Cushman & Wakefield Ltd.

Listed Company

CWKCIK 0001628369NYSELarge AcceleratedReal EstateD0FY ends Dec 31

Period

FY 2025

Revenue

$10.29B

Net Income

$88.20M

Total Assets

$7.68B

Equity

$1.96B

Shares Out

231.82M

Op. Cash Flow

$340.40M

Business

Cushman & Wakefield Ltd. is a global commercial real estate services firm that provides strategic advice and operational support to real estate owners and occupiers. It offers a broad suite of services including property, facilities and project management (Services), Leasing, Capital markets (investment sales and financing) and Valuation and other advisory services. The company reports results through three geographic operating segments—Americas, Europe, Middle East and Africa (EMEA) and Asia Pacific (APAC)—and organizes its work by the four service lines. Its services are delivered globally through an integrated platform of offices, client contracts and third-party service providers to multinational and local clients across multiple property types.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	10,288	9,447	9,494	10,106	9,389
Costs of services (exclusive of depreciation and amortization)	8,408	7,720	7,842	8,154	7,448
Operating, administrative and other	1,317	1,224	1,263	1,261	1,227
Depreciation and amortization	104	122	146	147	172
Restructuring, impairment and related charges	6	41	38	9	45
Total costs and expenses	9,836	9,108	9,288	9,571	8,892
Operating income	453	339	206	535	497
Interest expense, net of interest income	−216	−230	−281	−193	—
(Loss) earnings from equity method investments	−168	37	58	85	21
Other income (expense), net	46	29	−13	−89	1
Earnings (loss) before income taxes	114	176	−30	338	340
Provision for income taxes	26	45	5	142	90
Net income (loss)	88	131	−35	196	250
Earnings (loss) per share attributable to common shareholders, basic (in dollars per share)	0.38	0.57	−0.16	0.87	1.12
Weighted average shares outstanding for basic earnings (loss) per share (in shares)	231	229	227	225	223
Earnings (loss) per share attributable to common shareholders, diluted (in dollars per share)	0.38	0.56	−0.16	0.86	1.1
Weighted average shares outstanding for diluted earnings (loss) per share (in shares)	235	233	227	228	227

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	784	793	768	645	771
Trade and other receivables, net of allowance of $93.2 and $88.7 as of December 31, 2025 and 2024, respectively	1,516	1,352	1,468	1,462	1,446
Income tax receivable	52	62	67	55	30
Short-term contract assets, net	301	301	311	358	319
Prepaid expenses and other current assets	190	181	189	246	265
Total current assets	2,843	2,690	2,803	2,767	2,830
Property and equipment, net	133	136	164	173	195
Goodwill	2,058	1,998	2,081	2,066	2,082
Intangible assets, net	655	690	806	875	922
Equity method investments	537	724	708	677	641
Deferred tax assets	149	93	67	59	66
Non-current operating lease assets	277	290	339	358	414
Other non-current assets	1,025	928	806	976	741
Total assets	7,677	7,549	7,774	7,949	7,890
Short-term borrowings and current portion of long-term debt	125	103	150	50	42
Accounts payable and accrued expenses	1,225	1,111	1,158	1,199	1,106
Accrued compensation	1,022	900	851	917	976
Income tax payable	29	20	21	33	105
Other current liabilities	191	196	218	192	205
Total current liabilities	2,592	2,330	2,397	2,390	2,435
Long-term debt, net	2,625	2,940	3,097	3,212	3,221
Deferred tax liabilities	14	13	14	57	49
Non-current operating lease liabilities	247	270	320	335	395
Other non-current liabilities	244	241	269	293	344
Total liabilities	5,721	5,794	6,096	6,287	6,442
Commitments and contingencies (Note 16)	—	—	—	—	—
Common shares, par value $0.10 per share, 800,000,000 shares authorized; 231,699,585 and 229,696,912 shares issued and outstanding as of December 31, 2025 and 2024, respectively	23	23	23	23	22
Additional paid-in capital	3,038	2,986	2,957	2,912	2,897
Accumulated deficit	−898	−986	−1,117	−1,082	−1,278
Accumulated other comprehensive loss	−209	−269	−185	−191	−193
Total equity attributable to the Company	1,955	1,755	1,677	1,661	1,448
Non-controlling interests	500,000	500,000	600,000	800,000	800,000
Total equity	1,956	1,755	1,678	1,662	1,449
Total liabilities and shareholders equity	7,677	7,549	7,774	7,949	7,890

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Impairment charges	7	4	14	—	—
Unrealized foreign exchange (gain) loss	−4	−4	2	−4	10
Stock-based compensation	58	36	54	40	58
Lease amortization	87	87	98	102	104
Loss on debt extinguishment	3	0	19	0	0
Amortization of debt issuance costs	8	8	8	10	9
Earnings from equity method investments, net of distributions received	3	−19	−34	−45	−20
Impairment of equity method investment	177	0	0	—	—
Change in deferred taxes	−45	−28	−50	15	−56
Provision for loss on receivables and other assets	22	21	11	32	38
Loss on disposition of business	0	16	1	13	0
Unrealized (gain) loss on investments, net	−26	800,000	28	—	—
Other operating activities, net	−30	−27	17	−3	−9
Trade and other receivables	−140	−79	63	−299	−213
Income taxes payable	11	2	−34	−96	92
Short-term contract assets and Prepaid expenses and other current assets	30	21	73	—	—
Other non-current assets	−121	−58	−25	−31	−64
Accounts payable and accrued expenses	109	17	−49	125	131
Accrued compensation	107	74	−68	−41	227
Other current and non-current liabilities	−106	−116	−84	−94	−104
Net cash provided by operating activities	340	208	152	49	550
Payment for property and equipment	−47	−41	−51	−51	−54
Acquisition of business, net of cash acquired	−5	0	0	−33	−7
Investments in equity securities	−9	−2	−7	−26	−689
Return of beneficial interest in a securitization	−630	−505	−330	−80	0
Collection on beneficial interest in a securitization	650	505	430	80	0
Proceeds from disposition of business or other investments	12	123	0	—	—
Other investing activities, net	9	1	7	−11	200,000
Net cash (used in) provided by investing activities	−21	81	49	−121	−750
Shares repurchased for payment of employee taxes on stock awards	−11	−10	−8	−27	−9
Payment of deferred and contingent consideration	−13	−18	−15	−11	−24
Proceeds from borrowings	0	0	2,400	0	0
Repayment of borrowings	−300	−200	−2,405	−27	−27
Debt issuance costs	0	0	−65	0	0
Payment of finance lease liabilities	−26	−28	−29	−17	−13
Other financing activities, net	−200,000	4	1	3	6
Net cash used in financing activities	−351	−253	−121	−79	−66
Change in cash, cash equivalents and restricted cash	−31	36	80	−151	−266
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash	20	−22	2	−20	−8

Filings

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