Cushman & Wakefield Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	223.5	131.3	-35.4	196.4	250	-220.5
Depreciation & Amortization	191.5	208.7	243.4	249.1	276.3	381.8
Other Amortization	8	7.5	7.5	9.6	9.4	10
Loss (Gain) From Sale of Assets	-1.2	15.8	1.3	13.2	-	-
Asset Writedown & Restructuring Costs	6.5	3.8	13.6	1.6	18.3	3.1
Loss (Gain) From Sale of Investments	0.7	0.8	27.8	84.2	10.4	-
Loss (Gain) on Equity Investments	1.5	-18.7	-33.7	-45.4	-19.9	-5.3
Stock-Based Compensation	57.4	35.6	54.1	40.3	58.2	42
Provision & Write-off of Bad Debts	18.2	20.8	10.6	31.7	38	47.7
Other Operating Activities	-76.1	-59	-12.5	7.2	-55.4	-46.7
Change in Accounts Receivable	-181.9	-57.9	135.3	-401.6	-317.7	245.3
Change in Accounts Payable	127.5	16.8	-49.4	125.1	131.1	-156.2
Change in Income Taxes	19.5	2.1	-34.1	-96.1	91.5	-34.3
Change in Other Net Operating Assets	-196.8	-99.6	-176.3	-166.2	59.3	-305.1
Operating Cash Flow	198.3	208	152.2	49.1	549.5	-38.2
Operating Cash Flow Growth	-32.82%	36.66%	209.98%	-91.06%	-	-
Capital Expenditures	-33.7	-41	-51	-50.7	-53.8	-41
Cash Acquisitions	-4.9	-	-	-32.8	-7	-108.7
Divestitures	1.2	122.6	-	-	-	-
Investment in Securities	-8.7	-1.7	-6.9	-26.4	-688.9	-14.6
Other Investing Activities	9	1.3	6.8	-10.8	0.2	-8.5
Investing Cash Flow	-62.1	81.2	48.9	-120.7	-749.5	-257.8
Long-Term Debt Issued	-	-	2,400	-	-	650
Long-Term Debt Repaid	-	-228.6	-2,434	-44	-40.1	-34
Net Debt Issued (Repaid)	-278	-228.6	-34.2	-44	-40.1	616
Repurchase of Common Stock	-11.1	-10.4	-8.1	-27.2	-8.6	-18.9
Other Financing Activities	0.1	-14.4	-78.5	-8.1	-17.1	-25.2
Financing Cash Flow	-289	-253.4	-120.8	-79.3	-65.8	571.9
Foreign Exchange Rate Adjustments	0.7	-22.4	1.9	-20.4	-8	15.9
Net Cash Flow	-152.1	13.4	82.2	-171.3	-273.8	291.8
Free Cash Flow	164.6	167	101.2	-1.6	495.7	-79.2
Free Cash Flow Growth	-33.44%	65.02%	-	-	-	-
Free Cash Flow Margin	1.65%	1.77%	1.07%	-0.02%	5.28%	-1.01%
Free Cash Flow Per Share	0.70	0.72	0.45	-0.01	2.19	-0.36
Cash Interest Paid	227.6	263.9	233.3	181.4	166.4	158.5
Cash Income Tax Paid	78.6	69.1	88.5	215.4	46.5	51.2
Levered Free Cash Flow	442.79	445.48	277.44	353.01	646.95	271.23
Unlevered Free Cash Flow	567.66	578.91	414	464.1	749.74	363.6
Change in Working Capital	-231.7	-138.6	-124.5	-538.8	-35.8	-250.3

Updated Oct 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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