Cushman & Wakefield Ltd

cushmanwakefield.com

What Do They Do?

Manages commercial properties and advises real estate occupiers and investors on leasing, property transactions and valuations.

How Do They Make Money?

In the Americas, clients pay fixed or variable fees for ongoing property, facilities and project services under contract billing schedules; the company earns leasing commissions after a lease is signed and capital-markets fees when a deal closes. Valuation fees are generally fixed by engagement scope.

revenue

Segment	Share	Revenue
Americas	73% FY2022: 77%
EMEA	10% FY2022: 10%
APAC	17% FY2022: 13%

Who Are Their Customers?

Real estate occupiers and investors—including tenants, property owners and multinational companies—hire the firm directly for property services, lease representation, transaction services and valuation advice.

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 3 cents into free cash flow.

Operating income, FY2025

4% of revenue

▲ +34% vs FY2024 ($338.9M, 4%)

Net income, FY2025

1% of revenue

▼ −33% vs FY2024 ($131.3M, 1%)

Free cash flow, FY2025

3% of revenue

▲ +75% vs FY2024 ($167M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +11%; vs $2.5B in Q2 FY2025
Net income: ▼ −8%; vs $57.3M in Q2 FY2025

Americas share of revenue vs 72.6% in Q2 FY2025

Aug 5, 2026 Raised adjusted EPS growth guidance Raised the 2026 annual adjusted EPS growth range to 18%-23%, from 15%-20%.

Growing. Revenue grew 10% in 4 years, from $9.4B in FY2021 to $10.3B in FY2025, about 2% a year.

Revenue over time

Americas EMEA APAC

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Jones Lang LaSalle, CBRE Group, Colliers International Group, and Newmark Group

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