Cushman & Wakefield (CWK) Financials

$16.63 +0.04 (+0.24%)

Closing price 09/12/2025 03:59 PM Eastern

Extended Trading

$16.64 +0.01 (+0.06%)

As of 09/12/2025 05:42 PM Eastern

Annual Income Statements for Cushman & Wakefield

This table shows Cushman & Wakefield's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-434	-221	-186	0.20	-221	250	196	-35	131
Consolidated Net Income / (Loss)	-435	-221	-186	0.20	-221	250	196	-35	131
Net Income / (Loss) Continuing Operations	-435	-221	-186	0.20	-221	250	196	-35	131
Total Pre-Tax Income	-459	-342	-211	43	-177	340	338	-30	176
Total Revenue	-166	6,742	7,993	8,603	7,688	-158	9,998	9,271	9,254
Net Interest Income / (Expense)	-172	-183	-229	-151	-164	-180	-193	-281	-230
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	-193	-281	0.00
Total Interest Expense	172	183	229	151	164	180	0.00	0.00	230
Long-Term Debt Interest Expense	172	183	229	151	164	180	-	-	230
Total Non-Interest Income	5.90	6,925	8,222	8,754	7,852	21	10,191	9,552	9,484
Net Realized & Unrealized Capital Gains on Investments	5.90	1.40	1.90	2.60	8.30	21	85	58	37
Other Non-Interest Income	-	6,924	8,220	8,751	7,844	-	10,106	9,494	9,447
Total Non-Interest Expense	295	7,095	8,207	8,564	7,865	-497	9,660	9,301	9,108
Other Operating Expenses	6,218	6,796	7,916	8,259	7,576	8,675	9,415	9,104	8,944
Depreciation Expense	261	271	290	297	264	172	147	146	122
Impairment Charge	32	29	1.50	7.70	57	45	8.90	38	41
Nonoperating Income / (Expense), net	2.40	11	3.50	3.50	-	1.20	-	-	29
Income Tax Expense	-24	-121	-25	43	44	90	142	5.40	45
Basic Earnings per Share	($3.07)	($1.54)	($1.09)	$0.00	($1.00)	$1.12	$0.87	($0.16)	$0.57
Weighted Average Basic Shares Outstanding	141.40M	143.90M	171.20M	217.70M	220.80M	223M	225.40M	226.90M	228.90M
Diluted Earnings per Share	($3.07)	($1.54)	($1.09)	$0.00	($1.00)	$1.10	$0.86	($0.16)	$0.56
Weighted Average Diluted Shares Outstanding	141.40M	143.90M	171.20M	224.50M	220.80M	226.50M	228M	226.90M	232.80M
Weighted Average Basic & Diluted Shares Outstanding	141.40M	143.90M	171.20M	217.70M	220.80M	224.55M	225.80M	227.33M	229.73M

This table shows Cushman & Wakefield's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	24	30	-76	5.10	-34	70	-29	14	34	113	1.90
Consolidated Net Income / (Loss)	24	30	-76	5.10	-34	70	-29	14	34	113	1.90
Net Income / (Loss) Continuing Operations	24	30	-76	5.10	-34	70	-29	14	34	113	1.90
Total Pre-Tax Income	50	89	-89	6.40	-17	70	-27	17	53	132	5.00
Total Revenue	-30	7,752	2,184	2,361	2,213	2,512	2,138	2,232	2,301	2,583	2,243
Net Interest Income / (Expense)	-50	-53	-77	-58	-90	-57	-59	-61	-55	-56	-52
Total Interest Income	0.00	-193	0.00	0.00	0.00	-281	0.00	0.00	0.00	-	0.00
Total Interest Expense	50	-140	77	58	90	-224	59	61	55	56	52
Long-Term Debt Interest Expense	50	-	77	58	90	-	59	61	55	56	52
Total Non-Interest Income	20	7,805	2,261	2,419	2,303	2,569	2,197	2,292	2,356	2,639	2,296
Net Realized & Unrealized Capital Gains on Investments	20	31	12	13	17	17	12	4.30	12	9.30	11
Other Non-Interest Income	-	-	2,249	2,406	2,286	2,552	2,185	2,288	2,344	2,630	2,285
Total Non-Interest Expense	-112	7,753	2,274	2,355	2,228	2,444	2,164	2,214	2,248	2,481	2,239
Other Operating Expenses	2,369	2,497	2,224	2,307	2,183	2,391	2,129	2,169	2,226	2,421	2,206
Depreciation Expense	34	33	37	36	36	37	33	31	29	30	27
Impairment Charge	0.60	5.80	7.20	7.00	9.20	15	5.00	17	14	4.60	6.50
Nonoperating Income / (Expense), net	-32	-	-	-	-2.00	-	-	-	-	-	0.90
Income Tax Expense	26	59	-13	1.30	17	0.30	2.30	3.70	19	19	3.10
Basic Earnings per Share	$0.11	$0.13	($0.34)	$0.02	($0.15)	$0.31	($0.13)	$0.06	$0.15	$0.49	$0.01
Weighted Average Basic Shares Outstanding	225.70M	225.40M	226.20M	227.10M	227.20M	226.90M	227.90M	229M	229.30M	228.90M	230.40M
Diluted Earnings per Share	$0.11	$0.12	($0.34)	$0.02	($0.15)	$0.31	($0.13)	$0.06	$0.14	$0.49	$0.01
Weighted Average Diluted Shares Outstanding	227.50M	228M	226.20M	227.10M	227.20M	226.90M	227.90M	231.50M	233.40M	232.80M	232.30M
Weighted Average Basic & Diluted Shares Outstanding	225.76M	225.80M	227.06M	227.15M	227.25M	227.33M	229.05M	229.25M	229.49M	229.73M	231.29M

This table details how cash moves in and out of Cushman & Wakefield's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-116	29	506	-95	276	-266	-151	80	36
Net Cash From Operating Activities	-335	4.40	-2.20	269	-38	550	49	152	208
Net Cash From Continuing Operating Activities	-335	4.40	-2.20	269	-38	550	49	152	208
Net Income / (Loss) Continuing Operations	-435	-221	-186	0.20	-221	250	196	-35	131
Consolidated Net Income / (Loss)	-435	-221	-186	0.20	-221	250	196	-35	131
Provision For Loan Losses	12	3.90	24	26	48	38	32	11	21
Depreciation Expense	261	271	290	297	264	172	147	146	122
Amortization Expense	13	17	13	122	128	114	112	105	94
Non-Cash Adjustments to Reconcile Net Income	38	42	138	49	-25	68	87	101	6.40
Changes in Operating Assets and Liabilities, net	-224	-107	-280	-226	-233	-92	-524	-175	-167
Net Cash From Investing Activities	-138	-143	-218	-275	-258	-750	-121	49	81
Net Cash From Continuing Investing Activities	-138	-143	-218	-275	-258	-750	-121	49	81
Purchase of Property, Leasehold Improvements and Equipment	-77	-129	-84	-80	-41	-54	-51	-51	-41
Purchase of Investment Securities	-57	-100	-49	-280	-123	-696	-139	-0.10	-507
Divestitures	10	-	-	-	-	-	0.00	0.00	123
Sale and/or Maturity of Investments	3.80	86	-85	86	-94	0.20	69	100	506
Net Cash From Financing Activities	357	168	726	-90	572	-66	-79	-121	-253
Net Cash From Continuing Financing Activities	357	168	726	-90	572	-66	-79	-121	-253
Issuance of Debt	640	319	2,937	0.00	650	0.00	0.00	2,400	0.00
Repayment of Debt	-320	-164	-3,168	-39	-43	-40	-44	-2,470	-229
Other Financing Activities, Net	-2.90	-11	-62	-51	-35	-26	-35	-51	-25

This table details how cash moves in and out of Cushman & Wakefield's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-74	212	-191	43	71	157	-209	22	197	26	-183
Net Cash From Operating Activities	52	244	-222	-17	188	202	-125	22	196	115	-162
Net Cash From Continuing Operating Activities	52	244	-222	-17	188	202	-125	22	196	115	-162
Net Income / (Loss) Continuing Operations	24	30	-76	5.10	-34	70	-29	14	34	113	1.90
Consolidated Net Income / (Loss)	24	30	-76	5.10	-34	70	-29	14	34	113	1.90
Provision For Loan Losses	7.90	14	1.90	-0.10	3.00	5.80	2.40	5.30	3.00	10	2.80
Depreciation Expense	34	33	37	36	36	37	33	31	29	30	27
Amortization Expense	25	34	27	26	25	28	24	26	24	21	24
Non-Cash Adjustments to Reconcile Net Income	30	12	29	23	23	26	-6.80	9.50	-12	16	3.90
Changes in Operating Assets and Liabilities, net	-69	122	-240	-106	135	36	-148	-63	118	-74	-221
Net Cash From Investing Activities	-110	-13	73	72	-65	-31	-11	68	57	-33	21
Net Cash From Continuing Investing Activities	-110	-13	73	72	-65	-31	-11	68	57	-33	21
Purchase of Property, Leasehold Improvements and Equipment	-14	-6.30	-10	-11	-14	-16	-11	-12	-9.40	-9.30	-4.60
Purchase of Investment Securities	-16	-76	-6.70	-39	41	4.90	-100	100	0.40	-506	-4.80
Sale and/or Maturity of Investments	-80	69	90	122	-92	-20	100	-20	-55	481	30
Net Cash From Financing Activities	-16	-18	-43	-12	-52	-14	-73	-68	-57	-56	-41
Net Cash From Continuing Financing Activities	-16	-18	-43	-12	-52	-14	-73	-68	-57	-56	-41
Repayment of Debt	-6.70	-24	-1,024	-14	-1,431	-2.20	-62	-38	-50	-79	-25
Other Financing Activities, Net	-9.00	5.70	-19	1.40	-21	-12	-11	-30	-7.00	23	-16

This table presents Cushman & Wakefield's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	5,793	6,546	7,163	7,338	7,890	7,949	7,774	7,549
Cash and Due from Banks	406	895	813	1,075	771	645	768	793
Trading Account Securities	7.90	8.70	7.90	115	641	677	708	724
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	304	314	299	236	195	173	164	136
Goodwill	1,765	1,779	1,969	2,098	2,082	2,066	2,081	1,998
Intangible Assets	1,306	1,128	1,063	991	922	875	806	690
Other Assets	2,004	2,422	3,011	2,823	3,280	3,515	3,248	3,208
Total Liabilities & Shareholders' Equity	5,793	6,546	7,163	7,338	7,890	7,949	7,774	7,549
Total Liabilities	5,294	5,186	5,862	6,242	6,442	6,287	6,096	5,794
Short-Term Debt	60	40	39	40	42	50	150	103
Accrued Interest Payable	36	43	60	45	105	33	21	20
Other Short-Term Payables	1,870	1,956	2,224	1,981	2,287	2,308	2,227	2,207
Long-Term Debt	2,784	2,644	2,620	3,236	3,221	3,212	3,097	2,940
Other Long-Term Liabilities	544	503	919	941	787	685	602	524
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	499	1,360	1,301	1,096	1,449	1,662	1,678	1,755
Total Preferred & Common Equity	499	1,360	1,301	1,095	1,448	1,661	1,677	1,755
Total Common Equity	499	1,360	1,301	1,095	1,448	1,661	1,677	1,755
Common Stock	1,735	2,813	2,819	2,866	2,919	2,934	2,980	3,009
Retained Earnings	-1,149	-1,298	-1,297	-1,528	-1,278	-1,082	-1,117	-986
Accumulated Other Comprehensive Income / (Loss)	-87	-154	-243	-243	-193	-191	-185	-269
Noncontrolling Interest	-	-	0.00	0.90	0.80	0.80	0.60	0.50

This table presents Cushman & Wakefield's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	7,622	7,622	7,640	7,582	7,491	7,343	7,534	7,408
Cash and Due from Banks	381	460	502	588	554	567	775	623
Trading Account Securities	659	686	682	694	714	711	724	735
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	156	170	166	160	155	148	142	126
Goodwill	2,021	2,067	2,073	2,052	2,064	2,024	2,049	2,021
Intangible Assets	885	858	841	823	791	712	703	682
Other Assets	3,519	3,382	3,376	3,265	3,213	3,181	3,141	3,220
Total Liabilities & Shareholders' Equity	7,622	7,622	7,640	7,582	7,491	7,343	7,534	7,408
Total Liabilities	6,044	6,042	6,018	6,011	5,866	5,704	5,831	5,631
Short-Term Debt	46	34	37	119	125	142	96	109
Accrued Interest Payable	27	6.90	55	7.00	20	28	31	31
Other Short-Term Payables	2,150	2,080	2,031	2,091	2,035	1,966	2,114	2,063
Long-Term Debt	3,212	3,228	3,226	3,125	3,066	3,002	2,997	2,911
Other Long-Term Liabilities	609	694	668	669	620	567	593	517
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,578	1,580	1,622	1,572	1,625	1,640	1,703	1,777
Total Preferred & Common Equity	1,577	1,579	1,621	1,571	1,625	1,639	1,702	1,776
Total Common Equity	1,577	1,579	1,621	1,571	1,625	1,639	1,702	1,776
Common Stock	2,924	2,939	2,953	2,967	2,978	2,982	2,994	3,015
Retained Earnings	-1,112	-1,158	-1,153	-1,187	-1,146	-1,133	-1,099	-984
Accumulated Other Comprehensive Income / (Loss)	-235	-202	-178	-209	-207	-211	-192	-255
Noncontrolling Interest	0.70	0.50	0.60	0.50	0.60	0.60	0.60	0.50

This table displays calculated financial ratios and metrics derived from Cushman & Wakefield's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	4,164.01%	18.55%	7.63%	-10.63%	-102.06%	6,415.60%	-7.27%	-0.18%
EBITDA Growth	0.00%	65.07%	234.25%	419.61%	-53.04%	190.15%	-4.44%	-62.98%	64.15%
EBIT Growth	0.00%	23.52%	39.26%	118.34%	-549.36%	291.79%	-0.21%	-108.88%	588.00%
NOPAT Growth	0.00%	23.52%	39.26%	100.12%	-67,414.69%	301.52%	-21.16%	-110.69%	620.68%
Net Income Growth	0.00%	49.08%	16.04%	100.11%	-110,350.00%	213.38%	-21.44%	-118.02%	470.90%
EPS Growth	0.00%	49.84%	29.22%	100.00%	0.00%	210.00%	-21.82%	-118.60%	450.00%
Operating Cash Flow Growth	0.00%	101.31%	-150.00%	12,340.91%	-114.18%	1,538.48%	-91.06%	209.98%	36.66%
Free Cash Flow Firm Growth	0.00%	0.00%	76.29%	109.81%	-739.31%	82.88%	82.82%	-40.13%	1,171.55%
Invested Capital Growth	0.00%	0.00%	20.98%	-2.06%	10.35%	7.79%	4.50%	0.02%	-2.57%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	2.47%	-4.21%	-101.84%	332.69%	-36.11%	0.77%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	31.73%	-8.27%	21.62%	-26.91%	-8.98%	5.87%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	192.69%	0.28%	59.09%	-38.65%	-206.12%	30.95%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	100.62%	0.28%	223.95%	-49.01%	-165.49%	23.97%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	100.96%	-15.99%	225.10%	-37.13%	53.05%	48.87%
EPS Q/Q Growth	0.00%	0.00%	0.00%	100.00%	-16.28%	233.33%	-38.13%	54.29%	47.37%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-101.06%	529.51%	-125.92%	26.44%	-53.06%	-21.34%	-29.54%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	2.60%	8.80%	-131.35%	-276.14%	119.50%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	1.57%	1.09%	4.68%	1.81%	2.26%	0.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-
EBITDA Margin	0.00%	-0.97%	1.10%	5.33%	2.80%	0.00%	5.97%	2.38%	3.92%
EBIT Margin	0.00%	-5.23%	-2.68%	0.46%	-2.30%	0.00%	3.38%	-0.32%	1.58%
Profit (Net Income) Margin	0.00%	-3.28%	-2.32%	0.00%	-2.87%	0.00%	1.96%	-0.38%	1.42%
Tax Burden Percent	94.70%	64.75%	88.14%	0.47%	124.86%	73.55%	58.11%	118.00%	74.69%
Interest Burden Percent	99.48%	96.88%	98.37%	108.91%	100.00%	100.35%	100.00%	100.00%	120.08%
Effective Tax Rate	0.00%	0.00%	0.00%	99.53%	0.00%	26.45%	41.89%	0.00%	25.31%
Return on Invested Capital (ROIC)	0.00%	-14.78%	-4.06%	0.00%	-2.97%	0.00%	4.08%	-0.43%	2.25%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-12.97%	-5.36%	0.01%	-6.23%	0.00%	4.08%	-0.87%	2.95%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-73.85%	-15.92%	0.01%	-15.43%	0.00%	8.55%	-1.69%	5.40%
Return on Equity (ROE)	0.00%	-88.63%	-19.98%	0.02%	-18.40%	19.65%	12.63%	-2.12%	7.65%
Cash Return on Invested Capital (CROIC)	0.00%	-214.78%	-23.05%	2.09%	-12.81%	-2.01%	-0.33%	-0.45%	4.85%
Operating Return on Assets (OROA)	0.00%	-6.09%	-3.47%	0.57%	-2.44%	0.00%	4.27%	-0.38%	1.91%
Return on Assets (ROA)	0.00%	-3.82%	-3.01%	0.00%	-3.04%	0.00%	2.48%	-0.45%	1.71%
Return on Common Equity (ROCE)	0.00%	-88.63%	-19.98%	0.02%	-18.39%	19.64%	12.62%	-2.12%	7.65%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-44.31%	-13.66%	0.02%	-20.14%	17.27%	11.82%	-2.11%	7.48%
Net Operating Profit after Tax (NOPAT)	-323	-247	-150	0.18	-124	249	196	-21	109
NOPAT Margin	0.00%	-3.66%	-1.88%	0.00%	-1.61%	0.00%	1.96%	-0.23%	1.18%
Net Nonoperating Expense Percent (NNEP)	0.00%	-1.80%	1.30%	0.00%	3.26%	-0.03%	0.00%	0.44%	-0.70%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	105.23%	102.68%	99.54%	102.30%	0.00%	96.62%	100.32%	98.42%
Earnings before Interest and Taxes (EBIT)	-461	-353	-214	39	-177	339	338	-30	146
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-188	-66	88	458	215	624	597	221	363
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.53	2.30	3.44	3.00	3.43	1.69	1.46	1.71
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.11	0.39	0.52	0.43	0.00	0.28	0.26	0.32
Price to Earnings (P/E)	0.00	0.00	0.00	22,399.21	0.00	19.88	14.32	0.00	22.86
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	5.03%	6.98%	0.00%	4.37%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.96	1.22	1.60	1.26	1.58	1.10	1.00	1.09
Enterprise Value to Revenue (EV/Rev)	0.00	0.48	0.61	0.74	0.71	0.00	0.54	0.53	0.57
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	55.73	13.80	25.50	11.95	9.10	22.34	14.48
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	160.97	0.00	22.03	16.07	0.00	35.87
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	34,448.24	0.00	29.96	27.65	0.00	48.03
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	727.93	0.00	23.49	0.00	13.58	110.61	32.42	25.25
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	75.78	0.00	0.00	0.00	0.00	22.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	5.69	1.97	2.04	2.99	2.25	1.96	1.93	1.73
Long-Term Debt to Equity	0.00	5.57	1.94	2.01	2.95	2.22	1.93	1.85	1.67
Financial Leverage	0.00	5.69	2.97	2.01	2.48	2.57	2.10	1.95	1.83
Leverage Ratio	0.00	11.60	6.64	5.15	6.05	5.99	5.09	4.71	4.46
Compound Leverage Factor	0.00	11.24	6.53	5.61	6.05	6.01	5.09	4.71	5.36
Debt to Total Capital	0.00%	85.06%	66.37%	67.15%	74.93%	69.25%	66.24%	65.93%	63.42%
Short-Term Debt to Total Capital	0.00%	1.78%	0.99%	0.99%	0.91%	0.90%	1.01%	3.04%	2.15%
Long-Term Debt to Total Capital	0.00%	83.28%	65.38%	66.15%	74.03%	68.35%	65.23%	62.89%	61.26%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.02%	0.02%	0.02%	0.01%	0.01%
Common Equity to Total Capital	0.00%	14.94%	33.63%	32.85%	25.04%	30.73%	33.74%	34.06%	36.57%
Debt to EBITDA	0.00	-43.28	30.43	5.80	15.22	5.23	5.47	14.70	8.39
Net Debt to EBITDA	0.00	-37.11	20.28	4.03	10.23	3.99	4.39	11.22	6.20
Long-Term Debt to EBITDA	0.00	-42.37	29.98	5.72	15.04	5.16	5.38	14.02	8.11
Debt to NOPAT	0.00	-11.51	-17.89	14,482.30	-26.50	13.10	16.61	-154.60	27.83
Net Debt to NOPAT	0.00	-9.87	-11.92	10,054.19	-17.80	10.00	13.32	-118.04	20.57
Long-Term Debt to NOPAT	0.00	-11.27	-17.63	14,268.30	-26.17	12.93	16.35	-147.47	26.88
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.04%	0.07%	0.05%	0.04%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-3,590	-851	83	-534	-91	-16	-22	236
Operating Cash Flow to CapEx	-433.51%	3.41%	-2.61%	335.37%	-93.17%	1,021.38%	96.84%	298.43%	507.32%
Free Cash Flow to Firm to Interest Expense	0.00	-19.61	-3.72	0.55	-3.26	-0.51	0.00	0.00	1.03
Operating Cash Flow to Interest Expense	-1.95	0.02	-0.01	1.79	-0.23	3.06	0.00	0.00	0.90
Operating Cash Flow Less CapEx to Interest Expense	-2.40	-0.68	-0.38	1.26	-0.48	2.76	0.00	0.00	0.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.16	1.30	1.26	1.06	0.00	1.26	1.18	1.21
Fixed Asset Turnover	0.00	22.16	25.86	28.06	28.72	0.00	54.45	55.12	61.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	3,343	4,044	3,961	4,371	4,712	4,924	4,925	4,798
Invested Capital Turnover	0.00	4.03	2.16	2.15	1.85	0.00	2.08	1.88	1.90
Increase / (Decrease) in Invested Capital	0.00	3,343	701	-83	410	341	212	1.00	-126
Enterprise Value (EV)	0.00	3,203	4,915	6,326	5,488	7,463	5,431	4,934	5,252
Market Capitalization	765	765	3,126	4,480	3,287	4,970	2,813	2,454	3,002
Book Value per Share	$0.00	$3.47	$6.30	$5.94	$4.94	$6.48	$7.36	$7.38	$7.65
Tangible Book Value per Share	$0.00	($17.87)	($7.16)	($7.90)	($9.00)	($6.96)	($5.66)	($5.32)	($4.07)
Total Capital	0.00	3,343	4,044	3,961	4,371	4,712	4,924	4,925	4,798
Total Debt	0.00	2,844	2,684	2,660	3,275	3,263	3,262	3,247	3,043
Total Long-Term Debt	0.00	2,784	2,644	2,620	3,236	3,221	3,212	3,097	2,940
Net Debt	0.00	2,438	1,789	1,846	2,201	2,492	2,617	2,479	2,250
Capital Expenditures (CapEx)	77	129	84	80	41	54	51	51	41
Net Nonoperating Expense (NNE)	112	-26	36	-0.02	97	-0.88	0.00	14	-22
Net Nonoperating Obligations (NNO)	0.00	2,844	2,684	2,660	3,275	3,263	3,262	3,247	3,043
Total Depreciation and Amortization (D&A)	273	287	303	419	392	286	259	251	216
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.09)	$0.00	($1.00)	$1.12	$0.87	($0.16)	$0.57
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	216.60M	219.89M	222.18M	223M	225.40M	226.90M	228.90M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.09)	$0.00	($1.00)	$1.10	$0.86	($0.16)	$0.56
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	216.60M	224.50M	220.80M	226.50M	228M	226.90M	232.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($1.09)	$0.00	($1.00)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	171.20M	217.70M	220.80M	224.55M	225.80M	227.33M	229.73M
Normalized Net Operating Profit after Tax (NOPAT)	-4,651	-227	-149	33	-106	-6,624	253	14	140
Normalized NOPAT Margin	0.00%	-3.37%	-1.86%	0.38%	-1.38%	0.00%	2.53%	0.16%	1.51%
Pre Tax Income Margin	0.00%	-5.07%	-2.64%	0.50%	-2.30%	0.00%	3.38%	-0.32%	1.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.69	-1.93	-0.94	0.26	-1.08	1.89	0.00	0.00	0.64
NOPAT to Interest Expense	-1.88	-1.35	-0.66	0.00	-0.75	1.39	0.00	0.00	0.48
EBIT Less CapEx to Interest Expense	-3.14	-2.63	-1.30	-0.27	-1.33	1.59	0.00	0.00	0.46
NOPAT Less CapEx to Interest Expense	-2.33	-2.05	-1.02	-0.53	-1.01	1.09	0.00	0.00	0.30
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Cushman & Wakefield's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-101.33%	218.49%	-5.22%	8,354.90%	7,379.93%	-67.59%	-2.13%	-5.48%	3.99%	2.83%	4.94%
EBITDA Growth	-11.75%	-77.01%	-114.46%	-68.24%	-67.33%	102.44%	215.23%	9.14%	131.37%	15.14%	96.04%
EBIT Growth	-7.05%	-100.33%	-181.83%	-95.68%	-118.73%	9,828.57%	70.29%	168.75%	446.41%	50.81%	114.54%
NOPAT Growth	-40.88%	-80.97%	-195.81%	-95.64%	-127.48%	134.23%	70.29%	164.71%	414.66%	61.75%	107.89%
Net Income Growth	-65.21%	-79.56%	-267.91%	-94.75%	-241.84%	134.23%	62.30%	164.71%	199.41%	61.75%	106.60%
EPS Growth	-63.33%	-81.54%	-270.00%	-95.35%	-236.36%	158.33%	61.76%	200.00%	193.33%	58.06%	107.69%
Operating Cash Flow Growth	-68.36%	-18.55%	-40.01%	80.93%	263.83%	-16.95%	43.52%	229.76%	4.25%	-43.08%	-29.50%
Free Cash Flow Firm Growth	-166.36%	0.88%	70.18%	87.44%	103.27%	137.74%	105.99%	413.55%	445.92%	247.82%	325.54%
Invested Capital Growth	7.45%	4.50%	0.91%	0.87%	-0.42%	0.02%	-0.51%	-2.09%	-0.40%	-2.57%	-0.42%
Revenue Q/Q Growth	-6.29%	25,599.67%	-71.82%	8.08%	-6.26%	13.52%	-55.45%	4.38%	3.13%	12.25%	-13.16%
EBITDA Q/Q Growth	-34.19%	-53.31%	-116.56%	364.84%	-32.30%	189.32%	-77.79%	150.85%	43.51%	43.97%	-64.36%
EBIT Q/Q Growth	-44.80%	-100.86%	-201.02%	107.17%	-339.06%	545.10%	-138.91%	164.91%	208.14%	93.77%	-96.01%
NOPAT Q/Q Growth	-66.68%	-23.54%	-310.72%	108.17%	-310.00%	751.73%	-126.58%	172.78%	149.63%	235.01%	-98.62%
Net Income Q/Q Growth	-75.41%	24.69%	-356.38%	106.68%	-764.71%	305.90%	-141.26%	146.88%	149.63%	235.01%	-98.32%
EPS Q/Q Growth	-74.42%	9.09%	-383.33%	105.88%	-850.00%	306.67%	-141.94%	146.15%	133.33%	250.00%	-97.96%
Operating Cash Flow Q/Q Growth	158.68%	371.37%	-190.89%	92.42%	1,219.64%	7.60%	-161.81%	117.43%	799.54%	-41.25%	-240.63%
Free Cash Flow Firm Q/Q Growth	-0.81%	38.44%	41.94%	65.17%	126.26%	610.01%	-90.77%	1,722.05%	-54.28%	352.36%	-90.82%
Invested Capital Q/Q Growth	-0.15%	1.81%	-1.67%	0.91%	-1.42%	2.26%	-2.20%	-0.69%	0.28%	0.04%	-0.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	0.00%	0.85%	-1.17%	2.87%	2.07%	5.29%	1.38%	3.32%	4.61%	5.92%	2.43%
EBIT Margin	0.00%	-0.01%	-4.08%	0.27%	-0.69%	2.71%	-1.24%	0.77%	2.30%	3.98%	0.18%
Profit (Net Income) Margin	0.00%	0.38%	-3.50%	0.22%	-1.53%	2.78%	-1.35%	0.61%	1.46%	4.37%	0.08%
Tax Burden Percent	47.70%	33.56%	85.65%	79.69%	195.95%	99.57%	108.68%	78.49%	63.58%	85.47%	38.00%
Interest Burden Percent	61.32%	-12,685.71%	100.00%	100.00%	113.07%	102.94%	100.00%	100.00%	100.00%	128.63%	121.95%
Effective Tax Rate	52.30%	66.44%	0.00%	20.31%	0.00%	0.43%	0.00%	21.51%	36.42%	14.53%	62.00%
Return on Invested Capital (ROIC)	0.00%	0.80%	-5.86%	0.54%	-1.46%	5.23%	-1.66%	1.14%	2.80%	8.32%	0.14%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.80%	-6.29%	0.54%	-2.17%	5.23%	-1.98%	1.14%	2.80%	8.32%	0.15%
Return on Net Nonoperating Assets (RNNOA)	0.00%	1.67%	-13.15%	1.11%	-4.48%	10.19%	-3.98%	2.24%	5.42%	15.24%	0.27%
Return on Equity (ROE)	22.20%	2.47%	-19.01%	1.65%	-5.93%	15.42%	-5.63%	3.37%	8.21%	23.56%	0.40%
Cash Return on Invested Capital (CROIC)	1.07%	-0.33%	0.64%	-1.23%	0.26%	-0.45%	0.77%	2.54%	2.23%	4.85%	3.33%
Operating Return on Assets (OROA)	0.00%	-0.01%	-5.25%	0.43%	-1.32%	3.20%	-1.51%	0.94%	2.80%	4.80%	0.23%
Return on Assets (ROA)	0.00%	0.49%	-4.49%	0.34%	-2.92%	3.28%	-1.64%	0.73%	1.78%	5.28%	0.11%
Return on Common Equity (ROCE)	22.19%	2.47%	-19.00%	1.65%	-5.93%	15.42%	-5.63%	3.37%	8.21%	23.55%	0.40%
Return on Equity Simple (ROE_SIMPLE)	19.80%	0.00%	4.72%	-1.09%	-4.80%	0.00%	0.75%	1.26%	5.18%	0.00%	9.12%
Net Operating Profit after Tax (NOPAT)	39	30	-62	5.10	-11	70	-19	14	34	113	1.56
NOPAT Margin	0.00%	0.38%	-2.86%	0.22%	-0.48%	2.78%	-0.87%	0.61%	1.46%	4.37%	0.07%
Net Nonoperating Expense Percent (NNEP)	0.46%	0.00%	0.43%	0.00%	0.71%	0.00%	0.32%	0.00%	0.00%	0.00%	-0.01%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	100.01%	104.08%	99.73%	100.69%	97.29%	101.24%	99.23%	97.70%	96.02%	99.82%
Earnings before Interest and Taxes (EBIT)	82	-0.70	-89	6.40	-15	68	-27	17	53	103	4.10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	141	66	-26	68	46	133	30	74	106	153	55
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.64	1.69	1.51	1.15	1.10	1.46	1.46	1.45	1.84	1.71	1.32
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.28	0.24	0.15	0.12	0.26	0.26	0.26	0.34	0.32	0.25
Price to Earnings (P/E)	8.27	14.32	31.95	0.00	0.00	0.00	194.84	115.64	35.43	22.86	14.49
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	12.09%	6.98%	3.13%	0.00%	0.00%	0.00%	0.51%	0.86%	2.82%	4.37%	6.90%
Enterprise Value to Invested Capital (EV/IC)	1.13	1.10	1.07	0.95	0.91	1.00	1.04	1.04	1.13	1.09	0.99
Enterprise Value to Revenue (EV/Rev)	0.00	0.54	0.52	0.38	0.30	0.53	0.54	0.55	0.59	0.57	0.51
Enterprise Value to EBITDA (EV/EBITDA)	6.69	9.10	10.73	13.69	18.08	22.34	18.17	17.57	15.89	14.48	12.19
Enterprise Value to EBIT (EV/EBIT)	9.91	16.07	22.65	52.97	0.00	0.00	153.37	114.00	48.69	35.87	26.55
Enterprise Value to NOPAT (EV/NOPAT)	14.18	27.65	69.56	0.00	0.00	0.00	411.07	240.72	61.72	48.03	33.97
Enterprise Value to Operating Cash Flow (EV/OCF)	52.22	110.61	0.00	80.89	22.67	32.42	20.17	17.27	18.44	25.25	27.73
Enterprise Value to Free Cash Flow (EV/FCFF)	109.05	0.00	167.18	0.00	351.26	0.00	135.18	40.38	50.68	22.28	29.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.06	1.96	2.07	2.01	2.06	1.93	1.96	1.92	1.82	1.73	1.70
Long-Term Debt to Equity	2.04	1.93	2.04	1.99	1.99	1.85	1.89	1.83	1.76	1.67	1.64
Financial Leverage	2.32	2.10	2.09	2.03	2.06	1.95	2.01	1.96	1.94	1.83	1.83
Leverage Ratio	5.36	5.09	4.93	4.79	4.83	4.71	4.72	4.59	4.62	4.46	4.38
Compound Leverage Factor	3.29	-645.96	4.93	4.79	5.46	4.85	4.72	4.59	4.62	5.74	5.34
Debt to Total Capital	67.37%	66.24%	67.37%	66.80%	67.37%	65.93%	66.25%	65.72%	64.49%	63.42%	62.95%
Short-Term Debt to Total Capital	0.96%	1.01%	0.70%	0.75%	2.47%	3.04%	2.60%	2.96%	2.01%	2.15%	2.26%
Long-Term Debt to Total Capital	66.41%	65.23%	66.68%	66.05%	64.90%	62.89%	63.66%	62.76%	62.48%	61.26%	60.69%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Common Equity to Total Capital	32.62%	33.74%	32.62%	33.19%	32.62%	34.06%	33.74%	34.27%	35.49%	36.57%	37.04%
Debt to EBITDA	3.99	5.47	6.75	9.67	13.37	14.70	11.56	11.14	9.03	8.39	7.75
Net Debt to EBITDA	3.52	4.39	5.80	8.19	10.94	11.22	9.56	9.13	6.77	6.20	6.15
Long-Term Debt to EBITDA	3.93	5.38	6.68	9.57	12.88	14.02	11.11	10.64	8.75	8.11	7.48
Debt to NOPAT	8.46	16.61	43.78	-185.40	-410.13	-154.60	261.55	152.59	35.07	27.83	21.62
Net Debt to NOPAT	7.47	13.32	37.61	-156.86	-335.76	-118.04	216.18	125.05	26.28	20.57	17.16
Long-Term Debt to NOPAT	8.34	16.35	43.33	-183.32	-395.09	-147.47	251.30	145.71	33.98	26.88	20.84
Noncontrolling Interest Sharing Ratio	0.05%	0.05%	0.04%	0.04%	0.04%	0.04%	0.03%	0.04%	0.03%	0.03%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-296	-182	-106	-37	9.69	69	6.35	116	53	239	22
Operating Cash Flow to CapEx	371.94%	3,868.25%	-2,215.00%	-158.49%	1,324.65%	1,249.38%	-1,191.43%	184.75%	2,086.17%	1,238.71%	-3,521.74%
Free Cash Flow to Firm to Interest Expense	-5.88	0.00	-1.38	-0.64	0.11	0.00	0.11	1.90	0.96	4.31	0.42
Operating Cash Flow to Interest Expense	1.03	0.00	-2.88	-0.29	2.10	0.00	-2.13	0.36	3.57	2.08	-3.10
Operating Cash Flow Less CapEx to Interest Expense	0.75	0.00	-3.01	-0.47	1.94	0.00	-2.31	0.16	3.40	1.91	-3.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.26	1.28	1.60	1.91	1.18	1.22	1.21	1.22	1.21	1.26
Fixed Asset Turnover	0.00	54.45	54.56	70.78	91.72	55.12	56.80	57.89	60.83	61.73	66.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,836	4,924	4,841	4,885	4,816	4,925	4,816	4,783	4,796	4,798	4,796
Invested Capital Turnover	0.00	2.08	2.05	2.52	3.01	1.88	1.91	1.88	1.91	1.90	1.95
Increase / (Decrease) in Invested Capital	335	212	44	42	-20	1.00	-25	-102	-19	-126	-20
Enterprise Value (EV)	5,462	5,431	5,183	4,619	4,387	4,934	5,015	4,959	5,443	5,252	4,744
Market Capitalization	2,584	2,813	2,380	1,857	1,731	2,454	2,377	2,382	3,125	3,002	2,348
Book Value per Share	$6.99	$7.36	$6.99	$7.14	$6.92	$7.38	$7.13	$7.16	$7.43	$7.65	$7.73
Tangible Book Value per Share	($5.89)	($5.66)	($5.96)	($5.69)	($5.74)	($5.32)	($5.40)	($4.79)	($4.58)	($4.07)	($4.03)
Total Capital	4,836	4,924	4,841	4,885	4,816	4,925	4,816	4,783	4,796	4,798	4,796
Total Debt	3,258	3,262	3,262	3,263	3,244	3,247	3,191	3,143	3,093	3,043	3,019
Total Long-Term Debt	3,212	3,212	3,228	3,226	3,125	3,097	3,066	3,002	2,997	2,940	2,911
Net Debt	2,877	2,617	2,802	2,761	2,656	2,479	2,637	2,576	2,318	2,250	2,396
Capital Expenditures (CapEx)	14	6.30	10	11	14	16	11	12	9.40	9.30	4.60
Net Nonoperating Expense (NNE)	15	0.00	14	0.00	23	0.00	10	0.00	0.00	0.00	-0.34
Net Nonoperating Obligations (NNO)	3,258	3,262	3,262	3,263	3,244	3,247	3,191	3,143	3,093	3,043	3,019
Total Depreciation and Amortization (D&A)	59	66	64	61	61	65	56	57	53	50	50
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.11	$0.13	($0.34)	$0.02	($0.15)	$0.31	($0.13)	$0.06	$0.15	$0.49	$0.01
Adjusted Weighted Average Basic Shares Outstanding	225.70M	225.40M	226.20M	227.10M	227.20M	226.90M	227.90M	229M	229.30M	228.90M	230.40M
Adjusted Diluted Earnings per Share	$0.11	$0.12	($0.34)	$0.02	($0.15)	$0.31	($0.13)	$0.06	$0.14	$0.49	$0.01
Adjusted Weighted Average Diluted Shares Outstanding	227.50M	228M	226.20M	227.10M	227.20M	226.90M	227.90M	231.50M	233.40M	232.80M	232.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	225.76M	225.80M	227.06M	227.15M	227.25M	227.33M	229.05M	229.25M	229.49M	229.73M	231.29M
Normalized Net Operating Profit after Tax (NOPAT)	-1,703	66	-53	15	-4.27	84	-16	25	30	117	7.42
Normalized NOPAT Margin	0.00%	0.85%	-2.44%	0.61%	-0.19%	3.36%	-0.76%	1.10%	1.28%	4.52%	0.33%
Pre Tax Income Margin	0.00%	1.15%	-4.08%	0.27%	-0.78%	2.79%	-1.24%	0.77%	2.30%	5.11%	0.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.62	0.00	-1.16	0.11	-0.17	0.00	-0.45	0.28	0.97	1.85	0.08
NOPAT to Interest Expense	0.77	0.00	-0.81	0.09	-0.12	0.00	-0.32	0.22	0.61	2.03	0.03
EBIT Less CapEx to Interest Expense	1.35	0.00	-1.29	-0.07	-0.33	0.00	-0.63	0.09	0.79	1.68	-0.01
NOPAT Less CapEx to Interest Expense	0.50	0.00	-0.94	-0.10	-0.28	0.00	-0.49	0.03	0.44	1.87	-0.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Cushman & Wakefield plc (NYSE: CWK) has experienced notable financial fluctuations over the past four years, with recent quarterly results highlighting some important trends in revenue, expenses, cash flow, and equity position.

Positive Developments:

In Q1 2025, the company reported positive net realized & unrealized capital gains on investments of $11.1 million, supporting other non-interest income.
Despite significant interest expenses, Cushman & Wakefield maintained a consolidated net income of $1.9 million in Q1 2025, showing resilience in profitability.
Total common equity has shown gradual improvement, increasing from $1.58 billion in Q3 2023 to $1.78 billion in Q1 2025, indicating stronger shareholder equity.
Cash and cash equivalents increased overall from $380.8 million in Q3 2022 to $623.2 million in Q1 2025, enhancing liquidity.
Depreciation and amortization expenses have been consistently accounted for, which aligns with an ongoing investment in assets that can generate future revenue.

Neutral Observations:

Long-term debt remained substantial, around $2.9 billion to $3.2 billion across recent periods, reflecting ongoing financing needs but unchanged leverage.
Revenue fluctuated quarterly, with Q1 2025 revenue at $2.24 billion, somewhat lower than Q4 2024’s $2.58 billion but higher than Q1 2024’s $2.14 billion—indicative of seasonality or market conditions.
Interest expense has remained consistently high (over $50 million per quarter recently), impacting net interest income negatively but stable over time.
Weighted average shares outstanding have remained roughly stable at around 230 million, limiting dilution concerns for shareholders.

Negative Concerns:

The company reported a sharp drop in net income in Q1 2025 ($1.9 million) compared to $112.9 million in Q4 2024, indicating a significant earnings compression.
Operating cash flow has deteriorated sharply to negative $162 million in Q1 2025 from positive $115 million in Q4 2024, suggesting working capital or operational challenges.
Total non-interest expenses remain very high (around $2.24 billion in Q1 2025), pressuring profitability.
The company faced impairment charges and other operating expenses consistently, which can weigh on financial performance.
Retained earnings remain negative (-$984 million in Q1 2025), reflecting accumulated losses or significant past expenses.

Overall, Cushman & Wakefield shows a mixed financial picture, with solid equity and liquidity positions but challenges in maintaining earnings and operating cash flow periodicity. Investors should watch for improvements in cash flow management and cost controls to support sustainable profitability going forward.

09/13/25 07:26 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Cushman & Wakefield's Financials

When does Cushman & Wakefield's financial year end?

According to the most recent income statement we have on file, Cushman & Wakefield's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Cushman & Wakefield's net income changed over the last 8 years?

Cushman & Wakefield's net income appears to be on a downward trend, with a most recent value of $131.30 million in 2024, falling from -$434.60 million in 2016. The previous period was -$35.40 million in 2023. Find out what analysts predict for Cushman & Wakefield in the coming months.

How has Cushman & Wakefield's revenue changed over the last 8 years?

Over the last 8 years, Cushman & Wakefield's total revenue changed from -$165.90 million in 2016 to $9.25 billion in 2024, a change of -5,678.1%.

How much debt does Cushman & Wakefield have?

Cushman & Wakefield's total liabilities were at $5.79 billion at the end of 2024, a 5.0% decrease from 2023, and a 9.4% increase since 2017.

How much cash does Cushman & Wakefield have?

In the past 7 years, Cushman & Wakefield's cash and equivalents has ranged from $405.60 million in 2017 to $1.07 billion in 2020, and is currently $793.30 million as of their latest financial filing in 2024.

How has Cushman & Wakefield's book value per share changed over the last 8 years?

Over the last 8 years, Cushman & Wakefield's book value per share changed from 0.00 in 2016 to 7.65 in 2024, a change of 764.7%.

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This page (NYSE:CWK) was last updated on 9/13/2025 by MarketBeat.com Staff

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Cushman & Wakefield (CWK) Financials

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Cushman & Wakefield (CWK) Financials

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