Cushman & Wakefield Reports Financial Results for Third Quarter 2025

Fourth consecutive quarter of double-digit year-over-year Capital markets revenue growth
Continued momentum in Services revenue with 6% growth
Prepaid an additional $100.0 million in term loan debt

NEW YORK, October 30, 2025 — Cushman & Wakefield (NYSE: CWK) today reported financial results for the third quarter of 2025.

“We continued to drive strong growth across our platform, as the multiplier effect around our transformational growth strategy propels us forward. In the third quarter of 2025, we reported 9% service line fee revenue growth, achieving our fourth consecutive quarter of double-digit Capital markets revenue growth and accelerating organic Services revenue growth to 7%. Following record third quarter cash flow generation, we prepaid an additional $100 million in debt yesterday, bringing our two-year cumulative debt prepayments to $500 million,” said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield. “Our teams are operating with discipline and precision, more fully integrated across our business and anchored in our commitment to providing clients best-in-class advisory services.”

Third Quarter 2025 Results:

• Revenue of $2.6 billion for the third quarter of 2025 increased 11% (11% in local currency) and service line fee revenue of $1.8 billion for the third quarter of 2025 increased 9% (8% in local currency) from the third quarter of 2024.
  • Leasing revenue increased 9% (9% in local currency), primarily by office and industrial leasing in the Americas.
  • Capital markets revenue increased 21% (20% in local currency), driven primarily by strong performance across all asset classes and deal sizes in the Americas.
  • Services revenue increased 6% (6% in local currency), while organic Services revenue increased 7% (7% in local currency)⁽¹⁾.
  • Valuation and other revenue increased 12% (10% in local currency).
• Net income of $51.4 million for the third quarter of 2025 increased $17.7 million from the third quarter of 2024. Diluted earnings per share for the third quarter of 2025 was $0.22 compared to $0.14 for the third quarter of 2024.
  • Adjusted EBITDA of $159.6 million increased 12% (11% in local currency) from the third quarter of 2024. Adjusted EBITDA margin of 9.0% improved 23 basis points from the third quarter of 2024.
  • Adjusted diluted earnings per share of $0.29 was up 6 cents from the third quarter of 2024.
• In July 2025, we repriced $947.5 million in aggregate principal of the Company’s term loans due in 2030, reducing the applicable interest rate by 50 basis points to 1-month Term SOFR plus 2.75%.
• In August 2025, we elected to prepay $150.0 million in principal outstanding under the Company’s term loans due in 2030.

⁽¹⁾ “Organic” Services revenue excludes the impact of the sale of a non-core Services business in August 2024, which accounted for $9.8 million and $61.1 million of Services revenue in the three and nine months ended September 30, 2024, respectively.

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