Cushman & Wakefield(US:CWK)2025-10-30 11:01Revenue 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]