CWK
Cushman & Wakefield Limited15.42
+0.12+0.78%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
AI no threat to brokerage
Q&A dismissed fears of AI disintermediating mid-market brokerage, insisting it augments trusted advisors on complex deals rather than replacing them. Management disclosed ~40% office exposure yet highlighted avoidance of Class B space and upside from delinquencies spurring transaction velocity. Capital allocation balances deleveraging with organic growth, evaluating buybacks as secondary. AI enables cross-selling through data-flow tools like CRMs and platforms. AI augments advisors. They affirmed services growth mirroring 2025's 6% while planning continued hiring. Confident outlook holds; watch capital markets' steady recovery.
Key Stats
Market Cap
3.57BP/E (TTM)
16.23Basic EPS (TTM)
0.95Dividend Yield
0%Recent Filings
10-K
FY2025 results
Cushman & Wakefield posted FY2025 revenue of $10.3B, up 9% y/y, with every service line growing—Services +4% (6% ex-divested non-core unit), Leasing +8% on Americas office/industrial deals, Capital Markets +19% across assets as debt thawed, Valuation +9%. Q4 accelerated the trend, capturing year-end transaction rush while Services provided stability at 66% of revenue; Adjusted EBITDA climbed 13% to $656M (9.3% margin). Yet Greystone JV tanked with $177M impairment plus $25M loan provisions (40% share), dragging net income to $88M ($0.38 diluted EPS). Debt fell to $2.7B after $300M prepays and repricings; liquidity holds $1.8B. No 2026 guidance disclosed. Macro headwinds stall occupier decisions.
8-K
Record revenue, cash flow surge
Cushman & Wakefield posted record 2025 revenue of $10.3B, up 9% from 2024, with Capital Markets surging 19% on strong transaction volumes. Adjusted EBITDA climbed 13% to $656.2M while free cash flow soared $126M to $293M; prepaid $300M debt. Q4 net loss stemmed from $177M Greystone JV impairment. Momentum carries into 2026.
8-K
CWK sets bold 2026-28 targets
Cushman & Wakefield unveiled its Value Creation Framework at the December 4, 2025 investor day, targeting 15-20% annual adjusted EPS growth, 6-8% organic fee revenue growth, and 60-80% free cash flow conversion through 2028, with net debt leverage hitting 2x by year-end. Client cross-sell revenue could double; retention hits 96%. ~$800M cumulative FCF beckons from 2026. Yet macroeconomic disruptions loom large.
10-Q
Q3 FY2025 results
Cushman & Wakefield posted solid Q3 results, with revenue climbing 11% year-over-year to $2.6B, fueled by 9% leasing growth in the Americas from office and industrial demand, and 21% capital markets surge across asset classes. Operating income jumped 43% to $107.5M, while diluted EPS held steady at $0.22 amid dilutive effects from restricted stock units; year-to-date, revenue rose 8% to $7.4B and EPS improved to $0.47 from $0.08. Adjusted EBITDA, fully reconciled in the filing, grew 12% to $159.6M, with margins edging up to 9.0% on service fees. Cash dipped to $634.4M after $200M term loan prepayments, yet liquidity stays robust at $1.7B including $1.1B revolver availability; free cash flow (derived) was negative due to $24.4M capex against $83.1M operating cash. Debt totals $2.8B, with no near-term maturities post-repricings. Still, regulatory scrutiny on revenue software use poses a lingering risk.
8-K
Q3 revenue surges 11%
Cushman & Wakefield posted Q3 2025 revenue of $2.6 billion, up 11% year-over-year, fueled by 21% capital markets growth and 9% leasing gains in the Americas. Adjusted EBITDA climbed 12% to $159.6 million, with margins edging up 23 basis points to 9.0%, while net income rose 53% to $51.4 million. The firm prepaid $100 million in term loan debt, trimming net debt to $2.2 billion, and raised full-year Adjusted EPS guidance to 30%-35% growth. Debt reduction bolsters balance sheet resilience.
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