Cushman & Wakefield (CWK) Q4 2025 earnings summary

Executive summary

• Achieved record results in 2025, including 34% adjusted EPS growth, highest total and leasing revenue, and robust free cash flow conversion, with all geographic segments and service lines contributing to gains.

• Exited 2025 with strong momentum, especially in capital markets (15%-19% Q4 growth) and multi-market leasing (33% annual growth), supported by operational improvements and margin expansion.

• Strategic focus on AI integration, cross-selling, and moving up the value chain, with organizational restructuring and technology investments.

• Net leverage reduced after significant debt repayment and robust free cash flow generation.

• Net loss in Q4 due to a $177M impairment on the Greystone JV, though full year net income remained positive.

Financial highlights

• Full-year 2025 revenue reached $10.3B, up 9% year-over-year; adjusted EBITDA grew 13% to $656.2M.

• Adjusted EPS was $1.22, up 34% from last year and at the high end of guidance.

• Free cash flow totaled $293M, improving by $126M versus 2024.

• Q4 revenue was $2.9B, up 11%; adjusted EBITDA was $239M, up 7%.

• Service line fee revenue for the year was $7.1B, up 7%.

Outlook and guidance

• 2026 revenue growth expected at 6%-8%, with service line trends similar to 2025.

• Adjusted EPS growth projected at 15%-20% for 2026; free cash flow conversion expected in the 60%-80% range.

• Continued deleveraging planned, targeting 2x leverage by 2028.

• Focus remains on executing long-term strategic priorities and financial targets.