Cushman & Wakefield Earns Upgrade to ‘Ba3’ Rating from Moody’s Ratings, Outlook Stable

The company says it is outpacing the three-year leverage and earnings targets it presented in December 2025.

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NEW YORK--(BUSINESS WIRE)-- Cushman & Wakefield (NYSE: CWK), a leading global commercial real estate services firm, announced today that Moody’s Ratings (“Moody’s”) upgraded CWK’s corporate family rating to Ba3 from B1. The upgrade reflects sustained improvement in the company’s credit profile and is the highest rating Moody’s has assigned to Cushman & Wakefield since its initial public offering in 2018.

"This upgrade from Moody’s reflects the discipline and execution our team has delivered over the past several years, including meaningful improvements in free cash flow, a more efficient operating platform and significant leverage reduction, all while driving strong earnings growth,” said Michelle MacKay, Chief Executive Officer at Cushman & Wakefield. “We have been decisively outpacing the 3-year leverage and earnings targets we presented in December 2025 and will continue relentlessly driving forward – to deliver consistent profitable growth for our shareholders."

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20260928719340/en/

INVESTOR RELATIONS
Megan McGrath
Investor Relations
+1 312 338 7860
ir@cushwake.com

MEDIA CONTACT
Aixa Velez
Corporate Communications
+1 312 424 8195
aixa.velez@cushwake.com

Source: Cushman & Wakefield