Cushman & Wakefield (CWK) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 9% year-over-year to $2.5 billion, with fee revenue up 7% and strong growth in capital markets and leasing across all regions and service lines.

• Adjusted EBITDA increased 16% to $161.7 million, with margin improving by 75 bps to 9.5%.

• Net income for Q2 2025 was $57.3 million, up $43.8 million from Q2 2024; diluted EPS was $0.25 versus $0.06.

• Liquidity as of June 30, 2025, was $1.7 billion, including $1.1 billion in undrawn revolver and $0.6 billion in cash.

• Announced $150 million term loan prepayment in August 2025, totaling $200 million in prepayments year-to-date, with term loan repriced to lower interest rates.

Financial highlights

• Q2 2025 revenue: $2.5B (+9% YoY); fee revenue: $1.7B (+7% YoY); net income: $57.3M; 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).

• Adjusted EBITDA margin for Q2 2025 was 9.5%, up from 8.8% in Q2 2024.

• Q2 2025 capital markets revenue grew 27% year-over-year, leasing revenue rose 8%, and services revenue increased 3%.

• Liquidity as of June 30, 2025 was $1.7 billion, with no funded long-term debt maturities before 2028.

Outlook and guidance

• Full-year leasing revenue expected to grow 6–8%, above prior forecast.

• Capital markets revenue projected to grow mid to high teens for the year.

• Services on track for mid-single-digit to 8% organic top-line growth.

• Full-year 2025 adjusted EPS growth now guided to 25–35%.

• Management expressed confidence in sustainable long-term growth, citing strong market positioning and talent.