Cushman & Wakefield (CWK) Q4 2025 earnings summary

Executive summary

• Achieved record results in 2025, with 34% adjusted EPS growth, highest total and leasing revenue, and double-digit adjusted EBITDA growth, supported by all geographic segments and service lines.

• Exited 2025 with strong momentum, reduced net leverage after $300M debt repayment, and entered 2026 with confidence and a clear strategic path.

• AI transformation and integrated data strategy are central to operational evolution and client value creation.

• Net loss of $22.4M in Q4 due to a $177M impairment on the Greystone JV; full year net income was $88.2M, down $43.1M year-over-year.

• Cash flow from operations improved by $132.4M year-over-year; free cash flow up $126M to $293M.

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, a 103% conversion rate and $126M improvement over 2024.

• Net leverage ratio improved to 2.9x from 3.8x, with $800M in cash and $1.8B in liquidity.

• Q4 2025 revenue was $2.9B, up 11% year-over-year; service line fee revenue was $2.0B, up 9%.

Outlook and guidance

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

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

• Continued deleveraging planned, targeting 2x leverage by 2028; guidance aligns with 3-year targets.

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