Cushman & Wakefield (CWK) FY2023 results: revenue $9.5 billion, down 6.1% on the year

Cushman & Wakefield Ltd. (CWK) reported revenue of $9.5 billion for fiscal 2023, the year ended 31 December 2023, down 6.1% on the year before. Net income was -$35 million, and diluted earnings per share $-0.16. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$9.5 billion

-6.1% on the year

FY2016FY2023

Operating margin

2.2%

5.3% a year earlier

FY2016FY2023

Net income

-$35 million

FY2016FY2023

Diluted EPS

-$0.16

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	9,494	10,106	9,389	-6.1%
Cost of revenue	7,842	8,154	7,448	-3.8%
Gross profit	1,652	1,952	1,940	-15.4%
Gross margin	17.4%	19.3%	20.7%
Selling, general and administrative	1,263	1,261	1,227	+0.1%
Operating income	206	535	497	-61.6%
Operating margin	2.2%	5.3%	5.3%
Interest expense	281	193	180	+45.6%
Pre-tax income	-30.0	338	340
Income tax	5.4	142	89.9	-96.2%
Effective tax rate	n/a	41.9%	26.4%
Net income	-35.4	196	250
Net margin	-0.4%	1.9%	2.7%
Diluted EPS	-$0.16	$0.86	$1.10

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	152	49.1	550	+210.0%
Capital expenditure	51.0	50.7	53.8	+0.6%
Free cash flow	101	-1.6	496
Free cash flow margin	1.1%	-0.0%	5.3%
Cash from investing	48.9	-121	-750
Cash from financing	-121	-79.3	-65.8
Depreciation and amortisation	146	147	172	-0.9%
Share-based compensation	54.1	40.3	58.2	+34.2%
Diluted shares, weighted	227m	228m	226m	-0.5%
Shares outstanding at period end	227m	226m	224m	+0.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,677	1,661	1,448	+1.0%
Non-controlling interest	0.6	0.8	0.8	-25.0%
Debt	3,241	3,256	3,258	-0.5%
Operating lease liabilities	320	335	395	-4.5%
Finance lease liabilities	22.2	22.3	12.2	-0.4%
Other liabilities	2,514	2,674	2,777	-6.0%
Total liabilities and equity	7,774	7,949	7,890	-2.2%
Fixed assets	164	173	195	-5.1%
Goodwill	2,081	2,066	2,082	+0.7%
Intangible assets	806	874	922	-7.8%
Cash and equivalents	768	644	771	+19.1%
Other assets	3,956	4,192	3,921	-5.6%
Total assets	7,774	7,949	7,890	-2.2%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.