Cushman & Wakefield (NYSE:CWK) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Cushman & Wakefield beat expectations with adjusted EPS of $0.15 versus the $0.13 consensus and revenue of $2.54B (up ~11% YoY), and management reaffirmed full-year adjusted EPS growth guidance of 15%–20%.
• Performance was driven by leasing (company's highest-ever Q1, +17%) and capital markets (+14%), while the firm is reducing leverage—announcing a $100M redemption (part of ~$600M repaid since 2024) and improving net leverage to 3.1x toward a 2x target by 2028.
• Management disclosed reporting changes that make prior non‑GAAP metrics less comparable and flagged APAC profitability weakness (including a one-time $3.5M JV credit-loss); the stock dipped after the print and analysts remain mixed with a consensus price target of $18.06.

Cushman & Wakefield (NYSE:CWK - Get Free Report) issued its quarterly earnings results on Thursday. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02, FiscalAI reports. The company had revenue of $2.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Cushman & Wakefield had a return on equity of 15.02% and a net margin of 0.86%.The firm's revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.09 earnings per share.

Here are the key takeaways from Cushman & Wakefield's conference call:

• Delivered a strong quarter with 9% revenue growth to $2.5B, 15% adjusted EBITDA growth, and 67% adjusted EPS growth to $0.15, and management reaffirmed full-year adjusted EPS guidance of 15%–20%.
• Leasing and capital markets were major drivers — leasing was the company's highest-ever Q1 revenue, up 17%, while capital markets grew 14% globally with notable strength in industrial and data center-related activity.
• Balance sheet progress continues — the company announced a $100M redemption (part of ~$600M repaid since 2024), trailing-12-month free cash flow conversion is ~70%, and net leverage improved to 3.1x toward a 2x target by 2028.
• Reporting changes disclosed in an April 8 8‑K remove several previously disclosed non‑GAAP metrics (including fee revenue breakdowns and adjusted EBITDA margin), and revenue will now be presented inclusive of gross contract costs, reducing consistency of prior comparability.
• APAC profitability declined year-over-year due to tough comps (large Japan transactions a year ago) and a one‑time $3.5M joint-venture credit-loss provision in China, though management described underlying demand there as recovering.

Cushman & Wakefield Stock Performance

Shares of NYSE:CWK traded down $0.57 during midday trading on Thursday, reaching $13.89. 2,546,950 shares of the company's stock traded hands, compared to its average volume of 1,429,651. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 36.54 and a beta of 1.50. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.10 and a current ratio of 1.10. Cushman & Wakefield has a one year low of $9.43 and a one year high of $17.40. The stock has a 50 day moving average of $13.18 and a 200 day moving average of $14.88.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Barclays reduced their price target on Cushman & Wakefield from $19.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Friday, March 13th. Morgan Stanley reaffirmed an "overweight" rating and issued a $19.00 price target on shares of Cushman & Wakefield in a research note on Friday, January 16th. Wolfe Research raised Cushman & Wakefield from a "peer perform" rating to an "outperform" rating and set a $19.00 target price on the stock in a research note on Monday, February 9th. Wall Street Zen cut Cushman & Wakefield from a "buy" rating to a "hold" rating in a research note on Saturday, April 4th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Cushman & Wakefield in a research note on Wednesday, January 21st. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Cushman & Wakefield currently has an average rating of "Moderate Buy" and a consensus price target of $18.06.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CWK. Royal Bank of Canada lifted its holdings in shares of Cushman & Wakefield by 39.6% during the first quarter. Royal Bank of Canada now owns 98,508 shares of the company's stock valued at $1,007,000 after purchasing an additional 27,940 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Cushman & Wakefield by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 136,261 shares of the company's stock valued at $1,393,000 after purchasing an additional 5,929 shares in the last quarter. United Services Automobile Association bought a new position in shares of Cushman & Wakefield during the first quarter valued at $139,000. Jane Street Group LLC lifted its holdings in shares of Cushman & Wakefield by 1,821.3% during the first quarter. Jane Street Group LLC now owns 279,397 shares of the company's stock valued at $2,855,000 after purchasing an additional 264,855 shares in the last quarter. Finally, Focus Partners Wealth bought a new position in shares of Cushman & Wakefield during the first quarter valued at $218,000. 95.56% of the stock is owned by institutional investors.

About Cushman & Wakefield

Cushman & Wakefield is a leading global commercial real estate services firm headquartered in Chicago. The company provides a wide range of services to occupiers and investors, specializing in transaction management, property management, facilities management and project management. Its clientele spans corporate occupiers, landlords, investors and government entities seeking solutions to optimize their real estate portfolios and operations.

The firm's core offerings include leasing advisory for office, industrial, retail and multifamily properties, as well as capital markets advice on acquisitions, dispositions and debt and equity placements.

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