NYSE : CWK
Cushman & Wakefield Limited — Financial statements
Real Estate · Real Estate Services · United States
Last price 13.3 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.12B
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Financial statements
Cushman & Wakefield Limited (CWK) reported revenue of 10.82B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 10.82B | 10.29B | 9.45B | 9.49B | 10.11B | 9.39B |
| Cost of Revenue | 8.86B | 8.41B | 7.72B | 7.84B | 8.15B | 7.45B |
| Gross Profit | 1.96B | 1.88B | 1.73B | 1.65B | 1.95B | 1.94B |
| Selling, General & Admin | 1.38B | 1.32B | 1.22B | 1.23B | 1.26B | 1.23B |
| Operating Expenses | 1.48B | 1.42B | 1.34B | 1.38B | 1.41B | 1.40B |
| Operating Income | 476.30M | 458.60M | 387.40M | 274.80M | 544.00M | 541.50M |
| Interest Expense | -213.90M | -212.70M | -229.90M | -281.10M | -193.10M | -179.50M |
| Earnings From Equity Investments | -181.40M | -168.30M | 37.40M | 58.10M | 85.00M | 21.20M |
| Other Non Operating Income (Expenses) | 11.20M | 12.10M | 11.00M | 15.20M | -89.00M | 1.20M |
| EBT Excluding Unusual Items | 92.20M | 89.70M | 205.90M | 67.00M | 346.90M | 384.40M |
| Merger & Restructuring Charges | -28.90M | -55.60M | -7.30M | -26.20M | ||
| Gain (Loss) on Sale of Investments | 30.70M | 28.00M | -800.00K | -27.80M | ||
| Gain (Loss) on Sale of Assets | -15.80M | |||||
| Asset Writedown | -3.80M | -13.60M | -1.60M | -18.30M | ||
| Other Unusual Items | -22.20M | -3.50M | ||||
| Pretax Income | 100.70M | 114.20M | 175.80M | -30.00M | 338.00M | 339.90M |
| Income Tax Expense | 31.60M | 26.00M | 44.50M | 5.40M | 141.60M | 89.90M |
| Earnings From Continuing Operations | 69.10M | 88.20M | 131.30M | -35.40M | 196.40M | 250.00M |
| Net Income | 69.10M | 88.20M | 131.30M | -35.40M | 196.40M | 250.00M |
| Net Income to Common | 69.10M | 88.20M | 131.30M | -35.40M | 196.40M | 250.00M |
| Shares Outstanding (Basic) | 232.55M | 231.20M | 228.90M | 226.90M | 225.40M | 223.00M |
| Shares Outstanding (Diluted) | 236.45M | 234.70M | 232.80M | 226.90M | 228.00M | 226.50M |
| EPS (Basic) | 0.30 | 0.38 | 0.57 | -0.16 | 0.87 | 1.12 |
| EPS (Diluted) | 0.30 | 0.38 | 0.56 | -0.16 | 0.86 | 1.10 |
| Free Cash Flow | 249.10M | 293.00M | 167.00M | 101.20M | -1.60M | 495.70M |
| Free Cash Flow Per Share | 1.05 | 1.25 | 0.72 | 0.45 | -0.01 | 2.19 |
| Gross Margin | 18.13% | 18.27% | 18.27% | 17.40% | 19.32% | 20.67% |
| Operating Margin | 4.40% | 4.46% | 4.10% | 2.90% | 5.38% | 5.77% |
| Profit Margin | 0.64% | 0.86% | 1.39% | -0.37% | 1.94% | 2.66% |
| Free Cash Flow Margin | 2.30% | 2.85% | 1.77% | 1.07% | -0.02% | 5.28% |
| EBITDA | 581.40M | 562.80M | 509.60M | 420.40M | 690.90M | 713.60M |
| EBITDA Margin | 5.37% | 5.47% | 5.39% | 4.43% | 6.84% | 7.60% |
| D&A For EBITDA | 105.10M | 104.20M | 122.20M | 145.60M | 146.90M | 172.10M |
| EBIT | 476.30M | 458.60M | 387.40M | 274.80M | 544.00M | 541.50M |
| EBIT Margin | 4.40% | 4.46% | 4.10% | 2.90% | 5.38% | 5.77% |
| Effective Tax Rate | 31.38% | 22.77% | 25.31% | 41.89% | 26.45% | |
| Advertising Expenses | 38.70M | 38.50M | 39.90M | 41.80M | 45.80M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 500.50M | 784.20M | 793.30M | 767.70M | 644.50M | 770.70M |
| Cash & Short-Term Investments | 500.50M | 784.20M | 793.30M | 767.70M | 644.50M | 770.70M |
| Accounts Receivable | 1.81B | 1.82B | 1.65B | 1.78B | 1.82B | 1.76B |
| Other Receivables | 116.70M | 105.80M | 109.60M | 117.00M | 106.20M | 72.50M |
| Receivables | 1.93B | 1.92B | 1.76B | 1.90B | 1.93B | 1.84B |
| Prepaid Expenses | 179.00M | 115.90M | 111.10M | 105.00M | 118.20M | 101.70M |
| Restricted Cash | 18.20M | 19.30M | 21.30M | 33.50M | 74.50M | 119.60M |
| Other Current Assets | 800.00K | 1.00M | 1.30M | 1.00M | 2.80M | 900.00K |
| Total Current Assets | 2.63B | 2.84B | 2.69B | 2.80B | 2.77B | 2.83B |
| Property, Plant & Equipment | 515.60M | 410.10M | 426.10M | 502.80M | 530.60M | 608.10M |
| Long-Term Investments | 684.80M | 651.20M | 854.30M | 832.00M | 824.00M | 848.40M |
| Goodwill | 2.06B | 2.06B | 2.00B | 2.08B | 2.07B | 2.08B |
| Other Intangible Assets | 635.50M | 654.70M | 690.10M | 805.90M | 874.50M | 922.20M |
| Long-Term Accounts Receivable | 266.70M | 360.00M | 377.70M | 298.50M | 475.30M | 70.20M |
| Long-Term Deferred Tax Assets | 187.40M | 149.00M | 93.10M | 67.40M | 58.60M | 65.50M |
| Other Long-Term Assets | 579.10M | 550.20M | 419.20M | 383.30M | 354.00M | 463.80M |
| Total Assets | 7.55B | 7.68B | 7.55B | 7.77B | 7.95B | 7.89B |
| Accounts Payable | 1.10B | 1.14B | 1.04B | 1.10B | 1.13B | 1.04B |
| Accrued Expenses | 846.30M | 1.02B | 900.40M | 857.70M | 922.20M | 980.60M |
| Short-Term Debt | 4.30M | 5.30M | 6.90M | 6.00M | 5.60M | 4.90M |
| Current Portion of Long-Term Debt | 239.00M | 104.20M | 78.90M | 120.00M | 26.90M | 26.50M |
| Current Portion of Leases | 113.60M | 116.50M | 135.00M | 124.90M | 118.20M | |
| Current Income Taxes Payable | 41.10M | 29.00M | 19.80M | 20.80M | 33.10M | 105.10M |
| Current Unearned Revenue | 54.40M | 86.60M | 68.00M | 57.00M | 68.70M | 62.80M |
| Other Current Liabilities | 151.50M | 96.30M | 96.90M | 100.00M | 78.70M | 93.00M |
| Total Current Liabilities | 2.44B | 2.59B | 2.33B | 2.40B | 2.39B | 2.43B |
| Long-Term Debt | 2.37B | 2.61B | 2.92B | 3.08B | 3.20B | 3.29B |
| Long-Term Leases | 421.10M | 266.90M | 286.30M | 341.80M | 356.90M | 406.80M |
| Long-Term Unearned Revenue | 18.10M | 17.40M | ||||
| Long-Term Deferred Tax Liabilities | 44.80M | 13.80M | 12.60M | 13.70M | 57.20M | 48.70M |
| Other Long-Term Liabilities | 245.70M | 224.50M | 241.40M | 261.90M | 282.60M | 259.50M |
| Total Liabilities | 5.53B | 5.72B | 5.79B | 6.10B | 6.29B | 6.44B |
| Common Stock | 23.40M | 23.20M | 23.00M | 22.70M | 22.60M | 22.40M |
| Additional Paid-In Capital | 3.04B | 3.04B | 2.99B | 2.96B | 2.91B | 2.90B |
| Retained Earnings | -857.60M | -897.70M | -985.90M | -1.12B | -1.08B | -1.28B |
| Comprehensive Income & Other | -189.10M | -208.60M | -268.60M | -185.40M | -191.00M | -193.00M |
| Total Common Equity | 2.02B | 1.96B | 1.75B | 1.68B | 1.66B | 1.45B |
| Minority Interest | 400.00K | 500.00K | 500.00K | 600.00K | 800.00K | 800.00K |
| Shareholders' Equity | 2.02B | 1.96B | 1.76B | 1.68B | 1.66B | 1.45B |
| Total Liabilities & Equity | 7.55B | 7.68B | 7.55B | 7.77B | 7.95B | 7.89B |
| Total Debt | 3.03B | 3.10B | 3.41B | 3.68B | 3.71B | 3.85B |
| Net Cash (Debt) | -2.53B | -2.31B | -2.62B | -2.92B | -3.07B | -3.08B |
| Net Cash Per Share | -10.70 | -9.85 | -11.25 | -12.85 | -13.46 | -13.59 |
| Filing Date Shares Outstanding | 234.71M | 231.82M | 229.73M | 227.33M | 225.80M | 224.55M |
| Total Common Shares Outstanding | 234.50M | 231.70M | 229.70M | 227.28M | 225.78M | 223.71M |
| Working Capital | 190.10M | 251.30M | 360.50M | 406.00M | 376.40M | 395.80M |
| Book Value Per Share | 8.62 | 8.44 | 7.64 | 7.38 | 7.36 | 6.47 |
| Tangible Book Value | -671.80M | -757.70M | -933.50M | -1.21B | -1.28B | -1.56B |
| Tangible Book Value Per Share | -2.86 | -3.27 | -4.06 | -5.32 | -5.66 | -6.96 |
| Machinery | 137.90M | 124.90M | 121.00M | 118.70M | 107.50M | |
| Construction In Progress | 24.10M | 10.00M | 12.70M | 11.90M | 13.10M | |
| Leasehold Improvements | 249.90M | 264.10M | 256.00M | 243.70M | 225.10M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 69.10M | 88.20M | 131.30M | -35.40M | 196.40M | 250.00M |
| Depreciation & Amortization | 192.90M | 190.70M | 208.70M | 243.40M | 249.10M | 276.30M |
| Other Amortization | 7.40M | 8.00M | 7.50M | 7.50M | 9.60M | 9.40M |
| Loss (Gain) From Sale of Assets | 15.80M | 1.30M | 13.20M | |||
| Asset Writedown & Restructuring Costs | 6.50M | 3.80M | 13.60M | 1.60M | 18.30M | |
| Loss (Gain) From Sale of Investments | 154.70M | 150.90M | 800.00K | 27.80M | 84.20M | 10.40M |
| Loss (Gain) on Equity Investments | 19.60M | 3.00M | -18.70M | -33.70M | -45.40M | -19.90M |
| Stock-Based Compensation | 57.10M | 58.20M | 35.60M | 54.10M | 40.30M | 58.20M |
| Provision & Write-off of Bad Debts | 28.80M | 22.20M | 20.80M | 10.60M | 31.70M | 38.00M |
| Other Operating Activities | -5.20M | -76.60M | -59.00M | -12.50M | 7.20M | -55.40M |
| Change in Accounts Receivable | -136.10M | -109.70M | -57.90M | 135.30M | -401.60M | -317.70M |
| Change in Accounts Payable | 37.40M | 108.70M | 16.80M | -49.40M | 125.10M | 131.10M |
| Change in Income Taxes | -7.50M | 10.90M | 2.10M | -34.10M | -96.10M | 91.50M |
| Change in Other Net Operating Assets | -114.90M | -120.60M | -99.60M | -176.30M | -166.20M | 59.30M |
| Operating Cash Flow | 303.30M | 340.40M | 208.00M | 152.20M | 49.10M | 549.50M |
| Capital Expenditures | -54.20M | -47.40M | -41.00M | -51.00M | -50.70M | -53.80M |
| Cash Acquisitions | -4.90M | -32.80M | -7.00M | |||
| Divestitures | 11.50M | 11.50M | 122.60M | |||
| Investment in Securities | -4.60M | -8.90M | -1.70M | -6.90M | -26.40M | -688.90M |
| Other Investing Activities | 3.30M | 8.60M | 1.30M | 6.80M | -10.80M | 200.00K |
| Investing Cash Flow | 6.00M | -21.10M | 81.20M | 48.90M | -120.70M | -749.50M |
| Long-Term Debt Issued | 2.40B | |||||
| Long-Term Debt Repaid | -326.10M | -228.60M | -2.43B | -44.00M | -40.10M | |
| Net Debt Issued (Repaid) | -373.10M | -326.10M | -228.60M | -34.20M | -44.00M | -40.10M |
| Repurchase of Common Stock | -23.90M | -11.20M | -10.40M | -8.10M | -27.20M | -8.60M |
| Other Financing Activities | -20.10M | -13.20M | -14.40M | -78.50M | -8.10M | -17.10M |
| Financing Cash Flow | -417.10M | -350.50M | -253.40M | -120.80M | -79.30M | -65.80M |
| Foreign Exchange Rate Adjustments | -19.50M | 20.10M | -22.40M | 1.90M | -20.40M | -8.00M |
| Net Cash Flow | -127.30M | -11.10M | 13.40M | 82.20M | -171.30M | -273.80M |
| Free Cash Flow | 249.10M | 293.00M | 167.00M | 101.20M | -1.60M | 495.70M |
| Free Cash Flow Margin | 2.30% | 2.85% | 1.77% | 1.07% | -0.02% | 5.28% |
| Free Cash Flow Per Share | 1.05 | 1.25 | 0.72 | 0.45 | -0.01 | 2.19 |
| Levered Free Cash Flow | 302.50M | 442.49M | 439.04M | 240.06M | 353.01M | 646.95M |
| Unlevered Free Cash Flow | 428.79M | 567.42M | 575.23M | 408.25M | 464.10M | 749.74M |
| Cash Interest Paid | 203.60M | 216.60M | 263.90M | 233.30M | 181.40M | 166.40M |
| Cash Income Tax Paid | 66.30M | 59.30M | 69.10M | 88.50M | 215.40M | 46.50M |
| Change in Working Capital | -221.10M | -110.70M | -138.60M | -124.50M | -538.80M | -35.80M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.37B | 3.75B | 3.00B | 2.45B | 2.81B | 4.97B |
| Enterprise Value | 5.90B | 6.23B | 5.61B | 5.42B | 6.02B | 7.57B |
| Last Close Price | 13.30 | 16.19 | 13.08 | 10.80 | 12.46 | 22.24 |
| PE Ratio | 48.38 | 42.51 | 22.86 | 14.32 | 19.88 | |
| Forward PE | 9.58 | 11.90 | 11.83 | 10.63 | 6.55 | 10.67 |
| PS Ratio | 0.31 | 0.36 | 0.32 | 0.26 | 0.28 | 0.53 |
| PB Ratio | 1.54 | 1.92 | 1.71 | 1.46 | 1.69 | 3.43 |
| P/FCF Ratio | 13.46 | 12.80 | 17.97 | 24.25 | 10.03 | |
| P/OCF Ratio | 11.05 | 11.02 | 14.43 | 16.13 | 57.29 | 9.04 |
| PEG Ratio | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 | |
| EV/Sales Ratio | 0.54 | 0.60 | 0.59 | 0.57 | 0.60 | 0.81 |
| EV/EBITDA Ratio | 10.12 | 11.06 | 11.01 | 12.88 | 8.72 | 10.61 |
| EV/EBIT Ratio | 12.35 | 13.58 | 14.48 | 19.71 | 11.07 | 13.98 |
| EV/FCF Ratio | 23.61 | 21.25 | 33.59 | 53.52 | 15.27 | |
| Debt / Equity Ratio | 1.50 | 1.58 | 1.94 | 2.20 | 2.23 | 2.66 |
| Debt / EBITDA Ratio | 4.28 | 4.46 | 5.23 | 6.48 | 4.40 | 4.40 |
| Debt / FCF Ratio | 12.16 | 10.57 | 20.43 | 36.41 | 7.76 | |
| Net Debt / Equity Ratio | 1.25 | 1.18 | 1.49 | 1.74 | 1.85 | 2.12 |
| Net Debt / EBITDA Ratio | 4.35 | 4.11 | 5.14 | 6.94 | 4.44 | 4.31 |
| Net Debt / FCF Ratio | 10.15 | 7.89 | 15.68 | 28.82 | -1,918.69 | 6.21 |
| Asset Turnover | 1.43 | 1.35 | 1.23 | 1.21 | 1.28 | 1.23 |
| Quick Ratio | 1.00 | 1.04 | 1.10 | 1.11 | 1.08 | 1.07 |
| Current Ratio | 1.08 | 1.10 | 1.16 | 1.17 | 1.16 | 1.16 |
| Return on Equity (ROE) | 3.52% | 4.75% | 7.65% | -2.12% | 12.63% | 19.65% |
| Return on Assets (ROA) | 3.94% | 3.77% | 3.16% | 2.19% | 4.29% | 4.45% |
| Return on Invested Capital (ROIC) | 7.24% | 8.20% | 6.45% | 5.89% | 6.83% | 9.36% |
| Return on Capital Employed (ROCE) | 9.30% | 9.00% | 7.40% | 5.10% | 9.80% | 9.90% |
| Earnings Yield | 2.07% | 2.35% | 4.37% | -1.44% | 6.98% | 5.03% |
| FCF Yield | 7.43% | 7.81% | 5.56% | 4.12% | -0.06% | 9.97% |
| Buyback Yield / Dilution | -0.72% | -0.82% | -2.60% | 0.48% | -0.66% | -2.58% |