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Cushman & Wakefield Ltd. (CWK)

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Cushman & Wakefield Ltd. (CWK) reported revenue of $2.8 billion for Q2 FY2026, the quarter ended 30 June 2026, up 11.2% on the same quarter a year earlier. Net income was $53 million, down 8.0% on the year, and diluted earnings per share $0.22. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue$2.8 billionup 11.2%
Net income$53 milliondown 8.0%
Diluted EPS$0.22
QuarterQ2 FY2026ended 30 June 2026

Cushman & Wakefield (CWK) in brief

Cushman & Wakefield (CWK) reported revenue of $10.3 billion for fiscal 2025, the year ended 31 December 2025, up 8.9% on the year before.
Read moreNet income was $88 million and diluted earnings per share $0.38. Revenue was $9.4 billion in fiscal 2024, $9.5 billion in fiscal 2023, $10.1 billion in fiscal 2022 and $9.4 billion in fiscal 2021. Net income in the same years was $131 million, a loss of $35 million, $196 million and $250 million. Over the twelve months to 30 June 2026, Cushman & Wakefield reported revenue of $10.8 billion and net income of $69 million. Revenue grew 5.6% a year, compounded, over the five years to fiscal 2025. Cushman & Wakefield had 234 million shares outstanding at the latest filed count. At 30 June 2026 it carried $2.4 billion of debt and $500 million of cash. At the close of 9 October 2026 the market cap of Cushman & Wakefield was $2.7 billion, 40.0 times its earnings over the last twelve months.

Ratios

From the filings

ROE3.4%
ROCE10.8%
Operating margin4.4%
Net margin0.6%
FCF margin2.3%
Interest cover2.17
Debt to equity1.19
Cash conversion4.39
Share count, 1 year1.3%
Sales CAGR, 3 years0.6%
Profit CAGR, 3 years-23.4%
EPS, TTM$0.29

At the close of 9 October 2026

Price$11.61
Market cap$2.7 billion
Stock P/E40.03
Price to book1.35
EV / EBITDA7.96
Dividend yieldn/a
Market cap / sales0.25
52-week high$17.20
52-week low$11.42
Price, 1 year-21.9%
Price CAGR, 3 years15.1%
Price CAGR, 5 years-8.7%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Cushman & Wakefield Ltd. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
CWKgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on CWK

Filings22 in twelve months: 14 current reports (8-K), about 8 regulation FD disclosure; 6 other events; 4 results of operations; 2 officer or director change; 2 material agreement
Planned insider sales5 Form 144 notices in twelve months, $988,708; latest 8 September 2026
Options tapeput/call 0.37 by open interest at the 9 October 2026 close; the straddle prices a 9.7% move to 16 October 2026
13F holders5 of the followed funds hold it; largest FMR LLC; 8 Schedule 13D or 13G filings in twelve months
Insider trading5 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest15.0 million shares short, 7.10 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,2862,5522,1852,2882,3442,6302,2852,4842,6062,9142,5362,763
Cost of revenue1,8822,0741,8321,8751,9122,1011,9002,0172,1522,3392,1152,251
Gross profit404479352413432528384467454574421512
Gross margin18%19%16%18%18%20%17%19%17%20%17%19%
SG&A301317296294314320306318321372337349
Operating income57.611018.870.475.217445.312310817758.7134
Operating margin3%4%1%3%3%7%2%5%4%6%2%5%
Interest expense89.556.958.760.854.955.552.353.256.054.749.259.6
Pre-tax income-17.370.1-26.517.253.01325.076.245.1-12.1n/an/a
Tax raten/a0%n/a22%36%15%62%25%-14%n/an/an/a
Net income-33.969.8-28.813.533.71131.957.351.4-22.4-12.652.7
Net margin-1%3%-1%1%1%4%0%2%2%-1%-0%2%
Diluted EPS-$0.15$0.30-$0.13$0.06$0.14$0.48$0.01$0.25$0.22-$0.10-$0.05$0.22
Operating cash flow188202-12521.8196115-1629.6236257-24454.0
Capital expenditure14.216.210.511.89.49.34.69.310.523.012.28.5
Free cash flow174186-13610.0187106-1670.3225234-25645.5
Shares outstanding227m227m229m229m229m230m231m231m232m232m234m234m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 10 fiscal years and the trailing twelve months

FY2016 †FY2017 †FY2018FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue6,2166,9248,2208,7517,8449,38910,1069,4949,44610,28810,818
Cost of revenuen/a5,6406,6426,9826,4557,4488,1547,8427,7208,4088,857
Gross profitn/a1,2841,5781,7691,3881,9401,9521,6521,7261,8801,961
Gross marginn/a18.5%19.2%20.2%17.7%20.7%19.3%17.4%18.3%18.3%18.1%
Selling, general and administrative1,1511,1561,2711,2781,1211,2271,2611,2631,2241,3171,379
Operating income-295-17112.6187-53.1497535206339452477
Operating margin-4.8%-2.5%0.2%2.1%-0.7%5.3%5.3%2.2%3.6%4.4%4.4%
Interest expense172183229151164180193281230216220
Pre-tax income-459-342-21142.8-177340338-30.0176114n/a
Income tax-24.3-120-25.042.643.989.91425.444.526.031.6
Effective tax raten/an/an/a99.5%n/a26.4%41.9%n/a25.3%22.8%n/a
Net income-434-221-1860.2-220250196-35.413188.269.1
Net margin-7.0%-3.2%-2.3%0.0%-2.8%2.7%1.9%-0.4%1.4%0.9%0.6%
Diluted EPS-$3.07-$1.54-$1.09$0.00-$1.00$1.10$0.86-$0.16$0.56$0.38$0.29
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Americas7,1296,9987,51173.0%
APAC1,3911,4951,71216.6%
EMEA9749531,06610.4%
AmericasAPACEMEA
9.5FY20239.4FY202410.3FY2025

$ billion; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States6,8116,6807,07768.8%
All other countries1,8751,9202,28822.2%
Australia4724665024.9%
Singapore3363814214.1%
United StatesAll other countriesAustraliaSingapore
9.5FY20239.4FY202410.3FY2025

$ billion; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2016 †FY2017 †FY2018FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow-3354.4-2.2269-38.255049.1152208340303
Capital expenditure77.312984.280.341.053.850.751.041.047.454.2
Free cash flow-412-125-86.4189-79.2496-1.6101167293249
Free cash flow margin-6.6%-1.8%-1.1%2.2%-1.0%5.3%-0.0%1.1%1.8%2.8%2.3%
Cash from investing-138-143-218-275-258-750-12148.981.2-21.16.0
Cash from financing356168726-89.6572-65.8-79.3-121-253-350-417
Depreciation and amortisation261271290297264172147146122104105
Share-based compensation49.052.481.961.342.058.240.354.135.658.257.1
Diluted shares, weightedn/a144m171m224m221m226m228m227m233m235m236m
Shares outstanding at period endn/a145m217m220m222m224m226m227m230m232m234m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2016 †FY2017 †FY2018FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity5864991,3601,3011,0951,4481,6611,6771,7551,9552,022
Non-controlling interestn/an/an/a0.00.90.80.80.60.50.50.4
Debtn/a2,7842,6942,6203,2363,2203,2123,0972,9402,6252,415
Operating lease liabilitiesn/an/an/a457406395335320270247372
Finance lease liabilitiesn/an/an/a9.69.012.222.322.216.020.3n/a
Other liabilitiesn/a2,5142,4922,7752,5922,8142,7192,6572,5682,8292,745
Total liabilities and equityn/a5,7986,5467,1637,3387,8907,9497,7747,5497,6777,554
Owned
Fixed assetsn/a304314299236195173164136133146
Goodwill1,6091,7651,7781,9692,0982,0822,0662,0811,9982,0582,058
Intangible assetsn/a1,3061,1281,063991922874806690655636
Cash and equivalents3824068958131,075771644768793784500
Other assetsn/a2,0172,4303,0192,9383,9214,1923,9563,9324,0464,214
Total assetsn/a5,7986,5467,1637,3387,8907,9497,7747,5497,6777,554
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a5.6%0.6%11.0%
Profit growth, compoundedn/an/a-23.4%-66.4%
Return on equity, average-11.3%7.8%3.3%4.5%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Cushman & Wakefield's revenue in fiscal 2025?

Cushman & Wakefield (CWK) reported revenue of $10.3 billion for fiscal 2025, the year ended 31 December 2025, up 8.9% on the year before.

How much did Cushman & Wakefield earn in fiscal 2025?

Net income was $88 million for fiscal 2025, and diluted earnings per share $0.38.

What is Cushman & Wakefield's P/E ratio?

At the close of 9 October 2026, Cushman & Wakefield traded at 40.0 times its earnings over the twelve months to 30 June 2026.

What is Cushman & Wakefield's market cap?

The market cap of Cushman & Wakefield was $2.7 billion at the close of 9 October 2026.

How much debt does Cushman & Wakefield have?

At 30 June 2026 Cushman & Wakefield carried $2.4 billion of debt and $500 million of cash.

Peers: Real Estate

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
CBRE Group, Inc. CBRE$37.9 billion30.0015.5%4.5%14.7%0.68n/a
Terreno Realty Corp. TRNO$7.0 billion17.338.8%41.4%18.0%0.213.2%
Millrose Properties, Inc. MRP$3.7 billion7.798.1%85.1%n/a0.4211.4%
ST JOE Co. JOE$3.7 billion30.4516.1%30.2%28.4%0.480.9%
Marriott Vacations Worldwide Corp. VAC$3.6 billionn/a-16.2%-3.3%1.7%1.423.0%
Curbline Properties Corp. CURB$3.1 billion103.901.4%17.3%54.8%0.292.5%
Cushman & Wakefield Ltd. CWK$2.7 billion40.033.4%4.4%11.0%1.19n/a
Urban Edge Properties UE$2.4 billion35.854.9%n/a7.4%1.233.9%
Getty Realty Corp. GTY$1.7 billion16.988.9%63.8%10.9%0.956.8%
Ellington Financial Inc. EFC$1.5 billion7.099.9%37.2%44.8%2.0915.4%
Innovative Industrial Properties Inc. IIPR$1.4 billion11.737.4%51.4%-8.4%0.3314.7%
Marcus & Millichap, Inc. MMI$1.1 billion76.412.5%1.2%11.9%0.00n/a
All 17 in Real Estate
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Brookfield Corporation BN *$82.8 billion75.690.8%n/a-12.7%0.090.9%
CBRE Group, Inc. CBRE$37.9 billion30.0015.5%4.5%14.7%0.68n/a
KE Holdings Inc. BEKE *$20.0 billion46.284.5%2.2%1.2%0.022.0%
Invitation Homes Inc. INVH$15.8 billion24.597.3%12.5%6.7%0.944.4%
Jones Lang Lasalle Inc. JLL$13.8 billion14.3813.4%4.7%11.2%0.220.0%
Terreno Realty Corp. TRNO$7.0 billion17.338.8%41.4%18.0%0.213.2%
Millrose Properties, Inc. MRP$3.7 billion7.798.1%85.1%n/a0.4211.4%
ST JOE Co. JOE$3.7 billion30.4516.1%30.2%28.4%0.480.9%
Marriott Vacations Worldwide Corp. VAC$3.6 billionn/a-16.2%-3.3%1.7%1.423.0%
Curbline Properties Corp. CURB$3.1 billion103.901.4%17.3%54.8%0.292.5%
Cushman & Wakefield Ltd. CWK$2.7 billion40.033.4%4.4%11.0%1.19n/a
Urban Edge Properties UE$2.4 billion35.854.9%n/a7.4%1.233.9%
Getty Realty Corp. GTY$1.7 billion16.988.9%63.8%10.9%0.956.8%
Ellington Financial Inc. EFC$1.5 billion7.099.9%37.2%44.8%2.0915.4%
Innovative Industrial Properties Inc. IIPR$1.4 billion11.737.4%51.4%-8.4%0.3314.7%
Marcus & Millichap, Inc. MMI$1.1 billion76.412.5%1.2%11.9%0.00n/a
Agnt, Inc. AGNT$622 millionn/a-6.1%-0.3%8.1%0.005.4%
8 companies share its SEC industry code (Real Estate); the rest are the names nearest in size in its wider industry, Real Estate, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20265 August 2026EDGAR
10-Q31 March 20267 May 2026EDGAR
10-K31 December 202519 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 20255 August 2025EDGAR
10-Q31 March 202529 April 2025EDGAR
10-K31 December 202421 February 2025EDGAR
10-Q30 September 20245 November 2024EDGAR
10-Q30 June 202430 July 2024EDGAR
10-Q31 March 202430 April 2024EDGAR

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