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.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.54B | - | $2.61B | $2.48B | $2.28B | - | $2.34B | $2.29B | $2.18B | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $336.70M | - | $320.60M | $318.30M | $305.80M | - | $314.20M | $294.20M | $296.00M | - |
| Total Operating Expenses | $2.48B | - | $2.50B | $2.36B | $2.24B | - | $2.27B | $2.22B | $2.17B | - |
| D&A | $25.30M | - | $25.80M | $26.20M | $26.70M | - | $28.90M | $31.20M | $32.50M | - |
| Operating Income | $58.70M | - | $107.50M | $122.80M | $45.30M | - | $75.20M | $70.40M | $18.80M | - |
| Interest Expense | $49.20M | - | $56.00M | $53.20M | $58.70M | - | $54.90M | $60.80M | $58.70M | - |
| Income Tax | $3.00M | - | ($6.30M) | $18.90M | $3.10M | - | $19.30M | $3.70M | $2.30M | - |
| Net Income | ($12.60M) | - | $51.40M | $57.30M | $1.90M | - | $33.70M | $13.50M | ($28.80M) | - |
| EPS - Basic | ($0.05) | - | $0.22 | $0.25 | $0.01 | - | $0.15 | $0.06 | ($0.13) | - |
| EPS - Diluted | ($0.05) | - | $0.22 | $0.25 | $0.01 | - | $0.14 | $0.06 | ($0.13) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $600.60M | $784.20M | $634.40M | $618.20M | $623.20M | $793.30M | $775.40M | $567.30M | $553.50M | $767.70M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $2.75B | $2.84B | $2.67B | $2.64B | $2.60B | $2.69B | $2.65B | $2.59B | $2.46B | $2.80B |
| Total Assets | $7.65B | $7.68B | $7.69B | $7.56B | $7.41B | $7.55B | $7.53B | $7.34B | $7.49B | $7.77B |
| Current Liabilities | $2.43B | $2.59B | $2.51B | $2.33B | $2.20B | $2.33B | $2.24B | $2.14B | $2.18B | $2.40B |
| Long-term Debt | $2.62B | $2.62B | $2.72B | $2.82B | $2.91B | $2.94B | $3.00B | $3.00B | $3.07B | $3.10B |
| Total Liabilities | $5.70B | $5.72B | $5.73B | $5.65B | $5.63B | $5.79B | $5.83B | $5.70B | $5.87B | $6.10B |
| Stockholders' Equity | $1.95B | $1.96B | $1.96B | $1.90B | $1.78B | $1.75B | $1.70B | $1.64B | $1.62B | $1.68B |
| Retained Earnings | ($910.30M) | ($897.70M) | ($875.30M) | ($926.70M) | ($984.00M) | ($985.90M) | ($1.10B) | ($1.13B) | ($1.15B) | ($1.12B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($243.50M) | - | - | - | ($162.00M) | - | - | - | ($125.10M) | - |
| Investing Cash Flow | $94.10M | - | - | - | $20.60M | - | - | - | ($10.80M) | - |
| Financing Cash Flow | ($28.10M) | - | - | - | ($41.30M) | - | - | - | ($72.90M) | - |
| CapEx | $12.20M | - | - | - | $4.60M | - | - | - | $10.50M | - |
| Free Cash Flow | ($255.70M) | - | - | - | ($166.60M) | - | - | - | ($135.60M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 2.3% | - | 4.1% | 4.9% | 2.0% | - | 3.2% | 3.1% | 0.9% | - |
| EBITDA margin | 3.3% | - | 5.1% | 6.0% | 3.2% | - | 4.4% | 4.4% | 2.3% | - |
| Net margin | -0.5% | - | 2.0% | 2.3% | 0.1% | - | 1.4% | 0.6% | -1.3% | - |
| Free cash flow margin | -10.1% | - | - | - | -7.3% | - | - | - | -6.2% | - |
| FCF / Net income | 20.29 | - | - | - | -87.68 | - | - | - | 4.71 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 13.3% | - | 12.3% | 12.8% | 13.4% | - | 13.4% | 12.9% | 13.5% | - |
| Effective tax rate | - | - | -14.0% | 24.8% | 62.0% | - | 36.4% | 21.5% | - | - |
| Return on assets | -0.2% | - | 0.7% | 0.8% | 0.0% | - | 0.4% | 0.2% | -0.4% | - |
| Return on equity | -0.6% | - | 2.6% | 3.0% | 0.1% | - | 2.0% | 0.8% | -1.8% | - |
| Return on invested capital | 1.0% | - | 2.3% | 2.0% | 0.5% | - | 1.0% | 1.2% | 0.3% | - |
| Liquidity | ||||||||||
| Current ratio | 1.13 | 1.10 | 1.07 | 1.13 | 1.18 | 1.15 | 1.18 | 1.21 | 1.13 | 1.17 |
| Quick ratio | 1.13 | 1.10 | 1.07 | 1.13 | 1.18 | 1.15 | 1.18 | 1.21 | 1.13 | 1.17 |
| Cash ratio | 0.25 | 0.30 | 0.25 | 0.27 | 0.28 | 0.34 | 0.35 | 0.27 | 0.25 | 0.32 |
| Leverage | ||||||||||
| Debt / Equity | 1.34 | 1.34 | 1.39 | 1.48 | 1.64 | 1.68 | 1.76 | 1.83 | 1.89 | 1.85 |
| Debt / Assets | 0.34 | 0.34 | 0.35 | 0.37 | 0.39 | 0.39 | 0.40 | 0.41 | 0.41 | 0.40 |
| Debt / EBITDA | 31.20 | - | 20.41 | 18.93 | 40.42 | - | 28.79 | 29.54 | 59.76 | - |
| Interest coverage | 1.2x | - | 1.9x | 2.3x | 0.8x | - | 1.4x | 1.2x | 0.3x | - |
| Equity multiplier | 3.92 | 3.93 | 3.93 | 3.97 | 4.17 | 4.30 | 4.43 | 4.48 | 4.61 | 4.63 |
| Liabilities / Assets | 0.74 | 0.75 | 0.75 | 0.75 | 0.76 | 0.77 | 0.77 | 0.78 | 0.78 | 0.78 |
| Efficiency | ||||||||||
| Asset turnover | 0.33 | - | 0.34 | 0.33 | 0.31 | - | 0.31 | 0.31 | 0.29 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | 72.4x | 44.3x | 1022.0x | - | 97.4x | 173.3x | - | - |
| P / B | 1.5x | - | 1.9x | 1.4x | 1.3x | - | 1.9x | 1.5x | 1.5x | - |
| P / S | 1.1x | - | 1.4x | 1.0x | 1.0x | - | 1.4x | 1.1x | 1.1x | - |
| EV / EBITDA | 58.0x | - | 43.8x | 32.0x | 64.7x | - | 51.9x | 47.7x | 95.4x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 11.0% | - | 11.2% | 8.6% | 4.6% | - | 2.5% | -4.9% | -2.9% | - |
| Revenue CAGR (3y) | 4.1% | - | 1.2% | -1.7% | -0.7% | - | 0.2% | 0.6% | 4.3% | - |
| Revenue CAGR (5y) | 5.7% | - | 6.2% | 7.3% | 3.8% | - | 2.0% | 1.5% | 2.8% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 29.6% | - | 43.0% | 74.4% | 141.0% | - | 30.6% | 25.0% | - | - |
| Net income growth (YoY) | - | - | 52.5% | 324.4% | - | - | - | 164.7% | 62.3% | - |
| EPS growth (YoY) | - | - | 57.1% | 316.7% | - | - | - | 200.0% | 61.8% | - |
| EPS CAGR (3y) | - | - | 26.0% | -16.5% | - | - | -22.4% | -36.1% | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | 22.9% | 14.9% | - | - |
| FCF growth (YoY) | -53.5% | - | - | - | -22.9% | - | - | - | 41.4% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 9.9% | 11.4% | 15.0% | 16.1% | 9.3% | 4.6% | 8.4% | 1.1% | 2.9% | 1.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$10.29B totalAmericas 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 totalService$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 totalUS$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%
Peer comparison
Same SIC group: Real Estate
Comparing Cushman & Wakefield plc against the 5 most active filers in the same SIC group.