CWK · Cushman & Wakefield PLC - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · CWK

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$10.29B	$9.45B	$9.49B	$10.11B	$9.39B	$7.84B
Cost of Revenue	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
R&D	-	-	-	-	-	-
SG&A	$1.32B	$1.22B	$1.26B	$1.26B	$1.23B	$1.12B
Total Operating Expenses	$9.84B	$9.11B	$9.29B	$9.57B	$8.89B	$7.90B
D&A	$104.20M	$122.20M	$145.60M	$146.90M	$172.10M	$263.60M
Operating Income	$452.50M	$338.90M	$205.60M	$535.10M	$497.00M	($53.10M)
Interest Expense	$216.20M	$229.90M	$281.10M	$193.10M	$179.50M	$163.80M
Income Tax	$26.00M	$44.50M	$5.40M	$141.60M	$89.90M	$43.90M
Net Income	$88.20M	$131.30M	($35.40M)	$196.40M	$250.00M	($220.50M)
EPS - Basic	$0.38	$0.57	($0.16)	$0.87	$1.12	($1.00)
EPS - Diluted	$0.38	$0.56	($0.16)	$0.86	$1.10	($1.00)

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$784.20M	$793.30M	$767.70M	$644.50M	$770.70M	$1.07B
Accounts Receivable	-	-	-	-	-	-
Inventory	-	-	-	-	-	-
Accounts Payable	-	-	-	-	-	-
Current Assets	$2.84B	$2.69B	$2.80B	$2.77B	$2.83B	$2.89B
Total Assets	$7.68B	$7.55B	$7.77B	$7.95B	$7.89B	$7.34B
Current Liabilities	$2.59B	$2.33B	$2.40B	$2.39B	$2.43B	$2.07B
Long-term Debt	$2.62B	$2.94B	$3.10B	$3.21B	$3.22B	$3.24B
Total Liabilities	$5.72B	$5.79B	$6.10B	$6.29B	$6.44B	$6.24B
Stockholders' Equity	$1.96B	$1.75B	$1.68B	$1.66B	$1.45B	$1.09B
Retained Earnings	($897.70M)	($985.90M)	($1.12B)	($1.08B)	($1.28B)	($1.53B)

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$340.40M	$208.00M	$152.20M	$49.10M	$549.50M	($38.20M)
Investing Cash Flow	($21.10M)	$81.20M	$48.90M	($120.70M)	($749.50M)	($257.80M)
Financing Cash Flow	($350.50M)	($253.40M)	($120.80M)	($79.30M)	($65.80M)	$571.90M
CapEx	$47.40M	$41.00M	$51.00M	$50.70M	$53.80M	$41.00M
Free Cash Flow	$293.00M	$167.00M	$101.20M	($1.60M)	$495.70M	($79.20M)

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	-	-	-	-
Operating margin	4.4%	3.6%	2.2%	5.3%	5.3%	-0.7%
EBITDA margin	5.4%	4.9%	3.7%	6.7%	7.1%	2.7%
Net margin	0.9%	1.4%	-0.4%	1.9%	2.7%	-2.8%
Free cash flow margin	2.8%	1.8%	1.1%	-0.0%	5.3%	-1.0%
FCF / Net income	3.32	1.27	-2.86	-0.01	1.98	0.36
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	12.8%	13.0%	13.3%	12.5%	13.1%	14.3%
Effective tax rate	22.8%	25.3%	-	41.9%	26.4%	-
Return on assets	1.1%	1.7%	-0.5%	2.5%	3.2%	-3.0%
Return on equity	4.5%	7.5%	-2.1%	11.8%	17.3%	-20.1%
Return on invested capital	7.6%	5.4%	3.4%	6.4%	7.8%	-1.0%
Liquidity
Current ratio	1.10	1.15	1.17	1.16	1.16	1.40
Quick ratio	1.10	1.15	1.17	1.16	1.16	1.40
Cash ratio	0.30	0.34	0.32	0.27	0.32	0.52
Leverage
Debt / Equity	1.34	1.68	1.85	1.93	2.22	2.96
Debt / Assets	0.34	0.39	0.40	0.40	0.41	0.44
Debt / EBITDA	4.72	6.38	8.82	4.71	4.81	15.37
Interest coverage	2.1x	1.5x	0.7x	2.8x	2.8x	-0.3x
Equity multiplier	3.93	4.30	4.63	4.78	5.45	6.70
Liabilities / Assets	0.75	0.77	0.78	0.79	0.82	0.85
Efficiency
Asset turnover	1.34	1.25	1.22	1.27	1.19	1.07
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	-	-	-	-	-	-
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	42.6x	23.4x	-	14.5x	20.2x	-
P / B	1.9x	1.7x	1.5x	1.7x	3.5x	3.0x
P / S	0.4x	0.3x	0.3x	0.3x	0.5x	0.4x
EV / EBITDA	10.1x	11.3x	13.6x	7.9x	11.2x	25.8x
Growth
Revenue growth (YoY)	8.9%	-0.5%	-6.1%	7.6%	19.7%	13.3%
Revenue CAGR (3y)	0.6%	0.2%	6.6%	13.4%	-	-
Revenue CAGR (5y)	5.6%	6.4%	-	-	-	-
Gross profit growth (YoY)	-	-	-	-	-	-
Operating income growth (YoY)	33.5%	64.8%	-61.6%	7.7%	-	-
Net income growth (YoY)	-32.8%	-	-	-21.4%	-	-
EPS growth (YoY)	-32.1%	-	-	-21.8%	-	35.1%
EPS CAGR (3y)	-23.8%	-20.2%	-	-	-	-
EPS CAGR (5y)	-	-	-	-	-	-
FCF growth (YoY)	75.4%	65.0%	-	-	-	-
FCF CAGR (5y)	-	-2.4%	-	-	-	-
Book value growth (YoY)	11.4%	4.6%	1.0%	14.7%	32.3%	-15.9%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$10.29B total

Americas Segment$7.51B · 73.0%

Asia Pacific Segment$1.71B · 16.6%

Europe The Middle East And Africa Segment$1.07B · 10.4%

Product / service

$7.51B total

Service$4.96B · 66.1%

Leasing Service$1.70B · 22.6%

Capital Markets Service$668.00M · 8.9%

Valuation And Other Service$183.30M · 2.4%

Geographic

$10.29B total

US$7.08B · 68.8%

All Countries Excluding United States Australia Singapore$2.29B · 22.2%

AU$501.80M · 4.9%

SG$420.70M · 4.1%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

1.59

Grey zone

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

6/9

Neutral

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✗Current ratio improved
✓No share dilution
-Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Real Estate

Company	Revenue (last FY)	Net margin	ROE
CBRE	$40.55B	2.9%	13.0%
FOR	$1.66B	10.1%	9.5%
TRC	$49.59M	0.2%	0.0%
HPP	$831.11M	-71.3%	-19.9%
FRPH	$42.85M	7.8%	0.8%

Comparing Cushman & Wakefield plc against the 5 most active filers in the same SIC group.