Cushman & Wakefield Limited

What they do

Cushman & Wakefield provides commercial real estate services to occupiers and investors through four service lines: Services, Leasing, Capital markets, and Valuation and other. It reports results through three geographic segments: the Americas, EMEA, and APAC, which represented 73%, 10%, and 17% of 2025 total revenue, respectively. The largest service line is Services, which includes property management, facilities management, facilities services, and project management, much of it recurring under multi-year contracts.

Revenue drivers

• Services — The largest service line at 66% of 2025 revenue, comprising property management, facilities management, facilities services, and project management for occupiers and investors, with fees typically recurring under multi-year contracts.
• Leasing — 21% of 2025 revenue, earning commissions on office, industrial, and other leasing transactions; 2025 leasing revenue rose 8%, driven by office and industrial leasing in the Americas.
• Capital markets — 8% of 2025 revenue, covering investment sales, debt and equity placement, and related advisory; 2025 capital markets revenue rose 19% across all segments and asset classes.
• Valuation and other — 5% of 2025 revenue, providing valuation, advisory, and related services; revenue rose 9% in 2025.

Recent performance

Second quarter 2026 revenue was $2.8 billion, up 11% (11% in local currency) from the prior-year quarter. Leasing revenue rose 27% and Services revenue rose 8%, while Capital markets revenue fell 1% and Valuation and other revenue rose 10%. Net income fell 8% to $52.7 million and diluted EPS was $0.22, down from $0.25. Adjusted EBITDA rose 14% to $183.6 million and Adjusted EPS rose 17% to $0.35. For the first half of 2026, revenue rose 11% to $5.3 billion, while net income fell 32% to $40.1 million and Adjusted EPS rose 28% to $0.50.

Strategy

Management is executing a three-year plan and raised 2026 annual Adjusted EPS growth guidance to 18%-23% from 15%-20%. It cites opportunity beyond traditional commercial real estate, naming data centers, infrastructure, energy, and housing. In June 2026 the company amended its credit agreement to reprice a senior secured term loan 50 basis points lower to 1-month Term SOFR plus 2.25%, extend maturity to 2033, and increase principal by $352.5 million. Proceeds were used to partially redeem senior secured notes due 2028, reducing outstanding principal on the notes by $450.0 million in the quarter including a $100.0 million May 2026 redemption. In 2025 the company completed a U.K. scheme of arrangement that moved the parent company's incorporation from England and Wales to Bermuda.

Risks

• Macroeconomic and real estate demand — Demand depends on global and regional commercial real estate markets and is sensitive to inflation, trade policy and tariffs, unemployment, interest rates, foreign currency volatility, and hybrid working models.
• Impaired investment — The company recognized a one-time $177.0 million other-than-temporary impairment loss on its Greystone JV investment in 2025.
• Debt and interest rates — The company carries $2.41 billion of long-term debt as of June 30, 2026, and its credit agreements restrict it while exposing cash flow to rate movements.
• Client concentration and competition — The company cites concentration of business with specific corporate clients and its ability to compete and cross-sell globally as risk factors.

Outlook

Management raised 2026 annual Adjusted EPS growth guidance to 18%-23%, up from 15%-20%, after two quarters of its three-year plan. It calls out record second-quarter leasing, services, and total revenues and its lowest gross debt balance ever. Liquidity was $1.5 billion as of June 30, 2026, comprising $1.0 billion of revolver availability and $0.5 billion of cash and equivalents. No further specific forward guidance beyond Adjusted EPS growth is provided in the excerpt.