Cushman & Wakefield plc (CWK) Balance Sheet
CWK balance sheet, 2025
December 31, 2025 · U.S. dollars$7.68B assets = $5.72B liabilities + $1.96B equity
Both columns are drawn to the same scale: what CWK owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CWK financial health
Descriptive bands, not a rating. Fiscal 2025.
CWK balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $5.68B2016 | $7.68B2025 | +3.4%/yr | |
| Total liabilities | $5.09B2016 | $5.72B2025 | +1.3%/yr | |
| Shareholders’ equity | $590.0M2016 | $1.96B2025 | +14.2%/yr | |
| Cash & short-term investments | $382.3M2016 | $784.2M2025 | +8.3%/yr | |
| Total debt | $2.66B2016 | $3.24B2025 | +2.2%/yr | |
| Net cash (debt) | −$2.28B2016 | −$2.46B2025 | −$181.0M | |
| Working capital | $216.4M2016 | $2.72B2025 | +$2.5B | |
| Book value per share | $3.252016 | $8.332025 | +11.0%/yr | |
| Debt / equity | 4.512016 | 1.662025 | −2.85 | |
| Shares outstanding | 181.3M2016 | 234.7M2025 | +2.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CWK assets
CWK liabilities and equity
CWK debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CWK balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $784.2M | $793.3M | $767.7M | $644.5M | $770.7M | $1.07B | $813.2M | $895.3M | $405.6M | $382.3M |
| Cash & equivalents | $784.2M | $793.3M | $767.7M | $644.5M | $770.7M | $1.07B | $813.2M | $895.3M | $405.6M | $382.3M |
| Short-term investments | — | — | $124.0M | — | — | $114.0M | — | — | $62.3M | $45.5M |
| Receivables | $1.52B | $1.35B | $1.85B | $1.88B | $1.79B | $1.55B | $1.84B | $1.62B | $1.33B | $1.32B |
| Inventory | $0 | $0 | −$105.0M | $0 | $0 | $1 | $0 | $0 | $0 | $0 |
| Other current assets | $543.4M | $544.7M | $294.4M | $246.3M | $264.7M | $266.7M | $210.0M | $223.9M | $176.3M | $141.4M |
| Total current assets | $2.84B | $2.69B | $2.80B | $2.77B | $2.83B | $2.89B | $2.86B | $2.74B | $1.91B | $1.84B |
| Property, plant & equipment (net) | $410.1M | $426.1M | $502.8M | $527.7M | $592.4M | $674.1M | $490.7M | $313.8M | $304.3M | $245.7M |
| Goodwill & intangible assets | $2.71B | $2.69B | $2.89B | $2.94B | $3.02B | $3.09B | $3.03B | $2.91B | $3.07B | $3.03B |
| Long-term investments | $536.9M | $723.6M | $708.0M | $677.3M | $641.3M | $114.9M | $7.9M | $8.7M | $7.9M | $7.6M |
| Other non-current assets | $1.17B | $1.02B | $873.2M | $1.03B | $806.6M | $569.0M | $772.3M | $573.5M | $503.9M | $562.1M |
| Total assets | $7.68B | $7.55B | $7.77B | $7.95B | $7.89B | $7.34B | $7.16B | $6.55B | $5.80B | $5.68B |
| Liabilities | ||||||||||
| Accounts payable | $1.23B | $1.11B | $1.16B | $1.20B | $1.11B | $1.01B | $1.15B | $980.9M | $724.8M | $636.9M |
| Short-term debt | $124.9M | $103.2M | $149.7M | $49.8M | $42.4M | $154.2M | $39.3M | $39.9M | $59.5M | $35.5M |
| Deferred revenue | — | — | $872.2M | — | $1.08B | $765.6M | $948.4M | $43.2M | $900.5M | $804.2M |
| Total current liabilities | $124.9M | $2.33B | $2.40B | $2.39B | $2.43B | $2.07B | $2.32B | $2.04B | $1.97B | $1.62B |
| Long-term debt | $2.62B | $2.94B | $3.10B | $3.21B | $3.22B | $3.24B | $2.62B | $2.64B | $2.78B | $2.62B |
| Lease obligations | $246.6M | $270.3M | $319.6M | $334.6M | $394.6M | $405.6M | $457.1M | — | — | — |
| Other long-term liabilities | $2.97B | $524.3M | $601.9M | $685.1M | $786.8M | $941.1M | $919.2M | $503.0M | $544.4M | $842.8M |
| Total liabilities | $5.72B | $5.79B | $6.10B | $6.29B | $6.44B | $6.24B | $5.86B | $5.19B | $5.29B | $5.09B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $23.2M | $23.0M | $22.7M | $22.6M | $22.4M | $22.2M | $22.0M | $21.7M | $1.45B | $1.43B |
| Retained earnings (deficit) | −$897.7M | −$985.9M | −$1.12B | −$1.08B | −$1.28B | −$1.53B | −$1.30B | −$1.30B | −$1.17B | −$944.7M |
| Treasury stock | — | — | — | — | — | — | −$400,000 | — | — | — |
| Accumulated other comprehensive income | −$208.6M | −$268.6M | −$185.4M | −$191.0M | −$193.0M | −$242.7M | −$242.8M | −$154.4M | −$87.2M | −$148.5M |
| Minority interest | $500,000 | $500,000 | $600,000 | $800,000 | $800,000 | $900,000 | — | — | — | — |
| Total shareholders' equity | $1.96B | $1.75B | $1.68B | $1.66B | $1.45B | $1.09B | $1.30B | $1.36B | $503.9M | $590.0M |
| Key figures | ||||||||||
| Total debt | $3.24B | $3.31B | $3.57B | $3.60B | $3.66B | $3.96B | $3.12B | $2.68B | $2.84B | $2.66B |
| Net cash (debt) | −$2.46B | −$2.52B | −$2.80B | −$2.95B | −$2.89B | −$2.88B | −$2.30B | −$1.79B | −$2.44B | −$2.28B |
| Working capital | $2.72B | $360.5M | $406.0M | $376.4M | $395.8M | $825.2M | $538.2M | $704.6M | −$55.1M | $216.4M |
| Tangible book value | −$757.7M | −$933.5M | −$1.21B | −$1.28B | −$1.57B | −$1.99B | −$1.73B | −$1.55B | −$2.57B | −$2.44B |
| Book value per share | $8.33 | $7.54 | $7.39 | $7.29 | $6.39 | $4.96 | $5.80 | $7.94 | $2.78 | $3.25 |
| Shares outstanding | 234.7M | 232.8M | 226.9M | 228.0M | 226.5M | 220.8M | 224.5M | 171.2M | 181.3M | 181.3M |
| Current ratio | 22.76 | 1.15 | 1.17 | 1.16 | 1.16 | 1.40 | 1.23 | 1.35 | 0.97 | 1.13 |
| Quick ratio | 18.41 | 0.92 | 1.09 | 1.05 | 1.05 | 1.27 | 1.14 | 1.24 | 0.88 | 1.05 |
| Debt / equity | 1.66 | 1.89 | 2.13 | 2.16 | 2.53 | 3.62 | 2.40 | 1.97 | 5.64 | 4.51 |
| Equity / assets | 25.5% | 23.2% | 21.6% | 20.9% | 18.3% | 14.9% | 18.2% | 20.8% | 8.7% | 10.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $500.5M | $600.6M | $784.2M | $634.4M | $618.2M | $623.2M | $793.3M | $775.4M | $567.3M | $553.5M | $767.7M | $588.2M |
| Cash & equivalents | $500.5M | $600.6M | $784.2M | $634.4M | $618.2M | $623.2M | $793.3M | $775.4M | $567.3M | $553.5M | $767.7M | $588.2M |
| Short-term investments | — | — | — | — | — | — | — | $119.6M | $135.3M | — | $124.0M | — |
| Receivables | $1.47B | $1.45B | $1.52B | $1.83B | $1.79B | $1.31B | $1.35B | $1.58B | $1.65B | $1.58B | $1.78B | $1.70B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$138.6M | $1 | $0 | $1 | $1 |
| Other current assets | $658.1M | $700.2M | $543.4M | $208.4M | $229.9M | $674.4M | $544.7M | $432.0M | $376.8M | $323.4M | $256.5M | $326.9M |
| Total current assets | $2.63B | $2.75B | $2.84B | $2.67B | $2.64B | $2.60B | $2.69B | $2.65B | $2.59B | $2.46B | $2.80B | $2.62B |
| Property, plant & equipment (net) | $515.6M | $507.5M | $410.1M | $408.4M | $400.1M | $405.3M | $426.1M | $445.3M | $456.0M | $475.4M | $502.8M | $487.9M |
| Goodwill & intangible assets | $2.69B | $2.70B | $2.71B | $2.72B | $2.73B | $2.70B | $2.69B | $2.75B | $2.74B | $2.86B | $2.89B | $2.88B |
| Long-term investments | $530.7M | $529.2M | $536.9M | $720.2M | $731.9M | $735.4M | $723.6M | $723.5M | $710.5M | $713.6M | $708.0M | $693.5M |
| Other non-current assets | $1.19B | $1.16B | $1.17B | $1.17B | $1.05B | $958.8M | $1.02B | $963.7M | $848.6M | $986.7M | $873.2M | $907.6M |
| Total assets | $7.55B | $7.65B | $7.68B | $7.69B | $7.56B | $7.41B | $7.55B | $7.53B | $7.34B | $7.49B | $7.77B | $7.58B |
| Liabilities | ||||||||||||
| Accounts payable | $1.15B | $1.16B | $1.23B | $1.19B | $1.15B | $1.02B | $1.11B | $993.5M | $969.8M | $1.02B | $1.10B | $1.05B |
| Short-term debt | $243.3M | $129.8M | $124.9M | $129.2M | $174.8M | $108.5M | $103.2M | $96.4M | $141.7M | $125.0M | $261.0M | $118.9M |
| Deferred revenue | — | — | — | — | — | — | — | $30.7M | $699.5M | $728.0M | $872.2M | $758.4M |
| Total current liabilities | $2.44B | $2.43B | $124.9M | $2.51B | $2.33B | $2.20B | $2.33B | $2.24B | $2.14B | $2.18B | $2.40B | $2.22B |
| Long-term debt | $2.41B | $2.62B | $2.62B | $2.72B | $2.82B | $2.91B | $2.94B | $3.00B | $3.00B | $3.07B | $3.10B | $3.13B |
| Lease obligations | $371.6M | $369.2M | $246.6M | $260.6M | $246.6M | $254.8M | $270.3M | $279.8M | $283.8M | $296.9M | $319.6M | $305.6M |
| Other long-term liabilities | $680.2M | $648.2M | $2.97B | $507.2M | $505.4M | $516.9M | $524.3M | $593.0M | $566.5M | $620.4M | $601.9M | $668.6M |
| Total liabilities | $5.53B | $5.70B | $5.72B | $5.73B | $5.65B | $5.63B | $5.79B | $5.83B | $5.70B | $5.87B | $6.10B | $6.01B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $23.4M | $23.4M | $23.2M | $23.2M | $23.1M | $23.1M | $23.0M | $22.9M | $22.9M | $22.9M | $22.7M | $22.7M |
| Retained earnings (deficit) | −$857.6M | −$910.3M | −$897.7M | −$875.3M | −$926.7M | −$984.0M | −$985.9M | −$1.10B | −$1.13B | −$1.15B | −$1.12B | −$1.19B |
| Accumulated other comprehensive income | −$189.1M | −$194.2M | −$208.6M | −$210.8M | −$199.1M | −$254.9M | −$268.6M | −$192.4M | −$210.9M | −$206.7M | −$185.4M | −$208.6M |
| Minority interest | $400,000 | $400,000 | $500,000 | $500,000 | $600,000 | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.02B | $1.95B | $1.96B | $1.96B | $1.90B | $1.78B | $1.75B | $1.70B | $1.64B | $1.62B | $1.68B | $1.57B |
| Key figures | ||||||||||||
| Total debt | $3.03B | $3.12B | $3.24B | $3.11B | $3.24B | $3.27B | $3.31B | $3.37B | $3.43B | $3.49B | $3.68B | $3.55B |
| Net cash (debt) | −$2.53B | −$2.52B | −$2.46B | −$2.48B | −$2.62B | −$2.65B | −$2.52B | −$2.60B | −$2.86B | −$2.93B | −$2.92B | −$2.96B |
| Working capital | $190.1M | $321.7M | $2.72B | $165.7M | $311.6M | $401.6M | $360.5M | $407.9M | $456.7M | $280.4M | $406.0M | $401.1M |
| Tangible book value | −$671.8M | −$752.0M | −$757.7M | −$762.1M | −$830.7M | −$926.8M | −$933.5M | −$1.05B | −$1.10B | −$1.23B | −$1.21B | −$1.30B |
| Book value per share | $8.56 | $8.29 | $8.25 | $8.30 | $8.19 | $7.65 | $7.48 | $7.29 | $7.08 | $7.13 | $7.33 | $6.91 |
| Shares outstanding | 236.3M | 235.5M | 237.0M | 235.9M | 232.4M | 232.3M | 234.6M | 233.4M | 231.5M | 227.9M | 228.9M | 227.2M |
| Current ratio | 1.08 | 1.13 | 22.76 | 1.07 | 1.13 | 1.18 | 1.15 | 1.18 | 1.21 | 1.13 | 1.17 | 1.18 |
| Quick ratio | 0.81 | 0.84 | 18.41 | 0.98 | 1.04 | 0.88 | 0.92 | 1.05 | 1.04 | 0.98 | 1.06 | 1.03 |
| Debt / equity | 1.50 | 1.60 | 1.66 | 1.59 | 1.70 | 1.84 | 1.89 | 1.98 | 2.09 | 2.15 | 2.20 | 2.26 |
| Equity / assets | 26.8% | 25.5% | 25.5% | 25.5% | 25.2% | 24.0% | 23.2% | 22.6% | 22.3% | 21.7% | 21.6% | 20.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
CWK financial position
At the end of fiscal 2025 (December 31, 2025), Cushman & Wakefield had total assets of $7.7 billion (up 1.7% from a year earlier), total liabilities of $5.7 billion and shareholders' equity of $2.0 billion. It held $784.2 million in cash and short-term investments against $3.2 billion of debt, net debt of $2.5 billion. Its current ratio was 22.76. In the latest quarter (ended June 30, 2026) total assets were $7.6 billion and equity $2.0 billion.
Related: CWK income statement, CWK cash flow statement, CWK key metrics. See the CWK stock overview for the latest quote and news.
CWK balance sheet FAQ
What are Cushman & Wakefield's total assets?
Cushman & Wakefield reported total assets of $7.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $7.5 billion a year earlier.
How much debt does Cushman & Wakefield have?
Cushman & Wakefield had $3.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.66.
How much cash does Cushman & Wakefield have?
Cushman & Wakefield held $784.2 million in cash and short-term investments at the end of fiscal 2025; with $3.2 billion of debt that is net debt of $2.5 billion.
What is Cushman & Wakefield's book value?
Cushman & Wakefield's shareholders' equity (book value) was $2.0 billion at the end of fiscal 2025, or $8.33 per share.
What is Cushman & Wakefield's current ratio?
Cushman & Wakefield had current assets of $2.8 billion and current liabilities of $124.9 million, a current ratio of 22.76 (it can cover its short-term obligations).
How much goodwill does Cushman & Wakefield have?
Cushman & Wakefield carried $2.7 billion of goodwill and intangible assets, 35.3% of total assets, at the end of fiscal 2025.