Income Statement Cushman & Wakefield Limited

Equities

CWK

BMG2717C1064

Real Estate Services

End-of-day quote Nyse Other stock markets 2026-04-16			5-day change	1st Jan Change
14.03 ^USD	+1.01%		+2.71%	-13.34%

Apr. 16	Cushman & Wakefield Appoints Dr. Miguel A. Rodriguez as Head of Data Science & Geospatial Analytics	CI
Apr. 08	Cushman & Wakefield Markets the Refinery District Waterfront Development Site for Sale	CI

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Published financial data: CUSHMAN & WAKEFIELD LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	9.39B	10.11B	9.49B	9.45B	10.29B
Total Revenues	9.39B	10.11B	9.49B	9.45B	10.29B
Cost of Goods Sold, Total	7.45B	8.15B	7.84B	7.72B	8.41B
Gross Profit	1.94B	1.95B	1.65B	1.73B	1.88B
Selling General & Admin Expenses, Total	1.23B	1.26B	1.25B	1.22B	1.32B
Depreciation & Amortization - (IS)	172M	147M	146M	122M	104M
Other Operating Expenses, Total	1.4B	1.41B	1.4B	1.34B	1.42B
Operating Income	542M	542M	253M	388M	459M
Interest Expense, Total	-180M	-193M	-230M	-226M	-213M
Interest And Investment Income	11.6M	-	-	-	-
Net Interest Expenses	-168M	-193M	-230M	-226M	-213M
Income (Loss) On Equity Invest.	21.2M	85M	58.1M	37.4M	-168M
Other Non Operating Income (Expenses)	-	9M	16.5M	11M	20.5M
EBT, Excl. Unusual Items	395M	443M	97M	211M	98.1M
Restructuring Charges	-23.1M	-7.3M	-24.5M	-28.9M	-
Merger & Related Restructuring Charges	-3.1M	-	-	-	-
Gain (Loss) On Sale Of Investments	-10.4M	-84.2M	-27.8M	-800K	26.1M
Gain (Loss) On Sale Of Assets	-	-13.8M	-1.3M	-15.8M	-
Asset Writedown	-18.3M	-1.6M	-13.6M	-3.8M	-6.5M
Insurance Settlements	-	-	-	19.2M	-
Other Unusual Items	-100K	1.7M	-59.8M	-5.5M	-3.5M
EBT, Incl. Unusual Items	340M	338M	-30M	176M	114M
Income Tax Expense	89.9M	142M	5.4M	44.5M	26M
Earnings From Continuing Operations	250M	196M	-35.4M	131M	88.2M
Net Income to Company	250M	196M	-35.4M	131M	88.2M
Minority Interest	-	-	-	-	-
Net Income - (IS)	250M	196M	-35.4M	131M	88.2M
Net Income to Common Incl Extra Items	250M	196M	-35.4M	131M	88.2M
Net Income to Common Excl. Extra Items	250M	196M	-35.4M	131M	88.2M
Per Share Items
Net EPS - Basic	1.12	0.87	-0.16	0.57	0.38
Basic EPS - Continuing Operations	1.12	0.87	-0.16	0.57	0.38
Basic Weighted Average Shares Outstanding	223M	225M	227M	229M	231M
Net EPS - Diluted	1.1	0.86	-0.16	0.56	0.38
Diluted EPS - Continuing Operations	1.1	0.86	-0.16	0.56	0.38
Diluted Weighted Average Shares Outstanding	226M	228M	227M	233M	235M
Normalized Basic EPS	1.11	1.23	0.27	0.58	0.27
Normalized Diluted EPS	1.09	1.21	0.27	0.57	0.26
Supplemental Items
EBITDA	714M	689M	398M	511M	563M
EBITA	608M	606M	317M	434M	498M
EBIT	542M	542M	253M	388M	459M
EBITDAR	874M	842M	546M	653M	694M
Effective Tax Rate - (Ratio)	26.45	41.89	-18	25.31	22.77
Current Domestic Taxes	93.7M	73.2M	18M	35.9M	15.5M
Current Foreign Taxes	53.2M	54.2M	39.8M	39.9M	55.9M
Total Current Taxes	147M	127M	57.8M	75.8M	71.4M
Deferred Domestic Taxes	-48.3M	6.4M	-49.9M	-36M	-32M
Deferred Foreign Taxes	-8.7M	7.8M	-2.5M	4.7M	-13.4M
Total Deferred Taxes	-57M	14.2M	-52.4M	-31.3M	-45.4M
Normalized Net Income	247M	277M	60.62M	132M	61.31M
Interest on Long-Term Debt	200K	600K	1.6M	2.2M	2.1M
Non-Cash Pension Expense	-2.2M	200K	800K	1.5M	1.3M
Supplemental Operating Expense Items
Advertising Expense	45.8M	-	39.9M	38.5M	38.7M
Selling and Marketing Expenses	45.8M	-	39.9M	38.5M	38.7M
Net Rental Expense, Total	161M	152M	148M	143M	131M
Imputed Operating Lease Interest Expense	59.11M	62.3M	73.72M	72.55M	68.71M
Imputed Operating Lease Depreciation	102M	90.2M	74.18M	70.15M	62.69M
Stock-Based Comp., SG&A Exp. (Total)	-	-	8.3M	-	-
Stock-Based Comp., Other (Total)	58.2M	40.3M	45.8M	35.6M	58.2M
Total Stock-Based Compensation	58.2M	40.3M	54.1M	35.6M	58.2M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	771M	644M	768M	793M	784M
Total Cash And Short Term Investments	771M	644M	768M	793M	784M
Accounts Receivable, Total	1.76B	1.82B	1.78B	1.65B	1.82B
Other Receivables	72.5M	106M	117M	110M	106M
Total Receivables	1.84B	1.93B	1.9B	1.76B	1.92B
Prepaid Expenses	102M	118M	105M	111M	116M
Restricted Cash	120M	74.5M	33.5M	21.3M	19.3M
Other Current Assets, Total	900K	2.8M	1M	1.3M	1M
Total Current Assets	2.83B	2.77B	2.8B	2.69B	2.84B
Gross Property Plant And Equipment	1.09B	1.04B	1.07B	1.05B	1.07B
Accumulated Depreciation	-486M	-505M	-565M	-624M	-663M
Net Property Plant And Equipment	608M	531M	503M	426M	410M
Long-term Investments	719M	824M	832M	854M	651M
Goodwill	2.08B	2.07B	2.08B	2B	2.06B
Other Intangibles, Total	922M	874M	806M	690M	655M
Accounts Receivable Long-Term	71.1M	87.5M	298M	378M	360M
Deferred Tax Assets Long-Term	65.5M	58.6M	67.4M	93.1M	149M
Other Long-Term Assets, Total	592M	742M	383M	419M	550M
Total Assets	7.89B	7.95B	7.77B	7.55B	7.68B
Liabilities
Accounts Payable, Total	1.04B	1.12B	1.09B	1.03B	1.14B
Accrued Expenses, Total	981M	922M	858M	905M	1.02B
Short-term Borrowings	4.9M	5.6M	6M	6.9M	5.3M
Current Portion of Long-Term Debt	26.5M	26.9M	120M	75.9M	104M
Current Portion of Leases	118M	125M	135M	116M	114M
Current Income Taxes Payable	105M	33.1M	20.8M	19.8M	29M
Unearned Revenue Current, Total	62.8M	68.7M	57M	68M	86.6M
Other Current Liabilities	93M	88.8M	114M	103M	96.3M
Total Current Liabilities	2.43B	2.39B	2.4B	2.33B	2.59B
Long-Term Debt	3.29B	3.2B	3.08B	2.93B	2.61B
Long-Term Leases	407M	357M	342M	286M	267M
Unearned Revenue Non Current	-	-	-	-	17.4M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non Current	48.7M	57.2M	13.7M	12.6M	13.8M
Other Non Current Liabilities	260M	283M	262M	238M	224M
Total Liabilities	6.44B	6.29B	6.1B	5.79B	5.72B
Common Stock, Total	22.4M	22.6M	22.7M	23M	23.2M
Additional Paid In Capital	2.9B	2.91B	2.96B	2.99B	3.04B
Retained Earnings	-1.28B	-1.08B	-1.12B	-986M	-898M
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	-193M	-191M	-185M	-269M	-209M
Total Common Equity	1.45B	1.66B	1.68B	1.75B	1.96B
Minority Interest	800K	800K	600K	500K	500K
Total Equity	1.45B	1.66B	1.68B	1.76B	1.96B
Total Liabilities And Equity	7.89B	7.95B	7.77B	7.55B	7.68B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	225M	226M	227M	230M	232M
ECS Total Common Shares Outstanding	224M	226M	227M	230M	232M
Book Value / Share	6.47	7.36	7.38	7.64	8.44
Tangible Book Value	-1.56B	-1.28B	-1.21B	-934M	-758M
Tangible Book Value Per Share	-6.96	-5.66	-5.32	-4.06	-3.27
Total Debt	3.85B	3.71B	3.68B	3.41B	3.1B
Net Debt	3.08B	3.07B	2.92B	2.62B	2.31B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-33.6M	-2.8M	-2.5M	-1.8M	-1.6M
Debt Equivalent Oper. Leases	1.29B	1.22B	1.18B	1.14B	1.05B
Minority Interest, Total (Incl. Fin. Div)	800K	800K	600K	500K	500K
Equity Method Investments, Total	641M	677M	708M	724M	537M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	108M	119M	121M	125M	138M
Full Time Employees	50K	52K	52K	52K	53K
Assets under Capital Lease - Gross	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	72.2M	88.2M	85.2M	88.7M	93.2M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	250M	196M	-35.4M	131M	88.2M
Depreciation & Amortization - CF	210M	185M	179M	163M	151M
Amortization of Goodwill and Intangible Assets - (CF)	66.2M	64.1M	64.2M	45.9M	39.6M
Depreciation & Amortization, Total	276M	249M	243M	209M	191M
Amortization of Deferred Charges, Total - (CF)	9.4M	9.6M	7.5M	7.5M	8M
(Gain) Loss From Sale Of Asset	-	13.2M	1.3M	15.8M	-
(Gain) Loss on Sale of Investments - (CF)	-	84.2M	27.8M	800K	151M
Asset Writedown & Restructuring Costs	18.3M	1.6M	13.6M	3.8M	6.5M
(Income) Loss On Equity Investments - (CF)	-19.9M	-45.4M	-33.7M	-18.7M	3M
Stock-Based Compensation (CF)	58.2M	40.3M	54.1M	35.6M	58.2M
Provision and Write-off of Bad Debts	38M	31.7M	10.6M	20.8M	22.2M
Other Operating Activities, Total	-45M	7.2M	-12.5M	-59M	-76.6M
Change In Accounts Receivable	-318M	-402M	135M	-57.9M	-110M
Change In Accounts Payable	131M	125M	-49.4M	16.8M	109M
Change In Income Taxes	91.5M	-96.1M	-34.1M	2.1M	10.9M
Change in Other Net Operating Assets	59.3M	-166M	-176M	-99.6M	-121M
Cash from Operations	550M	49.1M	152M	208M	340M
Capital Expenditure	-53.8M	-50.7M	-51M	-41M	-47.4M
Cash Acquisitions	-7M	-32.8M	-	-	-4.9M
Divestitures	-	-	-	123M	11.5M
Investment in Marketable and Equity Securities, Total	-689M	-26.4M	-6.9M	-1.7M	-8.9M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	0	100M	0	20M
Other Investing Activities, Total	200K	-10.8M	6.8M	1.3M	8.6M
Cash from Investing	-750M	-121M	48.9M	81.2M	-21.1M
Long-Term Debt Issued, Total	-	-	2.4B	-	-
Total Debt Issued	-	-	2.4B	-	-
Long-Term Debt Repaid, Total	-40.1M	-44M	-2.43B	-229M	-326M
Total Debt Repaid	-40.1M	-44M	-2.43B	-229M	-326M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-8.6M	-27.2M	-8.1M	-10.4M	-11.2M
Other Financing Activities, Total	-17.1M	-8.1M	-78.5M	-14.4M	-13.2M
Cash from Financing	-65.8M	-79.3M	-121M	-253M	-350M
Foreign Exchange Rate Adjustments	-8M	-20.4M	1.9M	-22.4M	20.1M
Net Change in Cash	-274M	-171M	82.2M	13.4M	-11.1M
Supplemental Items
Cash Interest Paid	166M	181M	233M	264M	217M
Cash Income Tax Paid (Refund)	46.5M	215M	88.5M	69.1M	59.3M
Levered Free Cash Flow	646M	352M	258M	445M	442M
Unlevered Free Cash Flow	749M	463M	395M	579M	567M
Change In Net Working Capital	-130M	115M	10M	-133M	-79.3M
Net Debt Issued / Repaid	-40.1M	-44M	-34.2M	-229M	-326M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.45	4.28	2.01	3.17	3.76
Return on Total Capital	6.54	6.35	2.94	4.61	5.61
Return On Equity %	19.65	12.63	-2.12	7.65	4.75
Return on Common Equity	19.67	12.63	-2.12	7.65	4.75
Margin Analysis
Gross Profit Margin %	20.67	19.32	17.4	18.27	18.27
SG&A Margin	13.06	12.5	13.2	12.87	12.8
EBITDA Margin %	7.6	6.82	4.2	5.41	5.47
EBITA Margin %	6.47	6	3.34	4.6	4.84
EBIT Margin %	5.77	5.37	2.66	4.11	4.46
Income From Continuing Operations Margin %	2.66	1.94	-0.37	1.39	0.86
Net Income Margin %	2.66	1.94	-0.37	1.39	0.86
Net Avail. For Common Margin %	2.66	1.94	-0.37	1.39	0.86
Normalized Net Income Margin	2.63	2.74	0.64	1.4	0.6
Levered Free Cash Flow Margin	6.88	3.48	2.72	4.72	4.3
Unlevered Free Cash Flow Margin	7.98	4.58	4.16	6.13	5.52
Asset Turnover
Asset Turnover	1.23	1.28	1.21	1.23	1.35
Fixed Assets Turnover	14.64	17.75	18.37	20.34	24.61
Receivables Turnover (Average Receivables)	5.67	5.64	5.27	5.5	5.93
Short Term Liquidity
Current Ratio	1.16	1.16	1.17	1.15	1.1
Quick Ratio	1.07	1.08	1.11	1.1	1.04
Operating Cash Flow to Current Liabilities	0.23	0.02	0.06	0.09	0.13
Days Sales Outstanding (Average Receivables)	64.42	64.75	69.2	66.5	61.57
Average Days Payable Outstanding	50.35	48.43	51.6	50.61	47.27
Long Term Solvency
Total Debt/Equity	265.68	223.48	219.56	194.38	158.32
Total Debt / Total Capital	72.65	69.09	68.71	66.03	61.29
LT Debt/Equity	255.36	214.01	204	183.03	146.91
Long-Term Debt / Total Capital	69.83	66.16	63.84	62.17	56.87
Total Liabilities / Total Assets	81.64	79.09	78.42	76.75	74.52
EBIT / Interest Expense	3.02	2.81	1.1	1.72	2.16
EBITDA / Interest Expense	4.87	4.36	2.37	2.9	3.26
(EBITDA - Capex) / Interest Expense	4.57	4.1	2.15	2.72	3.04
Total Debt / EBITDA	4.4	4.41	6.74	5.22	4.46
Net Debt / EBITDA	3.52	3.65	5.34	4.01	3.33
Total Debt / (EBITDA - Capex)	4.69	4.7	7.44	5.57	4.79
Net Debt / (EBITDA - Capex)	3.75	3.88	5.89	4.28	3.57
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	19.7	7.64	-6.06	-0.5	8.91
Gross Profit, 1 Yr. Growth %	39.75	0.61	-15.37	4.49	8.9
EBITDA, 1 Yr. Growth %	166.11	-3.43	-42.18	18.88	10.44
EBITA, 1 Yr. Growth %	306.56	-0.23	-47.71	24.76	14.98
EBIT, 1 Yr. Growth %	11.67K	0.13	-53.37	36.8	18.38
Earnings From Cont. Operations, 1 Yr. Growth %	-213.38	-21.44	-118.02	-470.9	-32.83
Net Income, 1 Yr. Growth %	-213.38	-21.44	-118.02	-470.9	-32.83
Normalized Net Income, 1 Yr. Growth %	-353.47	23.8	-78.11	66.72	-52.36
Diluted EPS Before Extra, 1 Yr. Growth %	-210	-21.82	-118.6	-450	-32.14
Accounts Receivable, 1 Yr. Growth %	13.92	3.16	-2.28	-7.04	9.86
Net Property, Plant and Equip., 1 Yr. Growth %	-9.79	-12.74	-5.24	-15.25	-3.76
Total Assets, 1 Yr. Growth %	7.53	0.75	-2.21	-2.89	1.69
Tangible Book Value, 1 Yr. Growth %	-21.97	-17.84	-5.42	-22.81	-18.83
Common Equity, 1 Yr. Growth %	32.26	14.75	0.97	4.62	11.42
Cash From Operations, 1 Yr. Growth %	-1.54K	-91.06	209.98	36.66	63.65
Capital Expenditures, 1 Yr. Growth %	31.22	-5.76	0.59	-19.61	15.61
Levered Free Cash Flow, 1 Yr. Growth %	137.96	-45.54	-26.69	60.57	0.79
Unlevered Free Cash Flow, 1 Yr. Growth %	105.81	-38.19	-14.79	39.83	-1.36
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.58	13.51	0.56	-3.32	4.1
Gross Profit, 2 Yr. CAGR %	4.72	18.58	-7.73	-5.96	6.67
EBITDA, 2 Yr. CAGR %	20.48	60.48	-25.27	-14.02	15.7
EBITA, 2 Yr. CAGR %	26.09	101.81	-27.76	-15.48	21.23
EBIT, 2 Yr. CAGR %	66.66	1.06K	-31.66	-15.49	29.18
Earnings From Cont. Operations, 2 Yr. CAGR %	3.44K	-5.62	-62.37	-18.24	57.85
Net Income, 2 Yr. CAGR %	3.44K	-5.62	-62.37	-18.24	57.85
Normalized Net Income, 2 Yr. CAGR %	179.64	92.58	-49.77	-21.94	21
Diluted EPS Before Extra, 2 Yr. CAGR %	3.42K	-7.26	-61.86	-19.31	54.11
Accounts Receivable, 2 Yr. CAGR %	-2	8.41	0.4	-4.69	1.06
Net Property, Plant and Equip., 2 Yr. CAGR %	-12.27	-11.28	-9.07	-10.39	-9.69
Total Assets, 2 Yr. CAGR %	4.95	4.08	-0.74	-2.55	-0.63
Tangible Book Value, 2 Yr. CAGR %	-5.16	-19.93	-11.85	-14.56	-20.85
Common Equity, 2 Yr. CAGR %	5.48	23.19	7.64	2.78	7.97
Cash From Operations, 2 Yr. CAGR %	42.85	13.37	-47.37	105.82	49.55
Capital Expenditures, 2 Yr. CAGR %	-18.15	11.2	-2.64	-10.07	-3.59
Levered Free Cash Flow, 2 Yr. CAGR %	28.07	13.91	-36.85	12.34	35.77
Unlevered Free Cash Flow, 2 Yr. CAGR %	24.44	12.85	-27.46	11.69	17.89
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	4.53	4.91	6.57	0.2	0.6
Gross Profit, 3 Yr. CAGR %	7.14	3.33	5.97	-3.82	-1.25
EBITDA, 3 Yr. CAGR %	32.89	11.91	14.2	-10.55	-6.61
EBITA, 3 Yr. CAGR %	45.26	16.62	28.66	-10.59	-6.43
EBIT, 3 Yr. CAGR %	237.41	40.63	298.38	-10.48	-5.53
Earnings From Cont. Operations, 3 Yr. CAGR %	10.4	893.96	-45.65	-19.32	-23.42
Net Income, 3 Yr. CAGR %	10.4	893.96	-45.65	-19.32	-23.42
Normalized Net Income, 3 Yr. CAGR %	23.57	106.27	-6.72	-18.07	-34.36
Diluted EPS Before Extra, 3 Yr. CAGR %	0.3	888.64	-45.71	-20.15	-23.83
Accounts Receivable, 3 Yr. CAGR %	2.81	-0.31	4.72	-2.14	-0.07
Net Property, Plant and Equip., 3 Yr. CAGR %	24.67	-12.43	-9.31	-11.18	-8.23
Total Assets, 3 Yr. CAGR %	6.42	3.53	1.94	-1.46	-1.16
Tangible Book Value, 3 Yr. CAGR %	0.21	-9.59	-15.36	-15.67	-16.01
Common Equity, 3 Yr. CAGR %	2.1	8.48	15.29	6.62	5.58
Cash From Operations, 3 Yr. CAGR %	529.77	-43.3	58.53	-27.66	90.68
Capital Expenditures, 3 Yr. CAGR %	-13.87	-14.21	7.55	-8.66	-2.22
Levered Free Cash Flow, 3 Yr. CAGR %	97.12	-3.7	-1.65	-11.7	7.82
Unlevered Free Cash Flow, 3 Yr. CAGR %	153.26	-1.45	2.76	-8.26	6.93
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.6	7.86	2.92	1.54	5.58
Gross Profit, 5 Yr. CAGR %	11.07	8.74	0.93	-0.49	6.25
EBITDA, 5 Yr. CAGR %	289.12	40.03	5.56	0.76	16.03
EBITA, 5 Yr. CAGR %	49.35	74.39	9.84	2.59	27.32
EBIT, 5 Yr. CAGR %	15.68	30.62	78.13	14.78	158.15
Earnings From Cont. Operations, 5 Yr. CAGR %	-10.47	-2.36	-28.22	265.97	-16.74
Net Income, 5 Yr. CAGR %	-10.45	-2.36	-28.22	265.97	-16.74
Normalized Net Income, 5 Yr. CAGR %	-1.09	7.18	-14.26	33.16	-3.87
Diluted EPS Before Extra, 5 Yr. CAGR %	-18.56	-11	-31.87	262.88	-17.59
Accounts Receivable, 5 Yr. CAGR %	6.62	6.74	1.84	-2.09	3.24
Net Property, Plant and Equip., 5 Yr. CAGR %	19.87	11.76	9.89	-11.62	-9.46
Total Assets, 5 Yr. CAGR %	6.79	6.53	3.5	1.05	0.91
Tangible Book Value, 5 Yr. CAGR %	-8.57	-13.04	-4.8	-11.61	-17.6
Common Equity, 5 Yr. CAGR %	19.67	27.17	4.28	6.16	12.3
Cash From Operations, 5 Yr. CAGR %	10.4	62	133.34	-5.03	54.88
Capital Expenditures, 5 Yr. CAGR %	-6.99	-17.05	-9.54	-12.58	2.94
Levered Free Cash Flow, 5 Yr. CAGR %	-	4.86	25.05	2.48	10.28
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	4.28	53.62	3.66	9.31