Cushman & Wakefield (CWK) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $2.8 billion, up 11% year-over-year, with record leasing and services growth and continued expansion in EMEA and APAC.

• Adjusted EBITDA rose 14% to $183.6 million, and Adjusted EPS increased 17% to $0.35; trailing twelve-month free cash flow was $249 million with a 79% conversion rate.

• Net income for Q2 2026 was $52.7 million, down 8% year-over-year, with diluted EPS of $0.22.

• Achieved the lowest gross debt balance and borrowing spread in company history, with liquidity at $1.5 billion including $0.5 billion in cash and $1.0 billion undrawn revolver.

• Raised 2026 annual Adjusted EPS growth guidance to 18%-23%, up from 15%-20%.

Financial highlights

• Q2 2026 revenue was $2.8 billion, up 11% year-over-year; YTD revenue was $5.3 billion, also up 11%.

• Adjusted EBITDA for Q2 was $183.6 million, up 14%; Adjusted EPS for Q2 was $0.35, up 17%; Adjusted net income for Q2 was $83.6 million, up 20%.

• Net income for Q2 2026 was $52.7 million, down 8% year-over-year; YTD net income was $40.1 million, down 32%.

• Trailing 12-month free cash flow was $249 million, with a 79% conversion rate.

• Gross margin for H1 2026 was 18%; Adjusted EBITDA margin for Q2 2026 was 6.6%.

Outlook and guidance

• 2026 annual Adjusted EPS growth guidance raised to 18%-23%, reflecting strong first-half performance.

• Full-year 2026 revenue growth expected at the mid-to-high end of the 6%-8% target range.

• Free cash flow conversion guidance maintained at 60%-80%.

• Management expects continued momentum in Services and Leasing, but notes ongoing macroeconomic and geopolitical uncertainties may impact future results.