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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Cushman & Wakefield
Cushman & Wakefield (CWK) investor relations material
Cushman & Wakefield Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record results in 2025, with 34% adjusted EPS growth, highest total and leasing revenue, and double-digit adjusted EBITDA growth, supported by all geographic segments and service lines.
Exited 2025 with strong momentum, reduced net leverage after $300M debt repayment, and entered 2026 with confidence and a clear strategic path.
AI transformation and integrated data strategy are central to operational evolution and client value creation.
Net loss of $22.4M in Q4 due to a $177M impairment on the Greystone JV; full year net income was $88.2M, down $43.1M year-over-year.
Cash flow from operations improved by $132.4M year-over-year; free cash flow up $126M to $293M.
Financial highlights
Full year 2025 revenue reached $10.3B, up 9% year-over-year; adjusted EBITDA grew 13% to $656.2M.
Adjusted EPS was $1.22, up 34% from last year and at the high end of guidance.
Free cash flow totaled $293M, a 103% conversion rate and $126M improvement over 2024.
Net leverage ratio improved to 2.9x from 3.8x, with $800M in cash and $1.8B in liquidity.
Q4 2025 revenue was $2.9B, up 11% year-over-year; service line fee revenue was $2.0B, up 9%.
Outlook and guidance
2026 revenue growth expected at 6%-8%, with service line trends similar to 2025.
Adjusted EPS growth projected at 15%-20%; free cash flow conversion expected in the 60%-80% range.
Continued deleveraging planned, targeting 2x leverage by 2028; guidance aligns with 3-year targets.
Focus remains on executing long-term strategic priorities and financial targets.
Future outlook for Greystone JV performance
How sustainable is cash flow improvement?
What strategic investments are driving growth?
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Next Cushman & Wakefield earnings date
Q1 202628 Apr, 2026
Cushman & Wakefield
Next Cushman & Wakefield earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Cushman & Wakefield plc is a leading global commercial real estate services firm, providing a broad range of services including tenant representation, valuation and advisory, global capital advisory, investment, loan and portfolio sales, industrial consulting, agency leasing, and supply chain and smart building solutions. The company's operations span the Americas, Europe, the Middle East, Africa, and Asia Pacific, serving a diverse set of clients from real estate owners and occupiers to tenants, investors, and multi-national corporations. It is headquartered in London, England, and its shares are listed on the New York Stock Exchange under the ticker symbol CWK.
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