Cushman & Wakefield (CWK) Financials

$13.74 -0.45 (-3.14%)

Closing price 05/11/2026 03:59 PM Eastern

Extended Trading

$13.76 +0.01 (+0.08%)

As of 05/11/2026 06:25 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-434	-221	-186	0.20	-221	250	196	-35	131	88
Consolidated Net Income / (Loss)	-435	-221	-186	0.20	-221	250	196	-35	131	88
Net Income / (Loss) Continuing Operations	-435	-221	-186	0.20	-221	250	196	-35	131	88
Total Pre-Tax Income	-459	-342	-211	43	-177	340	338	-30	176	114
Total Revenue	-166	6,742	7,993	8,603	7,688	-158	9,998	9,271	9,254	9,904
Net Interest Income / (Expense)	-172	-183	-229	-151	-164	-180	-193	-281	-230	-216
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	-193	0.00	0.00	0.00
Total Interest Expense	172	183	229	151	164	180	0.00	281	230	216
Long-Term Debt Interest Expense	172	183	229	151	164	180	-	281	230	216
Total Non-Interest Income	5.90	6,925	8,222	8,754	7,852	21	10,191	9,552	9,484	10,120
Net Realized & Unrealized Capital Gains on Investments	5.90	1.40	1.90	2.60	8.30	21	85	58	37	-168
Other Non-Interest Income	-	6,924	8,220	8,751	7,844	-	10,106	9,494	9,447	10,288
Total Non-Interest Expense	295	7,095	8,207	8,564	7,865	-497	9,660	9,288	9,108	9,836
Other Operating Expenses	6,218	6,796	7,916	8,259	7,576	8,675	9,415	9,104	8,944	9,725
Depreciation Expense	261	271	290	297	264	172	147	146	122	104
Impairment Charge	32	29	1.50	7.70	57	45	8.90	38	41	6.10
Nonoperating Income / (Expense), net	2.40	11	3.50	3.50	-	1.20	-	-13	29	46
Income Tax Expense	-24	-121	-25	43	44	90	142	5.40	45	26
Basic Earnings per Share	($3.07)	($1.54)	($1.09)	$0.00	($1.00)	$1.12	$0.87	($0.16)	$0.57	$0.38
Weighted Average Basic Shares Outstanding	141.40M	143.90M	171.20M	217.70M	220.80M	223M	225.40M	226.90M	228.90M	231.20M
Diluted Earnings per Share	($3.07)	($1.54)	($1.09)	$0.00	($1.00)	$1.10	$0.86	($0.16)	$0.56	$0.38
Weighted Average Diluted Shares Outstanding	141.40M	143.90M	171.20M	224.50M	220.80M	226.50M	228M	226.90M	232.80M	234.70M
Weighted Average Basic & Diluted Shares Outstanding	141.40M	143.90M	171.20M	217.70M	220.80M	224.55M	225.80M	227.33M	229.73M	231.82M

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-34	70	-29	14	34	113	1.90	57	51	-22	-13
Consolidated Net Income / (Loss)	-34	70	-29	14	34	113	1.90	57	51	-22	-13
Net Income / (Loss) Continuing Operations	-34	70	-29	14	34	113	1.90	57	51	-22	-13
Total Pre-Tax Income	-17	70	-27	17	53	132	5.00	76	45	-12	-9.60
Total Revenue	2,213	2,512	2,138	2,232	2,301	2,583	2,243	2,431	2,541	2,688	2,483
Net Interest Income / (Expense)	-90	-57	-59	-61	-55	-56	-52	-53	-56	-55	-49
Total Interest Income	0.00	-281	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	90	-224	59	61	55	56	52	53	56	55	49
Long-Term Debt Interest Expense	90	-	59	61	55	56	52	53	56	55	49
Total Non-Interest Income	2,303	2,569	2,197	2,292	2,356	2,639	2,296	2,484	2,597	2,743	2,532
Net Realized & Unrealized Capital Gains on Investments	17	17	12	4.30	12	9.30	11	0.20	-8.60	-171	-4.10
Other Non-Interest Income	2,286	2,552	2,185	2,288	2,344	2,630	2,285	2,484	2,606	2,914	2,536
Total Non-Interest Expense	2,228	2,444	2,166	2,218	2,269	2,481	2,239	2,361	2,498	2,737	2,477
Other Operating Expenses	2,183	2,391	2,129	2,169	2,226	2,421	2,206	2,335	2,473	2,712	2,452
Depreciation Expense	36	37	33	31	29	30	27	26	26	26	25
Impairment Charge	9.20	15	5.00	17	14	4.60	6.50	0.00	0.00	-0.40	0.00
Nonoperating Income / (Expense), net	-2.00	-	1.70	3.30	21	-	0.90	6.40	2.20	37	-15
Income Tax Expense	17	0.30	2.30	3.70	19	19	3.10	19	-6.30	10	3.00
Basic Earnings per Share	($0.15)	$0.31	($0.13)	$0.06	$0.15	$0.49	$0.01	$0.25	$0.22	($0.10)	($0.05)
Weighted Average Basic Shares Outstanding	227.20M	226.90M	227.90M	229M	229.30M	228.90M	230.40M	231.40M	231.50M	231.20M	232.80M
Diluted Earnings per Share	($0.15)	$0.31	($0.13)	$0.06	$0.14	$0.49	$0.01	$0.25	$0.22	($0.10)	($0.05)
Weighted Average Diluted Shares Outstanding	227.20M	226.90M	227.90M	231.50M	233.40M	232.80M	232.30M	232.40M	235.90M	234.70M	232.80M
Weighted Average Basic & Diluted Shares Outstanding	227.25M	227.33M	229.05M	229.25M	229.49M	229.73M	231.29M	231.53M	231.60M	231.82M	234.30M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-116	29	506	-95	276	-266	-151	80	36	-31
Net Cash From Operating Activities	-335	4.40	-2.20	269	-38	550	49	152	208	340
Net Cash From Continuing Operating Activities	-335	4.40	-2.20	269	-38	550	49	152	208	340
Net Income / (Loss) Continuing Operations	-435	-221	-186	0.20	-221	250	196	-35	131	88
Consolidated Net Income / (Loss)	-435	-221	-186	0.20	-221	250	196	-35	131	88
Provision For Loan Losses	12	3.90	24	26	48	38	32	11	21	22
Depreciation Expense	261	271	290	297	264	172	147	146	122	104
Amortization Expense	13	17	13	122	128	114	112	105	94	95
Non-Cash Adjustments to Reconcile Net Income	38	42	138	49	-25	68	87	101	6.40	187
Changes in Operating Assets and Liabilities, net	-224	-107	-280	-226	-233	-92	-524	-175	-167	-156
Net Cash From Investing Activities	-138	-143	-218	-275	-258	-750	-121	49	81	-21
Net Cash From Continuing Investing Activities	-138	-143	-218	-275	-258	-750	-121	49	81	-21
Purchase of Property, Leasehold Improvements and Equipment	-77	-129	-84	-80	-41	-54	-51	-51	-41	-47
Purchase of Investment Securities	-57	-100	-49	-280	-123	-696	-139	-0.10	-0.40	-5.20
Sale and/or Maturity of Investments	3.80	86	-85	86	-94	0.20	69	100	123	32
Net Cash From Financing Activities	357	168	726	-90	572	-66	-79	-121	-253	-351
Net Cash From Continuing Financing Activities	357	168	726	-90	572	-66	-79	-121	-253	-351
Issuance of Debt	640	319	2,937	0.00	650	0.00	0.00	2,400	0.00	0.00
Repayment of Debt	-320	-164	-3,168	-39	-43	-40	-44	-2,470	-200	-300
Other Financing Activities, Net	-2.90	-11	-62	-51	-35	-26	-35	-51	-53	-51

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	71	157	-209	22	197	26	-183	-16	20	148	-178
Net Cash From Operating Activities	188	202	-125	22	196	115	-162	9.60	236	257	-244
Net Cash From Continuing Operating Activities	188	202	-125	22	196	115	-162	9.60	236	257	-244
Net Income / (Loss) Continuing Operations	-34	70	-29	14	34	113	1.90	57	51	-22	-13
Consolidated Net Income / (Loss)	-34	70	-29	14	34	113	1.90	57	51	-22	-13
Provision For Loan Losses	3.00	5.80	2.40	5.30	3.00	10	2.80	-0.20	5.50	14	4.80
Depreciation Expense	36	37	33	31	29	30	27	26	26	26	25
Amortization Expense	25	28	24	26	24	21	24	24	23	24	24
Non-Cash Adjustments to Reconcile Net Income	23	26	-6.80	9.50	-12	16	3.90	8.60	22	153	55
Changes in Operating Assets and Liabilities, net	135	36	-148	-63	118	-74	-221	-106	108	64	-341
Net Cash From Investing Activities	-65	-31	-11	68	57	-33	21	11	-60	7.90	94
Net Cash From Continuing Investing Activities	-65	-31	-11	68	57	-33	21	11	-60	7.90	94
Purchase of Property, Leasehold Improvements and Equipment	-14	-16	-11	-12	-9.40	-9.30	-4.60	-9.30	-11	-23	-12
Purchase of Investment Securities	41	4.90	-0.30	100	0.40	-506	-12	-0.20	-388	388	-1.10
Sale and/or Maturity of Investments	-92	-20	0.00	-20	-55	481	37	20	339	-357	107
Net Cash From Financing Activities	-52	-14	-73	-68	-57	-56	-41	-36	-156	-117	-28
Net Cash From Continuing Financing Activities	-52	-14	-73	-68	-57	-56	-41	-36	-156	-117	-28
Repayment of Debt	-1,431	-2.20	-55	-38	-50	-79	-25	-25	-170	-80	0.00
Other Financing Activities, Net	-21	-12	-18	-30	-7.00	23	-16	-11	14	-37	-28

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	2025
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	12/31/2025
Total Assets	5,793	6,546	7,163	7,338	7,890	7,949	7,774	7,549	7,677
Cash and Due from Banks	406	895	813	1,075	771	645	768	793	784
Trading Account Securities	7.90	8.70	7.90	115	641	677	708	724	537
Loans and Leases, Net of Allowance	0.00	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	133
Goodwill	1,765	1,779	1,969	2,098	2,082	2,066	2,081	1,998	2,058
Intangible Assets	1,306	1,128	1,063	991	922	875	806	690	655
Other Assets	2,004	2,422	3,011	2,823	3,280	3,515	3,248	3,208	3,510
Total Liabilities & Shareholders' Equity	5,793	6,546	7,163	7,338	7,890	7,949	7,774	7,549	7,677
Total Liabilities	5,294	5,186	5,862	6,242	6,442	6,287	6,096	5,794	5,721
Short-Term Debt	60	40	39	40	42	50	150	103	125
Accrued Interest Payable	36	43	60	45	105	33	21	20	29
Other Short-Term Payables	1,870	1,956	2,224	1,981	2,287	2,308	2,227	2,207	2,438
Long-Term Debt	2,784	2,644	2,620	3,236	3,221	3,212	3,097	2,940	2,625
Other Long-Term Liabilities	544	503	919	941	787	685	602	524	504
Commitments & Contingencies	0.00	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	1,956
Total Preferred & Common Equity	499	1,360	1,301	1,095	1,448	1,661	1,677	1,755	1,955
Total Common Equity	499	1,360	1,301	1,095	1,448	1,661	1,677	1,755	1,955
Common Stock	1,735	2,813	2,819	2,866	2,919	2,934	2,980	3,009	3,062
Retained Earnings	-1,149	-1,298	-1,297	-1,528	-1,278	-1,082	-1,117	-986	-898
Accumulated Other Comprehensive Income / (Loss)	-87	-154	-243	-243	-193	-191	-185	-269	-209
Noncontrolling Interest	-	-	0.00	0.90	0.80	0.80	0.60	0.50	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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	7,622	7,622	7,640	7,582	7,491	7,343	7,534	7,408	7,555	7,691	7,648
Cash and Due from Banks	381	460	502	588	554	567	775	623	618	634	601
Trading Account Securities	659	686	682	694	714	711	724	735	732	720	529
Loans and Leases, Net of Allowance	0.00	0.00	0.00	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	124	122	134
Goodwill	2,021	2,067	2,073	2,052	2,064	2,024	2,049	2,021	2,060	2,055	2,059
Intangible Assets	885	858	841	823	791	712	703	682	675	664	645
Other Assets	3,519	3,382	3,376	3,265	3,213	3,181	3,141	3,220	3,347	3,496	3,680
Total Liabilities & Shareholders' Equity	7,622	7,622	7,640	7,582	7,491	7,343	7,534	7,408	7,555	7,691	7,648
Total Liabilities	6,044	6,042	6,018	6,011	5,866	5,704	5,831	5,631	5,651	5,733	5,695
Short-Term Debt	46	34	37	119	125	142	96	109	175	129	130
Accrued Interest Payable	27	6.90	55	7.00	20	28	31	31	64	75	87
Other Short-Term Payables	2,150	2,080	2,031	2,091	2,035	1,966	2,114	2,063	2,087	2,302	2,210
Long-Term Debt	3,212	3,228	3,226	3,125	3,066	3,002	2,997	2,911	2,820	2,720	2,621
Other Long-Term Liabilities	609	694	668	669	620	567	593	517	505	507	648
Commitments & Contingencies	0.00	0.00	0.00	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	1,904	1,958	1,953
Total Preferred & Common Equity	1,577	1,579	1,621	1,571	1,625	1,639	1,702	1,776	1,904	1,958	1,952
Total Common Equity	1,577	1,579	1,621	1,571	1,625	1,639	1,702	1,776	1,904	1,958	1,952
Common Stock	2,924	2,939	2,953	2,967	2,978	2,982	2,994	3,015	3,029	3,044	3,057
Retained Earnings	-1,112	-1,158	-1,153	-1,187	-1,146	-1,133	-1,099	-984	-927	-875	-910
Accumulated Other Comprehensive Income / (Loss)	-235	-202	-178	-209	-207	-211	-192	-255	-199	-211	-194
Noncontrolling Interest	0.70	0.50	0.60	0.50	0.60	0.60	0.60	0.50	0.60	0.50	0.40

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
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	$0.38
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	216.60M	219.89M	222.18M	223M	225.40M	226.90M	228.90M	231.20M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.09)	$0.00	($1.00)	$1.10	$0.86	($0.16)	$0.56	$0.38
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	216.60M	224.50M	220.80M	226.50M	228M	226.90M	232.80M	234.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($1.09)	$0.00	($1.00)	$0.00	$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	231.82M
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	231,821,697.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	231,821,697.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.05
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7,379.93%	-67.59%	-2.13%	-5.48%	3.99%	2.83%	4.94%	8.94%	10.42%	-	10.66%
EBITDA Growth	-67.33%	102.44%	215.23%	9.14%	131.37%	15.14%	96.04%	69.31%	7.36%	-	0.73%
EBIT Growth	-118.73%	9,828.57%	70.29%	168.75%	446.41%	50.81%	114.54%	402.16%	32.41%	-	31.71%
NOPAT Growth	-127.48%	134.23%	70.29%	164.71%	414.66%	61.75%	107.89%	381.10%	137.33%	-	142.62%
Net Income Growth	-241.84%	134.23%	62.30%	164.71%	199.41%	61.75%	106.60%	324.44%	52.52%	-	-763.16%
EPS Growth	-236.36%	158.33%	61.76%	200.00%	193.33%	58.06%	107.69%	316.67%	57.14%	-	-600.00%
Operating Cash Flow Growth	263.83%	-16.95%	43.52%	229.76%	4.25%	-43.08%	-29.50%	-55.96%	20.09%	-	-50.31%
Free Cash Flow Firm Growth	103.27%	137.74%	105.99%	413.55%	445.92%	247.82%	325.54%	-156.50%	-4.54%	-	338.02%
Invested Capital Growth	-0.42%	0.02%	-0.51%	-2.09%	-0.40%	-2.57%	-0.42%	2.43%	0.23%	-	-1.93%
Revenue Q/Q Growth	-6.26%	13.52%	-55.45%	4.38%	3.13%	12.25%	-13.16%	8.36%	4.54%	-	-7.65%
EBITDA Q/Q Growth	-32.30%	189.32%	-77.79%	150.85%	43.51%	43.97%	-64.36%	119.63%	-23.22%	-	9,050.00%
EBIT Q/Q Growth	-339.06%	545.10%	-138.91%	164.91%	208.14%	93.77%	-96.01%	1,602.44%	-38.54%	-	111.07%
NOPAT Q/Q Growth	-310.00%	751.73%	-126.58%	172.78%	149.63%	235.01%	-98.62%	3,268.90%	-6.85%	-	111.07%
Net Income Q/Q Growth	-764.71%	305.90%	-141.26%	146.88%	149.63%	235.01%	-98.32%	2,915.79%	-10.30%	-	43.75%
EPS Q/Q Growth	-850.00%	306.67%	-141.94%	146.15%	133.33%	250.00%	-97.96%	2,400.00%	-12.00%	-	50.00%
Operating Cash Flow Q/Q Growth	1,219.64%	7.60%	-161.81%	117.43%	799.54%	-41.25%	-240.63%	105.93%	2,353.13%	-	-194.64%
Free Cash Flow Firm Q/Q Growth	126.26%	610.01%	-90.77%	1,722.05%	-54.28%	352.36%	-90.82%	-391.07%	159.44%	-	64.58%
Invested Capital Q/Q Growth	-1.42%	2.26%	-2.20%	-0.69%	0.28%	0.04%	-0.05%	2.16%	-1.88%	-	-0.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	2.07%	5.29%	1.38%	3.32%	4.61%	5.92%	2.43%	4.92%	3.62%	-	2.21%
EBIT Margin	-0.69%	2.71%	-1.24%	0.77%	2.30%	3.98%	0.18%	2.87%	1.69%	-	0.22%
Profit (Net Income) Margin	-1.53%	2.78%	-1.35%	0.61%	1.46%	4.37%	0.08%	2.36%	2.02%	-	-0.51%
Tax Burden Percent	195.95%	99.57%	108.68%	78.49%	63.58%	85.47%	38.00%	75.20%	113.97%	-	131.25%
Interest Burden Percent	113.07%	102.94%	100.00%	100.00%	100.00%	128.63%	121.95%	109.17%	105.13%	-	-177.78%
Effective Tax Rate	0.00%	0.43%	0.00%	21.51%	36.42%	14.53%	62.00%	24.80%	-13.97%	-	0.00%
Return on Invested Capital (ROIC)	-1.46%	5.23%	-1.66%	1.14%	2.80%	8.32%	0.14%	4.26%	3.93%	-	0.33%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.17%	5.23%	-1.98%	1.14%	2.80%	8.32%	0.15%	4.42%	4.01%	-	-0.24%
Return on Net Nonoperating Assets (RNNOA)	-4.48%	10.19%	-3.98%	2.24%	5.42%	15.24%	0.27%	7.66%	6.51%	-	-0.38%
Return on Equity (ROE)	-5.93%	15.42%	-5.63%	3.37%	8.21%	23.56%	0.40%	11.92%	10.44%	-	-0.05%
Cash Return on Invested Capital (CROIC)	0.26%	-0.45%	0.77%	2.54%	2.23%	4.85%	3.33%	1.34%	4.19%	-	3.03%
Operating Return on Assets (OROA)	-1.32%	3.20%	-1.51%	0.94%	2.80%	4.80%	0.23%	3.68%	2.17%	-	0.29%
Return on Assets (ROA)	-2.92%	3.28%	-1.64%	0.73%	1.78%	5.28%	0.11%	3.02%	2.60%	-	-0.68%
Return on Common Equity (ROCE)	-5.93%	15.42%	-5.63%	3.37%	8.21%	23.55%	0.40%	11.92%	10.43%	-	-0.05%
Return on Equity Simple (ROE_SIMPLE)	-4.80%	0.00%	0.75%	1.26%	5.18%	0.00%	9.12%	10.81%	11.42%	-	3.78%
Net Operating Profit after Tax (NOPAT)	-11	70	-19	14	34	113	1.56	52	49	-	3.78
NOPAT Margin	-0.48%	2.78%	-0.87%	0.61%	1.46%	4.37%	0.07%	2.16%	1.92%	-	0.15%
Net Nonoperating Expense Percent (NNEP)	0.71%	0.00%	0.32%	0.00%	0.00%	0.00%	-0.01%	-0.16%	-0.08%	-	0.57%
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%
Operating Expenses to Revenue	100.69%	97.29%	101.24%	99.23%	97.70%	96.02%	99.82%	97.13%	98.31%	-	99.78%
Earnings before Interest and Taxes (EBIT)	-15	68	-27	17	53	103	4.10	70	43	-	5.40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	46	133	30	74	106	153	55	120	92	-	55
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.10	1.46	1.46	1.45	1.84	1.71	1.32	1.35	1.88	-	1.46
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
Price to Revenue (P/Rev)	0.12	0.26	0.26	0.26	0.34	0.32	0.25	0.27	0.38	-	0.28
Price to Earnings (P/E)	0.00	0.00	194.84	115.64	35.43	22.86	14.49	12.44	16.49	-	38.56
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	0.00%	0.00%	0.51%	0.86%	2.82%	4.37%	6.90%	8.04%	6.06%	-	2.59%
Enterprise Value to Invested Capital (EV/IC)	0.91	1.00	1.04	1.04	1.13	1.09	0.99	1.01	1.23	-	1.06
Enterprise Value to Revenue (EV/Rev)	0.30	0.53	0.54	0.55	0.59	0.57	0.51	0.52	0.60	-	0.49
Enterprise Value to EBITDA (EV/EBITDA)	18.08	22.34	18.17	17.57	15.89	14.48	12.19	11.27	13.27	-	18.69
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	153.37	114.00	48.69	35.87	26.55	21.05	24.08	-	72.05
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	411.07	240.72	61.72	48.03	33.97	27.24	27.84	-	97.36
Enterprise Value to Operating Cash Flow (EV/OCF)	22.67	32.42	20.17	17.27	18.44	25.25	27.73	31.08	29.76	-	19.28
Enterprise Value to Free Cash Flow (EV/FCFF)	351.26	0.00	135.18	40.38	50.68	22.28	29.64	76.08	29.35	-	34.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.06	1.93	1.96	1.92	1.82	1.73	1.70	1.57	1.46	-	1.41
Long-Term Debt to Equity	1.99	1.85	1.89	1.83	1.76	1.67	1.64	1.48	1.39	-	1.34
Financial Leverage	2.06	1.95	2.01	1.96	1.94	1.83	1.83	1.73	1.62	-	1.55
Leverage Ratio	4.83	4.71	4.72	4.59	4.62	4.46	4.38	4.20	4.16	-	4.04
Compound Leverage Factor	5.46	4.85	4.72	4.59	4.62	5.74	5.34	4.59	4.37	-	-7.18
Debt to Total Capital	67.37%	65.93%	66.25%	65.72%	64.49%	63.42%	62.95%	61.14%	59.27%	-	58.48%
Short-Term Debt to Total Capital	2.47%	3.04%	2.60%	2.96%	2.01%	2.15%	2.26%	3.57%	2.69%	-	2.76%
Long-Term Debt to Total Capital	64.90%	62.89%	63.66%	62.76%	62.48%	61.26%	60.69%	57.57%	56.58%	-	55.72%
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%
Noncontrolling Interests to Total Capital	0.01%	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%	34.06%	33.74%	34.27%	35.49%	36.57%	37.04%	38.85%	40.72%	-	41.51%
Debt to EBITDA	13.37	14.70	11.56	11.14	9.03	8.39	7.75	6.83	6.41	-	10.30
Net Debt to EBITDA	10.94	11.22	9.56	9.13	6.77	6.20	6.15	5.42	4.98	-	8.05
Long-Term Debt to EBITDA	12.88	14.02	11.11	10.64	8.75	8.11	7.48	6.43	6.12	-	9.81
Debt to NOPAT	-410.13	-154.60	261.55	152.59	35.07	27.83	21.62	16.52	13.44	-	53.64
Net Debt to NOPAT	-335.76	-118.04	216.18	125.05	26.28	20.57	17.16	13.11	10.45	-	41.93
Long-Term Debt to NOPAT	-395.09	-147.47	251.30	145.71	33.98	26.88	20.84	15.56	12.83	-	51.11
Noncontrolling Interest Sharing Ratio	0.04%	0.04%	0.03%	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	-	0.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	9.69	69	6.35	116	53	239	22	-64	38	-	96
Operating Cash Flow to CapEx	1,324.65%	1,249.38%	-1,191.43%	184.75%	2,086.17%	1,238.71%	-3,521.74%	103.23%	2,242.86%	-	-1,995.90%
Free Cash Flow to Firm to Interest Expense	0.11	0.00	0.11	1.90	0.96	4.31	0.42	-1.20	0.68	-	1.95
Operating Cash Flow to Interest Expense	2.10	0.00	-2.13	0.36	3.57	2.08	-3.10	0.18	4.21	-	-4.95
Operating Cash Flow Less CapEx to Interest Expense	1.94	0.00	-2.31	0.16	3.40	1.91	-3.19	0.01	4.02	-	-5.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.91	1.18	1.22	1.21	1.22	1.21	1.26	1.28	1.29	-	1.35
Fixed Asset Turnover	91.72	55.12	56.80	57.89	60.83	61.73	66.59	70.29	74.49	-	77.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,816	4,925	4,816	4,783	4,796	4,798	4,796	4,899	4,807	-	4,704
Invested Capital Turnover	3.01	1.88	1.91	1.88	1.91	1.90	1.95	1.97	2.04	-	2.14
Increase / (Decrease) in Invested Capital	-20	1.00	-25	-102	-19	-126	-20	116	11	-	-92
Enterprise Value (EV)	4,387	4,934	5,015	4,959	5,443	5,252	4,744	4,938	5,901	-	4,993
Market Capitalization	1,731	2,454	2,377	2,382	3,125	3,002	2,348	2,560	3,686	-	2,842
Book Value per Share	$6.92	$7.38	$7.13	$7.16	$7.43	$7.65	$7.73	$8.23	$8.45	-	$8.42
Tangible Book Value per Share	($5.74)	($5.32)	($5.40)	($4.79)	($4.58)	($4.07)	($4.03)	($3.59)	($3.29)	-	($3.24)
Total Capital	4,816	4,925	4,816	4,783	4,796	4,798	4,796	4,899	4,807	-	4,704
Total Debt	3,244	3,247	3,191	3,143	3,093	3,043	3,019	2,995	2,849	-	2,751
Total Long-Term Debt	3,125	3,097	3,066	3,002	2,997	2,940	2,911	2,820	2,720	-	2,621
Net Debt	2,656	2,479	2,637	2,576	2,318	2,250	2,396	2,377	2,215	-	2,150
Capital Expenditures (CapEx)	14	16	11	12	9.40	9.30	4.60	9.30	11	-	12
Net Nonoperating Expense (NNE)	23	0.00	10	0.00	0.00	0.00	-0.34	-4.81	-2.51	-	16
Net Nonoperating Obligations (NNO)	3,244	3,247	3,191	3,143	3,093	3,043	3,019	2,995	2,849	-	2,751
Total Depreciation and Amortization (D&A)	61	65	56	57	53	50	50	50	49	-	50
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.15)	$0.31	($0.13)	$0.06	$0.15	$0.49	$0.01	$0.25	$0.22	($0.10)	($0.05)
Adjusted Weighted Average Basic Shares Outstanding	227.20M	226.90M	227.90M	229M	229.30M	228.90M	230.40M	231.40M	231.50M	231.20M	232.80M
Adjusted Diluted Earnings per Share	($0.15)	$0.31	($0.13)	$0.06	$0.14	$0.49	$0.01	$0.25	$0.22	($0.10)	($0.05)
Adjusted Weighted Average Diluted Shares Outstanding	227.20M	226.90M	227.90M	231.50M	233.40M	232.80M	232.30M	232.40M	235.90M	234.70M	232.80M
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	227.25M	227.33M	229.05M	229.25M	229.49M	229.73M	231.29M	231.53M	231.60M	231.82M	234.30M
Normalized Net Operating Profit after Tax (NOPAT)	-4.27	84	-16	25	30	117	7.42	52	30	-	3.78
Normalized NOPAT Margin	-0.19%	3.36%	-0.76%	1.10%	1.28%	4.52%	0.33%	2.16%	1.18%	-	0.15%
Pre Tax Income Margin	-0.78%	2.79%	-1.24%	0.77%	2.30%	5.11%	0.22%	3.13%	1.77%	-	-0.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.17	0.00	-0.45	0.28	0.97	1.85	0.08	1.31	0.77	-	0.11
NOPAT to Interest Expense	-0.12	0.00	-0.32	0.22	0.61	2.03	0.03	0.99	0.87	-	0.08
EBIT Less CapEx to Interest Expense	-0.33	0.00	-0.63	0.09	0.79	1.68	-0.01	1.14	0.58	-	-0.14
NOPAT Less CapEx to Interest Expense	-0.28	0.00	-0.49	0.03	0.44	1.87	-0.06	0.81	0.69	-	-0.17
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%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways for Cushman & Wakefield (CWK) from the last four years of quarterly results, focusing on cash flow, earnings, and balance-sheet trends. Bullets are grouped by potential impact and ordered as positive, neutral, then negative.

Q4 2025 cash flow strength: Net cash from continuing operating activities was $257,300,000 and the net change in cash was $147,800,000, signaling solid quarterly operating cash generation despite a net loss.
Multiple quarters in 2025 show positive earnings: Q2 2025 net income of $57,300,000 (EPS $0.25) and Q3 2025 net income of $51,400,000 (EPS $0.22), indicating improving profitability in mid-2025.
Top-line scale remains overall solid: Total revenue around $2.54B–$2.69B in 2025, with Q4 2025 at $2.689B and Q3 2025 at $2.541B, suggesting a resilient quarterly run-rate.
Q4 2025 Other Non-Interest Income spikes: Other Non-Interest Income reached $2,713,800,000, which likely includes non-core or non-recurring items that may not repeat in subsequent quarters.
Large goodwill and intangible assets on the balance sheet: Goodwill about $2.055B and intangible assets around $664–703M in 2025, indicating a substantial non-cash asset base that could be subject to impairment risk if market conditions worsen.
Elevated long-term debt levels: Long-term debt in 2025 sits around $2.7B–$3.0B, suggesting ongoing leverage that investors may want monitored against cash flow generation.
Earnings quality shows quarterly volatility: Profitability swings across quarters (positive in some, negative in others), which can complicate near-term earnings visibility.
Q4 2025 net income attributable to common shareholders is negative: -$22,400,000 with a basic EPS of -$0.10, signaling a disappointing quarter on a bottom-line basis.
Q4 2025 pre-tax earnings declined: Total Pre-Tax Income was -$12,100,000, indicating that expenses and other factors outweighed operating earnings in that quarter.
Financing activities remained a drag in Q4 2025: Net cash from financing activities was -$117,400,000, pointing to ongoing financing/outflow pressures in that quarter.

05/12/26 01:55 AM ETAI Generated. May Contain Errors.

Cushman & Wakefield Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cushman & Wakefield's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Cushman & Wakefield's net income appears to be on a downward trend, with a most recent value of $88.20 million in 2025, falling from -$434.60 million in 2016. The previous period was $131.30 million in 2024. See where experts think Cushman & Wakefield is headed by visiting Cushman & Wakefield's forecast page.

Over the last 9 years, Cushman & Wakefield's total revenue changed from -$165.90 million in 2016 to $9.90 billion in 2025, a change of -6,069.7%.

Cushman & Wakefield's total liabilities were at $5.72 billion at the end of 2025, a 1.3% decrease from 2024, and a 8.1% increase since 2017.

In the past 8 years, Cushman & Wakefield's cash and equivalents has ranged from $405.60 million in 2017 to $1.07 billion in 2020, and is currently $784.20 million as of their latest financial filing in 2025.

Related Companies

Financial statements for NYSE:CWK last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cushman & Wakefield (CWK) Financials

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Cushman & Wakefield (CWK) Financials

Annual Income Statements for Cushman & Wakefield

Quarterly Income Statements for Cushman & Wakefield

Annual Cash Flow Statements for Cushman & Wakefield

Quarterly Cash Flow Statements for Cushman & Wakefield

Annual Balance Sheets for Cushman & Wakefield

Quarterly Balance Sheets for Cushman & Wakefield

Annual Metrics And Ratios for Cushman & Wakefield

Quarterly Metrics And Ratios for Cushman & Wakefield

Financials Breakdown Chart

Key Financial Trends

Cushman & Wakefield Financials - Frequently Asked Questions

When does Cushman & Wakefield's financial year end?

How has Cushman & Wakefield's net income changed over the last 9 years?

How has Cushman & Wakefield's revenue changed over the last 9 years?

How much debt does Cushman & Wakefield have?

How much cash does Cushman & Wakefield have?

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