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Cushman & Wakefield (CWK) investor relations material
Cushman & Wakefield Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue rose 9% year-over-year to $2.5B, with fee revenue up 7% and strong growth in Capital Markets and Leasing; net income was $57.3M, up $43.8M from Q2 2024.
Adjusted EBITDA increased 16% to $161.7M, with margin improving by 75 bps to 9.5%.
Adjusted EPS for Q2 2025 was $0.30, up 50% year-over-year; diluted EPS was $0.25.
Liquidity as of June 30, 2025, was $1.7B, including $1.1B in undrawn revolver and $0.6B in cash.
Announced $150M term loan repayment in August 2025, totaling $200M in prepayments year-to-date; $950M of term loan repriced, reducing interest rate by 50 bps.
Financial highlights
Q2 2025 revenue: $2.5B (+9% YoY); fee revenue: $1.7B (+7% YoY); net income: $57.3M (vs. $13.5M in Q2 2024); adjusted EBITDA: $161.7M (+16% YoY); adjusted EPS: $0.30 (+50% YoY).
Year-to-date revenue: $4.8B (+7% YoY); net income: $59.2M (vs. $-15.3M prior year); adjusted EBITDA: $257.9M (+19% YoY).
Q2 2025 capital markets revenue grew 27% YoY; leasing revenue up 8%; services revenue up 3%.
Adjusted EBITDA margin for Q2 2025 was 9.5%, up from 8.8% in Q2 2024.
Free cash flow for H1 2025 was $(166.3)M.
Outlook and guidance
Leasing revenue growth guidance raised to 6–8% for 2025; capital markets revenue expected to grow mid-to-high teens.
Organic services revenue growth forecasted at 8% over 2024.
Full-year 2025 adjusted EPS growth anticipated at 25–35%, with margin expansion expected despite increased investment spend.
Management expressed confidence in sustainable long-term growth, citing strong market positioning and talent.
Effective tax rate expected at 25%.
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