Cushman & Wakefield Ltd. (CWK)

Cushman & Wakefield reported second-quarter 2026 revenue of $2.8 billion on 5 August 2026, up 11 percent from a year earlier 3. Leasing revenue rose 27 percent, while capital markets revenue, the fees for brokering property sales and financing, fell 1 percent 3.

Net income for the quarter was $52.7 million, down 8 percent, while adjusted EBITDA, the company's own adjusted profit measure, rose 14 percent to $183.6 million 3. The company raised its 2026 guidance for annual adjusted earnings per share growth to 18 to 23 percent, up from 15 to 20 percent 3.

On 21 October 2026 the company said it had redeemed the last $150 million of its 6.75 percent notes due May 2028, which leaves no maturities until 2030 4. It announced credit rating upgrades from Moody's on 28 September 2026 and from S&P in October 2026 1213.

Third-quarter results are due on 4 November 2026, and the company says its revenue and operating income tend to be highest in the fourth quarter 141.

The company says its predecessor firm DTZ traces its history to 1784 in the U.K., and the Cushman & Wakefield name was founded in 1917 in New York 1.

Public trading in the shares began on 2 August 2018, and the initial public offering closed on 6 August 2018 1. A concurrent private placement of 10.6 million shares went to Vanke Service (Hong Kong), now known as Onewo, on 6 and 7 August 2018 1.

Revenue was $9.5 billion in 2023, $9.4 billion in 2024 and $10.3 billion in 2025 1. In August 2024 the company sold a non-core Services business, which held back Services growth in 2025: Services revenue rose 4 percent, or 6 percent without the sale 1.

Revenue grew 9 percent in 2025 to $10.3 billion 1. Capital markets rose 19 percent and leasing 8 percent, as the company said improved debt availability and pent-up demand lifted transaction volumes, led by the Americas 1.

Net income was $88.2 million in 2025, down $43.1 million, after the company recorded a one-time $177.0 million impairment on its Greystone joint venture 1. In 2021 the company invested $500 million for 40 percent of Greystone's agency, Federal Housing Administration and servicing businesses, Commercial Observer reported 10. In the fourth quarter of 2025 the company found the stake's fair value had fallen and judged the drop lasting 1.

In 2025 the company repriced its term loans three times and prepaid $300.0 million of principal 1. On 12 June 2026 it amended its credit agreement: about $848 million of term loans were repriced and extended to 2033, and the loan was raised by about $353 million 6.

On 15 June 2026 the company redeemed $350 million of the 2028 notes, using proceeds from the larger term loan 63.

On 27 November 2025 the group moved its parent company from England and Wales to Bermuda through a court-approved scheme 1. The company said this was not expected to change its day-to-day operations 1.

Services

Services is the largest line, covering property management, facilities management, facilities services and project management 1. It was 66 percent of 2025 revenue, and the contracts are usually recurring, many running several years with high switching costs 1.

In the second quarter Services revenue was $1,801.3 million, up 8 percent, led by facilities management and project management 3. The Motley Fool's call summary reports project management growth of 20 percent or more, helped by the company's own AI tools 11.

Leasing

Leasing, the second largest line, covers owner representation, which finds tenants for building owners, and tenant representation, which finds and negotiates space for tenants 1. Fees come after a lease is signed, as a percentage of the rent over its life 1. It was 21 percent of 2025 revenue 1.

Second-quarter leasing revenue was $628.5 million, up 27 percent, with Americas growth of 35 percent across all deal sizes 311. The company credits office and industrial demand, including data centers 3.

Capital markets

Capital markets is the brokerage of property purchases and sales plus the arranging of equity, debt and structured financing 1. Fees are earned at the close of a deal as a percentage of its value 1. It was 8 percent of 2025 revenue 1.

In the second quarter revenue was $206.4 million, down 1 percent, with the Americas down 6 percent on fewer mid-sized deals, mostly multi-family, offset by growth in EMEA and APAC 3. On the call of 5 August 2026 MacKay called the slowdown an "air pocket" 11.

Appraisal and advisory work

The fourth line, 5 percent of 2025 revenue, provides appraisals and advice on real estate debt and equity decisions, including appraisal management, investment management, portfolio advisory and dispute analysis 1. Its second-quarter revenue rose 10 percent to $126.4 million 3.

Where the work is

Three regions report results: the Americas, EMEA (Europe, the Middle East and Africa) and Asia Pacific, at 73, 10 and 17 percent of 2025 revenue 1. The United States alone was 69 percent, followed by Australia at 5 percent 1.

The company works from over 350 offices in nearly 60 countries, including 205 in the Americas, 103 in EMEA and 64 in APAC 1.

People in charge

Michelle MacKay, chief executive, was promoted to the role on 1 July 2023, and Andrew McDonald has been Global President and chief operating officer since the same day 7.

Neil Johnston has been chief financial officer since February 2021 and became principal accounting officer on 25 September 2026, when Laurida Sayed's resignation took effect 75.

Stephen Plavin has been non-executive chairman since 1 October 2025, after Brett White retired on 31 July 2025 7. The board has 10 directors, 9 of them independent 7.

The company had about 53,000 employees on 31 December 2025 1. About 7,000, or 13 percent, are covered by collective bargaining agreements, and the costs of about 45 percent are fully reimbursed by clients 1.

Rivals

The annual report calls the company one of the three largest global commercial real estate services firms by revenue and workforce 1. It names Jones Lang LaSalle, CBRE Group, Colliers International and Newmark Group as similar large competitors 1.

Current problems

Demand follows commercial real estate markets, and the annual report says some clients delayed deals in 2025 because credit was hard to get and costly 1. Capital markets softness in the Americas continued in the second quarter 3.

Commercial Observer reported on 19 February 2026 that fears over AI shrinking company workforces and office demand had unsettled the sector 10.

The Greystone joint venture recorded loan loss provisions of $62.3 million in 2025, of which the company recorded $24.9 million for its 40 percent share 1.

The umbrella, in words

The company primarily does business under the Cushman & Wakefield tradename 1. Exhibit 21.1 lists its subsidiaries, which include C&W Facility Services Inc. and C&W Government Services Inc. in the United States and Cushman & Wakefield (U.K.) Ltd. 8.

Its financing runs through two subsidiaries of the parent, Cushman & Wakefield U.S. Borrower, LLC and DTZ UK Guarantor Limited 6.

The company owns 40 percent of the Greystone joint venture, a mortgage lending and servicing business, carried at $395.5 million on 31 December 2025 and $381.6 million on 30 June 2026 1210.

It owns 35 percent of the Onewo joint venture, CWVS Holding Limited, and licenses trademarks to it, earning royalty income of $9.6 million in 2025 1.

The annual report names no owned offices: the company's strategy is to lease rather than own them 1.

The proxy statement shows two holders above 5 percent as of 16 March 2026: Vanguard Portfolio Management with 24,287,319 common shares, or 10.4 percent, and BlackRock, Inc. with 22,070,748, or 9.4 percent 7.

MacKay personally reports 415,104 shares and Johnston 317,017, each under 1 percent, and all 14 executive officers and directors together report 1,736,392 7.

The company said at its investor day on 4 December 2025 that it expects annual adjusted earnings per share growth of 15 to 20 percent from 2026 through 2028 9. It also expects organic fee revenue growth of 6 to 8 percent and free cash flow conversion of 60 to 80 percent 9.

It said that conversion range is expected to translate to about $800 million in cumulative free cash flow starting in 2026 9. By year-end 2028 it expects adjusted EBITDA margin to improve by 150 basis points and net debt leverage to reach 2x 9.

It also targets services client retention of 96 percent and cross-sell fee revenue growth of 200 percent by 2028 9.

On 5 August 2026 the company lifted its 2026 adjusted earnings per share growth guidance to 18 to 23 percent from 15 to 20 percent 3. The Motley Fool's call summary says management expects 2026 revenue growth in the mid-to-high end of a 6 to 8 percent range 11.

After the 21 October 2026 redemption the company said no maturities remain until 2030 4. On the August call MacKay said it is "entering a new phase" that could include organic investment, accretive M&A or returning capital to shareholders as leverage targets are met 11.

Third-quarter results are due on 4 November 2026 14.