Cushman & Wakefield Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 9% revenue growth and 67% Adjusted EPS growth, driven by broad-based strength in leasing, capital markets, and services. Debt repayments and margin expansion continued, while AI and specialized sectors fueled demand. Guidance for 2026 remains unchanged.
Fiscal Year 2025
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Delivered record 2025 results with 34% adjusted EPS growth, strong free cash flow, and improved leverage. 2026 guidance calls for 6%-8% revenue growth and 15%-20% adjusted EPS growth, with continued investment in AI, talent, and deleveraging.
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A comprehensive transformation has driven operational, cultural, and financial improvements, with a focus on digital integration, advisory-led growth, and high-value services. The three-year plan targets 15%-20% EPS growth, 6%-8% revenue growth, and significant margin expansion, underpinned by strong free cash flow and disciplined capital allocation.
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Record Q3 leasing revenue and cash flow, with 8% revenue growth and 26% higher adjusted EPS year-over-year. Raised full-year adjusted EPS guidance to 30%-35% growth, while reducing leverage and investing in technology and talent.
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Strong Q2 results with 7% revenue growth, 15% higher adjusted EBITDA, and 50% EPS growth year-over-year. Capital markets and leasing outperformed, services saw robust organic growth, and debt reduction continued. Full-year EPS guidance was raised to 25–35% growth.
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Q1 2025 saw strong revenue and margin growth, with double-digit gains in brokerage and early achievement of services growth targets. Debt reduction and talent investments continue, while guidance remains positive despite macro uncertainty.
Fiscal Year 2024
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Q4 2024 saw record capital markets growth and robust leasing, with full-year revenue up 1% and adjusted EBITDA up 3%. 2025 guidance targets mid-single-digit growth in leasing and services, with margin pressure from investments but stronger EPS growth expected.
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Leasing and capital markets showed strong year-over-year growth, with leasing revenue up 13% and capital markets in the Americas returning to growth. Free cash flow and balance sheet strength enabled accelerated investments, while 2024 guidance was raised for leasing and capital markets.
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Leasing revenue grew for the third consecutive quarter, with adjusted EBITDA margins up year-over-year and significant debt reduction ahead of plan. Capital markets and services segments show early signs of recovery, with growth investments and further margin improvements expected.