Core Insights - Cushman & Wakefield (CWK) reported record revenue for Q4 2025, achieving the highest fourth-quarter and full-year revenue in its history [1] - Services revenue increased by 8% year-over-year, or 6% in local currency, while capital markets revenue marked its fifth consecutive quarter of double-digit year-over-year growth [1][2] - The company generated over $125 million in additional cash flow compared to 2024 and prepaid $300 million in debt [2] Revenue Performance - Services revenue rose by 8%, with growth across all segments, particularly in project management in EMEA and APAC [2] - Leasing revenue improved by 6%, or 5% in local currency, driven by strong performance in the Americas and EMEA [2] Market Conditions - The commercial real estate market remains healthy, with steady demand across major asset classes and improvements in pricing and liquidity [2] - The company expressed optimism entering 2026, focusing on long-term strategic priorities and financial targets presented at the 2025 Investor Day [2]

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This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. Dive Brief: Cushman & Wakefield grew revenue 11% year over year to $2.9 billion in the fourth quarter, bolstered by strength in services and leasing revenue, the company said in its earnings report, released Thursday.  In the Americas, leasing revenue grew 5% year over year, reaching its highest quarterly level ever, the company said in its earnings presenta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_______________ to _______________ Commission file number 001-38611 Cushman & Wakefield Ltd. (Exact name of registrant as specified in its charter) Bermuda 98-1896559 State or ...

Financial Performance - CWK reported a GAAP earnings per share (EPS) of -$0.10, while adjusted EPS was $0.54, slightly beating the estimated adjusted EPS of $0.53 [1][3] - The company achieved revenue of $2.91 billion, exceeding expectations compared to estimates ranging from $2.75 billion to $2.83 billion [3][4] Financial Health - CWK improved its cash flow by over $125 million and prepaid $300 million in debt, indicating strategic financial management [1][4] - The debt-to-equity ratio is approximately 1.59, reflecting a moderate level of debt relative to equity [4] - The current ratio of approximately 1.07 suggests a balanced level of current assets compared to current liabilities, indicating a stable short-term financial position [5] Valuation Metrics - The trailing P/E ratio is approximately 13.57, and the price-to-sales ratio is 0.30, suggesting investor confidence in the company's earnings and sales potential [2][4] - The enterprise value to sales ratio is approximately 0.55, highlighting the company's valuation in relation to its revenue [5] - An earnings yield of approximately 7.37% indicates a solid return on earnings, appealing to investors seeking stable returns in the commercial real estate sector [5] Competitive Landscape - CWK is a prominent player in the commercial real estate services sector, providing services such as property management, leasing, and valuation [2] - The company faces competition from firms like CBRE Group and JLL, yet continues to demonstrate resilience and growth [2][3]

Cushman & Wakefield (CWK) reported $2.91 billion in revenue for the quarter ended December 2025, representing a year-over-year increase of 10.8%. EPS of $0.54 for the same period compares to $0.48 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $2.77 billion, representing a surprise of +5.07%. The company delivered an EPS surprise of +1.89%, with the consensus EPS estimate being $0.53.While investors scrutinize revenue and earnings changes year-over-year and how they compare with ...

Core Insights - The company is experiencing a transformational evolution in AI, which will create both winners and losers in the industry. Successful firms will be those that provide advisory-led, relationship-driven solutions, supported by large platforms and global execution capabilities [1][4]. Financial Performance - For the full year 2025, the company achieved revenue of $7.1 billion, a 7% increase, and adjusted EBITDA grew 11% to $656 million. Adjusted EPS was $1.22, up 34% from the previous year [8][9]. - The company generated over $290 million in free cash flow, exceeding the targeted conversion rate, with a conversion rate of 103% [7][8]. - The leverage ratio improved to 2.9 times from 3.8 times at the end of 2024, following a $300 million principal prepayment [9]. Growth Areas - The Americas saw multi-market leasing grow, with capital markets up 19% in Q4 and 33% in 2025. The leasing business also performed strongly, contributing to the highest quarterly revenue in company history [3][9]. - The company anticipates 2026 revenue growth of 6% to 8%, with adjusted EPS growth of 15% to 20% [14][15]. Strategic Initiatives - The company has broken down silos across departments and is deploying technologies to create integrated digital workflows, enhancing client engagement and operational efficiency [5][29]. - There is a focus on cross-selling between business lines, supported by AI-driven data flow and insights [29][30]. Market Trends - In The Americas, leasing revenue increased by 5%, driven by demand for high-quality office and industrial spaces, particularly those over 500,000 square feet [12][47]. - Capital markets globally grew by 15%, with strong performance in the Americas, particularly in office and retail sectors [13][14]. Future Outlook - The company is optimistic about the industrial sector, driven by e-commerce trends and demand for modern logistics facilities [47][48]. - The company plans to maintain a balanced approach to capital allocation, focusing on organic growth while continuing to reduce debt [31].

Cushman & Wakefield (NYSE:CWK) Q4 2025 Earnings call February 19, 2026 09:00 AM ET Company ParticipantsJulien Blouin - VPMegan McGrath - Head of Investor RelationsMichelle MacKay - CEONeil Johnston - CFOSeth Bergey - Senior Research AssociateConference Call ParticipantsAlex Kram - Senior Research AnalystAnthony Paolone - Executive Director and Head of U.S. Real Estate Stock Research and Senior AnalystBrendan Lynch - Director and Co-Head of U.S. Equity REIT Research AnalystMitch Germain - Managing Director a ...

Financial Data and Key Metrics Changes - In 2025, the company achieved a revenue of $7.1 billion, representing a 7% increase year-over-year, with adjusted EBITDA growing 11% to $656 million [10][11] - Adjusted earnings per share (EPS) increased by 34% to $1.22, marking the highest total revenue and leasing revenue in company history [5][10] - The company generated over $290 million in free cash flow, achieving a conversion rate of 103%, which is a $126 million improvement compared to 2024 [11] Business Line Data and Key Metrics Changes - Capital Markets revenue grew by 15% globally, with a notable 19% increase in the Americas [12][16] - The leasing business also performed well, growing 5% in the fourth quarter and reaching the highest quarterly level ever for the company [12][14] - Services revenue increased by 6% globally, driven by strong project management revenues [16][55] Market Data and Key Metrics Changes - In the Americas, leasing grew 5%, with strong performance in office and industrial sectors [14] - In APAC, leasing revenue increased by 5%, supported by growth in India and improvements in Greater China [15] - EMEA leasing grew by 7%, led by strong performance in the Netherlands, Belgium, and Poland [15] Company Strategy and Development Direction - The company aims for 15%-20% annual adjusted EPS growth over the next three years, with a focus on moving up the value chain and leveraging AI for operational efficiency [6][17] - The strategic priorities include enhancing cross-selling between business lines and utilizing AI to improve data flow and decision-making processes [35][36] - The company plans to continue deleveraging, targeting a leverage ratio of 2x by 2028 [17][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery of Capital Markets and the resilience of the industrial sector, driven by strong e-commerce trends [48][66] - The company anticipates revenue growth of 6%-8% in 2026, with similar service line growth trends as in 2025 [17] - Management believes that AI will enhance the role of trusted advisors rather than replace them, particularly in complex commercial real estate transactions [22] Other Important Information - The company recorded a $177 million impairment related to its Greystone joint venture due to lower future earnings expectations [12][13] - The company has a strong cash position with approximately $800 million in cash and cash equivalents, and $1.8 billion in total liquidity [11] Q&A Session Summary Question: Concerns about AI impacting mid-market brokerage businesses - Management believes concerns about AI disintermediating commercial real estate brokerage are overstated, as complex negotiations will still require trusted advisors [22] Question: EMEA margin growth confidence - Management expressed confidence in EMEA margin growth despite a slight decline in the fourth quarter, attributing it to one-time expenses [23] Question: Risks across different property types due to AI - Management highlighted ongoing research into AI's impact across various sectors and encouraged attendance at an upcoming call to discuss practical tools for clients [25][26] Question: 2026 guidance on leasing and capital markets revenue growth - Management expects 2026 to unfold similarly to 2025, with strong leasing growth and a positive outlook for capital markets [29] Question: Cross-selling initiatives for 2026 - Management is focusing on desiloing the organization and enhancing data flow to support cross-selling efforts [35] Question: Capital allocation strategy and potential for share buybacks - Management is evaluating share buybacks but prioritizes organic growth and deleveraging [51] Question: Exposure to the office sector and its risks - Management noted that they do not operate in Class B office space, which is more vulnerable to disruption, and emphasized their focus on velocity in transactions [43] Question: Hiring strategy for 2026 - Management plans to maintain a substantial budget for recruiting, particularly in institutional capital markets and leasing [61]

Cushman & Wakefield (NYSE:CWK) Q4 2025 Earnings call February 19, 2026 09:00 AM ET Speaker8Good day, and welcome to the Cushman & Wakefield fourth quarter and full year 2025 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your questi ...