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Cushman & Wakefield Limited, together with its subsidiaries, provides commercial real estate services under the Cushman & Wakefield brand in the Americas, Europe, Middle East, Africa, and Asia Pacific. It offers integrated facilities management, project and development, portfolio administration, transaction management, and strategic consulting services; property management services, including client accounting, engineering and operations, lease compliance administration, project and development, tenant experience, residential property management, and sustainability services; self-performed facilities services, which include janitorial, maintenance, environment management, landscaping, and office services; project management sustainability and workplace consulting services. The company also provides owner representation and tenant representation leasing services; debt and structured financing for real estate purchase and sales transactions; and appraisal management, investment management, valuation advisory, portfolio advisory, diligence advisory, dispute analysis and litigation support, financial reporting, and property and/or portfolio valuation services on real estate debt and equity decisions. It serves real estate owners and occupiers, such as tenants, investors, and multinational companies. The company was founded in 1784 and is headquartered in Chicago, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $10.3B | $521M | $88M | $293M | 4.5% | 8.9% | -32.8% |
| 2024 | $9.4B | $614M | $131M | $167M | 7.5% | -0.5% | -470.9% |
| 2023 | $9.5B | $495M | $-35M | $101M | -2.1% | -6.1% | -118.0% |
| 2022 | $10.1B | $780M | $196M | $-2M | 11.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 10,105.70 | 9,493.70 | 9,446.50 | 10,288.20 |
| Operating Revenue | - | 10,105.70 | 9,493.70 | 9,446.50 | 10,288.20 |
| Cost Of Revenue | - | 8,153.50 | 7,841.60 | 7,720.20 | 8,408.20 |
| Gross Profit | - | 1,952.20 | 1,652.10 | 1,726.30 | 1,880 |
| Operating Expense | - | 1,408.20 | 1,408.40 | 1,346.30 | 1,421.40 |
| Selling General And Administration | 1,226.70 | 1,261.30 | 1,262.80 | - | - |
| Total Expenses | - | 9,561.70 | 9,250 | 9,066.50 | 9,829.60 |
| Operating Income | - | 544 | 243.70 | 380 | 458.60 |
| Total Operating Income As Reported | - | 535.10 | 205.60 | 338.90 | 452.50 |
| EBITDA | - | 780.20 | 494.50 | 614.40 | 521.10 |
| Normalized EBITDA | - | 789.10 | 532.60 | 655.50 | 527.20 |
| EBIT | - | 531.10 | 251.10 | 405.70 | 330.40 |
| Interest Expense | - | 193.10 | 281.10 | 229.90 | 216.20 |
| Net Interest Income | - | -193.10 | -281.10 | -229.90 | -216.20 |
| Other Non Operating Income Expenses | - | -89 | -12.60 | 29.40 | 46.20 |
| Other Income Expense | - | -12.90 | 7.40 | 25.70 | -128.20 |
| Interest Expense Non Operating | - | 193.10 | 281.10 | 229.90 | 216.20 |
| Net Non Operating Interest Income Expense | - | -193.10 | -281.10 | -229.90 | -216.20 |
| Pretax Income | - | 338 | -30 | 175.80 | 114.20 |
| Tax Provision | - | 141.60 | 5.40 | 44.50 | 26 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.87 | -8 | -10.40 | -1.39 |
| Net Income Continuous Operations | - | 196.40 | -35.40 | 131.30 | 88.20 |
| Net Income From Continuing And Discontinued Operation | - | 196.40 | -35.40 | 131.30 | 88.20 |
| Net Income From Continuing Operation Net Minority Interest | - | 196.40 | -35.40 | 131.30 | 88.20 |
| Net Income | - | 196.40 | -35.40 | 131.30 | 88.20 |
| Net Income Common Stockholders | - | 196.40 | -35.40 | 131.30 | 88.20 |
| Net Income Including Noncontrolling Interests | - | 196.40 | -35.40 | 131.30 | 88.20 |
| Normalized Income | - | 203.43 | -5.30 | 162 | 92.91 |
| Diluted NI Availto Com Stockholders | - | 196.40 | -35.40 | 131.30 | 88.20 |
| Basic Average Shares | - | 225.40 | 226.90 | 228.90 | 231.20 |
| Diluted Average Shares | - | 228 | 226.90 | 232.80 | 234.70 |
| Reconciled Depreciation | - | 249.10 | 243.40 | 208.70 | 190.70 |
| Reconciled Cost Of Revenue | - | 8,051.30 | 7,743.80 | 7,633.70 | 8,321.70 |
| Total Unusual Items | - | -8.90 | -38.10 | -41.10 | -6.10 |
| Total Unusual Items Excluding Goodwill | - | -8.90 | -38.10 | -41.10 | -6.10 |
| Special Income Charges | - | -8.90 | -38.10 | -41.10 | -6.10 |
| Restructuring And Mergern Acquisition | - | 8.90 | 38.10 | 41.10 | 6.10 |
| Depreciation Amortization Depletion Income Statement | - | 146.90 | 145.60 | 122.20 | 104.20 |
| Depreciation And Amortization In Income Statement | - | 146.90 | 145.60 | 122.20 | 104.20 |
| General And Administrative Expense | 1,226.70 | 1,261.30 | 1,262.80 | - | - |
| Other Gand A | 1,226.70 | 1,261.30 | 1,262.80 | - | - |
| Total Other Finance Cost | 179.50 | 193.10 | - | - | - |
| Other Operating Expenses | - | 1,261.30 | 1,262.80 | 1,224.10 | 1,317.20 |
| Earnings From Equity Interest | - | 85 | 58.10 | 37.40 | -168.30 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cushman & Wakefield Limitedthis co. | CWK | $3.1B | 35.25↑ premium | 1.59 | 4.5% | 10.21 |
| Acadia Realty Trust | AKR | $3.2B | 188.23 | 1.43 | 0.8% | 23.75 |
| Blackstone Mortgage Trust, Inc. | BXMT | $3.1B | 28.40 | 0.89 | 3.1% | - |
| Highwoods Properties, Inc. | HIW | $3.1B | 19.71 | 1.30 | 6.6% | 10.86 |
| Curbline Properties Corp. | CURB |
| - |
| - |
| - |
| - |
| - |
| - |
| $3.1B |
| 76.74 |
| 1.60 |
| 2.1% |
| 25.57 |
| LXP Industrial Trust | LXP | $3.0B | 26.93 | 1.57 | 5.8% | 10.60 |
| Medical Properties Trust, Inc. | MPT | $3.0B | - | 0.65 | -6.0% | 15.11 |
| Urban Edge Properties | UE | $3.0B | 31.72 | 2.30 | 7.3% | 14.67 |
| Uniti Group Inc. | UNIT | $2.9B | 2.19 | 7.53 | 343.1% | 5.29 |
| Peer Median | - | 28.40 | 1.50 | 4.5% | 14.67 | |