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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.
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Q3 2025 earnings summary30 Oct, 2025

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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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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