CWK earnings analysis
What we found in CWK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- Leasing Revenue Rose by 19%
- Leasing revenue increased to $497.7 million, driven primarily by growth in the Americas.
- Capital Markets Revenue Up 15%
- Capital markets revenue grew to $181.6 million, marking continued positive momentum in this segment.
- Gross Margin Improved to 20.1%
- Gross margin increased from 18.5% in Q3 2024 to 20.1% in Q1 2026.
- Adjusted EBITDA Increased by 16%
- Adjusted EBITDA stood at $111.3 million, up from $96.2 million in the previous year.
- Liquidity at $1.6 Billion
- The company reported $1.0 billion available from its undrawn revolving credit facility and $600 million in cash.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Increased Debt Levels
- The company has accumulated substantial debt, with net interest expense increasing to $49.2 million, affecting profitability.
- Risk of Economic Uncertainties
- Management cited macroeconomic challenges, including inflation and geopolitical uncertainties, that could impact future performance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.15
- Gross margin
- 20.1%
- Operating margin
- 2.3%
- Segment
- Services
- Segment
- Leasing
- Segment
- Capital markets
- Segment
- Valuation and other
What they said about what is next.
Management expects Q2 2026 revenue to be between $2.5 billion and $2.7 billion, consistent with previous growth expectations.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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