Cushman & Wakefield plc Q4 2025 Earnings Call Summary

Performance outperformance in 2025 was driven by record-high leasing revenue and a 15% Q4 surge in capital markets, signaling an early-stage recovery in transaction velocity. Management attributes the successful 2.9x net leverage reduction—achieved a year ahead of schedule—to disciplined working capital management and a $300 million debt prepayment. The firm is transitioning from a siloed brokerage model to an integrated enterprise 'spine' where proprietary data flows freely across advisory and servic ...