Cushman & Wakefield

Cushman & Wakefield is a global commercial real estate services firm. It has about 53,000 employees in more than 350 offices in nearly 60 countries. It earns revenue from four service lines: Services, such as facilities and project management, Leasing, Capital markets, which arranges property sales and financing, and Valuation and other. It reports three segments: Americas, EMEA and APAC.

Revenue was $10.3 billion in 2025. The company also owns 40% of Cushman Wakefield Greystone, a joint venture that makes and services multifamily loans, and 35% of the Onewo joint venture. The company is incorporated in Bermuda.

The market prices Cushman & Wakefield for cyclical deal revenue, high debt and losses in its Greystone joint venture. Capital markets revenue in the Americas fell 6% in Q2 2026, mainly because of fewer mid-sized deals in multifamily property, before it rose 24% in Q3 2026. Net debt was $2.1 billion at September 30, 2026, and free cash flow was $200 million for the 12 months to September 30, 2026. In Q4 2025, the company recorded a $177 million impairment of its Greystone investment, and the joint venture has loss-sharing and indemnity obligations to Fannie Mae and Freddie Mac on some loans.

For the gap to close, three things must be true. Adjusted EPS must grow 18% to 23% in 2026, as the company still expected on November 4, 2026, after growth of 28% in the first nine months. Leasing and Services must keep growing, so that adjusted EBITDA keeps rising and full-year free cash flow stays positive. The company must keep reducing debt, as the upgrades from Moody's and S&P in September and October 2026 assume, and the Greystone losses must stop growing.

In October 2026, the company repaid the last of its notes due 2028, so no debt is due before 2030. The full-year 2026 report, expected in February 2027, is the main test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a new slowdown in property sales and financing, which higher interest rates can cause.

1. Nov 4, 2026Passed

   Q3 2026 earnings: leasing and capital marketsContinued growth in Leasing and Services revenue, higher adjusted EBITDA and no new Greystone impairment pass; a fall in adjusted EBITDA or a new large Greystone loss fails.Outcome: Leasing revenue rose 15% and Services revenue rose 5%, adjusted EBITDA rose 15% to $183.7 million, and the Greystone joint venture added earnings with no new impairment.
2. Feb 4, 2027 · est.Pending

   Full-year 2026 results: EPS growth and cash flowAdjusted EPS growth of 18% to 23% for 2026, positive full-year free cash flow and lower net debt pass; EPS growth below the guidance or higher net debt fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Cushman & Wakefield reported Q3 2026 results. Revenue rose 8% to $2.8 billion. Leasing revenue rose 15%, Capital markets revenue rose 18% and Services revenue rose 5%. Adjusted EBITDA rose 15% to $183.7 million and adjusted EPS rose 28% to $0.37. The Greystone joint venture added earnings in the quarter, after a loss a year earlier. The company kept its 2026 adjusted EPS growth guidance of 18% to 23%.
• October 21, 2026Cushman & Wakefield redeemed the remaining $150 million of its 6.750% notes due 2028. The company said that it has repaid more than $800 million of debt since 2024, that it has no debt due before 2030, and that swaps make about 80% of its debt fixed-rate.
• October 19, 2026Cushman & Wakefield said it will release its Q3 2026 results at about 7:00 a.m. ET on November 4, 2026, and hold its call that morning.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 4, 2026 · cwk-20260930
• 8-KEarnings release and Investor disclosureFiled November 4, 2026 · Press release and exhibits
• 8-KInvestor disclosure and Other company newsFiled October 21, 2026 · cwk-20261021
• 8-KChange of directors or officersFiled September 15, 2026 · cwk-20260910
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · cwk-20260630
• 8-KEarnings release and Investor disclosureFiled August 5, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled June 15, 2026 · cwk-20260612
• 8-KOther company newsFiled June 4, 2026 · cwk-20260604
• 8-KOther company newsFiled May 15, 2026 · cwk-20260515
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 14, 2026 · cwk-20260514

Every filing on SEC EDGAR (CIK 1628369)

• Leasing and Capital markets revenue depend on property deals, which fall when interest rates rise or the economy slows. Capital markets revenue in the Americas fell 6% in Q2 2026 and then rose 24% in Q3 2026, so it can change quickly.
• The Greystone joint venture shares losses on some multifamily loans with Fannie Mae and Freddie Mac. The company recorded a $177 million impairment of the investment in Q4 2025, and further loan loss provisions can reduce its earnings.
• Most of the debt is term loans with floating interest rates, but the company said in October 2026 that swaps make about 80% of its debt fixed-rate. The swaps end over time, and higher interest rates then increase interest expense, which was $157.9 million net of interest income in the first nine months of 2026.
• Free cash flow is usually weak in the first half of the year. It was negative $210 million in the first half of 2026 and $200 million for the 12 months to September 30, 2026, so the full-year result depends on the fourth quarter.

Cushman & Wakefield funds its operations with secured term loans and secured notes. At September 30, 2026, debt principal was $2.59 billion: $836 million of term loans due 2030, $1.2 billion of term loans due 2033, $150 million of 6.750% notes due 2028 and $400 million of 8.875% notes due 2031. Read more

Cushman & Wakefield does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.