Reported highest first quarter revenue in company history
Robust Leasing revenue growth of 19% (17% in local currency)
Sustained momentum in Services with 9% (7% in local currency) growth
NEW YORK, May 7, 2026 — Cushman & Wakefield Ltd. (NYSE: CWK) today reported financial results for the first quarter of 2026.
First Quarter 2026 Results:
- Revenue of $2.5 billion for the first quarter of 2026 increased 11% (9% in local currency) from the first quarter of 2025.
- Services revenue increased 9% (7% in local currency), reflecting sustained momentum across all segments, led by higher facilities management and project management revenue.
- Leasing revenue increased 19% (17% in local currency), driven primarily by growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers.
- Capital markets revenue increased 15% (14% in local currency), marking our sixth consecutive quarter of double-digit growth.
- Americas Capital markets, up 22% (22% in local currency), saw solid performance in the office sector.
- Valuation and other revenue increased 9% (4% in local currency).
- Net loss was $12.6 million for the first quarter of 2026 compared to net income of $1.9 million for the first quarter of 2025, a decline of $14.5 million. Diluted loss per share was $0.05 for the first quarter of 2026, down $0.06, compared to diluted earnings per share of $0.01 for the first quarter of 2025.
- Recognized a non-cash settlement loss of $16.6 million related to a pension buy-out arrangement in the United Kingdom (“U.K.”) and a non-cash servicing liability of $11.8 million related to the amendment of our revolving accounts receivables securitization program (the “A/R Securitization”).
- Adjusted EBITDA of $111.3 million increased $15.1 million or 16% (15% in local currency) from the first quarter of 2025.
- Adjusted net income of $34.7 million increased $14.2 million or 69% from the first quarter of 2025.
- Adjusted diluted earnings per share of $0.15 was up $0.06 or 67% from the first quarter of 2025.
- Liquidity as of March 31, 2026 was $1.6 billion, consisting of availability on the company’s undrawn revolving credit facility of $1.0 billion and cash and cash equivalents of $0.6 billion.
Our first quarter results reflect a strong start to 2026 as we continue to execute toward the long-term targets we introduced at our 2025 Investor Day in December. We reported the highest first quarter revenue in company history, with continued momentum across all of our service lines. We are driving operating leverage as we scale the platform and driving consistent value through capital structure improvements, leading to 67% Adjusted earnings per share growth in the quarter, said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield. As clients increasingly turn to integrated, multi-service partners, we are capturing opportunities in the market through our ability to lead through market transformation. Our strategy is delivering results and we are focused on generating durable, long-term growth for our shareholders.
>> READ THE FULL PRESS RELEASE
INVESTOR RELATIONS:
Megan McGrath | Investor Relations
+1 312 338 7860
IR@cushwake.com
