Cushman & Wakefield(US:CWK)2026-02-19 12:01Revenue Performance - Revenue for Q4 2025 was $2.9 billion, an increase of 11% compared to Q4 2024, driven by services and gross contract reimbursable revenue growth of 8% and 16% respectively[5] - Full year revenue for 2025 reached $10.3 billion, reflecting a 9% increase from 2024[5] - Services revenue for Q4 2025 was $2.0 billion, up 9% from Q4 2024, with project management revenue in EMEA and APAC leading the growth[5] - Capital markets revenue increased by 17% in Q4 2025, particularly strong in office and retail transactions in the Americas[7] - Revenue for the year ended December 31, 2025, was $10.3 billion, an increase of $841.7 million or 9% compared to the previous year, driven by 19% growth in Capital markets and 8% growth in Leasing revenue[15] - Total revenue for the year 2025 reached $10,288.2 million, up 8.9% from $9,446.5 million in 2024[34] - Americas total revenue for Q4 2025 reached $2,095.5 million, a 10% increase compared to $1,912.9 million in Q4 2024[40] - EMEA total revenue for Q4 2025 was $340.7 million, reflecting an 18% increase from $289.2 million in Q4 2024[41] - APAC total revenue for Q4 2025 amounted to $477.6 million, a 12% increase from $427.4 million in Q4 2024[42] Profitability and Loss - Net loss for Q4 2025 was $22.4 million, compared to net income of $112.9 million in Q4 2024, primarily due to a one-time impairment loss of $177.0 million[5] - Net loss for the three months ended December 31, 2025, was $22.4 million, compared to net income of $112.9 million for the same period in 2024, reflecting a decline of $135.3 million[13] - Net income margin for the year ended December 31, 2025, was 0.9%, down from 1.4% in the prior year, primarily due to the impairment loss on the Greystone JV[24] - Americas net loss for Q4 2025 was $53.9 million, compared to a net income of $84.8 million in Q4 2024, representing a significant decline[40] Adjusted Metrics - Adjusted EBITDA for Q4 2025 was $238.7 million, a 7% increase from Q4 2024, with an adjusted EBITDA margin of 11.7%[5] - Adjusted EBITDA for the year ended December 31, 2025, was $656.2 million, an increase of $74.3 million or 13% compared to the previous year[25] - Adjusted net income for 2025 was $285.2 million, a 34% increase from 2024[5] - Adjusted EBITDA for the three months ended December 31, 2025, was $238.7 million, an increase from $222.3 million in the same period of 2024, reflecting a year-over-year growth of approximately 7.0%[59] - Adjusted net income for the year ended December 31, 2025, was $285.2 million, compared to $212.5 million in 2024, reflecting a year-over-year increase of approximately 34.2%[64] Cash Flow and Liquidity - Cash flow from operating activities for 2025 was $340.4 million, an increase of $132.4 million from 2024[5] - Liquidity as of December 31, 2025, was $1.8 billion, consisting of $1.0 billion in undrawn revolving credit and $0.8 billion in cash[5] - Cash flows from operating activities for 2025 were $340.4 million, compared to $208.0 million in 2024[38] - Free cash flow for the year ended December 31, 2025, was $293.0 million, compared to $167.0 million in 2024, indicating a significant increase of 75.5%[64] Costs and Expenses - Costs of services for the year ended December 31, 2025, were $8.4 billion, an increase of $688.0 million or 9% compared to the previous year, primarily due to a $398.0 million increase in employment costs[16] - Operating, administrative, and other expenses for the year ended December 31, 2025, were $1.3 billion, an increase of $93.1 million or 8% compared to the previous year[17] - Total costs and expenses for the year ended December 31, 2025, were $9,835.7 million, up from $9,107.6 million in 2024, representing an increase of about 8.0%[61] - The company’s fee-based operating expenses for the year ended December 31, 2025, were $6,460.7 million, compared to $6,051.8 million in 2024, marking an increase of approximately 6.8%[61] Impairment and Other Charges - The company reported a significant impairment charge of $177.0 million in 2025[38] - The company incurred $177.0 million in impairment of investments for the three months ended December 31, 2025, which was not present in the same period of 2024[59] - The company recognized $2.8 million in non-operating items related to the Greystone JV for the three months ended December 31, 2025, which were excluded from the calculation of Adjusted EBITDA[56] Shareholder Information - The weighted average shares outstanding for the year ended December 31, 2025, were 231.2 million, slightly up from 228.9 million in 2024[64]