Cushman & Wakefield Ltd. CWK
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.38 | 0.57 | -0.16 | 0.87 | 1.12 | -1.00 | 0.00 | -1.09 | -1.54 | — |
| EPS, diluted | 0.38 | 0.56 | -0.16 | 0.86 | 1.10 | -1.00 | 0.00 | -1.09 | -1.54 | -3.07 |
| Shares, diluted (wtd. avg.) | $234.7M | $232.8M | $226.9M | $228.0M | $226.5M | $220.8M | $224.5M | $171.2M | $143.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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