Cushman & Wakefield Ltd. (CWK) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.35	$0.35	0.0%	—	$2.8B	—
Q1 26	$0.13	$0.15	+15.4%	—	$2.5B	—
Q4 25	$0.54	$0.54	0.0%	—	$2.9B	—
Q2 25	$0.22	$0.3	+36.4%	—	—	—
Q1 25	$0.02	$0.09	+350.0%	—	—	—
Q4 24	$0.48	$0.48	0.0%	—	—	—
Q3 24	$0.21	$0.23	+9.5%	—	—	—
Q2 24	$0.18	$0.2	+11.1%	—	—	—
Q4 23	$0.4	$0.45	+12.5%	—	—	—
Q3 23	$0.21	$0.21	0.0%	—	—	—
Q2 23	$0.17	$0.22	+29.4%	—	$2.4B	—
Q1 23	$0.2	-$0.04	-120.0%	—	$2.2B	—
Q4 22	$0.45	$0.46	+2.2%	—	$2.6B	—
Q3 22	$0.54	$0.43	-20.4%	—	$2.5B	—
Q2 22	$0.54	$0.63	+16.7%	—	$2.6B	—
Q1 22	$0.23	$0.48	+108.7%	—	$2.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.38	—	—	$10.3B	—
FY24	—	$0.57	—	—	$9.4B	—
FY23	—	-$0.16	—	—	$9.5B	—
FY22	—	$0.87	—	—	$10.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.2B	$6.9B	$8.2B	$8.8B	$7.8B	$9.4B	$10.1B	$9.5B	$9.4B	$10.3B
YoY change	+48.2%	+11.4%	+18.7%	+6.46%	-10.4%	+19.7%	+7.64%	-6.06%	-0.5%	+8.91%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.2B	6.9B	8.2B	8.8B	7.8B	9.4B	10.1B	9.5B	9.4B	10.3B
Cost of revenue	5.1B	5.6B	6.6B	7B	6.5B	7.4B	8.2B	7.8B	7.7B	8.4B
Gross profit	1.1B	1.3B	1.6B	1.8B	1.4B	1.9B	2B	1.7B	1.7B	1.9B
Gross margin	18.5%	18.5%	19.2%	20.2%	17.7%	20.7%	19.3%	17.4%	18.3%	18.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.2B	1.2B	1.3B	1.3B	1.1B	1.2B	1.3B	1.3B	—	—
Operating expenses	2.3B	2.3B	2.5B	2.6B	2.2B	2.5B	2.5B	2.5B	1.2B	1.3B
Operating income	-263.3M	-142.6M	14.1M	195M	4M	541.5M	544M	243.7M	380M	458.6M
Operating margin	-4.24%	-2.06%	0.17%	2.23%	0.05%	5.77%	5.38%	2.57%	4.02%	4.46%
Non-operating income, net	-23.8M	-16.1M	3.9M	-1.6M	-16.8M	-22.1M	-12.9M	7.4M	25.7M	-128.2M
Pretax income	-458.9M	-341.8M	-210.8M	42.8M	-176.6M	339.9M	338M	-30M	175.8M	114.2M
Income tax	-24.3M	-120.5M	-25M	42.6M	43.9M	89.9M	141.6M	5.4M	44.5M	26M
Net income	-434.6M	-221.3M	-185.8M	200K	-220.5M	250M	196.4M	-35.4M	131.3M	88.2M
Net margin	-6.99%	-3.2%	-2.26%	0%	-2.81%	2.66%	1.94%	-0.37%	1.39%	0.86%
EBITDA	29.4M	156.5M	305.6M	617.3M	442.9M	840.2M	789.1M	532.6M	655.5M	527.2M
EPS	-2.4	-1.22	-1.09	0	-1	1.12	0.87	-0.16	0.57	0.38
Diluted EPS	-2.4	-1.22	-1.09	0	-1	1.1	0.86	-0.16	0.56	0.38

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	2.6B	2.9B	2.5B	2.8B
Cost of revenue	—	—	—	—	—	—	—	—	2.2B	2.3B	2.1B	2.3B
Gross profit	—	—	—	—	—	—	—	—	453.9M	574.5M	420.7M	512M
Gross margin	—	—	—	—	—	—	—	—	17.4%	19.7%	16.6%	18.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	320.6M	372.5M	336.7M	349.3M
Operating income	—	—	—	—	—	—	—	—	107.5M	176.5M	58.7M	134.2M
Operating margin	—	—	—	—	—	—	—	—	4.13%	6.06%	2.31%	4.86%
Non-operating income, net	—	—	—	—	—	—	—	—	-6.4M	-133.9M	-19.1M	2.7M
Pretax income	—	—	—	—	—	—	—	—	45.1M	-12.1M	-9.6M	77.3M
Income tax	—	—	—	—	—	—	—	—	-6.3M	10.3M	3M	24.6M
Net income	—	—	—	—	—	—	—	—	51.4M	-22.4M	-12.6M	52.7M
Net margin	—	—	—	—	—	—	—	—	1.97%	-0.77%	-0.5%	1.91%
EBITDA	—	—	—	—	—	—	—	—	154.5M	95.3M	87.1M	185.2M
EPS	-0.15	0.31	-0.13	0.06	0.15	0.49	0.01	0.25	0.22	-0.1	-0.05	0.22
Diluted EPS	-0.15	0.3	-0.13	0.06	0.14	0.48	0.01	0.25	0.22	-0.1	-0.05	0.22

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	2.5B	—	3.3B	5B	2.8B	2.5B	3B	3.7B	2.8B
Enterprise value	—	—	4.3B	—	5.9B	7.8B	5.8B	5.2B	5.5B	6B	5.4B
Shares outstanding	181.3M	181.3M	171.2M	217.7M	220.8M	223M	225.4M	226.9M	228.9M	231.2M	231.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	19.8	14.3	—	22.8	42.4	40.8
P/S	—	—	0.3	—	0.42	0.53	0.28	0.26	0.32	0.36	0.26
P/B	—	—	1.82	—	2.99	3.42	1.69	1.46	1.71	1.91	1.37
EV/EBITDA	—	—	14	—	13.3	9.34	7.3	9.86	8.41	11.3	9.26
EV/Sales	—	—	0.52	—	0.75	0.84	0.57	0.55	0.58	0.58	0.5
Earnings yield	—	—	—	—	—	5.04%	6.99%	—	4.39%	2.36%	2.45%
FCF yield	—	—	-3.49%	—	-2.42%	9.99%	-0.06%	4.13%	5.58%	7.83%	10.9%
PEG	—	—	—	—	—	—	—	—	—	—	-3.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	18.5%	18.5%	19.2%	20.2%	17.7%	20.7%	19.3%	17.4%	18.3%	18.3%	18.5%
Operating margin	-4.24%	-2.06%	0.17%	2.23%	0.05%	5.77%	5.38%	2.57%	4.02%	4.46%	4.86%
Net margin	-6.99%	-3.2%	-2.26%	0%	-2.81%	2.66%	1.94%	-0.37%	1.39%	0.86%	0.64%
ROE	-73.7%	-44.3%	-13.7%	0.02%	-20.1%	17.3%	11.8%	-2.11%	7.48%	4.51%	3.52%
ROA	-7.65%	-3.82%	-2.84%	0%	-3%	3.17%	2.47%	-0.46%	1.74%	1.15%	3.94%
ROIC	-9.18%	-4.85%	0.45%	0.03%	0.11%	9.19%	6.85%	5.44%	6.64%	8.5%	7.19%
Return on tangible assets	107.8%	59.4%	-26.8%	0.02%	-19.5%	13.5%	9.52%	-1.77%	6.06%	3.93%	3.19%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.13	0.97	1.35	1.23	1.4	1.16	1.16	1.17	1.15	1.1	1.08
Quick ratio	1.13	0.97	1.35	1.23	1.4	1.16	1.16	1.17	1.15	1.1	1.08
Debt / equity	4.51	5.69	1.97	2.4	3.36	2.52	2.16	2.13	1.89	1.53	1.5
Debt / assets	0.47	0.49	0.41	0.44	0.5	0.46	0.45	0.46	0.44	0.39	0.4
Net debt / EBITDA	77.5	15.6	5.85	3.73	5.88	3.44	3.74	5.25	3.84	4.2	4.84
Interest coverage	-1.53	-0.78	0.06	1.29	—	2.89	2.75	0.89	1.76	1.53	1.53
Effective tax rate	0%	0%	0%	99.5%	0%	26.4%	41.9%	0%	25.3%	22.8%	31.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	34.3	38.2	48	40.2	35.5	42.1	44.8	41.8	41.3	44.5	46.5
EPS (basic)	-2.4	-1.22	-1.09	0	-1	1.12	0.87	-0.16	0.57	0.38	0.38
EPS (diluted)	-2.4	-1.22	-1.09	0	-1	1.1	0.86	-0.16	0.56	0.38	0.29
Book value per share	3.25	2.75	7.94	5.98	4.96	6.5	7.37	7.4	7.67	8.46	8.62
FCF per share	-2.28	-0.69	-0.5	0.87	-0.36	2.22	-0.01	0.45	0.73	1.27	1.05
Cash per share	2.11	2.24	5.23	3.74	4.87	3.46	2.86	3.38	3.47	3.39	2.13
Capex per share	0.43	0.71	0.49	0.37	0.19	0.24	0.22	0.22	0.18	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.24%	1.86%	1.02%	0.92%	0.52%	0.57%	0.5%	0.54%	0.43%	—	—
Capex / operating cash flow	-21.5%	510.3%	-216.5%	38.2%	-93%	13.4%	79.3%	23.9%	36.2%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$2.6B	$2.9B	$2.5B	$2.8B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	382.3M	405.6M	895.3M	813.2M	1.1B	770.7M	644.5M	767.7M	793.3M	784.2M
Receivables	1.3B	1.3B	1.5B	1.5B	1.3B	1.4B	1.5B	1.5B	1.4B	1.5B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.8B	1.9B	2.7B	2.9B	2.9B	2.8B	2.8B	2.8B	2.7B	2.8B
Property, plant & equipment	228.8M	292.6M	293.6M	767.1M	659.6M	592.4M	527.7M	500.6M	423.6M	406.3M
Goodwill & intangibles	6.1B	6.2B	5.9B	6.1B	6.2B	6B	5.9B	5.8B	5.4B	5.4B
Total assets	5.7B	5.8B	6.5B	7.2B	7.3B	7.9B	7.9B	7.8B	7.5B	7.7B
Accounts payable	682M	771.2M	1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.1B	1.2B
Short-term debt	35.5M	59.5M	39.9M	39.3M	39.7M	42.4M	49.8M	149.7M	103.2M	124.9M
Total current liabilities	1.6B	2B	2B	2.3B	2.1B	2.4B	2.4B	2.4B	2.3B	2.6B
Long-term debt	2.6B	2.8B	2.6B	3.1B	3.6B	3.6B	3.5B	3.4B	3.2B	2.9B
Total liabilities	5.1B	5.3B	5.2B	5.9B	6.2B	6.4B	6.3B	6.1B	5.8B	5.7B
Shareholders' equity	590M	499.4M	1.4B	1.3B	1.1B	1.4B	1.7B	1.7B	1.8B	2B
Total debt	2.7B	2.8B	2.7B	3.1B	3.7B	3.7B	3.6B	3.6B	3.3B	3B
Net debt	2.3B	2.4B	1.8B	2.3B	2.6B	2.9B	3B	2.8B	2.5B	2.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	588.2M	767.7M	553.5M	567.3M	775.4M	793.3M	623.2M	618.2M	634.4M	784.2M	600.6M	500.5M
Receivables	1.4B	1.5B	1.3B	1.3B	1.3B	1.4B	1.3B	1.4B	1.4B	1.5B	1.4B	1.5B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	2.6B	2.8B	2.5B	2.6B	2.6B	2.7B	2.6B	2.6B	2.7B	2.8B	2.7B	2.6B
Property, plant & equipment	487.9M	500.6M	475.4M	456M	445.3M	423.6M	405.3M	400.1M	408.4M	406.3M	507.5M	515.6M
Goodwill & intangibles	5.8B	5.8B	5.7B	5.5B	5.5B	5.4B	5.4B	5.5B	5.4B	5.4B	5.4B	5.4B
Total assets	7.6B	7.8B	7.5B	7.3B	7.5B	7.5B	7.4B	7.6B	7.7B	7.7B	7.6B	7.6B
Accounts payable	1.1B	1.2B	1.1B	1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B
Short-term debt	118.9M	149.7M	125M	141.7M	96.4M	103.2M	108.5M	174.8M	129.2M	124.9M	129.8M	243.3M
Total current liabilities	2.2B	2.4B	2.2B	2.1B	2.2B	2.3B	2.2B	2.3B	2.5B	2.6B	2.4B	2.4B
Long-term debt	3.4B	3.4B	3.4B	3.3B	3.3B	3.2B	3.2B	3.1B	3B	2.9B	3B	2.8B
Total liabilities	6B	6.1B	5.9B	5.7B	5.8B	5.8B	5.6B	5.7B	5.7B	5.7B	5.7B	5.5B
Shareholders' equity	1.6B	1.7B	1.6B	1.6B	1.7B	1.8B	1.8B	1.9B	2B	2B	2B	2B
Total debt	3.5B	3.6B	3.5B	3.4B	3.4B	3.3B	3.3B	3.2B	3.1B	3B	3.1B	3B
Net debt	3B	2.8B	2.9B	2.9B	2.6B	2.5B	2.7B	2.6B	2.5B	2.2B	2.5B	2.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-434.6M	-221.3M	-185.8M	200K	-220.5M	250M	196.4M	-35.4M	131.3M	88.2M
Depreciation & amortization	260.6M	270.6M	290M	414.6M	381.8M	276.3M	249.1M	243.4M	208.7M	190.7M
Stock-based compensation	49M	52.4M	81.9M	61.3M	42M	58.2M	40.3M	54.1M	35.6M	58.2M
Change in working capital	-185M	70.4M	-175M	-202.7M	-216M	-127.3M	-442.7M	-22.7M	-215M	-228.3M
Operating cash flow	-360M	25.3M	-38.9M	210.4M	-44.1M	401.4M	63.9M	213.2M	113.4M	340.4M
Capital expenditure	-77.3M	-129.1M	-84.2M	-80.3M	-41M	-53.8M	-50.7M	-51M	-41M	—
Investing cash flow	-137.7M	-143.2M	-218M	-274.9M	-257.8M	-749.5M	-120.7M	48.9M	81.2M	26.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-2.9M	-4.5M	-15.2M	-31.8M	-18.9M	-8.6M	-27.2M	-8.1M	-10.4M	-11.2M
Financing cash flow	353.6M	167.7M	725.9M	-89.6M	571.9M	-65.8M	-79.3M	-120.8M	-253.4M	-350.5M
Net change in cash	-144.1M	49.8M	469M	-154.1M	270M	-413.9M	-136.1M	141.3M	-58.8M	16.2M
Free cash flow	-412.4M	-124.7M	-86.4M	189M	-79.2M	495.7M	-1.6M	101.2M	167M	293M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-33.9M	69.8M	-28.8M	13.5M	33.7M	112.9M	1.9M	57.3M	51.4M	-22.4M	-12.6M	52.7M
Depreciation & amortization	59.3M	63M	54.5M	54.6M	51.4M	48.2M	48.4M	47.9M	47M	47.4M	47.5M	51M
Stock-based compensation	14.6M	14.2M	6.4M	5.5M	10.4M	13.3M	16M	14.1M	14M	14.1M	16.3M	12.7M
Change in working capital	72.1M	-48.3M	1.3M	-20.7M	-14.9M	-180.7M	-59.3M	-82.5M	-31.6M	-54.9M	-172.3M	-65.4M
Operating cash flow	137.7M	37.7M	37.8M	6.2M	66.4M	3M	35.3M	9.6M	235.5M	257.3M	-243.5M	54M
Capital expenditure	-14.2M	-16.2M	-10.5M	-11.8M	-9.4M	-9.3M	-4.6M	—	—	—	—	—
Investing cash flow	-65.2M	-31.3M	-10.8M	67.7M	57.4M	-33.1M	20.6M	19.8M	-49.6M	30.9M	106.3M	-27.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-300K	-400K	-9.1M	-600K	-500K	-200K	-10.2M	-200K	-500K	-300K	-22.2M	-900K
Financing cash flow	-52.1M	-13.7M	-72.9M	-67.6M	-57M	-55.9M	-41.3M	-36.3M	-155.5M	-117.4M	-28.1M	-1.3B
Net change in cash	20.4M	-7.3M	-45.9M	6.3M	66.8M	-86M	14.6M	-6.9M	30.4M	170.8M	-165.3M	-1.3B
Free cash flow	173.9M	186.2M	-135.6M	10M	186.7M	105.9M	-166.6M	300K	225M	234.3M	-255.7M	45.5M

Cushman & Wakefield Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement