Cushman & Wakefield (CWK) FY2022 results: revenue $10.1 billion, up 7.6% on the year

Cushman & Wakefield Ltd. (CWK) reported revenue of $10.1 billion for fiscal 2022, the year ended 31 December 2022, up 7.6% on the year before. Net income was $196 million, down 21.4%, and diluted earnings per share $0.86. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$10.1 billion

+7.6% on the year

FY2016FY2022

Operating margin

5.3%

5.3% a year earlier

FY2016FY2022

Net income

$196 million

-21.4% on the year

FY2016FY2022

Diluted EPS

$0.86

-21.8% on the year

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	10,106	9,389	7,844	+7.6%
Cost of revenue	8,154	7,448	6,455	+9.5%
Gross profit	1,952	1,940	1,388	+0.6%
Gross margin	19.3%	20.7%	17.7%
Selling, general and administrative	1,261	1,227	1,121	+2.8%
Operating income	535	497	-53.1	+7.7%
Operating margin	5.3%	5.3%	-0.7%
Interest expense	193	180	164	+7.6%
Pre-tax income	338	340	-177	-0.6%
Income tax	142	89.9	43.9	+57.5%
Effective tax rate	41.9%	26.4%	n/a
Net income	196	250	-220	-21.4%
Net margin	1.9%	2.7%	-2.8%
Diluted EPS	$0.86	$1.10	-$1.00	-21.8%

$ million except per share.

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. 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.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	49.1	550	-38.2	-91.1%
Capital expenditure	50.7	53.8	41.0	-5.8%
Free cash flow	-1.6	496	-79.2
Free cash flow margin	-0.0%	5.3%	-1.0%
Cash from investing	-121	-750	-258
Cash from financing	-79.3	-65.8	572
Depreciation and amortisation	147	172	264	-14.6%
Share-based compensation	40.3	58.2	42.0	-30.8%
Diluted shares, weighted	228m	226m	221m	+0.7%
Shares outstanding at period end	226m	224m	222m	+0.9%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,661	1,448	1,095	+14.7%
Non-controlling interest	0.8	0.8	0.9	0.0%
Debt	3,256	3,258	3,272	-0.1%
Operating lease liabilities	335	395	406	-15.2%
Finance lease liabilities	22.3	12.2	9.0	+82.8%
Other liabilities	2,674	2,777	2,555	-3.7%
Total liabilities and equity	7,949	7,890	7,338	+0.7%
Fixed assets	173	195	236	-11.3%
Goodwill	2,066	2,082	2,098	-0.8%
Intangible assets	874	922	991	-5.2%
Cash and equivalents	644	771	1,075	-16.4%
Other assets	4,192	3,921	2,938	+6.9%
Total assets	7,949	7,890	7,338	+0.7%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.