Loading financials from SEC filings…
Real estate services · Real Estate · Fiscal year ends Dec 31
Cushman & Wakefield reported revenue of $10.3B in the fiscal year ended Dec 2025, up 8.9% from the year before. Operating income was $453M, an operating margin of 4.4%, and net income was $88M. Operating cash flow of $340M less capital expenditure of $47M left free cash flow of $293M. Net debt was $2B.
Ranks among the 16 real estate services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 9,389 | 10,106 | 9,494 | 9,447 | 10,288 |
| Cost of revenue | 7,448 | 8,154 | 7,842 | 7,720 | 8,408 |
| Gross profit | 1,940 | 1,952 | 1,652 | 1,726 | 1,880 |
| Selling, general & admin | 1,227 | 1,261 | 1,263 | 1,224 | 1,317 |
| Operating income | 497 | 535 | 206 | 339 | 453 |
| Interest expense | 180 | 193 | 281 | 230 | 216 |
| Pre-tax income | 340 | 338 | −30.0 | 176 | 114 |
| Income tax | 89.9 | 142 | 5.4 | 44.5 | 26.0 |
| Net income | 250 | 196 | −35.4 | 131 | 88.2 |
| Diluted EPS | 1.10 | 0.86 | −0.16 | 0.56 | 0.38 |
| Diluted shares | 227 | 228 | 227 | 233 | 235 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 771 | 645 | 768 | 793 | 784 |
| Receivables | 1,446 | 1,462 | 1,468 | 1,352 | 1,516 |
| Current assets | 2,830 | 2,767 | 2,803 | 2,690 | 2,843 |
| Net PP&E | 195 | 173 | 164 | 136 | 133 |
| Goodwill | 2,082 | 2,066 | 2,081 | 1,998 | 2,058 |
| Total assets | 7,890 | 7,949 | 7,774 | 7,549 | 7,677 |
| Payables | 1,106 | 1,199 | 1,158 | 1,111 | 1,225 |
| Deferred revenue | 62.8 | 68.7 | 57.0 | 68.0 | 104 |
| Current liabilities | 2,435 | 2,390 | 2,397 | 2,330 | 2,592 |
| Short-term debt | 37.5 | 44.2 | 144 | 96.3 | 120 |
| Long-term debt | 3,221 | 3,212 | 3,097 | 2,940 | 2,625 |
| Total liabilities | 6,442 | 6,287 | 6,096 | 5,794 | 5,721 |
| Shareholders' equity | 1,448 | 1,661 | 1,677 | 1,755 | 1,955 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 550 | 49.1 | 152 | 208 | 340 |
| Capital expenditure | 53.8 | 50.7 | 51.0 | 41.0 | 47.4 |
| Free cash flow | 496 | −1.6 | 101 | 167 | 293 |
| Depreciation & amortisation | 172 | 147 | 146 | 122 | 104 |
| Stock-based compensation | 58.2 | 40.3 | 54.1 | 35.6 | 58.2 |
| Acquisitions | 7.0 | 32.8 | 0.0 | 0.0 | 4.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.6% | −6.1% | −0.5% | 8.9% |
| Operating income growth (YoY) | – | 7.7% | −61.6% | 64.8% | 33.5% |
| EPS growth (YoY) | – | −21.8% | −118.6% | – | −32.1% |
| Gross margin | 20.7% | 19.3% | 17.4% | 18.3% | 18.3% |
| Operating margin | 5.3% | 5.3% | 2.2% | 3.6% | 4.4% |
| Net margin | 2.7% | 1.9% | −0.4% | 1.4% | 0.9% |
| Return on equityBlank when equity is negative | 17.3% | 11.8% | −2.1% | 7.5% | 4.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.1% | 9.6% | 3.8% | 6.5% | 8.9% |
| Free cash flow margin | 5.3% | −0.0% | 1.1% | 1.8% | 2.8% |
| Cash conversion (CFO ÷ net income) | 2.20x | 0.25x | −4.30x | 1.58x | 3.86x |
| Receivable days | 56 | 53 | 56 | 52 | 54 |
| Payable days | 54 | 54 | 54 | 53 | 53 |
| Interest cover | 2.77x | 2.77x | 0.73x | 1.47x | 2.09x |
| Debt ÷ equity | 2.25x | 1.96x | 1.93x | 1.73x | 1.40x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,487 | 2,611 | 2,473 | 2,243 | 1,960 |
| Current ratio | 1.16x | 1.16x | 1.17x | 1.15x | 1.10x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.