At a glance
Cushman & Wakefield plc is worth $2.96B, about 33 times its fiscal 2025 earnings. Revenue grew 8.9% to $10.29B in fiscal 2025, with 0.9% kept as profit; over 5 years it has grown 5.6% a year. It pays no dividend. The stock returned −25.0% over the past year with dividends reinvested and −7.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.3% in the 2020 crash (S&P 500: 33.7%) and 51.7% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Cushman & Wakefield is a commercial real estate services firm. It earns fees for managing, leasing, valuing and arranging deals on offices, warehouses, stores, apartments, data centers and other property for two kinds of clients: companies that occupy buildings and investors that own them. It says it ranks among the three largest firms in its field by revenue and workforce, with about 53,000 employees in nearly 60 countries managing roughly 6.5 billion square feet. Revenue reached $10.3 billion in 2025, up from $9.4 billion in 2024.
Services, the largest line at 66% of 2025 revenue, covers property and facilities management, janitorial and maintenance work and project management. Most of it recurs, often under multi-year contracts, and a large share is the cost of outside contractors passed straight through to clients. Leasing (21%) earns a percentage of the total rent on leases it arranges for landlords or tenants. Capital markets (8%) earns a percentage of the deal value when it brokers a property sale or arranges financing, so it rises and falls with deal volume. Valuation and other services make up the last 5%.
By region, the Americas produced 73% of 2025 revenue, Asia Pacific 17% and Europe, the Middle East and Africa 10%. The United States alone made up 69%, and Australia came next at 5%.
Price history
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CWK -25.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Americas | $7.51B | 73% |
| APAC | $1.71B | 16.6% |
| EMEA | $1.07B | 10.4% |
By geography
| United States | $7.08B | 68.8% |
| All other countries | $2.29B | 22.2% |
| Australia | $501.8M | 4.9% |
| Singapore | $420.7M | 4.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.76B, up 11.2% from a year earlier, and net income was $52.7M (-8.0%).
- For fiscal 2025, revenue was $10.29B (+8.9% year over year; +5.6% a year from FY2020 to FY2025) with a 0.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.6% good |
|---|---|
| Operating margin | 4.4% weak |
| Free cash flow margin | 2.8% watch |
| Return on equity (FY2025) | 4.5% weak |
| Return on assets (FY2025) | 1.1% weak |
| Net cash (cash minus debt) | $-2.15B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $7.84B | $-220.5M | $-79.2M |
| FY2021 | $9.39B | $250.0M | $495.7M |
| FY2022 | $10.11B | $196.4M | $-1.6M |
| FY2023 | $9.49B | $-35.4M | $101.2M |
| FY2024 | $9.45B | $131.3M | $167.0M |
| FY2025 | $10.29B | $88.2M | $293.0M |
Valuation snapshot
| Market value | $2.96B |
|---|---|
| P/E ratio | 33.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Cushman & Wakefield’s market value went from $3.13B at the end of 2018 to $2.96B on Oct 28, 2026, down 5%; since the end of 2025 it is down 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.96B | -21.0% |
| 2025 | $3.75B | +24.9% |
| 2024 | $3.00B | +22.3% |
| 2023 | $2.45B | -12.7% |
| 2022 | $2.81B | -43.4% |
| 2021 | $4.97B | +51.2% |
| 2020 | $3.29B | -26.6% |
| 2019 | $4.48B | +43.3% |
| 2018 | $3.13B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CWK price data to Oct 28, 2026 | -22.1% | -25.0% | +23.6% | -7.4% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -22.1% |
| 2025 | +23.8% |
| 2024 | +21.1% |
| 2023 | -13.3% |
| 2022 | -44.0% |
| 2021 | +50.0% |
| 2020 | -27.4% |
| 2019 | +41.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49% over that stretch · deepest drop along the way 58.3%, back to its old high 14.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 48.7% over that stretch · deepest drop along the way 51.7%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($989K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 4, 2026 | Nathaniel Robinson See Remarks | sell | $329K |
| Aug 13, 2026 | Laurida Sayed See Remarks | sell | $222K |
| Sep 8, 2026 | Nathaniel Robinson See Remarks | sell | $167K |
| May 12, 2026 | Nathaniel Robinson See Remarks | sell | $135K |
| Mar 3, 2026 | Nathaniel Robinson See Remarks | sell | $135K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.3% | Jun 30, 2026 |
| Vanguard Portfolio Management | 10.48% | Jan 30, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| Vaughan Nelson Investment Management, L.P. | 4.46% | Sep 30, 2025 |
ETFs with the most weight in CWK
| WCEO Hypatia Women CEO ETF | 0.65% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.65% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.61% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.53% |
| ABCS Alpha Blue Capital US Small-Mid Cap Dynamic ETF | 0.46% |
| OASC OneAscent Small Cap Core ETF | 0.45% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.41% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.39% |
What could go wrong
- Deal fees rise and fall with markets. Leasing and capital markets fees are paid only when deals get done. When financing is hard to get, as it was for some clients in 2025, deals get delayed and these fees can fall.
- Heavy debt with strict loan terms. As of June 30, 2026, debt was about $2.65 billion against $501 million of cash and investments. Loan terms restrict the company, and a default could make all that debt due at once.
- Reliance on big corporate clients. Large multinational companies hire the firm under bundled, multi-year outsourcing contracts. The 10-K warns that business is concentrated with certain corporate clients, so losing one could hurt results.
- Losing top advisors to rivals. Individual brokers and advisors produce much of the revenue. Rivals are numerous, from local firms to global ones, and losing key advisors or senior managers to them could cost clients and income.
- Hybrid work is reshaping space needs. The 10-K says hybrid working has caused lasting changes in how some industries and regions use commercial space. That could keep weighing on leasing and other fees.
- Bermuda incorporation and global tax exposure. The parent company is incorporated in Bermuda, so shareholder rights may be more limited than, or differ from, those at a US corporation. Bermuda's few tax treaties, plus operations in nearly 60 countries, add tax risk.
Recent events
- Investor presentation or announcement; Other company announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement; Other company announcement
- Other company announcement
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement
For income and retirement investors
Cushman & Wakefield pays no dividend. Its 10-K for 2025 says it does not intend to pay cash dividends for the foreseeable future. It also repurchased no shares from fiscal 2021 through 2025, and its share count rose about 5% between July 2021 and July 2026, slightly shrinking each holder's slice of the company. For an income investor, this means any return comes only from a rising share price, and drawing cash from the holding requires cashing in shares.
The shares have also fallen hard in downturns. In the 2020 COVID crash, they dropped 58% between February 20 and March 18, 2020, and took about 14.5 months from the low to recover. In the 2022 bear market, a prolonged slide in stock prices, they fell 52% from February to September 2022 and had not regained that peak as of October 28, 2026. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does Cushman & Wakefield make money?
It earns fees for commercial real estate services. In 2025, Services, which covers property and facilities management, janitorial and maintenance work and project management, produced 66% of its $10.3 billion of revenue, largely from recurring contracts. Leasing brought in 21%, typically paid as a percentage of the total rent on leases it arranges. Capital markets, which brokers property sales and financing, added 8%, and valuation and other services 5%. The Americas produced 73% of revenue.
Does Cushman & Wakefield pay a dividend?
No. Cushman & Wakefield pays no dividend, and its 10-K for 2025, filed February 19, 2026, says it does not intend to pay cash dividends on its common shares for the foreseeable future. It also repurchased no shares from fiscal 2021 through 2025. Shareholder returns therefore depend entirely on the share price. The stock may suit investors who do not need regular income from their holdings.
Is Cushman & Wakefield a REIT?
No. Cushman & Wakefield is a commercial real estate services firm, not a real estate investment trust (REIT). A REIT typically owns or finances income-producing property and must pay out most of its taxable income as dividends. Cushman & Wakefield instead earns fees for managing, leasing, valuing and brokering property for companies that use buildings and investors that own them, and it pays no dividend. Its results track deal activity and service contracts across nearly 60 countries.
Is Cushman & Wakefield profitable?
Yes, but only narrowly. In 2025, it earned net income of $88 million on $10.3 billion of revenue, about 0.9 cents of profit per dollar of sales. Free cash flow (cash left after running and investing in the business) was $293 million. Profit fell 33% from 2024 even though revenue grew 9%, and the company lost money in 2020 and 2023. In the quarter ended June 30, 2026, revenue rose 11% from a year earlier to $2.76 billion, while net income slipped 8% to $53 million.
How has Cushman & Wakefield stock performed?
It has swung widely. As of October 28, 2026, the share price was down 22% year to date and 25% over one year, but up 89% in total over three years and down 32% over five years. Calendar-year returns ranged from a 50% gain in 2021 to a 44% loss in 2022. Its one-year beta of 1.48 means it has tended to move about 1.5 times as much as the overall market. On that date, the shares traded at about 33 times its 2025 earnings per share.