Reported highest fourth quarter and full year revenue in company history
Continued momentum in Services revenue with 8% (6% in local currency) growth compared to fourth quarter 2024
Fifth consecutive quarter of double-digit year-over-year Capital markets revenue growth
Cash flow generation for the year improved by more than $125 million from 2024
NEW YORK, February 19, 2026 — Cushman & Wakefield Ltd. (NYSE: CWK) today reported financial results for the fourth quarter and full year of 2025.
“Our fourth quarter results capped off an exceptional year for Cushman & Wakefield. In 2025, we drove 34% adjusted earnings per share growth, improved cash flow by more than $125 million and prepaid $300 million in debt,” said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield. “Commercial real estate end markets are healthy, supported by solid demand across all major asset classes and improved pricing and liquidity. We have entered 2026 with excitement and momentum as we execute against the compelling long-term strategic priorities and financial targets that we presented at our 2025 Investor Day.”
Fourth Quarter 2025 Results:
- Revenue of $2.9 billion for the fourth quarter of 2025 increased 11% (10% in local currency) and service line fee revenue of $2.0 billion for the fourth quarter of 2025 increased 9% (7% in local currency) from the fourth quarter of 2024.
- Services revenue increased 8% (6% in local currency), reflecting continued momentum across all segments, led by project management revenue in EMEA and APAC.
- Leasing revenue increased 6% (5% in local currency), driven by strong performance in the Americas and EMEA.
- Capital markets revenue increased 17% (15% in local currency), with particular strength in office and retail transactions in the Americas, as well as solid growth in EMEA.
- Valuation and other revenue increased 15% (12% in local currency).
- Net loss was $22.4 million for the fourth quarter of 2025 compared to net income of $112.9 million in the fourth quarter of 2024. Diluted loss per share was $0.10 for the fourth quarter of 2025 compared to diluted earnings per share of $0.48 for the fourth quarter of 2024.
- Recognized a one-time other-than-temporary impairment loss of $177.0 million on our equity method investment in Cushman Wakefield Greystone LLC (the “Greystone JV”).
- Adjusted EBITDA of $238.7 million increased 7% (5% in local currency) from the fourth quarter of 2024. Adjusted EBITDA margin of 11.7% declined 16 basis points from the fourth quarter of 2024.
- Adjusted net income of $127.1 million increased $13.6 million or 12% from the fourth quarter of 2024.
- Adjusted diluted earnings per share of $0.54 was up $0.06 or 13% from the fourth quarter of 2024.
Full Year Results:
- Revenue of $10.3 billion for 2025 increased 9% (9% in local currency) and service line fee revenue of $7.1 billion for 2025 increased 7% (7% in local currency) from 2024.
- Net income of $88.2 million for 2025 decreased $43.1 million from 2024. Diluted earnings per share for 2025 was $0.38 compared to $0.56 for 2024.
- Adjusted EBITDA of $656.2 million increased 13% (11% in local currency) from 2024. Adjusted EBITDA margin of 9.3% improved 46 basis points from 2024.
- Adjusted net income of $285.2 million increased $72.7 million or 34% from 2024.
- Adjusted diluted earnings per share of $1.22 was up $0.31 or 34% from 2024.
- Net cash provided by operating activities of $340.4 million for 2025 increased $132.4 million from 2024.
- Free cash flow generated of $293.0 million for 2025 increased $126.0 million from 2024.
- In 2025, we completed three repricings of our term loans due in 2030, achieving the lowest credit spread in Cushman & Wakefield Ltd.’s (the “Company’s”) history. We also elected to prepay $300.0 million in principal outstanding under the Company’s term loans.
- Liquidity as of December 31, 2025 was $1.8 billion, consisting of availability on the Company’s undrawn revolving credit facility of $1.0 billion and cash and cash equivalents of $0.8 billion.
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INVESTOR RELATIONS:
Megan McGrath | Investor Relations
+1 312 338 7860
IR@cushwake.com