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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 |
| 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 |
| Operating Income | - | 544 | 243.70 | 380 | 458.60 |
| EBITDA | - | 780.20 | 494.50 | 614.40 | 521.10 |
| EBIT | - | 531.10 | 251.10 | 405.70 | 330.40 |
| Pretax Income | - | 338 | -30 | 175.80 | 114.20 |
| Tax Provision | - | 141.60 | 5.40 | 44.50 | 26 |
| Net Income | - | 196.40 | -35.40 | 131.30 | 88.20 |
| Net Income Common Stockholders | - | 196.40 | -35.40 | 131.30 | 88.20 |
| Total Expenses | - | 9,561.70 | 9,250 | 9,066.50 | 9,829.60 |
| Interest Expense | - | 193.10 | 281.10 | 229.90 | 216.20 |
| Selling General And Administration | 1,226.70 | 1,261.30 | 1,262.80 | - | - |
| Normalized EBITDA | - | 789.10 | 532.60 | 655.50 | 527.20 |
| Normalized Income | - | 203.43 | -5.30 | 162 | 92.91 |
| Market Cap | 3,362.02 | 3,362.02 | 3,362.02 | 3,362.02 | 3,362.02 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cushman & Wakefield Limitedthis co. | CWK | $3.3B | 38.12↑ premium | 1.72 | 4.5% | 10.70 |
| Broadstone Net Lease, Inc. | BNL | $3.8B | 39.75 | 1.32 | 3.3% | 17.58 |
| Acadia Realty Trust | AKR | $3.5B | 162.21 | 1.23 | 0.8% | 21.69 |
| Blackstone Mortgage Trust, Inc. | BXMT | $3.4B | 30.92 | 0.97 | 3.1% | - |
| LXP Industrial Trust | LXP |
| - |
| - |
| - |
| - |
| - |
| - |
| $3.2B |
| 26.43 |
| 1.54 |
| 5.8% |
| 10.46 |
| Apple Hospitality REIT, Inc. | APLE | $3.1B | 17.75 | 0.99 | 5.6% | 10.56 |
| Curbline Properties Corp. | CURB | $3.0B | 74.46 | 1.55 | 2.1% | 24.85 |
| Urban Edge Properties | UE | $2.7B | 32.46 | 2.36 | 7.3% | 14.89 |
| Highwoods Properties, Inc. | HIW | $2.6B | 16.50 | 1.12 | 6.8% | 10.10 |
| Peer Median | - | 31.69 | 1.28 | 4.4% | 14.89 | |