Cushman & Wakefield Ltd (CWK) financial statements: income statement, balance sheet and cash flow
Cushman & Wakefield Ltd's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Cushman & Wakefield Ltd reported revenue of $10.3B (+8.9% year on year) and net income of $88.2M (-32.8% year on year).
Income statement
Cushman & Wakefield Ltd income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$10.3B
$9.4B
$9.5B
$10.1B
Costs of services (exclusive of depreciation and amortization)
$8.4B
$7.7B
$7.8B
$8.2B
Operating, administrative and other
$1.3B
$1.2B
$1.3B
$1.3B
Depreciation and amortization
$104.2M
$122.2M
$145.6M
$146.9M
Restructuring, impairment and related charges
$6.1M
$41.1M
$38.1M
$8.9M
Total costs and expenses
$9.8B
$9.1B
$9.3B
$9.6B
Operating income
$452.5M
$338.9M
$205.6M
$535.1M
Interest expense, net of interest income
($216.2M)
($229.9M)
($281.1M)
($193.1M)
(Loss) earnings from equity method investments
($168.3M)
$37.4M
$58.1M
$85.0M
Other income (expense), net
$46.2M
$29.4M
($12.6M)
($89.0M)
Earnings (loss) before income taxes
$114.2M
$175.8M
($30.0M)
$338.0M
Provision for income taxes
$26.0M
$44.5M
$5.4M
$141.6M
Net income (loss)
$88.2M
$131.3M
($35.4M)
$196.4M
Earnings (loss) per share attributable to common shareholders, basic (in dollars per share)
$0.38
$0.57
-$0.16
$0.87
Weighted average shares outstanding for basic earnings (loss) per share (in shares)
$231200000.00
$228900000.00
$226900000.00
$225400000.00
Earnings (loss) per share attributable to common shareholders, diluted (in dollars per share)
$0.38
$0.56
-$0.16
$0.86
Weighted average shares outstanding for diluted earnings (loss) per share (in shares)
$234700000.00
$232800000.00
$226900000.00
$228000000.00
Cushman & Wakefield Ltd income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue
$2.8B
$2.5B
$2.6B
$2.5B
Costs of services (exclusive of depreciation and amortization)
$2.3B
$2.1B
$2.2B
$2.0B
Operating, administrative and other
$349.3M
$336.7M
$320.6M
$318.3M
Depreciation and amortization
$28.5M
$25.3M
$25.8M
$26.2M
Restructuring, impairment and related charges
$0
$0
$0
$0
Total costs and expenses
$2.6B
$2.5B
$2.5B
$2.4B
Operating income
$134.2M
$58.7M
$107.5M
$122.8M
Interest expense, net of interest income
($59.6M)
($49.2M)
($56.0M)
($53.2M)
Earnings (loss) from equity method investments
$2.3M
($4.1M)
($8.6M)
$200.0K
Other income (expense), net
$400.0K
($15.0M)
$2.2M
$6.4M
Earnings before income taxes
$77.3M
($9.6M)
$45.1M
—
Provision for income taxes
$24.6M
$3.0M
($6.3M)
$18.9M
Net income
$52.7M
($12.6M)
$51.4M
$57.3M
Earnings per share attributable to common shareholders, basic (in dollars per share)
$0.22
-$0.05
$0.22
$0.25
Weighted average shares outstanding for basic earnings per share (in shares)
$234400000.00
$232800000.00
$231500000.00
$231400000.00
Earnings per share attributable to common shareholders, diluted (in dollars per share)
$0.22
-$0.05
$0.22
$0.25
Weighted average shares outstanding for diluted earnings per share (in shares)
$236300000.00
$232800000.00
$235900000.00
$232400000.00
Balance sheet
Cushman & Wakefield Ltd balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$784.2M
$793.3M
$767.7M
$644.5M
Trade and other receivables, net of allowance of $93.2 and $88.7 as of December 31, 2025 and 2024, respectively
$1.5B
$1.4B
$1.5B
$1.5B
Income tax receivable
$52.3M
$62.1M
$67.1M
$55.4M
Short-term contract assets, net
$301.4M
$301.4M
$311.0M
$358.2M
Prepaid expenses and other current assets
$189.7M
$181.2M
$189.4M
$246.3M
Total current assets
$2.8B
$2.7B
$2.8B
$2.8B
Property and equipment, net
$132.9M
$136.0M
$163.8M
$172.6M
Goodwill
$2.1B
$2.0B
$2.1B
$2.1B
Intangible assets, net
$654.7M
$690.1M
$805.9M
$874.5M
Equity method investments
$536.9M
$723.6M
$708.0M
$677.3M
Deferred tax assets
$149.0M
$93.1M
$67.4M
$58.6M
Non-current operating lease assets
$277.2M
$290.1M
$339.0M
$358.0M
Other non-current assets
$1.0B
$927.6M
$805.8M
$976.0M
Total assets
$7.7B
$7.5B
$7.8B
$7.9B
Short-term borrowings and current portion of long-term debt
$124.9M
$103.2M
$149.7M
$49.8M
Accounts payable and accrued expenses
$1.2B
$1.1B
$1.2B
$1.2B
Accrued compensation
$1.0B
$900.4M
$851.4M
$916.5M
Income tax payable
$29.0M
$19.8M
$20.8M
$33.1M
Other current liabilities
$191.4M
$196.0M
$217.6M
$192.0M
Total current liabilities
$2.6B
$2.3B
$2.4B
$2.4B
Long-term debt, net
$2.6B
$2.9B
$3.1B
$3.2B
Deferred tax liabilities
$13.8M
$12.6M
$13.7M
$57.2M
Non-current operating lease liabilities
$246.6M
$270.3M
$319.6M
$334.6M
Other non-current liabilities
$243.7M
$241.4M
$268.6M
$293.3M
Total liabilities
$5.7B
$5.8B
$6.1B
$6.3B
Common shares, par value $0.10 per share, 800,000,000 shares authorized; 231,699,585 and 229,696,912 shares issued and outstanding as of December 31, 2025 and 2024, respectively
$23200000.00
$23000000.00
$22700000.00
$22600000.00
Additional paid-in capital
$3.0B
$3.0B
$3.0B
$2.9B
Accumulated deficit
($897.7M)
($985.9M)
($1.1B)
($1.1B)
Accumulated other comprehensive loss
($208.6M)
($268.6M)
($185.4M)
($191.0M)
Total equity attributable to the Company
$2.0B
$1.8B
$1.7B
$1.7B
Non-controlling interests
$500.0K
$500.0K
$600.0K
$800.0K
Total equity
$2.0B
$1.8B
$1.7B
$1.7B
Total liabilities and shareholders’ equity
$7.7B
$7.5B
$7.8B
$7.9B
Cushman & Wakefield Ltd balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$500.5M
$600.6M
$634.4M
$618.2M
Trade and other receivables, net of allowance of $91.7 and $93.2, as of June 30, 2026 and December 31, 2025, respectively
$1.5B
$1.4B
$1.4B
$1.4B
Income taxes receivable
$64.5M
$82.9M
$89.4M
$83.6M
Short-term contract assets, net
$343.4M
$324.8M
$305.4M
$310.7M
Prepaid expenses and other current assets
$250.2M
$292.5M
$208.4M
$229.9M
Total current assets
$2.6B
$2.7B
$2.7B
$2.6B
Property and equipment, net
$146.2M
$134.2M
$121.5M
$123.8M
Goodwill
$2.1B
$2.1B
$2.1B
$2.1B
Intangible assets, net
$635.5M
$645.1M
$664.3M
$674.5M
Equity method investments
$530.7M
$529.2M
$720.2M
$731.9M
Deferred tax assets
$187.4M
$217.3M
$164.5M
$135.9M
Non-current operating lease assets
$369.4M
$373.3M
$286.9M
$276.3M
Other non-current assets
$999.9M
$941.9M
$1.0B
$916.2M
Total assets
$7.6B
$7.6B
$7.7B
$7.6B
Short-term borrowings and current portion of long-term debt
$243.3M
$129.8M
$129.2M
$174.8M
Accounts payable and accrued expenses
$1.2B
$1.2B
$1.2B
$1.1B
Accrued compensation
$846.3M
$871.4M
$898.5M
$744.6M
Income taxes payable
$41.1M
$86.5M
$75.0M
$63.9M
Other current liabilities
$151.5M
$179.2M
$208.7M
$195.0M
Total current liabilities
$2.4B
$2.4B
$2.5B
$2.3B
Long-term debt, net
$2.4B
$2.6B
$2.7B
$2.8B
Deferred tax liabilities
$44.8M
$38.4M
$19.3M
$18.1M
Non-current operating lease liabilities
$371.6M
$369.2M
$260.6M
$246.6M
Other non-current liabilities
$263.8M
$240.6M
$227.3M
$240.7M
Total liabilities
$5.5B
$5.7B
$5.7B
$5.7B
Common shares, par value $0.10 per share, 800,000,000 shares authorized; 234,498,592 and 231,699,585 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
$23400000.00
$23400000.00
$23200000.00
$23100000.00
Additional paid-in capital
$3.0B
$3.0B
$3.0B
$3.0B
Accumulated deficit
($857.6M)
($910.3M)
($875.3M)
($926.7M)
Accumulated other comprehensive loss
($189.1M)
($194.2M)
($210.8M)
($199.1M)
Total equity attributable to the Company
$2.0B
$2.0B
$2.0B
$1.9B
Non-controlling interests
$400.0K
$400.0K
$500.0K
$600.0K
Total equity
$2.0B
$2.0B
$2.0B
$1.9B
Total liabilities and shareholders’ equity
$7.6B
$7.6B
$7.7B
$7.6B
Cash flow statement
Cushman & Wakefield Ltd cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income (loss)
$88.2M
$131.3M
($35.4M)
$196.4M
Depreciation and amortization
$104.2M
$122.2M
$145.6M
$146.9M
Impairment charges
$6.5M
$3.8M
$13.6M
$1.6M
Unrealized foreign exchange (gain) loss
($4.3M)
($4.3M)
$1.9M
($4.0M)
Stock-based compensation
$58.2M
$35.6M
$54.1M
$40.3M
Lease amortization
$86.5M
$86.5M
$97.8M
$102.2M
Loss on debt extinguishment
$3.0M
$0
$19.3M
—
Amortization of debt issuance costs
$8.0M
$7.5M
$7.5M
$9.6M
Earnings from equity method investments, net of distributions received
$3.0M
($18.7M)
($33.7M)
($45.4M)
Impairment of equity method investment
$177.0M
—
—
—
Change in deferred taxes
($45.0M)
($28.1M)
($50.4M)
$14.6M
Provision for loss on receivables and other assets
$22.2M
$20.8M
$10.6M
$31.7M
Loss on disposition of business
$0
$15.8M
$1.3M
$13.2M
Unrealized (gain) loss on investments, net
($26.1M)
—
—
—
Other operating activities, net
($30.3M)
($26.6M)
$16.7M
($3.4M)
Trade and other receivables
($139.9M)
($78.7M)
$62.5M
($298.9M)
Income taxes payable
$10.9M
$2.1M
($34.1M)
($96.1M)
Short-term contract assets and Prepaid expenses and other current assets
$30.2M
$20.8M
$72.8M
($102.7M)
Other non-current assets
($121.2M)
($58.0M)
($24.7M)
($30.6M)
Accounts payable and accrued expenses
$108.7M
$16.8M
($49.4M)
$125.1M
Accrued compensation
$106.7M
$74.3M
($67.7M)
($41.4M)
Other current and non-current liabilities
($106.1M)
($115.9M)
($83.9M)
($94.2M)
Net cash provided by operating activities
$340.4M
$208.0M
$152.2M
$49.1M
Payment for property and equipment
($47.4M)
($41.0M)
($51.0M)
($50.7M)
Acquisition of business, net of cash acquired
($4.9M)
$0
$0
($32.8M)
Investments in equity securities
($8.9M)
($1.7M)
($6.9M)
($26.4M)
Return of beneficial interest in a securitization
($630.0M)
($505.0M)
($330.0M)
($80.0M)
Collection on beneficial interest in a securitization
$650.0M
$505.0M
$430.0M
$80.0M
Proceeds from disposition of business or other investments
$11.5M
—
—
—
Other investing activities, net
$8.6M
$1.3M
$6.8M
($10.8M)
Net cash (used in) provided by investing activities
($21.1M)
$81.2M
$48.9M
($120.7M)
Shares repurchased for payment of employee taxes on stock awards
-11.2M
-10.4M
-8.1M
-27.2M
Payment of deferred and contingent consideration
($13.0M)
($18.1M)
($14.5M)
($11.0M)
Proceeds from borrowings
$0
$0
$2.4B
—
Repayment of borrowings
($300.0M)
($200.4M)
($2.4B)
($26.7M)
Debt issuance costs
$0
$0
($65.1M)
$0
Payment of finance lease liabilities
($26.1M)
($28.2M)
($29.2M)
($17.3M)
Other financing activities, net
($200.0K)
$3.7M
$1.1M
$2.9M
Net cash used in financing activities
($350.5M)
($253.4M)
($120.8M)
($79.3M)
Change in cash, cash equivalents and restricted cash
($31.2M)
$35.8M
$80.3M
($150.9M)
Cash, cash equivalents and restricted cash, beginning of the year
$814.6M
$801.2M
$719.0M
$890.3M
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash
$20.1M
($22.4M)
$1.9M
($20.4M)
Cash, cash equivalents and restricted cash, end of the year