Cushman & Wakefield Limited (CWK) SEC Filings & Earnings Calls
EquiReason read 18 Cushman & Wakefield Limited SEC filings in the last 12 months. Latest: 8-K on 2026-10-21 — Cushman & Wakefield redeemed $150M of 6.75% Senior Secured Notes due 2028, fully retiring them, bringing total debt repayments since 2024 to >$800M, with no maturities until 2030. .
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 2.8B
- P/E TTM
- 39.4
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 28 Oct, in 4 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
15 Sep 20268-K · 5.02Laurida Sayed, Chief Accounting Officer, resigns effective Sep 25, 2026; Neil Johnston assumes principal accounting officer role in addition to CFO duties.open
Risks flagged
Key accounting leadership departure; CFO takes on additional responsibilities.
“Resignation of principal accounting officer; no additional compensation for CFO.”
5 Aug 202610-QCushman & Wakefield reported Q2 2026 revenue up 11.2% YoY and Adjusted EBITDA up 13.5%, driven by leasing and services growth, though net income declined 8%.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $2.76B | +11% y/y |
| Net Income · Q2-2026 | $53M | -8% y/y |
| Adjusted EBITDA · Q2-2026 | $184M | +14% y/y |
| Operating Cash Flow · H1-2026 | $-190M | |
| Liquidity · 2026-06-30 | $501M |
Risks flagged
EMEA segment weakness
“EMEA Adjusted EBITDA declined 18.1% YoY”
Negative operating cash flow
“Net cash used in operating activities $(189.5) million for H1 2026”
5 Aug 20268-K · 2.02, 7.01, 8.01Adjusted EBITDA $184M (+14% y/y); Adjusted diluted EPS $0.35 (+17% y/y); Net income $53M (-8% y/y); Guidance: Adjusted EPS growth raised to 18-23% from 15-20%earningsopen
Figures in the filing · each found in the filing text
| Adjusted EBITDA · Q2-2026 | $184M | +14% y/y |
| Adjusted diluted EPS · Q2-2026 | $0.35 | +17% y/y |
| Net income · Q2-2026 | $53M | -8% y/y |
Guidance
Adjusted EPS growth raised to 18-23% from 15-20%
Strong leasing and services growth; raised guidance; debt refinancing improves financial flexibility.
Risks flagged
Capital markets revenue decline; net income decline due to higher interest expense.
“Capital markets revenue decreased 1%; net income down 8% due to higher interest expense.”
4 Jun 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
No material risk signals; routine debt management.
15 May 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
No material risk signals.
14 May 20268-K · 5.02, 5.07Reported the departure of a director or principal officer (CEO/CFO change); submitted matters to a vote of security holdersopen
Risks flagged
No material risk signals.
7 May 20268-K · 2.02, 7.01Adjusted EBITDA $111M (+16% y/y); Adjusted diluted earnings per share $0.15 (+67% y/y)earningsopen
Figures in the filing · each found in the filing text
| Adjusted EBITDA · Q1-2026 | $111M | +16% y/y |
| Adjusted diluted earnings per share · Q1-2026 | $0.15 | +67% y/y |
Risks flagged
Net loss of $12.6M due to non-cash settlement loss and servicing liability.
“Non-cash settlement loss of $16.6M related to pension buy-out and $11.8M servicing liability.”
7 May 202610-QRevenue $2.54B (+11% y/y); Net (loss) income $-13M; Adjusted EBITDA $111M (+16% y/y)open
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $2.54B | +11% y/y |
| Net (loss) income · Q1-2026 | $-13M | |
| Adjusted EBITDA · Q1-2026 | $111M | +16% y/y |
| Americas Revenue · Americas · Q1-2026 | $1.83B | +8% y/y |
| EMEA Revenue · EMEA · Q1-2026 | $270M | +32% y/y |
| APAC Revenue · APAC · Q1-2026 | $437M | +12% y/y |
| Americas Adjusted EBITDA · Americas · Q1-2026 | $96M | +24% y/y |
| EMEA Adjusted EBITDA · EMEA · Q1-2026 | $9M | +138% y/y |
| APAC Adjusted EBITDA · APAC · Q1-2026 | $6M | -58% y/y |
| Net cash used in operating activities · Q1-2026 | $-244M |
Risks flagged
Greystone JV Losses
“Greystone JV loss of $4.9M (2026) vs earnings of $6.3M (2025)”
Pension Settlement Loss
“Pension buy-out settlement loss of $16.6M recognized in Q1 2026”
Operating Cash Flow Deterioration
“Net cash used in operating activities worsened to ($243.5M) from ($162.0M) YoY”
4 May 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
No material risk signals.
8 Apr 20268-K · 7.01Issued a Regulation FD disclosure (forward guidance or material update); filed financial statements and exhibits with this reportopen
Risks flagged
Changes in financial reporting may reduce comparability with prior periods; no impact on total revenue, net income, EPS, or cash flows
“The reporting changes have no impact on the Company's total revenue, consolidated net income (loss), earnings (loss) per share or cash flows for any of the previously reported periods” · word for word
3 Apr 2026DEF 14AProxy statement filed for 2026 annual general meeting, disclosing executive compensation, governance changes, and shareholder proposals.open
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $10.30B | +9% y/y |
| Net cash from operating activities · FY2025 | $340M | +64% y/y |
| Free cash flow · FY2025 | $293M | +75% y/y |
| Diluted earnings per share · FY2025 | $0.38 | -32% y/y |
| Adjusted diluted earnings per share · FY2025 | $1.22 | +34% y/y |
| Liquidity · 2025-12-31 | $1.80B | |
| Net income · FY2025 | $88M | -33% y/y |
| Compensation EBITDA · FY2025 | $604M | |
| Adjusted net income · FY2025 | $285M | +34% y/y |
Risks flagged
Impairment of investments
“Impairment of investments 183.5 million”
Non-operating items related to Greystone JV
“Non-operating items related to the Greystone JV 37.4 million” · word for word
19 Feb 202610-KTotal service line fee revenue $7.06B (+7% y/y); Adjusted EBITDA $656M (+13% y/y); Adjusted EBITDA margin 9.3open
Figures in the filing · each found in the filing text
| Total service line fee revenue · FY2025 | $7.06B | +7% y/y |
| Adjusted EBITDA · FY2025 | $656M | +13% y/y |
| Adjusted EBITDA margin · FY2025 | 9.3% | |
| Net income · FY2025 | $88M | -33% y/y |
| Total revenue · FY2025 | $10.29B | +9% y/y |
| Americas Adjusted EBITDA · Americas · FY2025 | $481M | +10% y/y |
| EMEA Adjusted EBITDA · EMEA · FY2025 | $100M | +34% y/y |
| APAC Adjusted EBITDA · APAC · FY2025 | $75M | +6% y/y |
| Capital markets revenue · FY2025 | $858M | +19% y/y |
| Leasing revenue · FY2025 | $2.10B | +8% y/y |
Risks flagged
High leverage and debt covenant risk
“As of December 31, 2025, our total indebtedness, including finance lease liabilities, was approximately $2.7 billion.” · word for word
Greystone JV impairment and credit losses
“The Greystone JV recorded a non-cash provision for loan losses of $62.3 million, of which the Company recorded $24.9 million based on its 40% equity interest.” · word for word
Interest rate exposure on variable debt
“Any future increases in interest rates could significantly increase the amount of interest expense we incur on our indebtedness.” · word for word
19 Feb 20268-K · 2.02, 7.01Total revenue $10.29B (+9% y/y); Adjusted EBITDA $656M (+13% y/y); Free cash flow $293M (+75% y/y)earningsopen
Figures in the filing · each found in the filing text
| Total revenue · FY2025 | $10.29B | +9% y/y |
| Adjusted EBITDA · FY2025 | $656M | +13% y/y |
| Free cash flow · FY2025 | $293M | +75% y/y |
| Adjusted diluted EPS · FY2025 | $1.22 | +34% y/y |
| Services revenue · Services · FY2025 | $3.62B | +4% y/y |
| Leasing revenue · Leasing · FY2025 | $2.10B | +8% y/y |
| Capital markets revenue · Capital markets · FY2025 | $858M | +19% y/y |
| Valuation and other revenue · Valuation and other · FY2025 | $481M | +9% y/y |
| Net income · FY2025 | $88M | -33% y/y |
| Operating cash flow · FY2025 | $340M | +64% y/y |
Risks flagged
One-time impairment on Greystone JV ($177M) caused GAAP net loss; non-recurring.
“Recognized a one-time other-than-temporary impairment loss of $177.0 million on our equity method investment in Cushman Wakefield Greystone LLC.” · word for word
4 Dec 20258-K · 7.01Adjusted EBITDA margin improvement 150; net debt leverage 2; Guidance: 15-20% annual adjusted EPS growth; 6-8% organic fee revenue growth; 60-80% FCF conversion; +150bps EBITDA margin by 2028open
Figures in the filing · each found in the filing text
| adjusted EBITDA margin improvement · FY2028 | $150.00 | |
| net debt leverage · FY2028 | $2.00 |
Guidance
15-20% annual adjusted EPS growth; 6-8% organic fee revenue growth; 60-80% FCF conversion; +150bps EBITDA margin by 2028
Cushman & Wakefield set ambitious medium-term targets for EPS growth, revenue growth, margin expansion, and deleveraging.
Risks flagged
Macroeconomic and commercial real estate demand risks; ability to achieve targets depends on market conditions.
“Risk factors include disruptions in general macroeconomic conditions and global and regional demand for commercial real estate.”
30 Oct 20258-K · 2.02Revenue $2.61B (+11% y/y); Net income $51M (+52% y/y); Diluted earnings per share $0.22 (+57% y/y); Guidance: Full year 2025 Adjusted EPS guidance raised to 30%-35% growth from 25%-35%earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $2.61B | +11% y/y |
| Net income · Q3-2025 | $51M | +52% y/y |
| Diluted earnings per share · Q3-2025 | $0.22 | +57% y/y |
| Adjusted EBITDA · Q3-2025 | $160M | +12% y/y |
| Adjusted diluted earnings per share · Q3-2025 | $0.29 | +26% y/y |
| Liquidity · Q3-2025 | $1.70B |
Guidance
Full year 2025 Adjusted EPS guidance raised to 30%-35% growth from 25%-35%
Guidance raised on strong Capital markets and Services momentum; debt reduction continues.
Risks flagged
Exposure to commercial real estate market cycles; Capital markets growth may moderate if interest rates rise.
“Capital markets revenue increased 21%... driven primarily by strong performance across all asset classes and deal sizes in the Americas.”
30 Oct 202510-QCushman & Wakefield reported strong Q3 2025 results with revenue up 11% YoY, driven by Capital markets and Leasing growth, and margin expansion.earningsopen
Figures in the filing · each found in the filing text
| Total Revenue · Q3-2025 | $2.61B | +11% y/y |
| Service Line Fee Revenue · Q3-2025 | $1.78B | +9% y/y |
| Net Income · Q3-2025 | $51M | +53% y/y |
| Adjusted EBITDA · Q3-2025 | $160M | +12% y/y |
| Adjusted EBITDA Margin · Q3-2025 | 9.0% | |
| Operating Cash Flow · 9M-2025 | $83M | -10% y/y |
| Liquidity · Q3-2025 | $1.70B | |
| Americas Revenue · Americas · Q3-2025 | $1.92B | +10% y/y |
| EMEA Revenue · EMEA · Q3-2025 | $260M | +18% y/y |
| APAC Revenue · APAC · Q3-2025 | $423M | +13% y/y |
Risks flagged
Credit Loss Exposure in Greystone JV
“In the third quarter of 2025, the Greystone JV recorded a non-cash provision for loan losses of $46.1 million, of which the Company recorded $18.5 million based on its 40% equity interest which was included within Loss from equity method investments.” · word for word
Macroeconomic Sensitivity
“Our results of operations are significantly impacted by economic trends, government policies and the global and regional real estate markets.” · word for word
Seasonality and Transaction Concentration
“A significant portion of our revenue is seasonal, especially for service lines such as Leasing and Capital markets.” · word for word
Cushman & Wakefield Limited — questions
- What did Cushman & Wakefield Limited file recently?
- 18 SEC filings in the last 12 months. Latest: 8-K on 2026-10-21 — Cushman & Wakefield redeemed $150M of 6.75% Senior Secured Notes due 2028, fully retiring them, bringing total debt repayments since 2024 to >$800M, with no maturities until 2030. Credit rating upgrades from S&P and Moody's.
Every figure on this page comes from Cushman & Wakefield Limited's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.