Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Cushman & Wakefield Ltd has an operating margin of 3.6%, meaning the company retains $4 of operating profit per $100 of revenue. This below-average margin results in a low score of 18/100, suggesting thin profitability after operating expenses. This is up from 2.2% the prior year.
Cushman & Wakefield Ltd's revenue declined 0.5% year-over-year, from $9.5B to $9.4B. This contraction results in a growth score of 27/100.
Cushman & Wakefield Ltd has a moderate D/E ratio of 1.68. This balance of debt and equity financing earns a leverage score of 49/100.
Cushman & Wakefield Ltd's current ratio of 1.15 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 26/100, which could limit financial flexibility.
Cushman & Wakefield Ltd's free cash flow margin of 1.8% results in a low score of 9/100. Capital expenditures of $41.0M absorb a large share of operating cash flow.
Cushman & Wakefield Ltd's ROE of 7.5% shows moderate profitability relative to equity, earning a score of 30/100.
Cushman & Wakefield Ltd scores 1.58, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Cushman & Wakefield Ltd passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Cushman & Wakefield Ltd generates $1.58 in operating cash flow ($208.0M OCF vs $131.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Cushman & Wakefield Ltd earns $1.5 in operating income for every $1 of interest expense ($338.9M vs $229.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Cushman & Wakefield Ltd (CWK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Cushman & Wakefield Ltd generated $9.4B in revenue in fiscal year 2024. This represents a decrease of 0.5% from the prior year.
Cushman & Wakefield Ltd's EBITDA was $461.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.3% from the prior year.
Cushman & Wakefield Ltd generated $167.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 65.0% from the prior year.
Cushman & Wakefield Ltd reported $131.3M in net income in fiscal year 2024. This represents an increase of 470.9% from the prior year.
Cushman & Wakefield Ltd earned $0.56 per diluted share (EPS) in fiscal year 2024. This represents an increase of 450.0% from the prior year.
Cushman & Wakefield Ltd held $793.3M in cash against $2.9B in long-term debt as of fiscal year 2024.
Cushman & Wakefield Ltd had 230M shares outstanding in fiscal year 2024. This represents an increase of 1.1% from the prior year.
Cushman & Wakefield Ltd's gross margin was 18.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.
Cushman & Wakefield Ltd's operating margin was 3.6% in fiscal year 2024, reflecting core business profitability. This is up 1.4 percentage points from the prior year.
Cushman & Wakefield Ltd's net profit margin was 1.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1.8 percentage points from the prior year.
Cushman & Wakefield Ltd's ROE was 7.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.
Cushman & Wakefield Ltd invested $41.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 19.6% from the prior year.
CWK Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6B+4.9% | $2.5B+8.7% | $2.3B-13.1% | $2.6B+14.9% | $2.3B+4.7% | $2.2B-14.4% | $2.6B+11.7% | $2.3B |
| Cost of Revenue | $2.2B+6.7% | $2.0B+6.1% | $1.9B-9.6% | $2.1B+12.1% | $1.9B+2.3% | $1.8B-11.6% | $2.1B+10.2% | $1.9B |
| Gross Profit | $453.9M-2.9% | $467.3M+21.6% | $384.3M-27.3% | $528.4M+27.9% | $413.2M+17.3% | $352.3M-26.4% | $478.6M+18.5% | $403.9M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $320.6M+0.7% | $318.3M+4.1% | $305.8M-4.3% | $319.7M+8.7% | $294.2M-0.6% | $296.0M-6.7% | $317.1M+5.4% | $300.9M |
| Operating Income | $107.5M-12.5% | $122.8M+171.1% | $45.3M-74.0% | $174.5M+147.9% | $70.4M+274.5% | $18.8M-82.9% | $110.0M+91.0% | $57.6M |
| Interest Expense | $56.0M+5.3% | $53.2M+1.7% | $52.3M-5.8% | $55.5M-8.7% | $60.8M+3.6% | $58.7M+3.2% | $56.9M-36.4% | $89.5M |
| Income Tax | -$6.3M-133.3% | $18.9M+509.7% | $3.1M-83.9% | $19.2M+418.9% | $3.7M+60.9% | $2.3M+666.7% | $300K-98.2% | $16.6M |
| Net Income | $51.4M-10.3% | $57.3M+2915.8% | $1.9M-98.3% | $112.9M+736.3% | $13.5M+146.9% | -$28.8M-141.3% | $69.8M+305.9% | -$33.9M |
| EPS (Diluted) | $0.22-12.0% | $0.25+2400.0% | $0.01-98.0% | $0.49+716.7% | $0.06+146.2% | $-0.13-141.9% | $0.31+306.7% | $-0.15 |
CWK Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.7B+1.8% | $7.6B+2.0% | $7.4B-1.9% | $7.5B+2.8% | $7.3B-2.0% | $7.5B-3.6% | $7.8B+2.5% | $7.6B |
| Current Assets | $2.7B+1.3% | $2.6B+1.2% | $2.6B-3.2% | $2.7B+3.8% | $2.6B+5.4% | $2.5B-12.3% | $2.8B+7.1% | $2.6B |
| Cash & Equivalents | $634.4M+2.6% | $618.2M-0.8% | $623.2M-21.4% | $793.3M+39.8% | $567.3M+2.5% | $553.5M-27.9% | $767.7M+30.5% | $588.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $2.1B-0.2% | $2.1B+1.9% | $2.0B+1.1% | $2.0B-1.3% | $2.0B-2.0% | $2.1B-0.8% | $2.1B+1.4% | $2.1B |
| Total Liabilities | $5.7B+1.5% | $5.7B+0.4% | $5.6B-2.8% | $5.8B+1.6% | $5.7B-2.8% | $5.9B-3.8% | $6.1B+1.4% | $6.0B |
| Current Liabilities | $2.5B+7.8% | $2.3B+5.6% | $2.2B-5.4% | $2.3B+9.1% | $2.1B-2.0% | $2.2B-9.1% | $2.4B+8.1% | $2.2B |
| Long-Term Debt | $2.7B-3.6% | $2.8B-3.1% | $2.9B-1.0% | $2.9B-2.1% | $3.0B-2.1% | $3.1B-1.0% | $3.1B-0.9% | $3.1B |
| Total Equity | $2.0B+2.8% | $1.9B+7.2% | $1.8B+1.2% | $1.8B+7.1% | $1.6B+0.9% | $1.6B-3.1% | $1.7B+6.8% | $1.6B |
| Retained Earnings | -$875.3M+5.5% | -$926.7M+5.8% | -$984.0M+0.2% | -$985.9M+12.9% | -$1.1B+1.2% | -$1.1B-2.6% | -$1.1B+5.9% | -$1.2B |
CWK Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $235.5M+2353.1% | $9.6M+105.9% | -$162.0M-240.6% | $115.2M+428.4% | $21.8M+117.4% | -$125.1M-161.8% | $202.4M+7.6% | $188.1M |
| Capital Expenditures | $10.5M+12.9% | $9.3M+102.2% | $4.6M-50.5% | $9.3M-21.2% | $11.8M+12.4% | $10.5M-35.2% | $16.2M+14.1% | $14.2M |
| Free Cash Flow | $225.0M+74900.0% | $300K+100.2% | -$166.6M-257.3% | $105.9M+959.0% | $10.0M+107.4% | -$135.6M-172.8% | $186.2M+7.1% | $173.9M |
| Investing Cash Flow | -$60.1M-672.4% | $10.5M-49.0% | $20.6M+162.2% | -$33.1M-148.9% | $67.7M+726.9% | -$10.8M+65.5% | -$31.3M+52.0% | -$65.2M |
| Financing Cash Flow | -$155.5M-328.4% | -$36.3M+12.1% | -$41.3M+26.1% | -$55.9M+17.3% | -$67.6M+7.3% | -$72.9M-432.1% | -$13.7M+73.7% | -$52.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CWK Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.4%-1.4pp | 18.8%+2.0pp | 16.8%-3.3pp | 20.1%+2.0pp | 18.1%+1.9pp | 16.1%-2.6pp | 18.8%+1.1pp | 17.7% |
| Operating Margin | 4.1%-0.8pp | 4.9%+3.0pp | 2.0%-4.7pp | 6.6%+3.6pp | 3.1%+2.2pp | 0.9%-3.5pp | 4.3%+1.8pp | 2.5% |
| Net Margin | 2.0%-0.3pp | 2.3%+2.2pp | 0.1%-4.2pp | 4.3%+3.7pp | 0.6%+1.9pp | -1.3%-4.0pp | 2.7%+4.2pp | -1.5% |
| Return on Equity | 2.6%-0.4pp | 3.0%+2.9pp | 0.1%-6.3pp | 6.4%+5.6pp | 0.8% | N/A | 4.2% | N/A |
| Return on Assets | 0.7%-0.1pp | 0.8%+0.7pp | 0.0%-1.5pp | 1.5%+1.3pp | 0.2%+0.6pp | -0.4%-1.3pp | 0.9%+1.3pp | -0.4% |
| Current Ratio | 1.07-0.1 | 1.13-0.0 | 1.18+0.0 | 1.15-0.1 | 1.21+0.1 | 1.13-0.0 | 1.17-0.0 | 1.18 |
| Debt-to-Equity | 1.39-0.1 | 1.48-0.2 | 1.64-0.0 | 1.68-0.2 | 1.83-0.1 | 1.89+0.0 | 1.85-0.1 | 1.99 |
| FCF Margin | 8.6%+8.6pp | 0.0%+7.3pp | -7.3%-11.3pp | 4.0%+3.6pp | 0.4%+6.7pp | -6.2%-13.5pp | 7.3%-0.3pp | 7.6% |
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Frequently Asked Questions
What is Cushman & Wakefield Ltd's annual revenue?
Cushman & Wakefield Ltd (CWK) reported $9.4B in total revenue for fiscal year 2024. This represents a -0.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cushman & Wakefield Ltd's revenue growing?
Cushman & Wakefield Ltd (CWK) revenue declined by 0.5% year-over-year, from $9.5B to $9.4B in fiscal year 2024.
Is Cushman & Wakefield Ltd profitable?
Yes, Cushman & Wakefield Ltd (CWK) reported a net income of $131.3M in fiscal year 2024, with a net profit margin of 1.4%.
What is Cushman & Wakefield Ltd's earnings per share (EPS)?
Cushman & Wakefield Ltd (CWK) reported diluted earnings per share of $0.56 for fiscal year 2024. This represents a 450.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Cushman & Wakefield Ltd's EBITDA?
Cushman & Wakefield Ltd (CWK) had EBITDA of $461.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cushman & Wakefield Ltd have?
As of fiscal year 2024, Cushman & Wakefield Ltd (CWK) had $793.3M in cash and equivalents against $2.9B in long-term debt.
What is Cushman & Wakefield Ltd's gross margin?
Cushman & Wakefield Ltd (CWK) had a gross margin of 18.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cushman & Wakefield Ltd's operating margin?
Cushman & Wakefield Ltd (CWK) had an operating margin of 3.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Cushman & Wakefield Ltd's net profit margin?
Cushman & Wakefield Ltd (CWK) had a net profit margin of 1.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Cushman & Wakefield Ltd's return on equity (ROE)?
Cushman & Wakefield Ltd (CWK) has a return on equity of 7.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Cushman & Wakefield Ltd's free cash flow?
Cushman & Wakefield Ltd (CWK) generated $167.0M in free cash flow during fiscal year 2024. This represents a 65.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cushman & Wakefield Ltd's operating cash flow?
Cushman & Wakefield Ltd (CWK) generated $208.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Cushman & Wakefield Ltd's total assets?
Cushman & Wakefield Ltd (CWK) had $7.5B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Cushman & Wakefield Ltd's capital expenditures?
Cushman & Wakefield Ltd (CWK) invested $41.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Cushman & Wakefield Ltd have outstanding?
Cushman & Wakefield Ltd (CWK) had 230M shares outstanding as of fiscal year 2024.
What is Cushman & Wakefield Ltd's current ratio?
Cushman & Wakefield Ltd (CWK) had a current ratio of 1.15 as of fiscal year 2024, which is considered adequate.
What is Cushman & Wakefield Ltd's debt-to-equity ratio?
Cushman & Wakefield Ltd (CWK) had a debt-to-equity ratio of 1.68 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cushman & Wakefield Ltd's return on assets (ROA)?
Cushman & Wakefield Ltd (CWK) had a return on assets of 1.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Cushman & Wakefield Ltd's Altman Z-Score?
Cushman & Wakefield Ltd (CWK) has an Altman Z-Score of 1.58, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cushman & Wakefield Ltd's Piotroski F-Score?
Cushman & Wakefield Ltd (CWK) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cushman & Wakefield Ltd's earnings high quality?
Cushman & Wakefield Ltd (CWK) has an earnings quality ratio of 1.58x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cushman & Wakefield Ltd cover its interest payments?
Cushman & Wakefield Ltd (CWK) has an interest coverage ratio of 1.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cushman & Wakefield Ltd?
Cushman & Wakefield Ltd (CWK) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.