Cushman & Wakefield Reports Financial Results for the Third Quarter 2026
Cushman & Wakefield Ltd. (CWK) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 For Immediate Release Cushman & Wakefield Reports Financial Results for the Third Quarter 2026 NEW YORK (BUSINESS WIRE), November 4, 2026 — Cushman & Wakefield Ltd. (NYSE: CWK) today reported financial results for the third quarter of 2026. Diluted earnings per share
How this was made
The 30-second read
Why it matters
The reaffirmed guidance suggests management sees no need to adjust outlook, tempering market enthusiasm despite earnings beat.
Market read
Earnings release offers fresh data for REIT and real‑estate investors; unchanged guidance limits immediate price catalyst.
What to watch
Debt paydown of $800M improves balance sheet resilience, which could support future upside.
Cushman & Wakefield Reports Financial Results for the Third Quarter 2026
Third-quarter revenue rose 8%, Adjusted EBITDA increased 15% and Adjusted EPS grew 28%, led by Leasing and Capital markets. GAAP EPS was flat and nine-month net income declined 17% amid higher taxes and non-operating charges, while the company maintained full-year Adjusted EPS growth guidance of 18%-23%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenueGAAP | $2.81B | – | 8% |
| Q3 2026 Services revenueGAAP | $1.82B | – | 5% |
| Q3 2026 Leasing revenueGAAP | $625.9M | – | 15% |
| Q3 2026 Capital markets revenueGAAP | $241.3M | – | 18% |
| Q3 2026 Valuation and other revenueGAAP | $118.9M | – | 0% |
| Q3 2026 gross contract costsGAAP | $1.12B | – | 3% |
| Q3 2026 cost of services provided to clientsGAAP | $1.20B | – | 13% |
| Q3 2026 total costs of servicesGAAP | $2.32B | – | 8% |
| Q3 2026 operating, administrative and other expensesGAAP | $329.6M | – | 3% |
| Q3 2026 depreciation and amortizationGAAP | $26.8M | – | 4% |
| Q3 2026 operating incomeGAAP | $129.9M | – | 21% |
| Q3 2026 interest expense, net of interest incomeGAAP | −$49.2M | – | (12)% |
| Q3 2026 earnings from equity method investmentsGAAP | $5.2M | – | n.m. |
| Q3 2026 other expense, netGAAP | −$2.2M | – | n.m. |
| Q3 2026 earnings before income taxesGAAP | $83.7M | – | 86% |
| Q3 2026 provision for income taxesGAAP | $31.6M | – | n.m. |
| Q3 2026 net incomeGAAP | $52.1M | – | 1% |
| Q3 2026 Adjusted EBITDAnon-GAAP | $183.7M | – | 15% |
| Q3 2026 Adjusted net incomenon-GAAP | $87.8M | – | 29% |
| Q3 2026 diluted EPSGAAP | $0.22 | – | 0% |
| Q3 2026 Adjusted EPSnon-GAAP | $0.37 | – | 28% |
| Nine months ended September 30, 2026 total revenueGAAP | $8.11B | – | 10% |
| Nine months ended September 30, 2026 Services revenueGAAP | $5.37B | – | 7% |
| Nine months ended September 30, 2026 Leasing revenueGAAP | $1.75B | – | 20% |
| Nine months ended September 30, 2026 Capital markets revenueGAAP | $629.3M | – | 10% |
| Nine months ended September 30, 2026 Valuation and other revenueGAAP | $359.1M | – | 6% |
| Nine months ended September 30, 2026 operating incomeGAAP | $322.7M | – | 17% |
| Nine months ended September 30, 2026 net incomeGAAP | $92.2M | – | (17)% |
| Nine months ended September 30, 2026 Adjusted EBITDAnon-GAAP | $478.6M | – | 15% |
| Nine months ended September 30, 2026 Adjusted net incomenon-GAAP | $206.2M | – | 30% |
| Nine months ended September 30, 2026 diluted EPSGAAP | $0.39 | – | (17)% |
| Nine months ended September 30, 2026 Adjusted EPSnon-GAAP | $0.87 | – | 28% |
| Nine months ended September 30, 2026 net cash provided by operating activitiesGAAP | $24.4M | – | – |
| Nine months ended September 30, 2026 free cash flownon-GAAP | −$34.1M | – | – |
| Trailing twelve months ended September 30, 2026 net cash provided by operating activitiesGAAP | $281.7M | – | – |
| Trailing twelve months ended September 30, 2026 free cash flownon-GAAP | $200.2M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Americas Q3 2026Leasing revenue increased 19% and Capital markets revenue increased 24%. | $2.05B | – | 7% |
| EMEA Q3 2026Services revenue increased 13%, while Leasing revenue decreased 9% and Capital markets revenue decreased 22%. | $269.5M | – | 4% |
| APAC Q3 2026Services revenue increased 16%. | $484.4M | – | 15% |
| Americas nine months ended September 30, 2026Leasing revenue increased 24% and Capital markets revenue increased 12%. | $5.88B | – | 9% |
| EMEA nine months ended September 30, 2026Services revenue increased 26%. | $834.6M | – | 15% |
| APAC nine months ended September 30, 2026Services revenue increased 14%. | $1.39B | – | 13% |
full year 2026 outlook
- NoteAdjusted EPS growth of 18%-23%
Capital returns
- Shares repurchased for payment of employee taxes on stock awards were $26.1 million for the nine months ended September 30, 2026.
- On October 21, 2026, the company fully redeemed the remaining $150.0 million principal amount outstanding of the 2028 Notes.
- The company stated that it has current intentions to not pay cash dividends.
What drove it
- Leasing revenue increased 15%, principally driven by 19% growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers.
- Capital markets revenue increased 18%, primarily due to 24% revenue growth in the Americas, which experienced growth in all major asset classes.
- Services revenue increased 5%, led by higher global facilities management revenue, including new client wins and the expansion of existing client mandates, and higher project management revenue in EMEA and APAC.
- Q3 Adjusted EBITDA increased $24.1 million, or 15%, while operating income increased 21%.
- Interest expense, net of interest income, decreased $6.8 million, or 12%, in Q3, driven by lower debt principal balances and lower interest rates on term loans.
Concerns
- Q3 GAAP diluted EPS was $0.22, flat with the prior year, despite 28% growth in Adjusted EPS.
- Q3 provision for income taxes was $31.6 million, compared with a benefit from income taxes of $6.3 million in the prior-year quarter.
- Nine-month net income decreased $18.4 million, or 17%, driven by the pension buy-out settlement loss, A/R Securitization servicing liability, higher income tax expense, higher technology costs, higher occupancy costs, strategic investments and cost inflation.
- Nine-month free cash flow was $(34.1) million, compared with $58.7 million in the prior-year period.
- EMEA Q3 Adjusted EBITDA was $17.0 million, down 15%, and EMEA Leasing and Capital markets revenue declined 9% and 22%, respectively.
- The release states that changes in expectations and forecasts may materially impact the provision for loan losses in the future.
What to watch
- Delivery against the maintained full-year 2026 Adjusted EPS growth range of 18%-23%.
- Whether Americas leasing demand for office, industrial and data centers remains strong across deal sizes.
- Progress in converting global facilities management client wins and expanded mandates into Services revenue.
- The effect of higher technology costs, occupancy costs, strategic investments and cost inflation on earnings.
- The impact of credit-loss provisions at the Greystone JV and Onewo JV.
- Cash-flow seasonality and free-cash-flow conversion after nine-month free cash flow of $(34.1) million.
Balance sheet and cash flow
- Cash and cash equivalents were $489.0 million as of September 30, 2026, compared with $784.2 million as of December 31, 2025.
- Liquidity as of September 30, 2026 was $1.5 billion, consisting of availability on the company’s undrawn revolving credit facility of $1.0 billion and cash and cash equivalents of $0.5 billion.
- Outstanding term loans were $2.0 billion and senior secured notes totaled $0.6 billion as of September 30, 2026.
- Net debt was $2.1 billion as of September 30, 2026.
- Short-term borrowings and current portion of long-term debt were $197.4 million and long-term debt, net was $2,411.9 million as of September 30, 2026.
- Payment for property and equipment was $58.5 million for the nine months ended September 30, 2026, compared with $24.4 million.
- Repayment of borrowings was $1,351.7 million and proceeds from borrowings were $1,200.0 million for the nine months ended September 30, 2026.
Analysis
Cushman & Wakefield delivered broad third-quarter growth, with revenue of $2,807.8 million, up 8%. Leasing revenue increased 15% and Capital markets revenue increased 18%, while Services revenue grew 5%. The strongest activity was in the Americas, where Leasing rose 19% and Capital markets rose 24%. Management attributed Leasing momentum to broad-based demand for high-quality assets, including continued strength in office, industrial leasing and data centers. Services growth was supported by global facilities management client wins, mandate expansions and higher project management revenue in EMEA and APAC.
The earnings outcome was stronger on an adjusted basis than on a GAAP basis. Operating income rose 21% to $129.9 million and Adjusted EBITDA rose 15% to $183.7 million. Adjusted net income increased 29% to $87.8 million and Adjusted EPS increased 28% to $0.37. However, GAAP net income rose only 1% to $52.1 million and diluted EPS remained flat at $0.22. The divergence reflected higher tax expense, a higher net unrealized loss on real estate investments, and strategic investments and cost inflation, partially offset by lower interest expense and improved equity-method earnings.
Cost growth broadly tracked revenue in the quarter. Total costs of services rose 8%, including a 13% increase in cost of services provided to clients tied principally to approximately $119.0 million of higher employment costs, commissions associated with brokerage revenue and salaries associated with Services growth. Operating, administrative and other expenses increased 3%, driven by approximately $9.0 million of higher employment costs, strategic investments and cost inflation. Interest expense declined 12% to $49.2 million following debt prepayments, 2028 Notes redemptions and term-loan repricings.
Nine-month operating trends remained positive, with revenue up 10%, operating income up 17% and Adjusted EBITDA up 15%. Yet nine-month net income declined 17% to $92.2 million. The release identified the U.K. pension buy-out settlement loss, the A/R Securitization servicing liability, higher income tax expense, technology and occupancy costs, strategic investments and cost inflation as the principal drags. Nine-month free cash flow was $(34.1) million, compared with $58.7 million in the prior-year period, although trailing-twelve-month free cash flow was $200.2 million.
The balance sheet actions continued to reduce nearer-term debt obligations. The company reported $1.5 billion of liquidity and $2.1 billion of net debt as of September 30, 2026. It subsequently redeemed the remaining $150.0 million principal amount of the 2028 Notes on October 21, 2026, leaving no long-term debt arrangements maturing prior to 2030. Management maintained full-year 2026 Adjusted EPS guidance for 18%-23% growth. The central reported watchpoints are sustained Americas transaction activity, recovery in EMEA Leasing and Capital markets, cost discipline, tax expense, and the effect of credit-loss provisions associated with the Greystone JV and Onewo JV.
Management, verbatim
Today we reported our seventh consecutive quarter of double-digit adjusted earnings per share growth, showcasing the power of our balanced platform and strategy. With $800 million in debt paydowns since 2024 our balance sheet has been transformed, and we enter this next stage of growth with increased strength, stability and optionality.
Michelle MacKay, Chief Executive Officer of Cushman & Wakefield
In three years, we have built a more agile and future-ready company, and the opportunity in front of us has never been greater. Our teams have consistently delivered, and we will continue to focus on converting the strength we have built into durable, profitable long-term growth.
Michelle MacKay, Chief Executive Officer of Cushman & Wakefield
Not in the filing
stated, not guessed- GAAP gross margin was not reported.
- Non-GAAP gross margin was not reported.
- Quarterly operating cash flow was not reported.
- Quarterly free cash flow was not reported.
- Quarterly capital expenditures were not reported.
- A quarterly cash dividend was not reported.
- A discretionary share-repurchase program was not reported.
- Revenue, gross margin, operating-expense and tax-rate guidance were not reported.
- Prior-quarter comparisons were not reported.
- Prior outlook was not provided, so no comparison of actual results with prior guidance is available.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is an SEC Form 8‑K providing the company's quarterly financial results and reaffirmed guidance.
Ticker impact
Cushman & Wakefield reported Q3 2026 earnings with adjusted EPS up 28% and reaffirmed full-year adjusted EPS guidance of 18%-23% growth.
likely modest pressure as market prices in strong adjusted growth but no guidance lift.
Strong adjusted earnings suggest operational strength, yet unchanged guidance limits upside; investors may hold position.
Market effects
Real estate services sector may see modest confidence from solid adjusted earnings growth.
North American office and industrial leasing trends support regional REITs.
Limited global impact; primarily relevant to US-listed REIT investors.
Counterpoint
Without a guidance raise, the stock may underperform peers despite strong adjusted numbers.
Key entities
- CompanyCushman & Wakefield Ltd.
Global real estate services firm reporting Q3 2026 results.
