NYSE · Financial Statements

Cushman & Wakefield Ltd. (CWK) Financial Statements

$11.83 NYSE: CWK Market Cap $2.78B

Cushman & Wakefield Ltd. most recently reported annual revenue of $10.3B, net profit of $88.0M. Revenue grew at an average annual rate of 5.6% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Cushman & Wakefield Ltd.: Revenue rose from $6.2B in 2016 to $10.3B in 2025, a change of +65.5% over 9 years; net profit was positive in 4 of 10 reported years; operating margin moved from -4.8% to 4.5%, a shift of +9.2 percentage points; the most recent year shows net profit of $88.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$6.2B$6.9B$8.2B$8.8B$7.8B$9.4B$10.1B$9.5B$9.4B$10.3B
Operating Expenses$6.5B$7.1B$8.2B$8.6B$7.9B$8.9B$9.6B$9.3B$9.1B$9.8B
Operating Profit$-295.0M$-170.0M$13.0M$187.0M$-53.0M$497.0M$535.0M$206.0M$339.0M$459.0M
Operating Margin-4.8%-2.5%0.1%2.1%-0.7%5.3%5.3%2.2%3.6%4.5%
Other Income$-163.0M$-171.0M$-223.0M$-144.0M$-123.0M$-157.0M$-197.0M$-236.0M$-163.0M$-344.0M
Interest$172.0M$183.0M$229.0M$151.0M$164.0M$180.0M$193.0M$281.0M$230.0M$216.0M
Depreciation$6.5B$7.1B$8.2B$415.0M$382.0M$276.0M$249.0M$243.0M$122.0M$104.0M
Profit Before Tax$-459.0M$-341.0M$-211.0M$43.0M$-177.0M$340.0M$338.0M$-30.0M$176.0M$114.0M
Tax$5.3M$35.3M$11.9M$99.5M$-24.9M$26.4M$41.9M$-18.0M$25.3M$22.8M
Net Profit$-434.0M$-220.0M$-186.0M$0$-220.0M$250.0M$196.0M$-35.0M$131.0M$88.0M
EPS$-2.40$-1.22$-1.09$0.00$-1.00$1.10$0.86$-0.16$0.56$0.38
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$2.3B$2.6B$2.2B$2.3B$2.3B$2.6B$2.3B$2.5B$2.6B$2.9B$2.5B$2.8B
Operating Expenses$2.2B$2.4B$2.2B$2.2B$2.3B$2.5B$2.2B$2.4B$2.5B$2.7B$2.5B$2.6B
Operating Profit$58.0M$110.0M$19.0M$70.0M$75.0M$175.0M$45.0M$122.0M$108.0M$177.0M$59.0M$134.0M
Operating Margin2.5%4.3%0.9%3.1%3.2%6.6%2.0%4.9%4.1%6.1%2.3%4.9%
Interest$90.0M$57.0M$59.0M$61.0M$55.0M$56.0M$52.0M$53.0M$56.0M$55.0M$49.0M$60.0M
Profit Before Tax$-17.0M$70.0M$-26.0M$17.0M$53.0M$132.0M$5.0M$76.0M$45.0M$-12.0M$-10.0M$77.0M
Tax$-96.0M$430,000$-8.7M$21.5M$36.4M$14.5M$62.0M$24.8M$-14.0M$-85.1M$-31.3M$31.8M
Net Profit$-34.0M$70.0M$-29.0M$14.0M$34.0M$113.0M$2.0M$57.0M$51.0M$-22.0M$-13.0M$53.0M
EPS$-0.15$0.30$-0.13$0.06$0.14$0.48$0.01$0.25$0.22$-0.10$-0.05$0.22

Over the 10 years reported for Cushman & Wakefield Ltd., borrowings increased from $2.7B in 2016 to $3.2B in 2025, cash stood at $784.0M in the latest year, shareholders' equity was $23.0M, current assets covered current liabilities 22.74 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$5.7B$5.8B$6.5B$7.2B$7.3B$7.9B$7.9B$7.8B$7.5B$7.7B
Current Assets$1.8B$1.9B$2.7B$2.9B$2.9B$2.8B$2.8B$2.8B$2.7B$2.8B
Cash$382.0M$406.0M$895.0M$813.0M$1.1B$771.0M$645.0M$768.0M$793.0M$784.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$1.3B$1.3B$1.6B$1.8B$1.5B$1.8B$1.9B$1.8B$1.4B$1.5B
Fixed Assets$246.0M$304.0M$314.0M$491.0M$674.0M$592.0M$528.0M$503.0M$426.0M$410.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$8.0M$8.0M$9.0M$8.0M$150.0M$641.0M$677.0M$708.0M$724.0M$537.0M
Other Assets$1.6B$1.8B$1.8B$2.0B$2.1B$2.1B$2.1B$2.1B$2.0B$2.1B
Total Liabilities$5.1B$5.3B$5.2B$5.9B$6.2B$6.4B$6.3B$6.1B$5.8B$5.7B
Current Liabilities$1.6B$2.0B$2.0B$2.3B$2.1B$2.4B$2.4B$2.4B$2.3B$125.0M
Borrowings$2.7B$2.8B$2.7B$3.1B$4.0B$3.7B$3.6B$3.6B$3.3B$3.2B
Other Liabilities$2.4B$2.5B$2.5B$2.7B$2.3B$2.8B$2.7B$2.5B$2.5B$2.5B
Equity$1.4B$1.5B$22.0M$22.0M$22.0M$22.0M$23.0M$23.0M$23.0M$23.0M
Reserves$590.0M$504.0M$1.4B$1.3B$1.1B$1.4B$1.7B$1.7B$1.8B$2.0B

For Cushman & Wakefield Ltd., operating cash flow was positive in 7 of 10 reported years; free cash flow in the latest year was $293.0M; free cash flow was positive in 5 of 10 years; financing activities used $24.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-335.0M$4.0M$-2.0M$269.0M$-38.0M$550.0M$49.0M$152.0M$208.0M$340.0M
Investing Cash Flow$-215.0M$-272.0M$-302.0M$-355.0M$-299.0M$-803.0M$-171.0M$-2.0M$40.0M$-68.0M
Financing Cash Flow$-3.0M$-15.0M$-86.0M$-51.0M$-44.0M$-26.0M$-35.0M$-87.0M$-25.0M$-24.0M
Net Cash Flow$-123.0M$43.0M$498.0M$-93.0M$292.0M$-274.0M$-171.0M$82.0M$13.0M$-11.0M
Free Cash Flow$-412.0M$-125.0M$-86.0M$189.0M$-79.0M$496.0M$-2.0M$101.0M$167.0M$293.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-0.60
EV / EBITDA12.51
FCF Yield10.82%
Quick Ratio1.08
Interest Coverage2.17
Return 1Y7.82%
Return 3Y25.48%
Return 5Y-28.00%

Cushman & Wakefield Ltd. (CWK) financials — frequently asked questions

What is Cushman & Wakefield Ltd.'s annual revenue?

Cushman & Wakefield Ltd. (CWK) reported annual revenue of $10.3B in its most recent fiscal year.

What is Cushman & Wakefield Ltd.'s net profit?

Cushman & Wakefield Ltd. (CWK) reported net profit of $88.0M in its most recent fiscal year.

What is CWK EV/EBITDA?

Cushman & Wakefield Ltd.'s enterprise value to EBITDA (EV/EBITDA) ratio is 12.51.

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