Core Insights - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] - Identifying the right entry point for momentum stocks can be challenging, as they may lose momentum if their valuations exceed future growth potential [1] Group 1: Momentum Investing Strategy - Investing in bargain stocks with recent price momentum can be safer, utilizing tools like the Zacks Momentum Style Score to identify potential opportunities [2] - The 'Fast-Paced Momentum at a Bargain' screen helps in spotting fast-moving stocks that remain attractively priced [2] Group 2: Cushman & Wakefield (CWK) Analysis - CWK has shown a price increase of 3.1% over the past four weeks, indicating growing investor interest [3] - The stock gained 20.8% over the past 12 weeks, demonstrating its ability to deliver positive returns over a longer timeframe [4] - CWK has a beta of 1.51, suggesting it moves 51% more than the market in either direction, indicating fast-paced momentum [4] Group 3: Valuation and Earnings Estimates - CWK has a Momentum Score of B, suggesting it is an opportune time to invest in the stock [5] - The stock has a Zacks Rank 2 (Buy) due to upward trends in earnings estimate revisions, which attract more investor interest [6] - CWK is trading at a Price-to-Sales ratio of 0.37, indicating it is relatively cheap at 37 cents for each dollar of sales [6] Group 4: Additional Investment Opportunities - CWK has significant potential for growth, and there are other stocks that meet the 'Fast-Paced Momentum at a Bargain' criteria [7] - Zacks offers over 45 Premium Screens to help investors find winning stock picks based on their investing style [8]

Financial Performance - Revenue for Q3 2025 was $2.6 billion, an increase of 11% compared to Q3 2024[144] - Net income for Q3 2025 was $51.4 million, up $17.7 million from Q3 2024, with diluted earnings per share rising to $0.22 from $0.14[144] - Adjusted EBITDA for Q3 2025 increased by 12% to $159.6 million compared to Q3 2024[144] - Year-to-date revenue for the nine months ended September 30, 2025, was $7.4 billion, an 8% increase from the same period in 2024[144] - Total revenue for Q3 2025 reached $2,605.9 million, an 11% increase compared to $2,344.2 million in Q3 2024[168] - Adjusted EBITDA for Q3 2025 was $159.6 million, a 12% increase from $142.5 million in Q3 2024, with an Adjusted EBITDA margin of 9.0%[168][169] - Net income for Q3 2025 was $51.4 million, representing a 53% increase from $33.7 million in Q3 2024, with a net income margin of 2.0%[168] - Services revenue increased by 6% year-over-year to $920.2 million in Q3 2025, while leasing revenue grew by 9% to $538.3 million[168] - Operating income for Q3 2025 was $107.5 million, a 43% increase compared to $75.2 million in Q3 2024[168] - Net income for the nine months ended September 30, 2025, was $110.6 million, an increase of $92.2 million from the prior year, resulting in a net income margin of 1.5% compared to 0.3%[192] - Adjusted EBITDA for the nine months ended September 30, 2025, was $417.5 million, reflecting a 16% increase or $58.0 million compared to the same period in 2024, with an adjusted EBITDA margin of 8.3%[193] Revenue Breakdown - Capital markets revenue for Q3 2025 rose by 21%, driven by strong performance across all asset classes in the Americas[144] - Services revenue for Q3 2025 increased by 6%, or 7% excluding the impact of a non-core business sale[144] - Capital markets revenue surged by 21% to $204.7 million in Q3 2025, reflecting strong performance in this segment[168] - Revenue for the nine months ended September 30, 2025, was $7.4 billion, an increase of $557.4 million or 8% compared to the same period in 2024, driven by a 20% increase in capital markets revenue[184] - Total revenue for the Americas segment in the nine months ended September 30, 2025, was $5.4 billion, an increase of $331.0 million or 7% from the prior year, driven by an 11% growth in Leasing revenue[200] - EMEA revenue for the three months ended September 30, 2025, was $260.1 million, an increase of $40.2 million or 18% from the same quarter in 2024, with a 12% increase on a local currency basis[205] - APAC revenue for the nine months ended September 30, 2025, was $1.2 billion, a 16% increase from the previous year, with a 17% increase on a local currency basis[216] Costs and Expenses - Total costs and expenses for Q3 2025 were $2,498.4 million, a 10% increase from $2,269.0 million in Q3 2024[168] - Costs of services for the three months ended September 30, 2025, were $2.2 billion, reflecting a $240.2 million or 13% increase compared to Q3 2024, primarily due to higher employment costs[176] - Costs of services for the nine months ended September 30, 2025, were $6.1 billion, reflecting an increase of $449.8 million or 8% compared to the same period in 2024[185] - Operating, administrative, and other expenses for the nine months ended September 30, 2025, were $944.7 million, an increase of $40.3 million or 4% compared to the same period in 2024[186] - Fee-based operating expenses in the Americas for the nine months ended September 30, 2025, were $3.3 billion, an increase of 6% primarily due to higher employment costs of approximately $220.0 million[201] - Fee-based operating expenses in EMEA increased by 3% to $578.3 million, mainly due to higher employment costs and third-party consumables[209] - Fee-based operating expenses in APAC increased by 5% to $782.1 million, driven by higher employment costs and third-party consumables[217] Liquidity and Financing - Liquidity as of September 30, 2025, was $1.7 billion, consisting of $1.1 billion in undrawn revolving credit and $0.6 billion in cash[144] - The company prepaid $300.0 million in principal under its Term Loans year-to-date as of October 29, 2025[143] - The company generated $83.1 million in cash from operating activities during the nine months ended September 30, 2025, a decrease of $9.7 million from the previous year[228] - The company used $233.1 million in cash for financing activities during the nine months ended September 30, 2025, an increase of $35.6 million from the same period in 2024, primarily due to a $50.0 million increase in principal repayments under the 2018 Credit Agreement[230] Market Conditions and Risks - The company faces significant macroeconomic uncertainty that could negatively impact demand for its services[145] - Approximately 30% of the company's revenue for the three and nine months ended September 30, 2025, was transacted in currencies other than USD, compared to 29% for the same periods in 2024[236] - If variable interest rates increased by 100 basis points as of September 30, 2025, the company would incur an incremental interest expense of approximately $8.0 million[235] - A hypothetical 10% increase in the value of the USD against the Singapore dollar, euro, and Australian dollar would have resulted in a revenue decrease of approximately $9.3 million, $12.7 million, and $11.4 million, respectively, for the three months ended September 30, 2025[236] - The company manages foreign exchange risk by establishing local operations, invoicing in local currencies, and using derivative financial instruments such as foreign currency forward contracts[237] Debt and Interest Rates - The 2030 Tranche-1 of the company's Term Loans was repriced in October 2025, reducing the applicable interest rate by 25 basis points to 1-month Term SOFR plus 2.50%[233] - The company's 2028 Notes and 2031 Notes bear fixed interest rates of 6.75% and 8.88%, respectively[233] - The company employs interest rate swap agreements to hedge against interest rate volatility and limit the impact of interest rate changes on earnings and cash flows[234]

Financial Data and Key Metrics Changes - The company reported Q3 revenue of $1.8 billion, an increase of 8%, with organic revenue growth of 9% [6] - Adjusted EBITDA rose 11% to $160 million, and adjusted EBITDA margin expanded by 23 basis points to 9% [6] - Year-to-date adjusted EBITDA margin improved by approximately 70 basis points compared to the previous year [3][12] - Adjusted EPS grew by 26% year-over-year to $0.29 from $0.23 [6] Business Line Data and Key Metrics Changes - The leasing business grew by 9% in the quarter, with the Americas leasing growing 11% [7][8] - Capital markets delivered 20% year-over-year growth, with the Americas revenue growing 16% [9][10] - Services revenue in the Americas grew by 6%, while EMEA services grew by 17% [10][11] Market Data and Key Metrics Changes - In EMEA, leasing grew 9%, with strong performances in the UK and Spain [9] - APAC leasing revenue declined by 6%, but strong performance in Singapore and Australia helped mitigate losses [9] - Industrial properties built after 2020 recorded 196 million square feet of net absorption, accounting for nearly all industrial net absorption [9] Company Strategy and Development Direction - The company is focused on organic growth and has raised its 2025 adjusted EPS guidance to 30% to 35% growth [3][14] - Investments are being made in data and AI infrastructure, project management, and retaining top leasing talent [4][3] - The company is building a global capital markets platform and expanding its services offerings [19][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth into 2026, particularly in capital markets [19] - The company anticipates full-year leasing revenue growth towards the high end of the 6% to 8% guidance range [13] - Management noted strong momentum in the business, supported by strategic growth investments and improved operational performance [14] Other Important Information - The company prepaid an additional $100 million in debt, bringing total debt repayment to $500 million over two years [3][13] - The company ended the quarter with net leverage of 3.4x, the lowest since Q4 2022 [12] Q&A Session Summary Question: Insights on Americas capital markets growth and advisor hires - Management indicated they are in the ramp-up stages and anticipate continued growth into 2026, emphasizing the building of a global capital markets platform [18][19] Question: EMEA margins and year-over-year performance - EMEA margins increased by 170 basis points, with management noting that previous quarter benefits from FX and incentive compensation timing did not recur [20][21] Question: Factors supporting stronger services growth in the Americas - Management highlighted strong performance in project management and design and build services, particularly in the UK, Ireland, Netherlands, and Spain [23][24] Question: Capital allocation strategy regarding debt repayment and organic growth - Management stated they are balancing deleveraging with organic growth investments, emphasizing the importance of free cash flow conversion [34][35] Question: Expectations for services business margins and profitability - Management expressed confidence in continued growth and profitability, focusing on moving up the value chain and improving client retention [31][33] Question: Recruiting environment and talent acquisition - Management noted that recruiting has not become more expensive and they are receiving interest from top talent in the capital markets sector [38][40] Question: Cross-selling initiatives within the company - Management is implementing incentives and cultural changes to promote cross-selling across business lines, referred to as "Plus One" [43][44] Question: Positioning to capture benefits from the flight to quality in real estate - Management highlighted a significant increase in larger deals and strong demand for Class A buildings, which aligns with their strengths [48]

Core Insights - Cushman & Wakefield (CWK) reported quarterly earnings of $0.29 per share, exceeding the Zacks Consensus Estimate of $0.28 per share, and up from $0.23 per share a year ago, representing an earnings surprise of +3.57% [1] - The company achieved revenues of $2.61 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 4.44%, and an increase from $2.34 billion year-over-year [2] - The stock has gained approximately 26.4% year-to-date, outperforming the S&P 500's gain of 17.2% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.54 on revenues of $2.76 billion, and for the current fiscal year, it is $1.21 on revenues of $10.03 billion [7] - The estimate revisions trend for Cushman & Wakefield was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Real Estate - Operations industry, to which Cushman & Wakefield belongs, is currently ranked in the top 39% of over 250 Zacks industries, suggesting a positive outlook for the sector [8]

Q3 2025 Financial Performance - Fee revenue for Q3 2025 reached $1.781 billion, an 8% increase compared to Q3 2024[20, 22] - Adjusted EBITDA for Q3 2025 was $160 million, up 11% from Q3 2024[20, 22] - Adjusted diluted EPS increased by 26% to $0.29, marking five consecutive quarters of year-over-year growth[20, 22] - The Adjusted EBITDA margin was 9%, a 23 bps increase compared to Q3 2024[20, 22] Segment and Service Line Performance - Leasing fee revenue increased by 9%, driven by growth in the Americas and EMEA regions[20] - Capital markets fee revenue increased by 20%, with double-digit growth across all regions[20] - Services fee revenue increased by 6%, with organic Services fee revenue up 7%[20] - Americas fee revenue reached $1.277 billion in Q3 2025[25] - EMEA fee revenue reached $225 million in Q3 2025[27] - APAC fee revenue reached $280 million in Q3 2025[27] Balance Sheet Management - The company prepaid $150 million of debt in August and an additional $100 million in October, bringing year-to-date debt prepayments to $300 million[20] - The company repriced $948 million of debt in July and $840 million in October, reducing the applicable interest rate by 50 bps and 25 bps, respectively[20] - Liquidity at the end of Q3 2025 was $1.7 billion, consisting of $0.6 billion of cash and $1.1 billion revolving credit facility availability[20]

Revenue Performance - Revenue for Q3 2025 was $2.6 billion, an increase of 11% compared to Q3 2024, driven by strong performance in the Americas[6] - Total revenue for the nine months ended September 30, 2025, was $7.4 billion, an 8% increase compared to the same period in 2024[6] - Revenue for the nine months ended September 30, 2025, was $7.4 billion, an increase of $557.4 million or 8%, driven by a 20% growth in Capital markets revenue[17] - Total revenue for the Americas segment increased by 10% to $1,923.1 million in Q3 2025, compared to $1,750.5 million in Q3 2024[45] - EMEA segment revenue rose by 18% to $260.1 million in Q3 2025, up from $219.9 million in Q3 2024[46] - APAC segment revenue grew by 13% to $422.7 million in Q3 2025, compared to $373.8 million in Q3 2024[47] Income and Earnings - Net income for Q3 2025 was $51.4 million, up $17.7 million from Q3 2024, with diluted earnings per share rising to $0.22 from $0.14[6] - Net income for the nine months ended September 30, 2025, was $110.6 million, an increase of $92.2 million compared to the same period in 2024, resulting in a net income margin of 1.5%[25] - Basic earnings per share increased to $0.22 in Q3 2025 from $0.15 in Q3 2024, reflecting a growth of 46.7%[39] - Net income for the Americas segment increased by 23% to $50.8 million in Q3 2025, compared to $41.2 million in Q3 2024[45] - Net income for the three months ended September 30, 2025, was $51.4 million, compared to $33.7 million in 2024, representing a 52.5% increase[64] Adjusted Metrics - Adjusted EBITDA for Q3 2025 was $159.6 million, reflecting a 12% increase from Q3 2024, with an adjusted EBITDA margin of 9.0%[6] - Adjusted EBITDA rose by $58.0 million or 16% to $417.5 million for the nine months ended September 30, 2025, with an adjusted EBITDA margin of 8.3%[26] - Adjusted EBITDA for the EMEA segment surged by 48% to $18.3 million in Q3 2025, up from $12.4 million in Q3 2024[46] - Adjusted earnings per share for the three months ended September 30, 2025, was $0.29, compared to $0.23 in 2024, marking a 26.1% increase[68] Costs and Expenses - Operating, administrative and other expenses increased by $40.3 million or 4% to $944.7 million for the nine months ended September 30, 2025, primarily due to a $48.0 million rise in employment costs[19] - Total costs and expenses for the three months ended September 30, 2025, were $2,498.4 million, compared to $2,269.0 million in 2024, indicating a 10.1% increase[66] - Costs of services increased by $449.8 million or 8% to $6.1 billion for the nine months ended September 30, 2025, with total costs of services as a percentage of total revenue remaining at 82%[18] Debt and Liquidity - Liquidity as of September 30, 2025, was $1.7 billion, consisting of $1.1 billion available on the undrawn revolving credit facility and $0.6 billion in cash[6] - Net debt as of September 30, 2025, was $2.2 billion, reflecting outstanding term loans of $1.8 billion and senior secured notes totaling $1.0 billion[28] - The company prepaid an additional $100 million in term loan debt, bringing total debt prepayments to $500 million over two years[2] - Interest expense decreased by $12.9 million or 7% to $161.5 million for the nine months ended September 30, 2025, due to lower outstanding principal balances and interest rates[21] Segment Performance - Leasing revenue for Q3 2025 increased by 9%, driven by strong demand for office and industrial leasing in the Americas[8] - Total service line fee revenue for the Americas segment increased by 8% to $1,276.5 million in Q3 2025[45] - Adjusted EBITDA margin for the Americas segment was 9.8% in Q3 2025, compared to 9.4% in Q3 2024[45] - APAC segment reported a net loss of $3.7 million in Q3 2025, compared to a net income of $6.0 million in Q3 2024[47] Other Financial Metrics - Cash flows from operating activities for the nine months ended September 30, 2025, were $83.1 million, compared to $92.8 million in 2024[43] - Free cash flow for the nine months ended September 30, 2025, was $58.7 million, slightly down from $61.1 million in 2024[69] - The company reported a restructuring charge of $6.5 million for the nine months ended September 30, 2025, down from $36.5 million in the same period of 2024[39] - The company incurred $56.0 million in interest expense for the three months ended September 30, 2025, compared to $54.9 million in 2024, a 2% increase[64]

Core Insights - Cushman & Wakefield has launched a new Quantitative Insights Group aimed at advising institutional investors and occupier clients using advanced mathematics, statistics, and AI tools [1][2]. Group Overview - The Quantitative Insights Group enhances the firm's existing service platform throughout the asset lifecycle and strengthens its advisory capabilities, particularly in complex market conditions [2]. - Rebecca Rockey has been appointed as the Head of the Quantitative Insights Group and Principal Economist, leading a team of experts [3]. Leadership and Strategy - Rebecca Rockey expressed her commitment to guiding clients through complex decisions by integrating data and AI tools, creating a forward-looking advisory engine [4]. - Toby Dodd, Chief Revenue Officer, emphasized the strategic investment in capabilities to connect data platforms and insights for client value [4]. - Brad Kreiger, Americas Co-Chief Executive, highlighted the combination of advanced analytics with market expertise to equip clients for data-driven decisions and portfolio optimization [4]. Industry Context - The launch of the Quantitative Insights Group is part of Cushman & Wakefield's ongoing evolution in research, analysis, and advisory capabilities, aiming to enhance innovation and analytics in client portfolio performance [4]. - Rockey is recognized as a thought leader in macroeconomics and real estate, contributing to innovative studies like "Reimagining Cities," which addresses post-pandemic urban challenges [4].

Core Insights - Cushman & Wakefield has successfully advised Urban Industrial on a €470 million refinancing, marking it as one of the largest Logistics & Industrial refinancings in the Netherlands [1][2]. Financing Structure - The refinancing package combines a shorter-term floating rate loan with longer-term fixed debt, tailored to support Urban Industrial's operational needs and long-term growth strategy [3]. - This transaction is designed to optimize group capital and facilitate continued growth, including the completion of the Groothandelsmarkt (GHM) facility in Rotterdam [3]. Company Statements - Richard Baltus, Managing Partner at Urban Industrial, emphasized that this refinancing is a landmark moment for their platform, showcasing the strength of their business and commitment to investing in industrial real estate in the Netherlands [4]. - David Gingell, Co-Head of EMEA Debt Advisory at Cushman & Wakefield, highlighted the successful match of Urban Industrial's platform with innovative debt capital, demonstrating the capabilities of Cushman & Wakefield's Capital Markets platform [5]. Market Position - Cushman & Wakefield's Debt Advisory practice is emerging as a leader in Europe's industrial financings, having placed nearly €1.5 billion in the last quarter alone [7]. - The firm maintains a consistent dialogue with over 350 lenders, providing high-probability capital solutions through market intelligence and collaboration across its EMEA platform [7]. Strategic Focus - The momentum of the refinancing aligns with Cushman & Wakefield's broader strategy to execute larger transaction volumes and support clients in complex deals across Europe [8].

Core Insights - Cushman & Wakefield (CWK) has a strong history of beating earnings estimates, with an average surprise of 193.18% over the last two quarters [1][5] - The company reported earnings of $0.3 per share for the last quarter, exceeding the Zacks Consensus Estimate of $0.22 per share by 36.36% [2] - The previous quarter also saw a significant surprise, with actual earnings of $0.09 per share against an expected $0.02, resulting in a 350.00% surprise [2] Earnings Estimates - Recent changes in earnings estimates for Cushman & Wakefield have been favorable, with a positive Earnings ESP (Expected Surprise Prediction) indicating potential for another earnings beat [5][8] - The current Earnings ESP for the company is +6.31%, suggesting analysts are optimistic about its near-term earnings potential [8] - The company's Zacks Rank is 1 (Strong Buy), further supporting the likelihood of an earnings beat in the upcoming report [8] Predictive Metrics - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [6] - The Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [7] - A negative Earnings ESP can reduce predictive power but does not necessarily indicate an earnings miss [9]

Oct 24, 2025 1:00 PM Eastern Daylight Time Cushman & Wakefield Adds Walid Cheaib to Canadian Capital Markets Team as Vice Chair Share Senior leader has over 25 years of industry experience guiding clients through complex acquisitions, dispositions and capital strategies TORONTO--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, announced today the addition of Walid Cheaib as Vice Chair. In this role, Cheaib will be responsible for expanding and strengthening Cushm ...