Cushman & Wakefield (CWK) FY2025 results: revenue $10.3 billion, up 8.9% on the year
Cushman & Wakefield Ltd. (CWK) reported revenue of $10.3 billion for fiscal 2025, the year ended 31 December 2025, up 8.9% on the year before. Net income was $88 million, down 32.8%, and diluted earnings per share $0.38. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.
Revenue
$10.3 billion
+8.9% on the year
FY2018FY2025
Operating margin
4.4%
3.6% a year earlier
FY2018FY2025
Net income
$88 million
-32.8% on the year
FY2018FY2025
Diluted EPS
$0.38
-32.1% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Record fourth quarter and full-year revenue: Revenue was $2.9 billion for the quarter, up 11%, and $10.3 billion for 2025, up 9%. Service line fee revenue was $2.0 billion for the quarter, up 9%, and $7.1 billion for the year, up 7%.
Adjusted EPS up 34% for year: Adjusted diluted EPS was $1.22 for 2025, up $0.31. Adjusted net income rose $72.7 million to $285.2 million for the year.
Capital markets revenue up 17%: Capital markets revenue rose 17% (15% in local currency) in the quarter and 19% for 2025. The release calls this the fifth consecutive quarter of double-digit year-over-year growth.
Americas revenue and Greystone impairment: Americas full-year revenue was $7.5 billion, up 7%, and segment Adjusted EBITDA was $480.8 million, up 10%. Americas fourth quarter net loss was $53.9 million, against net income of $84.8 million a year earlier.
Quarterly margin down 16 basis points: Quarterly Adjusted EBITDA rose 7% to $238.7 million, but margin on service line fee revenue was 11.7%, down 16 basis points. The release links the change to employment costs, strategic investments and cost inflation.
$ million except per share. 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.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
340
208
152
+63.7%
Capital expenditure
47.4
41.0
51.0
+15.6%
Free cash flow
293
167
101
+75.4%
Free cash flow margin
2.8%
1.8%
1.1%
Cash from investing
-21.1
81.2
48.9
Cash from financing
-350
-253
-121
Depreciation and amortisation
104
122
146
-14.7%
Share-based compensation
58.2
35.6
54.1
+63.5%
Diluted shares, weighted
235m
233m
227m
+0.8%
Shares outstanding at period end
232m
230m
227m
+0.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,955
1,755
1,677
+11.4%
Non-controlling interest
0.5
0.5
0.6
0.0%
Debt
2,744
3,036
3,241
-9.6%
Operating lease liabilities
247
270
320
-8.8%
Finance lease liabilities
20.3
16.0
22.2
+26.9%
Other liabilities
2,709
2,472
2,514
+9.6%
Total liabilities and equity
7,677
7,549
7,774
+1.7%
Fixed assets
133
136
164
-2.3%
Goodwill
2,058
1,998
2,081
+3.0%
Intangible assets
655
690
806
-5.1%
Cash and equivalents
784
793
768
-1.1%
Other assets
4,046
3,932
3,956
+2.9%
Total assets
7,677
7,549
7,774
+1.7%
10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.