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Cushman & Wakefield Ltd Financials

CWK
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

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).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 38 / 100
Financial Profile 38/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
32

Cushman & Wakefield Ltd has an operating margin of 4.4%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is up from 3.6% the prior year.

Growth
48

Cushman & Wakefield Ltd's revenue grew 8.9% year-over-year to $10.3B, a solid pace of expansion. This earns a growth score of 48/100.

Leverage
75

Cushman & Wakefield Ltd carries a low D/E ratio of 1.34, meaning only $1.34 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 75/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
17

Cushman & Wakefield Ltd's current ratio of 1.10 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 17/100, which could limit financial flexibility.

Cash Flow
32

Cushman & Wakefield Ltd has a free cash flow margin of 2.9%, earning a moderate score of 32/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
21

Cushman & Wakefield Ltd generates a 4.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 21/100. This is down from 7.5% the prior year.

Altman Z-Score Distress
1.71

Cushman & Wakefield Ltd scores 1.71, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral
5/9

Cushman & Wakefield Ltd passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
3.86x

For every $1 of reported earnings, Cushman & Wakefield Ltd generates $3.86 in operating cash flow ($340.4M OCF vs $88.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
2.1x

Cushman & Wakefield Ltd earns $2.1 in operating income for every $1 of interest expense ($452.5M vs $216.2M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$10.3B
YoY+8.9%
5Y CAGR+5.6%

Cushman & Wakefield Ltd generated $10.3B in revenue in fiscal year 2025. This represents an increase of 8.9% from the prior year.

EBITDA
$556.7M
YoY+20.7%
5Y CAGR+21.5%

Cushman & Wakefield Ltd's EBITDA was $556.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.7% from the prior year.

Net Income
$88.2M
YoY-32.8%

Cushman & Wakefield Ltd reported $88.2M in net income in fiscal year 2025. This represents a decrease of 32.8% from the prior year.

EPS (Diluted)
$0.38
YoY-32.1%

Cushman & Wakefield Ltd earned $0.38 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 32.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$293.0M
YoY+75.4%

Cushman & Wakefield Ltd generated $293.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 75.4% from the prior year.

Cash & Debt
$784.2M
YoY-1.1%
5Y CAGR-6.1%

Cushman & Wakefield Ltd held $784.2M in cash against $2.6B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
232M
YoY+0.9%
5Y CAGR+0.9%

Cushman & Wakefield Ltd had 232M shares outstanding in fiscal year 2025. This represents an increase of 0.9% from the prior year.

Margins & Returns

Gross Margin
18.3%
YoY+0.0pp
5Y CAGR+0.6pp

Cushman & Wakefield Ltd's gross margin was 18.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.0 percentage points from the prior year.

Operating Margin
4.4%
YoY+0.8pp
5Y CAGR+5.1pp

Cushman & Wakefield Ltd's operating margin was 4.4% in fiscal year 2025, reflecting core business profitability. This is up 0.8 percentage points from the prior year.

Net Margin
0.9%
YoY-0.5pp
5Y CAGR+3.7pp

Cushman & Wakefield Ltd's net profit margin was 0.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.5 percentage points from the prior year.

Return on Equity
4.5%
YoY-3.0pp
5Y CAGR+24.6pp

Cushman & Wakefield Ltd's ROE was 4.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.0 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$47.4M
YoY+15.6%
5Y CAGR+2.9%

Cushman & Wakefield Ltd invested $47.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 15.6% from the prior year.

CWK Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $2.9B+11.8% $2.6B+4.9% $2.5B+8.7% $2.3B-13.1% $2.6B+12.2% $2.3B+2.5% $2.3B+4.7% $2.2B
Cost of Revenue $2.3B+8.7% $2.2B+6.7% $2.0B+6.1% $1.9B-9.6% $2.1B+9.9% $1.9B+2.0% $1.9B+2.3% $1.8B
Gross Profit $574.5M+26.6% $453.9M-2.9% $467.3M+21.6% $384.3M-27.3% $528.4M+22.2% $432.4M+4.6% $413.2M+17.3% $352.3M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $372.5M+16.2% $320.6M+0.7% $318.3M+4.1% $305.8M-4.3% $319.7M+1.8% $314.2M+6.8% $294.2M-0.6% $296.0M
Operating Income $176.9M+64.6% $107.5M-12.5% $122.8M+171.1% $45.3M-74.0% $174.5M+132.0% $75.2M+6.8% $70.4M+274.5% $18.8M
Interest Expense $54.7M-2.3% $56.0M+5.3% $53.2M+1.7% $52.3M-5.8% $55.5M+1.1% $54.9M-9.7% $60.8M+3.6% $58.7M
Income Tax $10.3M+263.5% -$6.3M-133.3% $18.9M+509.7% $3.1M-83.9% $19.2M-0.5% $19.3M+421.6% $3.7M+60.9% $2.3M
Net Income -$22.4M-143.6% $51.4M-10.3% $57.3M+2915.8% $1.9M-98.3% $112.9M+235.0% $33.7M+149.6% $13.5M+146.9% -$28.8M
EPS (Diluted) N/A $0.22-12.0% $0.25+2400.0% $0.01 N/A $0.14+133.3% $0.06+146.2% $-0.13

CWK Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $7.7B-0.2% $7.7B+1.8% $7.6B+2.0% $7.4B-1.9% $7.5B+0.2% $7.5B+2.6% $7.3B-2.0% $7.5B
Current Assets $2.8B+6.4% $2.7B+1.3% $2.6B+1.2% $2.6B-3.2% $2.7B+1.6% $2.6B+2.2% $2.6B+5.4% $2.5B
Cash & Equivalents $784.2M+23.6% $634.4M+2.6% $618.2M-0.8% $623.2M-21.4% $793.3M+2.3% $775.4M+36.7% $567.3M+2.5% $553.5M
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+0.1% $2.1B-0.2% $2.1B+1.9% $2.0B+1.1% $2.0B-2.5% $2.0B+1.3% $2.0B-2.0% $2.1B
Total Liabilities $5.7B-0.2% $5.7B+1.5% $5.7B+0.4% $5.6B-2.8% $5.8B-0.6% $5.8B+2.2% $5.7B-2.8% $5.9B
Current Liabilities $2.6B+3.4% $2.5B+7.8% $2.3B+5.6% $2.2B-5.4% $2.3B+4.0% $2.2B+5.0% $2.1B-2.0% $2.2B
Long-Term Debt $2.6B-3.5% $2.7B-3.6% $2.8B-3.1% $2.9B-1.0% $2.9B-1.9% $3.0B-0.2% $3.0B-2.1% $3.1B
Total Equity $2.0B-0.1% $2.0B+2.8% $1.9B+7.2% $1.8B+1.2% $1.8B+3.1% $1.7B+3.9% $1.6B+0.9% $1.6B
Retained Earnings -$897.7M-2.6% -$875.3M+5.5% -$926.7M+5.8% -$984.0M+0.2% -$985.9M+10.3% -$1.1B+3.0% -$1.1B+1.2% -$1.1B

CWK Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $257.3M+9.3% $235.5M+2353.1% $9.6M+105.9% -$162.0M-240.6% $115.2M-41.3% $196.1M+799.5% $21.8M+117.4% -$125.1M
Capital Expenditures $23.0M+119.0% $10.5M+12.9% $9.3M+102.2% $4.6M-50.5% $9.3M-1.1% $9.4M-20.3% $11.8M+12.4% $10.5M
Free Cash Flow $234.3M+4.1% $225.0M+74900.0% $300K+100.2% -$166.6M-257.3% $105.9M-43.3% $186.7M+1767.0% $10.0M+107.4% -$135.6M
Investing Cash Flow $7.9M+113.1% -$60.1M-672.4% $10.5M-49.0% $20.6M+162.2% -$33.1M-157.7% $57.4M-15.2% $67.7M+726.9% -$10.8M
Financing Cash Flow -$117.4M+24.5% -$155.5M-328.4% -$36.3M+12.1% -$41.3M+26.1% -$55.9M+1.9% -$57.0M+15.7% -$67.6M+7.3% -$72.9M
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 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 19.7%+2.3pp 17.4%-1.4pp 18.8%+2.0pp 16.8%-3.3pp 20.1%+1.7pp 18.4%+0.4pp 18.1%+1.9pp 16.1%
Operating Margin 6.1%+1.9pp 4.1%-0.8pp 4.9%+3.0pp 2.0%-4.7pp 6.6%+3.4pp 3.2%+0.1pp 3.1%+2.2pp 0.9%
Net Margin -0.8%-2.7pp 2.0%-0.3pp 2.3%+2.2pp 0.1%-4.2pp 4.3%+2.9pp 1.4%+0.9pp 0.6%+1.9pp -1.3%
Return on Equity -1.1%-3.8pp 2.6%-0.4pp 3.0%+2.9pp 0.1%-6.3pp 6.4%+4.5pp 2.0%+1.2pp 0.8%+2.6pp -1.8%
Return on Assets -0.3%-1.0pp 0.7%-0.1pp 0.8%+0.7pp 0.0%-1.5pp 1.5%+1.0pp 0.4%+0.3pp 0.2%+0.6pp -0.4%
Current Ratio 1.10+0.0 1.07-0.1 1.13-0.0 1.18+0.0 1.15-0.0 1.18-0.0 1.21+0.1 1.13
Debt-to-Equity 1.34-0.0 1.39-0.1 1.48-0.2 1.64-0.0 1.68-0.1 1.76-0.1 1.83-0.1 1.89
FCF Margin 8.0%-0.6pp 8.6%+8.6pp 0.0%+7.3pp -7.3%-11.3pp 4.0%-3.9pp 8.0%+7.5pp 0.4%+6.7pp -6.2%

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Frequently Asked Questions

Cushman & Wakefield Ltd (CWK) reported $10.3B in total revenue for fiscal year 2025. This represents a 8.9% 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.

Cushman & Wakefield Ltd (CWK) revenue grew by 8.9% year-over-year, from $9.4B to $10.3B in fiscal year 2025.

Yes, Cushman & Wakefield Ltd (CWK) reported a net income of $88.2M in fiscal year 2025, with a net profit margin of 0.9%.

Cushman & Wakefield Ltd (CWK) reported diluted earnings per share of $0.38 for fiscal year 2025. This represents a -32.1% 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.

Cushman & Wakefield Ltd (CWK) had EBITDA of $556.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Cushman & Wakefield Ltd (CWK) had $784.2M in cash and equivalents against $2.6B in long-term debt.

Cushman & Wakefield Ltd (CWK) had a gross margin of 18.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Cushman & Wakefield Ltd (CWK) had an operating margin of 4.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Cushman & Wakefield Ltd (CWK) had a net profit margin of 0.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Cushman & Wakefield Ltd (CWK) has a return on equity of 4.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Cushman & Wakefield Ltd (CWK) generated $293.0M in free cash flow during fiscal year 2025. This represents a 75.4% 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.

Cushman & Wakefield Ltd (CWK) generated $340.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Cushman & Wakefield Ltd (CWK) had $7.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Cushman & Wakefield Ltd (CWK) invested $47.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Cushman & Wakefield Ltd (CWK) had 232M shares outstanding as of fiscal year 2025.

Cushman & Wakefield Ltd (CWK) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.

Cushman & Wakefield Ltd (CWK) had a debt-to-equity ratio of 1.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Cushman & Wakefield Ltd (CWK) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Cushman & Wakefield Ltd (CWK) has an Altman Z-Score of 1.71, 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.

Cushman & Wakefield Ltd (CWK) has a Piotroski F-Score of 5 out of 9, indicating neutral 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.

Cushman & Wakefield Ltd (CWK) has an earnings quality ratio of 3.86x, 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.

Cushman & Wakefield Ltd (CWK) has an interest coverage ratio of 2.1x, meaning it can adequately 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.

Cushman & Wakefield Ltd (CWK) scores 38 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.

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