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Cushman & Wakefield vs Forestar: revenue, profit, margins and growth compared

Cushman & Wakefield brought in $10.3B of revenue in fiscal 2025, Forestar $1.7B in fiscal 2025. Revenue changed by +8.9% at Cushman & Wakefield and +10.1% at Forestar on the year before, so Forestar grew faster. Cushman & Wakefield kept 0.9% of its revenue as net profit, Forestar 10.1%. Free cash flow was $293M at Cushman & Wakefield and -$199.9M at Forestar.

Side by side, latest fiscal year

CWKFOR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 30, 2025)
Revenue$10.3B$1.7B
Revenue growth+8.9%+10.1%
Net income$88.2M$167.9M
Net margin0.9%10.1%
Free cash flow$293M-$199.9M
Free cash flow margin2.8%-12.0%
Earnings per share (diluted)$0.38$3.29
Cash$784.2M$379.2M
Debt$2.7B$802.7M
Price to earnings32.08.1
Market value$2.9B$1.4B
Dividend yieldn/an/a
Rank by revenue in sector#61 of 444 · Finance#157 of 444 · Finance

Over the years

Revenue
CWK FY2018: $8.2BCWK FY2019: $8.8BCWK FY2020: $7.8BCWK FY2021: $9.4BCWK FY2022: $10.1BCWK FY2023: $9.5BCWK FY2024: $9.4BCWK FY2025: $10.3BFOR FY2017: $114.3MFOR FY2019: $428.3MFOR FY2020: $931.8MFOR FY2021: $1.3BFOR FY2022: $1.5BFOR FY2023: $1.4BFOR FY2024: $1.5BFOR FY2025: $1.7BFY17FY18FY19FY20FY21FY22FY23FY24FY25
CWK $10.3BFOR $1.7B
Net income
CWK FY2018: -$185.8MCWK FY2019: $200KCWK FY2020: -$220.5MCWK FY2021: $250MCWK FY2022: $196.4MCWK FY2023: -$35.4MCWK FY2024: $131.3MCWK FY2025: $88.2MFOR FY2017: $50.3MFOR FY2019: $33MFOR FY2020: $60.8MFOR FY2021: $110.2MFOR FY2022: $178.8MFOR FY2023: $166.9MFOR FY2024: $203.4MFOR FY2025: $167.9MFY17FY18FY19FY20FY21FY22FY23FY24FY25
CWK $88.2MFOR $167.9M
Net margin
CWK FY2018: -2.3%CWK FY2019: 0.0%CWK FY2020: -2.8%CWK FY2021: 2.7%CWK FY2022: 1.9%CWK FY2023: -0.4%CWK FY2024: 1.4%CWK FY2025: 0.9%FOR FY2017: 44.0%FOR FY2019: 7.7%FOR FY2020: 6.5%FOR FY2021: 8.3%FOR FY2022: 11.8%FOR FY2023: 11.6%FOR FY2024: 13.5%FOR FY2025: 10.1%FY17FY18FY19FY20FY21FY22FY23FY24FY25
CWK 0.9%FOR 10.1%
Revenue growth
CWK FY2019: +6.5%CWK FY2020: -10.4%CWK FY2021: +19.7%CWK FY2022: +7.6%CWK FY2023: -6.1%CWK FY2024: -0.5%CWK FY2025: +8.9%FOR FY2020: +117.6%FOR FY2021: +42.3%FOR FY2022: +14.6%FOR FY2023: -5.4%FOR FY2024: +5.0%FOR FY2025: +10.1%FY19FY20FY21FY22FY23FY24FY25
CWK +8.9%FOR +10.1%
Free cash flow
CWK FY2018: -$86.4MCWK FY2019: $189MCWK FY2020: -$79.2MCWK FY2021: $495.7MCWK FY2022: -$1.6MCWK FY2023: $101.2MCWK FY2024: $167MCWK FY2025: $293MFOR FY2017: -$15.4MFOR FY2019: -$392.1MFOR FY2020: -$169MFOR FY2021: -$304.7MFOR FY2022: $105.2MFOR FY2023: $362.8MFOR FY2024: -$160.6MFOR FY2025: -$199.9MFY17FY18FY19FY20FY21FY22FY23FY24FY25
CWK $293MFOR -$199.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Cushman & Wakefield and Forestar

Which is bigger by revenue, Cushman & Wakefield or Forestar?

Cushman & Wakefield is bigger by revenue: $10.3B in fiscal 2025, against $1.7B for Forestar in fiscal 2025.

Which keeps more of its revenue as profit, Cushman & Wakefield or Forestar?

Cushman & Wakefield had a net margin of 0.9% in fiscal 2025; Forestar had 10.1% in fiscal 2025.

Which grew revenue faster, Cushman & Wakefield or Forestar?

In their latest fiscal years revenue changed by +8.9% at Cushman & Wakefield and +10.1% at Forestar.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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