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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.Q2 2025 earnings summary5 Aug, 2025
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%.
How does macro uncertainty impact leasing decisions?
How will Greystone's noncash items be adjusted?
Comment on services profitability and strategic shifts.
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Next Cushman & Wakefield earnings date
Q3 202530 Oct, 2025
Next Cushman & Wakefield earnings date
Q3 202530 Oct, 2025
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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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