Cushman & Wakefield (CWK) financial statements
Cushman & Wakefield reported revenue of $10.3B in fiscal 2025, up 5.8% a year over 9 years.
Net income was $88M and the operating margin 4.4%, against -4.8% in 2016.
Free cash flow was $293M.
The diluted share count rose 66% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cushman & Wakefield's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.2B | $6.9B | $8.2B | $8.8B | $7.8B | $9.4B | $10.1B | $9.5B | $9.4B | $10.3B |
| Cost of revenue | — | $5.6B | $6.6B | $7.0B | $6.5B | $7.4B | $8.2B | $7.8B | $7.7B | $8.4B |
| Gross profit | — | $1.3B | $1.6B | $1.8B | $1.4B | $1.9B | $2.0B | $1.7B | $1.7B | $1.9B |
| Selling, general and admin | $1.2B | $1.2B | $1.3B | $1.3B | $1.1B | $1.2B | $1.3B | $1.3B | $1.2B | $1.3B |
| Operating income | -$295M | -$171M | $13M | $187M | -$53M | $497M | $535M | $206M | $339M | $452M |
| Interest expense | $172M | $183M | $229M | $151M | $164M | $180M | $193M | $281M | $230M | $216M |
| Pre-tax income | -$459M | -$342M | -$211M | $43M | -$177M | $340M | $338M | -$30M | $176M | $114M |
| Income tax | -$24M | -$120M | -$25M | $43M | $44M | $90M | $142M | $5M | $44M | $26M |
| Net income | -$434M | -$221M | -$186M | $200,000 | -$220M | $250M | $196M | -$35M | $131M | $88M |
| EPS (diluted) | -$3.07 | -$1.54 | -$1.09 | $0.00 | -$1.00 | $1.10 | $0.86 | -$0.16 | $0.56 | $0.38 |
| Diluted shares | 141M | 144M | 171M | 224M | 221M | 226M | 228M | 227M | 233M | 235M |
| Gross margin | — | 18.5% | 19.2% | 20.2% | 17.7% | 20.7% | 19.3% | 17.4% | 18.3% | 18.3% |
| Operating margin | -4.8% | -2.5% | 0.2% | 2.1% | -0.7% | 5.3% | 5.3% | 2.2% | 3.6% | 4.4% |
| Net margin | -7.0% | -3.2% | -2.3% | 0.0% | -2.8% | 2.7% | 1.9% | -0.4% | 1.4% | 0.9% |
Balance sheet
Fiscal years, from Cushman & Wakefield's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $382M | $406M | $895M | $813M | $1.1B | $771M | $644M | $768M | $793M | $784M |
| Total current assets | — | $1.9B | $2.7B | $2.9B | $2.9B | $2.8B | $2.8B | $2.8B | $2.7B | $2.8B |
| Property, plant and equipment | — | $304M | $314M | $299M | $236M | $195M | $173M | $164M | $136M | $133M |
| Goodwill | $1.6B | $1.8B | $1.8B | $2.0B | $2.1B | $2.1B | $2.1B | $2.1B | $2.0B | $2.1B |
| Total assets | — | $5.8B | $6.5B | $7.2B | $7.3B | $7.9B | $7.9B | $7.8B | $7.5B | $7.7B |
| Total current liabilities | — | $2.0B | $2.0B | $2.3B | $2.1B | $2.4B | $2.4B | $2.4B | $2.3B | $2.6B |
| Long-term debt | — | $2.8B | $2.6B | $2.6B | $3.2B | $3.2B | $3.2B | $3.1B | $2.9B | $2.6B |
| Total liabilities | — | $5.3B | $5.2B | $5.9B | $6.2B | $6.4B | $6.3B | $6.1B | $5.8B | $5.7B |
| Shareholders' equity | $586M | $499M | $1.4B | $1.3B | $1.1B | $1.4B | $1.7B | $1.7B | $1.8B | $2.0B |
| Net debt | -$382M | $2.4B | $1.8B | $1.8B | $2.2B | $2.5B | $2.6B | $2.5B | $2.2B | $2.0B |
Cash flow
Fiscal years, from Cushman & Wakefield's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$335M | $4M | -$2M | $269M | -$38M | $550M | $49M | $152M | $208M | $340M |
| Capital spending | $77M | $129M | $84M | $80M | $41M | $54M | $51M | $51M | $41M | $47M |
| Free cash flow | -$412M | -$125M | -$86M | $189M | -$79M | $496M | -$2M | $101M | $167M | $293M |
| Stock-based compensation | $49M | $52M | $82M | $61M | $42M | $58M | $40M | $54M | $36M | $58M |
| Net borrowing | $326M | $168M | -$197M | -$27M | -$20M | -$27M | -$27M | -$5M | -$200M | -$300M |
| Free cash flow margin | -6.6% | -1.8% | -1.1% | 2.2% | -1.0% | 5.3% | -0.0% | 1.1% | 1.8% | 2.8% |
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Open CWK in InvestinglyQuestions
What was Cushman & Wakefield's revenue in 2025?
$10.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Cushman & Wakefield generate?
$293M in fiscal 2025 (operating cash flow minus capital spending).
From Cushman & Wakefield's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.