Cushman & Wakefield Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Cushman & Wakefield Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,216	6,924	8,220	8,751	7,844	9,389	10,106	9,494	9,447	10,288
Cost of revenue		5,640	6,642	6,982	6,455	7,448	8,154	7,842	7,720	8,408
Gross profit		1,284	1,578	1,769	1,388	1,940	1,952	1,652	1,726	1,880
Selling, general and administrative	1,151	1,156	1,273	1,278	1,121	1,227	1,261	1,263	1,224	1,317
Operating income	-295	-171	12.6	187	-53.1	497	535	206	339	453
Interest expense	172	183	229	151	164	180	193	281	230	216
Other non-operating income	2.4	11	3.5	3.5	32	1.2	-89	0	0	-37.4
Pre-tax income	-459	-342	-211	42.8	-177	340	338	-30	176	114
Income tax	-24.3	-121	-25	42.6	43.9	89.9	142	5.4	44.5	26
Net income to minority interests	-0.4	0	0
Net income	-434	-221	-186	0.2	-221	250	196	-35.4	131	88.2
EBITDA	-34.8	99.5	303	484	211	669	682	351	461	557
EPS, basic	-3.07	-1.54	-1.09	0.00	-1.00	1.12	0.87	-0.16	0.57	0.38
EPS, diluted	-3.07	-1.54	-1.09	0.00	-1.00	1.10	0.86	-0.16	0.56	0.38
Shares, basic (weighted)	141	144	171	218	221	223	225	227	229	231
Shares, diluted (weighted)	141	144	171	225	221	227	228	227	233	235

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	382	406	895	813	1,075	771	645	768	793	784
Other current assets		176	343	414	223	265	246	189	181	190
Total current assets		1,911	2,743	2,861	2,891	2,830	2,767	2,803	2,690	2,843
Property, plant and equipment		304	314	299	236	195	173	164	136	133
Lease right-of-use assets				491	438	414	358	339	290	277
Goodwill	1,609	1,765	1,779	1,969	2,098	2,082	2,066	2,081	1,998	2,058
Intangible assets		1,306	1,128	1,063	991	922	875	806	690	655
Other non-current assets		433	490	386	508	741	976	806	928	1,025
Total assets		5,793	6,546	7,163	7,338	7,890	7,949	7,774	7,549	7,677
Accounts payable		771	1,048	1,145	1,054	1,106	1,199	1,158	1,111	1,225
Accrued liabilities		865	818	889	721	976	917	851	900	1,022
Short-term debt		59.5	39.9	39.3	39.7	42.4	49.8	150	103	125
Total current liabilities		1,966	2,039	2,323	2,066	2,435	2,390	2,397	2,330	2,592
Long-term debt		2,784	2,644	2,620	3,236	3,221	3,212	3,097	2,940	2,625
Lease liabilities				457	406	395	335	320	270	247
Other non-current liabilities		387	367	352	433	344	293	269	241	244
Total liabilities		5,294	5,186	5,862	6,242	6,442	6,287	6,096	5,794	5,721
Total debt		2,838	2,681	2,620	3,272	3,258	3,256	3,241	3,036	2,745
Paid-in capital		284	2,791	2,819	2,843	2,897	2,912	2,957	2,986	3,038
Retained earnings		-1,149	-1,298	-1,297	-1,528	-1,278	-1,082	-1,117	-986	-898
Treasury stock			0	-0.4
Other comprehensive income		-87.2	-154	-243	-243	-193	-191	-185	-269	-209
Shareholders' equity	586	499	1,360	1,301	1,095	1,448	1,661	1,677	1,755	1,955
Minority interests				0	0.9	0.8	0.8	0.6	0.5	0.5
Total equity	586	499	1,360	1,301	1,096	1,449	1,662	1,678	1,755	1,956
Total liabilities and equity		5,793	6,546	7,163	7,338	7,890	7,949	7,774	7,549	7,677
Shares outstanding		145	217	220	222	224	226	227	230	232

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-435	-221	-186	0.2	-221	250	196	-35.4	131	88.2
Depreciation and amortization	261	271	290	297	264	172	147	146	122	104
Stock-based compensation	49	52.4	81.9	61.3	42	58.2	40.3	54.1	35.6	58.2
Change in payables	118	42.6	74.9	60	-156	131	125	-49.4	16.8	109
Cash from operations	-335	4.4	-2.2	269	-38.2	550	49.1	152	208	340
Capital expenditures	-77.3	-129	-84.2	-80.3	-41	-53.8	-50.7	-51	-41	-47.4
Acquisitions	-57.1	-99.9	-35.5	-276	-109	-7	-32.8	0	0	-4.9
Purchases of investments	0	0	-8.7
Cash from investing	-138	-143	-218	-275	-258	-750	-121	48.9	81.2	-21.1
Debt issued	640	319	2,937	0	650	0	0	2,400	0	0
Debt repaid	-314	-150	-3,133	-27	-20	-26.7	-26.7	-2,405	-200	-300
Stock issued	39.8	23.4	9	0.3	0	0
Cash from financing	357	168	726	-89.6	572	-65.8	-79.3	-121	-253	-351
Exchange rate effect	-6.8	14.2	-8.2	2.1	15.9	-8	-20.4	1.9	-22.4	20.1
Net change in cash	-116	28.9	506	-95.2	276	-266	-151	80.3	35.8	-31.2
Free cash flow	-412	-125	-86.4	189	-79.2	496	-1.6	101	167	293
Interest paid	128	142	184	162	159	166	181	233	264	217
Income taxes paid	36.1	36.8	50.6	58.7	51.2	46.5	215	88.5	69.1	59.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.1%	Gross profit / revenue.
Operating margin	4.4%	Operating income / revenue.
EBITDA margin	5.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	0.6%	Net income / revenue.
FCF margin	2.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.8%	Cash from operations / revenue.
Return on equity (ROE)	3.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.9%	Net income / average total assets.
Return on invested capital (ROIC)	9.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	12.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	33.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-5.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	20.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-6.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	21.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-32.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-23.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-32.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-23.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	63.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	90.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	75.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	11.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.08x	Current assets / current liabilities.
Quick ratio	0.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.1%	Total debt / total assets.
Liabilities / assets	73.2%	Total liabilities / total assets.
Net debt	$2.15B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.70x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.17x	Operating income / interest expense.
Working capital	$190.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	35.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$671.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.43x	Revenue / average total assets.
Fixed asset turnover	74.0x	Revenue / average property, plant and equipment.
Days payables	48 days	365 x average accounts payable / cost of revenue.
FCF conversion	360.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$45.78	Revenue / diluted weighted shares.
FCF per share	$1.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.28	Cash from operations / diluted weighted shares.
Book value per share	$8.62	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.86	Tangible book value / shares outstanding.
Cash per share	$2.13	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.85B	Share price x shares outstanding.
Enterprise value	$5.01B	Market cap + total debt - cash - short-term investments.
P/E	41.3x	Market cap / net income. Only when net income is positive.
P/S	0.26x	Market cap / revenue.
P/B	1.41x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	11.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.41x	Market cap / cash from operations, when positive.
EV/Sales	0.46x	Enterprise value / revenue.
EV/EBIT	10.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.60x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.7%	Free cash flow / market cap.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).

What was Cushman & Wakefield Ltd.'s revenue in fiscal 2025?

Cushman & Wakefield Ltd. reported revenue of $10.29B for fiscal 2025, 8.9% higher than the year before.

Was Cushman & Wakefield Ltd. profitable in fiscal 2025?

Yes. Net income was $88.2M, a net margin of 0.9%.

How much free cash flow did Cushman & Wakefield Ltd. generate in fiscal 2025?

Cash from operations of $340.4M minus capital expenditures of $47.4M left free cash flow of $293.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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