Cushman & Wakefield Reports Financial Results for Second Quarter 2025

• Capital markets revenue growth of 27% (26% in local currency), marking third straight quarter of double-digit year-over-year growth
  
• Leasing revenue growth of 8%, with strength across all major asset classes
  
• Continued acceleration of Services revenue growth
  
• Announced an additional $150.0 million term loan debt repayment

NEW YORK -  Cushman & Wakefield (NYSE: CWK) today reported financial results for the second quarter of 2025.
“Our second quarter results highlight the strong and resilient growth engine we have successfully built over the past two years. Capital markets revenue growth of 26% in the quarter underscores our solid market positioning and the early success of our expanded recruiting efforts. Leasing and Services revenue growth continued to exceed expectations as our teams consistently developed and executed compelling market opportunities for our clients. Through the first half of 2025, we achieved 95% adjusted earnings per share growth and are raising our earnings per share outlook for the full year. We also continue to focus on fortifying our balance sheet and this morning have announced an additional $150 million debt paydown,” said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield. “We are now starting to see the multiplier effect of our transformational work take hold: we have the right talent, right structure and right vision coming together at the right time to drive sustainable long-term growth. This is an exciting time for Cushman & Wakefield, and we look to the future with confidence and a clear commitment to always bring the best to our people, clients and shareholders.”

Second Quarter Results:

• Revenue of $2.5 billion for the second quarter of 2025 increased 9% (8% in local currency) and service line fee revenue of $1.7 billion for the second quarter of 2025 increased 7% (7% in local currency) from the second quarter of 2024.
  
  • Leasing revenue increased 8% (8% in local currency), with strength in the Americas and EMEA.
  • Capital markets revenue increased 27% (26% in local currency), driven primarily by strong performance across all asset classes in the Americas.
  • Services revenue increased 3% (3% in local currency), while organic Services revenue increased 6% (6% in local currency) ⁽¹⁾.
  • Valuation and other revenue increased 8% (6% in local currency).
• Net income of $57.3 million for the second quarter of 2025 increased $43.8 million from the second quarter of 2024. Diluted earnings per share was $0.25 for the second quarter of 2025 compared to $0.06 for the second quarter of 2024.
  
  • Adjusted EBITDA of $161.7 million increased 16% (15% in local currency) from the second quarter of 2024.
  • Adjusted EBITDA margin of 9.5% improved 75 basis points from the second quarter of 2024.
  • Adjusted diluted earnings per share of $0.30 was up 10 cents from the second quarter of 2024.
• In June 2025, we elected to prepay $25.0 million in principal outstanding under the Company’s term loans due in 2030, which brought our year-to-date principal prepayments through June 30, 2025 to $50.0 million.

Year-to-Date Results:

• Revenue of $4.8 billion for the first half of 2025 increased 7% (7% in local currency) and service line fee revenue of $3.2 billion for the first half of 2025 increased 5% (5% in local currency) from the first half of 2024.
  
  • Leasing revenue increased 8% (8% in local currency), driven primarily by office and industrial leasing in the Americas.
  • Capital markets revenue increased 20% (19% in local currency), with strong performance across all segments.
  • Services revenue increased 1% (2% in local currency), while organic Services revenue increased 4% (5% in local currency) ⁽¹⁾.
  • Valuation and other revenue increased 4% (4% in local currency).
• Net income of $59.2 million for the first half of 2025 improved $74.5 million compared to a net loss of $15.3 million for the first half of 2024. Diluted earnings per share for the first half of 2025 was $0.25 compared to a diluted loss per share of $0.07 for the first half of 2024.
  
  • Adjusted EBITDA of $257.9 million increased 19% (18% in local currency) from the first half of 2024.
  • Adjusted EBITDA margin of 8.0% improved 92 basis points from the first half of 2024.
  • Adjusted diluted earnings per share of $0.39 was up 19 cents from the first half of 2024.
• Liquidity as of June 30, 2025 was $1.7 billion, consisting of availability on the Company’s undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.6 billion.

⁽¹⁾ “Organic” services revenue excludes the impact of the sale of a non-core Services business in August 2024, which accounted for $25.2 million and $51.3 million of Services revenue in the three and six months ended June 30, 2024, respectively.

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INVESTOR RELATIONS:
Megan McGrath | Investor Relations
+1 312 338 7860
IR@cushwake.com