Cushman & Wakefield (CWK) FY2024 results: revenue $9.4 billion, down 0.5% on the year

Cushman & Wakefield Ltd. (CWK) reported revenue of $9.4 billion for fiscal 2024, the year ended 31 December 2024, down 0.5% on the year before. Net income was $131 million, and diluted earnings per share $0.56. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.

Revenue

$9.4 billion

-0.5% on the year

FY2017FY2024

Operating margin

3.6%

2.2% a year earlier

FY2017FY2024

Net income

$131 million

FY2017FY2024

Diluted EPS

$0.56

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	9,446	9,494	10,106	-0.5%
Cost of revenue	7,720	7,842	8,154	-1.5%
Gross profit	1,726	1,652	1,952	+4.5%
Gross margin	18.3%	17.4%	19.3%
Selling, general and administrative	1,224	1,263	1,261	-3.1%
Operating income	339	206	535	+64.8%
Operating margin	3.6%	2.2%	5.3%
Interest expense	230	281	193	-18.2%
Pre-tax income	176	-30.0	338
Income tax	44.5	5.4	142	+724.1%
Effective tax rate	25.3%	n/a	41.9%
Net income	131	-35.4	196
Net margin	1.4%	-0.4%	1.9%
Diluted EPS	$0.56	-$0.16	$0.86

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	208	152	49.1	+36.7%
Capital expenditure	41.0	51.0	50.7	-19.6%
Free cash flow	167	101	-1.6	+65.0%
Free cash flow margin	1.8%	1.1%	-0.0%
Cash from investing	81.2	48.9	-121	+66.1%
Cash from financing	-253	-121	-79.3
Depreciation and amortisation	122	146	147	-16.1%
Share-based compensation	35.6	54.1	40.3	-34.2%
Diluted shares, weighted	233m	227m	228m	+2.6%
Shares outstanding at period end	230m	227m	226m	+1.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,755	1,677	1,661	+4.6%
Non-controlling interest	0.5	0.6	0.8	-16.7%
Debt	3,036	3,241	3,256	-6.3%
Operating lease liabilities	270	320	335	-15.4%
Finance lease liabilities	16.0	22.2	22.3	-27.9%
Other liabilities	2,472	2,514	2,674	-1.7%
Total liabilities and equity	7,549	7,774	7,949	-2.9%
Fixed assets	136	164	173	-17.0%
Goodwill	1,998	2,081	2,066	-4.0%
Intangible assets	690	806	874	-14.4%
Cash and equivalents	793	768	644	+3.3%
Other assets	3,932	3,956	4,192	-0.6%
Total assets	7,549	7,774	7,949	-2.9%

10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.