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Cushman & Wakefield (CWK)
NYSE:CWK
Earnings Data
Report Date
May 05, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.12Last Year’s EPS
0.06Same Quarter Last Year
Strong Buy
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strong positive operational and financial performance in 2025: robust top-line growth (7% revenue growth to $7.1B), double-digit adjusted EBITDA and EPS improvements (+11% EBITDA, +34% EPS), record leasing results, exceptional free cash flow conversion (103%), and meaningful deleveraging to 2.9x. Management presented confident 2026 and three-year targets and emphasized strategic AI and cross-selling initiatives. Key negatives include a sizable non-cash $177M Greystone JV impairment, some Q4 margin pressure driven by investment and healthcare costs, regional softness in APAC capital markets, and a guided reduction in expected free cash flow conversion for 2026 to 60–80%. Overall, the positives — historic revenues, strong EPS and free cash flow performance, balance sheet improvement, and clear growth/AI strategy — outweigh the limited set of challenges and one-time items.Company Guidance
Record Financial Performance and EPS Growth
Adjusted EPS of $1.22, up 34% year-over-year — the company highlighted this as the highest adjusted EPS growth for 2025 and at the high end of guidance.
Historic Revenue and Leasing Highs
Total fee revenue of $7.1 billion, up 7% versus 2024; highest total revenue and highest leasing revenue in company history. Fourth quarter revenue was $2.0 billion, up 7% year-over-year; Q4 leasing grew 5% and reached the company's highest quarterly leasing level ever.
Adjusted EBITDA Expansion
Full-year adjusted EBITDA grew 11% to $656 million and adjusted EBITDA margin expanded by 46 basis points year-over-year despite continued strategic investments.
Exceptional Free Cash Flow and Cash Position
Generated $293 million (reported ~ $290M+) in free cash flow for 2025 representing 103% free cash flow conversion — a $126 million improvement versus 2024 — and ended the year with approximately $800 million in cash and $1.8 billion in total liquidity.
Improved Leverage and Balance Sheet Progress
Net leverage improved to 2.9x from 3.8x at the end of 2024 (after $300 million principal prepayment) — nearly a year ahead of expectations and a step toward the target of 2.0x by 2028.
Capital Markets and Leasing Momentum
Capital markets revenue showed strong momentum: Q4 global capital markets +15% and the firm cited ~33% growth for capital markets in 2025 overall; Americas capital markets grew 19% in the quarter. Industrial leasing in The Americas was up ~10%, and multi-market leasing showed positive growth across regions.
Services Growth and Moving Up the Value Chain
Services revenue (project/asset/property management) grew 6% in Q4 and the business moved from flat to ~6% organic growth for the year; project management showed strength particularly in the back half of 2025 with wins and pipeline expansion.
Clear 2026 and Three-Year Targets
Management set 2026 guidance of revenue growth 6–8% and adjusted EPS growth 15–20%; three-year targets include 15–20% annual adjusted EPS growth and a path to 2.0x leverage by 2028, indicating confidence in continued execution.
AI Strategy and Competitive Positioning
Company emphasized enterprise-wide AI initiatives (de-siloing data, proprietary data assets, workflows, OneAdvise and other platforms) and launched an AI-focused client webcast and an 'AI impact barometer' — positioning the firm to be an advisory-led AI winner.
Talent and Organic Investment
Continued hiring and investment plans across institutional capital markets and leasing, with an explicit recruiting budget for 2026 and emphasis on cross-selling and integrated client delivery.
CWK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CWK Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 19, 2026 | $13.56 | $13.13 | -3.17% |
Oct 30, 2025 | $16.53 | $16.18 | -2.12% |
Aug 05, 2025 | $12.32 | $13.39 | +8.69% |
Apr 29, 2025 | $9.01 | $9.41 | +4.44% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Cushman & Wakefield (CWK) report earnings?
Cushman & Wakefield (CWK) is schdueled to report earning on May 05, 2026, After Close (Confirmed).
What is Cushman & Wakefield (CWK) earnings time?
Cushman & Wakefield (CWK) earnings time is at May 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CWK EPS forecast?
CWK EPS forecast for the fiscal quarter 2026 (Q1) is 0.12.