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Cushman & Wakefield (CWK) investor relations material
Cushman & Wakefield Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue rose 11% year-over-year to $2.6 billion, with fee revenue up 9% and growth across all service lines and regions, especially in the Americas.
Adjusted EBITDA increased 12% to $159.6 million, with margin improving by 23 basis points to 9.0%.
Adjusted diluted EPS for Q3 2025 was $0.29, up 26% year-over-year, marking five consecutive quarters of growth.
Net income for Q3 2025 was $51.4 million, up $17.7 million from Q3 2024; diluted EPS was $0.22 versus $0.14.
Balance sheet strengthened through $300 million in year-to-date debt prepayments and repricing of $1.8 billion in debt, reducing interest rates.
Financial highlights
Q3 2025 revenue: $2.6 billion (+11% year-over-year); service line fee revenue: $1.8 billion (+9%).
Adjusted EBITDA for Q3 2025 was $159.6 million, up 12% year-over-year; margin improved to 9.0%.
Adjusted EPS (diluted) for Q3 2025 was $0.29, up 26% year-over-year.
Net income margin for Q3 2025 was 2.0%, up from 1.4% in Q3 2024.
Nine-month revenue was $7.4 billion (+8%), with adjusted EBITDA of $417.5 million (+16%).
Outlook and guidance
Full-year 2025 Adjusted EPS growth guidance raised to 30%-35%.
Leasing revenue growth expected at the high end of the 6%-8% range; Capital Markets revenue growth projected in the mid-to-high teens.
Organic Services revenue growth anticipated in the mid-single digits.
Effective tax rate expected at 24%.
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