13% to $0.54 for Q4 2025 and 34% to $1.22 for the full year 2025.
- Adjusted EBITDA increased 7% to $238.7 million for Q4 2025 and 13% to $656.2 million for the full year 2025.
- The company demonstrated strong cash flow generation, with net cash provided by operating activities increasing $132.4 million to $340.4 million and free cash flow increasing $126.0 million to $293.0 million for the full year 2025, and prepaid $300 million in debt.
Feb 19, 2026, 12:00 PM
Cushman & Wakefield Outlines Strategic Vision and Financial Targets at Investor Day
CWK
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Cushman & Wakefield (CWK) has achieved significant financial progress over the past two years, including 20% compound annual growth rate (CAGR) in earnings per share, an improvement in free cash flow margin from 50% to 70%, and the repayment of $500 million of debt, resulting in $50 million in annual interest cost savings.
- The company's three-year plan targets 15%-20% CAGR in earnings per share, 6%-8% revenue growth, and a 150 basis point increase in margins, expecting to generate over $800 million in free cash flow.
- CWK is undergoing an operational transformation to become a globally integrated and digitally enabled real estate services platform by the end of 2028, with 60% of the journey already completed and 70% of global revenue under digital transformation.
- Key growth areas include multi-market leasing, global institutional capital markets, and data centers, which is highlighted as the fastest-growing asset class in real estate with an expected $6.7 trillion in CapEx spend by 2030.
Dec 4, 2025, 2:00 PM
Cushman & Wakefield Outlines "Driving Profitable Growth" Strategy and Financial Targets at 2025 Investor Day
CWK
Guidance Update
Debt Issuance
New Projects/Investments
- Cushman & Wakefield presented its "Driving Profitable Growth" strategy at its 2025 Investor Day, highlighting a strategic reset over the past 2.5 years focused on strengthening the core, operating with rigor, and organic growth.
- Key achievements include reducing $500 million of debt and saving $50 million annually in interest costs , alongside a 90% increase in cash from 2023 to 2025.
- The company is undergoing a digital transformation, aiming to be a globally integrated and fully digitally enabled real estate services platform by the end of 2028, with 70% of global revenue already under digital transformation.
- Financially, Cushman & Wakefield achieved a 20% compound annual growth rate in EPS and improved its free cash flow margin from 50% to 70% over the last two years.
- A new three-year plan targets 15%-20% compound annual EPS growth, 6%-8% revenue growth, and a 150 basis point margin expansion, projecting over $800 million in free cash flow generation.
Dec 4, 2025, 2:00 PM
Cushman & Wakefield Outlines Three-Year Financial Targets and Strategic Progress at 2025 Investor Day
CWK
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Cushman & Wakefield targets a 15%-20% compound annual growth rate for earnings per share over the next three years, supported by 6%-8% revenue growth and a 150 basis point margin expansion.
- The company has strengthened its financial foundation by reducing $500 million of debt in two years, resulting in $50 million in annual interest cost savings and lowering leverage to 3.2x.
- Free cash flow generation has significantly improved, with conversion rising from 50% to 70%, and the company expects to generate over $800 million of free cash flow over the next three years.
- Cushman & Wakefield is advancing a major operational transformation, aiming for a globally integrated and digitally enabled real estate services platform by the end of 2028, with 70% of global revenue already under full digital transformation.
Dec 4, 2025, 2:00 PM
COPT Defense Properties Acquires Stonegate I Building
CWK
M&A
New Projects/Investments
- COPT Defense Properties acquired Stonegate I, a 142,000 square foot Class A office building in Chantilly, VA, for a gross purchase price of $40.2 million.
- The building is fully occupied by a top 20 U.S. Defense Contractor with 10 years of lease term remaining.
- This acquisition is expected to be accretive to FFO per share and enhances COPT Defense's relationship with the contractor, reinforcing its dominant position in the Westfields submarket.
- As of June 30, 2025, COPT Defense's Defense/IT Portfolio comprised 198 properties totaling 22.6 million square feet and was 96.8% leased.
Oct 30, 2025, 8:15 PM
Quarterly earnings call transcripts for Cushman & Wakefield.
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