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

Cushman & Wakefield brought in $10.3B of revenue in fiscal 2025, FirstService $5.5B in fiscal 2025. Revenue changed by +8.9% at Cushman & Wakefield and +5.4% at FirstService on the year before, so Cushman & Wakefield grew faster. Cushman & Wakefield kept 0.9% of its revenue as net profit, FirstService 2.6%. Free cash flow was $293M at Cushman & Wakefield and $318.2M at FirstService.

Side by side, latest fiscal year

CWKFSV
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$10.3B$5.5B
Revenue growth+8.9%+5.4%
Net income$88.2M$145M
Net margin0.9%2.6%
Free cash flow$293M$318.2M
Free cash flow margin2.8%5.8%
Earnings per share (diluted)$0.38$3.17
Cash$784.2M$154.4M
Debt$2.7B$1.1B
Price to earnings32.0n/a
Market value$2.9B$5.6B
Dividend yieldn/an/a
Rank by revenue in sector#61 of 444 · Finance#95 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: $10.3BFSV FY2018: $1.9BFSV FY2019: $2.4BFSV FY2020: $2.8BFSV FY2021: $3.2BFSV FY2022: $3.7BFSV FY2023: $4.3BFSV FY2024: $5.2BFSV FY2025: $5.5BFY18FY19FY20FY21FY22FY23FY24FY25
CWK $10.3BFSV $5.5B
Net income
CWK FY2018: -$185.8MCWK FY2019: $200KCWK FY2020: -$220.5MCWK FY2021: $250MCWK FY2022: $196.4MCWK FY2023: -$35.4MCWK FY2024: $131.3MCWK FY2025: $88.2MFSV FY2018: $65.9MFSV FY2019: -$251.6MFSV FY2020: $87.3MFSV FY2021: $135.2MFSV FY2022: $121.1MFSV FY2023: $100.4MFSV FY2024: $134.4MFSV FY2025: $145MFY18FY19FY20FY21FY22FY23FY24FY25
CWK $88.2MFSV $145M
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%FSV FY2018: 3.4%FSV FY2019: -10.5%FSV FY2020: 3.1%FSV FY2021: 4.2%FSV FY2022: 3.2%FSV FY2023: 2.3%FSV FY2024: 2.6%FSV FY2025: 2.6%FY18FY19FY20FY21FY22FY23FY24FY25
CWK 0.9%FSV 2.6%
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%FSV FY2019: +24.6%FSV FY2020: +15.2%FSV FY2021: +17.2%FSV FY2022: +15.3%FSV FY2023: +15.7%FSV FY2024: +20.4%FSV FY2025: +5.4%FY19FY20FY21FY22FY23FY24FY25
CWK +8.9%FSV +5.4%
Free cash flow
CWK FY2018: -$86.4MCWK FY2019: $189MCWK FY2020: -$79.2MCWK FY2021: $495.7MCWK FY2022: -$1.6MCWK FY2023: $101.2MCWK FY2024: $167MCWK FY2025: $293MFSV FY2018: $58.9MFSV FY2019: $61.2MFSV FY2020: $252.4MFSV FY2021: $109.1MFSV FY2022: $28.3MFSV FY2023: $187.6MFSV FY2024: $172.9MFSV FY2025: $318.2MFY18FY19FY20FY21FY22FY23FY24FY25
CWK $293MFSV $318.2M

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

Questions about Cushman & Wakefield and FirstService

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

Cushman & Wakefield is bigger by revenue: $10.3B in fiscal 2025, against $5.5B for FirstService in fiscal 2025.

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

Cushman & Wakefield had a net margin of 0.9% in fiscal 2025; FirstService had 2.6% in fiscal 2025.

Which grew revenue faster, Cushman & Wakefield or FirstService?

In their latest fiscal years revenue changed by +8.9% at Cushman & Wakefield and +5.4% at FirstService.

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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