Strong Leasing revenue growth of 27% (27% in local currency)
Continued momentum in Services revenue growth, up 8% (7% in local currency)
Achieved lowest borrowing spread on term loan debt in company history
NEW YORK - Cushman & Wakefield Ltd. (NYSE: CWK) today reported financial results for the second quarter of 2026 and raised 2026 annual Adjusted earnings per share (“EPS”) guidance to 18%-23% growth, up from previous guidance of 15%-20%.
“We didn't just meet the bar this quarter—we moved it, with record second quarter leasing, services and total revenues, and our lowest gross debt balance ever,” said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield. “Our opportunity extends far beyond the traditional definition of commercial real estate: We advise and operate across the entire built world, from data centers and infrastructure to energy and housing. That breadth, combined with a century of earned trust, is why we're raising our 2026 annual Adjusted EPS growth target to 18%-23% just two quarters into our three-year plan. We are builders, and we'll keep proving it every quarter.”
Second Quarter Results:
- Revenue of $2.8 billion for the second quarter of 2026 increased 11% (11% in local currency) from the second quarter of 2025.
- Services revenue increased 8% (7% in local currency), reflecting sustained momentum across all segments, led by higher facilities management and project management revenue.
- Leasing revenue increased 27% (27% in local currency), driven by growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers.
- Capital markets revenue decreased 1% (1% in local currency), resulting from a 6% decline in the Americas driven primarily by declines in mid-sized transactions, most notably in the multi-family sector, partially offset by strength in EMEA and APAC.
- Valuation and other revenue increased 10% (8% in local currency).
- Net income of $52.7 million for the second quarter of 2026 decreased $4.6 million or 8% (5% in local currency) from the second quarter of 2025. Diluted EPS was $0.22 for the second quarter of 2026, down $0.03, compared to $0.25 for the second quarter of 2025.
- Adjusted EBITDA of $183.6 million increased $21.9 million or 14% (13% in local currency) from the second quarter of 2025.
- Adjusted net income of $83.6 million increased $14.1 million or 20% from the second quarter of 2025.
- Adjusted diluted earnings per share (“Adjusted EPS”) of $0.35 was up $0.05 or 17% from the second quarter of 2025.
- In June 2026, the company amended its credit agreement to (i) reprice a senior secured term loan, reducing the interest rate by 50 basis points to 1-month Term SOFR plus 2.25%, (ii) extend the maturity date to 2033, and (iii) increase the principal amount by $352.5 million. The proceeds were used to partially redeem the senior secured notes due in 2028 which, along with the $100.0 million partial redemption in May 2026, reduced the outstanding principal on the notes by $450.0 million in the quarter.
Year-to-Date Results:
- Revenue of $5.3 billion for the first half of 2026 increased 11% (10% in local currency) from the first half of 2025.
- Net income of $40.1 million for the first half of 2026 decreased $19.1 million or 32% (29% in local currency) from the first half of 2025. Diluted EPS was $0.17 for the first half of 2026, down $0.08, compared to $0.25 for the first half of 2025.
- Adjusted EBITDA of $294.9 million increased $37.0 million or 14% (14% in local currency) from the first half of 2025.
- Adjusted net income of $118.4 million increased $28.4 million or 32% from the first half of 2025.
- Adjusted EPS of $0.50 was up $0.11 or 28% from the first half of 2025.
- Liquidity as of June 30, 2026 was $1.5 billion, consisting of availability on the company’s undrawn revolving credit facility of $1.0 billion and cash and cash equivalents of $0.5 billion.
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INVESTOR RELATIONS:
Megan McGrath | Investor Relations
+1 312 338 7860
IR@cushwake.com
