Cushman & Wakefield Ltd. CWK

Real estate SIC 6500 - Real Estate NAICS Real Estate and Rental and Leasing › Real Estate derived NYSE

Cushman & Wakefield Ltd. (together with its subsidiaries, "Cushman & Wakefield," "the Company," "we," "ours" and "us") is a leading global commercial real estate services firm driven to solve complex problems for real estate occupiers and investors. Led by an experienced executive team, our approximately 53,000 employees in over 350 offices and nearly 60 countries provide exceptional problem-solving, advisory and execution across the built environment, and manage approximately 6.5 billion square feet of commercial real estate globally. Our business is focused on meeting the increasing demands of our clients through comprehensive global offerings including (i) Services, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other services. In 2025, 2024 and 2023, we generated revenues of $10.3 billion, $9.4 billion and $9.5 billion, respectively.

Last close 11.83 2026-10-23
Market cap $2.78B 2026-06-30 share count
52-week range 10.88 - 17.40

Valuation FY2025 figures against the last close

P/S0.3x
P/E31.1x
P/FCF9.5x
EV/EBITDA8.5x
Dividend yield—
Diluted EPS0.38

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • All other countries
  • Australia
  • Singapore
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 7.1B (68.8%) 69% United States All other countries, FY2025: 2.3B (22.2%) 22% All other countries Australia, FY2025: 501.8M (4.9%) 5% Singapore, FY2025: 420.7M (4.1%) 4% FY2024 United States, FY2024: 6.7B (70.7%) 71% All other countries, FY2024: 1.9B (20.3%) 20% Australia, FY2024: 466.2M (4.9%) 5% Singapore, FY2024: 380.7M (4.0%) 4% FY2023 United States, FY2023: 6.8B (71.7%) 72% All other countries, FY2023: 1.9B (19.7%) 20% Australia, FY2023: 472.5M (5.0%) 5% Singapore, FY2023: 335.7M (3.5%) 4%
Region FY2025FY2024FY2023
United States $7.08B $6.68B $6.81B
All other countries $2.29B $1.92B $1.87B
Australia $501.8M $466.2M $472.5M
Singapore $420.7M $380.7M $335.7M

As the company reported it, from the “Segment Data - Schedule of Revenue by Geographical Areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Americas
  • Apac
  • Emea
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2025 Americas, FY2025: 7.5B (73.0%) 73% Americas Apac, FY2025: 1.7B (16.6%) 17% Apac Emea, FY2025: 1.1B (10.4%) 10% Emea FY2024 Americas, FY2024: 7B (74.1%) 74% Apac, FY2024: 1.5B (15.8%) 16% Emea, FY2024: 953.2M (10.1%) 10% FY2023 Americas, FY2023: 7.1B (75.1%) 75% Apac, FY2023: 1.4B (14.7%) 15% Emea, FY2023: 973.7M (10.3%) 10%
Segment FY2025FY2024FY2023
Americas $7.51B $7.00B $7.13B
Apac $1.71B $1.50B $1.39B
Emea $1.07B $953.2M $973.7M

As the company reported it, from the “Revenue - Schedule of Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $10.29B$9.45B$9.49B$10.11B$9.39B$7.84B$8.75B$8.22B$6.92B$6.22B
SG&A $1.32B$1.22B$1.26B$1.26B$1.23B$1.12B$1.28B$1.27B$1.16B$1.15B
Total operating expenses $9.84B$9.11B$9.29B$9.57B$8.89B$7.90B$8.56B$8.21B$7.09B$6.51B
Operating income $452.5M$338.9M$205.6M$535.1M$497.0M-$53.1M$187.3M$12.6M-$171.1M-$295.4M
Interest expense $216.2M$229.9M$281.1M$193.1M$179.5M$163.8M$150.6M$228.8M$183.1M$171.8M
Pre-tax income $114.2M$175.8M-$30.0M$338.0M$339.9M-$176.6M$42.8M-$210.8M-$341.8M-$458.9M
Income tax $26.0M$44.5M$5.4M$141.6M$89.9M$43.9M$42.6M$25.0M$120.5M$24.3M
Net income $88.2M$131.3M-$35.4M$196.4M$250.0M-$220.5M$200.0K-$185.8M-$221.3M-$434.2M
EPS, basic 0.380.57-0.160.871.12-1.000.00-1.09-1.54—
EPS, diluted 0.380.56-0.160.861.10-1.000.00-1.09-1.54-3.07
Shares, diluted (wtd. avg.) 234.7M232.8M226.9M228.0M226.5M220.8M224.5M171.2M143.9M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $784.2M$793.3M$801.2M$719.0M$890.3M$1.16B$872.3M$965.4M$405.6M$382.3M
Total current assets $2.84B$2.69B$2.80B$2.77B$2.83B$2.89B$2.86B$2.74B——
Property, plant and equipment $132.9M$136.0M$163.8M$172.6M$194.6M$235.9M$299.4M$313.8M——
Goodwill $2.06B$2.00B$2.08B$2.07B$2.08B$2.10B$1.97B$1.78B$1.77B—
Other intangibles $654.7M$690.1M$805.9M$874.5M$922.2M$991.2M$1.06B$1.13B——
Total assets $7.68B$7.55B$7.77B$7.95B$7.89B$7.34B$7.16B$6.55B——
Accounts payable $1.23B$1.11B$1.16B$1.20B$1.11B$1.05B$1.15B$1.05B——
Short-term debt $119.6M$96.3M$143.7M$44.2M$37.5M$36.7M$37.8M$37.0M——
Total current liabilities $2.59B$2.33B$2.40B$2.39B$2.43B$2.07B$2.32B$2.04B——
Long-term debt $2.62B$2.94B$3.10B$3.21B$3.22B$3.24B$2.62B$2.64B——
Total liabilities $5.72B$5.79B$6.10B$6.29B$6.44B$6.24B$5.86B$5.19B——
Retained earnings -$897.7M-$985.9M-$1.12B-$1.08B-$1.28B-$1.53B-$1.30B-$1.30B——
Total equity $1.96B$1.75B$1.68B$1.66B$1.45B$1.10B$1.30B$1.36B$499.4M—

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $340.4M$208.0M$152.2M$49.1M$549.5M-$38.2M$269.3M-$2.2M$4.4M-$335.1M
Depreciation and amortisation $104.2M$122.2M$145.6M$146.9M$172.1M$263.6M$296.7M$290.0M$270.6M$260.6M
Stock-based compensation $58.2M$35.6M$54.1M$40.3M$58.2M$42.0M$61.3M$81.9M$52.4M$49.0M
Capital expenditure $47.4M$41.0M$51.0M$50.7M$53.8M$41.0M$80.3M$84.2M$129.1M$77.3M
Investing cash flow -$21.1M$81.2M$48.9M-$120.7M-$749.5M-$257.8M-$274.9M-$218.0M-$143.2M-$137.7M
Financing cash flow -$350.5M-$253.4M-$120.8M-$79.3M-$65.8M$571.9M-$89.6M$725.9M$167.7M$356.5M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628369-26-000008.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -5B 0 5B 10B 15B Revenue, FY2016: 6.2B Net income, FY2016: -434.2M Revenue, FY2017: 6.9B Net income, FY2017: -221.3M Revenue, FY2018: 8.2B Net income, FY2018: -185.8M Revenue, FY2019: 8.8B Net income, FY2019: 200K Revenue, FY2020: 7.8B Net income, FY2020: -220.5M Revenue, FY2021: 9.4B Net income, FY2021: 250M Revenue, FY2022: 10.1B Net income, FY2022: 196.4M Revenue, FY2023: 9.5B Net income, FY2023: -35.4M Revenue, FY2024: 9.4B Net income, FY2024: 131.3M Revenue, FY2025: 10.3B Net income, FY2025: 88.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $6.22B $6.92B $8.22B $8.75B $7.84B $9.39B $10.11B $9.49B $9.45B $10.29B
Gross profit — — — — — — — — — —
Net income -$434.2M -$221.3M -$185.8M $200.0K -$220.5M $250.0M $196.4M -$35.4M $131.3M $88.2M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Other event Item 8.01
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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