10-K · February 19, 2026
Cushman & Wakefield reported record 2025 revenue of $10.3 billion (up from $9.4 billion in 2024) on the back of growth across all service lines and a recurring Services business that represented 66% of revenue. The firm…
Earnings analysis · 10-Q
CWK earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Cushman & Wakefield reported Q1 2026 results showcasing strong revenue growth despite a net loss due to non-cash charges. Revenue surged 11% year-over-year to $2.54 billion, surpassing consensus estimates, while EPS…
Read full summary
Cushman & Wakefield reported Q1 2026 results showcasing strong revenue growth despite a net loss due to non-cash charges. Revenue surged 11% year-over-year to $2.54 billion, surpassing consensus estimates, while EPS came in at $0.15, beating expectations. Management highlighted robust performance across all segments, particularly in leasing and capital markets, while also signaling liquidity and capital management efforts amid ongoing macroeconomic uncertainties.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.15
- Segment
- Services
- Segment
- Leasing
- Segment
- Capital markets
- Segment
- Valuation and other
What stood out
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Revenue Growth of 11% YoY
Revenue reached $2.54 billion for Q1 2026, up from $2.28 billion in Q1 2025, a significant increase of $251.2 million.
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Leasing Revenue Rose by 19%
Leasing revenue increased to $497.7 million, driven primarily by growth in the Americas.
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Capital Markets Revenue Up 15%
Capital markets revenue grew to $181.6 million, marking continued positive momentum in this segment.
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Gross Margin Improved to 20.1%
Gross margin increased from 18.5% in Q3 2024 to 20.1% in Q1 2026.
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Adjusted EBITDA Increased by 16%
Adjusted EBITDA stood at $111.3 million, up from $96.2 million in the previous year.
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Liquidity at $1.6 Billion
The company reported $1.0 billion available from its undrawn revolving credit facility and $600 million in cash.
What to watch
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Net Loss Due to Non-cash Charges
The company incurred a net loss of $12.6 million largely attributed to a $16.6 million pension buy-out settlement in the U.K.
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Increased Debt Levels
The company has accumulated substantial debt, with net interest expense increasing to $49.2 million, affecting profitability.
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Risk of Economic Uncertainties
Management cited macroeconomic challenges, including inflation and geopolitical uncertainties, that could impact future performance.
Management's outlook
Management expects Q2 2026 revenue to be between $2.5 billion and $2.7 billion, consistent with previous growth expectations.
Earlier filings 4
10-Q · April 29, 2025
Cushman & Wakefield reported Q1 revenue of $2,284.6M, up $99.8M (≈4.6%) year-over-year, producing operating income of $45.3M (2.0% margin) and diluted EPS of $0.01 versus a loss of $(0.13) a year ago. Results were…
10-Q · July 30, 2024
Cushman & Wakefield reported Q2 revenue of $2,288.0 million, down $118.0 million (5%) year-over-year from $2,406.0 million, while operating income rose to $70.4 million from $56.3 million. Diluted EPS improved to $0.06…
10-Q · October 31, 2023
Cushman & Wakefield reported Q3 revenue of $2,286.0 million, down 9% year-over-year, and a net loss of $33.9 million (diluted loss per share $0.15) versus net income of $23.9 million (diluted EPS $0.11) in Q3 2022.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.