Cushman & Wakefield Reports Strong Q2 2025 Earnings

Cushman & Wakefield (NYSE: CWK) delivered a solid performance in the second quarter of 2025, with revenue reaching $2.5 billion, reflecting a year-over-year increase of 9% on a reported basis and 8% in local currency terms. Service line fee revenue rose to $1.7 billion, up 7% both on a reported and local currency basis. This expansion was underpinned by broad-based strength across the company’s operations, most notably in leasing and capital markets. Leasing revenue climbed 8%, led by robust activity in the Americas and EMEA. Capital markets registered an impressive 27% increase, buoyed by strong transactional momentum across asset classes in the Americas. Services revenue posted a modest 3% gain, with organic services revenue growing at a healthier 6%, while valuation and other revenue advanced 8%.

Profitability Surges Amid Revenue Momentum

The company’s earnings profile improved significantly in the quarter, with net income rising to $57.3 million, an increase of $43.8 million from the prior-year period. Diluted earnings per share jumped to $0.25 from $0.06 a year ago, underscoring the operational leverage achieved through higher volumes and disciplined cost management. Adjusted EBITDA reached $161.7 million, up 16% year-over-year, with the adjusted EBITDA margin improving by 75 basis points to 9.5%. Adjusted diluted earnings per share stood at $0.30, a gain of $0.10 compared to the second quarter of 2024.

Debt Reduction Enhances Balance Sheet Position

In June 2025, Cushman & Wakefield made a strategic move to strengthen its capital structure by prepaying $25 million in principal outstanding under its term loans due in 2030. This action brought the total principal prepayments for the year-to-date period ended June 30, 2025, to $50 million, reflecting the company’s focus on reducing leverage and enhancing long-term financial flexibility.

First Half of 2025 Shows Consistent Growth

For the first half of 2025, the company generated $4.8 billion in total revenue, representing a 7% increase from the same period in 2024. Service line fee revenue rose 5% to $3.2 billion. Leasing revenue maintained its 8% growth trajectory, driven primarily by strong office and industrial leasing activity in the Americas. Capital markets revenue increased 20%, supported by solid results across all business segments. Services revenue edged up 1%, though organic services revenue saw a 4% uplift, and valuation and other revenue improved 4%.

Significant Turnaround in Earnings Performance

The profitability recovery in the first half of 2025 was pronounced. Net income surged to $59.2 million, compared to a net loss of $15.3 million in the first half of 2024. Diluted earnings per share shifted from a loss of $0.07 to a positive $0.25. Adjusted EBITDA for the six-month period rose 19% to $257.9 million, with the margin advancing by 92 basis points to 8.0%. Adjusted diluted earnings per share improved to $0.39, up $0.19 from the prior-year period.

Robust Liquidity Supports Future Growth

As of June 30, 2025, Cushman & Wakefield’s liquidity position remained strong at $1.7 billion. This comprised $1.1 billion in availability under its undrawn revolving credit facility and $600 million in cash and cash equivalents. The company’s ample liquidity and improving earnings capacity provide a solid platform to pursue strategic investments, capitalize on market opportunities, and navigate potential macroeconomic uncertainties.