Cushman & Wakefield plc (CWK) Income Statement
CWK 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCWK revenue and net income
Where CWK's revenue goes
2025Each bar shows an amount and its share of revenue. CWK kept 0.9% of revenue as net income.
CWK profit margins
CWK growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.9% | +0.6% | +5.6% | +9.4% |
| Gross profit | −3.2% | −5.0% | +3.8% | +7.6% |
| Operating income | +35.3% | −5.0% | — | — |
| Net income | −32.8% | −23.4% | — | — |
| EPS (diluted) | +56.4% | −14.9% | +8.5% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CWK quarterly EPS vs estimates
Cushman & Wakefield beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.36).
CWK income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.29B | $9.45B | $9.49B | $10.11B | $9.39B | $7.84B | $8.75B | $8.22B | $6.92B | $6.22B |
| Cost of revenue | $8.62B | $7.72B | $7.84B | $8.15B | $7.45B | $6.46B | $6.98B | $6.64B | $5.64B | $5.07B |
| Gross profit | $1.67B | $1.73B | $1.65B | $1.95B | $1.94B | $1.39B | $1.77B | $1.58B | $1.28B | $1.15B |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $1.32B | $1.22B | $1.30B | $1.30B | $1.27B | $1.12B | $1.33B | $1.27B | $1.16B | $1.15B |
| Total operating expenses | $1.21B | $1.39B | $1.45B | $1.42B | $1.44B | $1.44B | $1.58B | $1.56B | $1.43B | $1.41B |
| Operating income | $458.6M | $338.9M | $205.6M | $535.1M | $497.0M | −$53.1M | $187.3M | $12.6M | −$170.2M | −$295.4M |
| Interest income | $384.4M | $191.7M | $223.0M | $108.1M | $158.3M | $155.5M | $148.0M | $226.9M | $181.7M | $165.9M |
| Interest expense | $216.2M | $229.9M | $281.1M | $193.1M | $179.5M | $163.8M | $150.6M | $228.8M | $183.1M | $171.8M |
| Income before taxes | $114.2M | $175.8M | −$30.0M | $338.0M | $339.9M | −$176.6M | $42.8M | −$210.8M | −$340.9M | −$458.9M |
| Income taxes | $26.0M | $44.5M | $5.4M | $141.6M | $89.9M | $43.9M | $42.6M | −$25.0M | −$120.4M | −$24.3M |
| Net income | $88.2M | $131.3M | −$35.4M | $196.4M | $250.0M | −$220.5M | $200,000 | −$185.8M | −$220.5M | −$434.2M |
| EBITDA | $434.6M | $510.7M | $494.5M | $780.2M | $795.7M | $385.8M | $609.6M | $304.1M | $128.0M | −$2.7M |
| EPS (diluted) | $1.22 | $0.78 | $0.84 | $1.98 | $2.03 | $0.81 | $1.64 | $1.58 | −$1.22 | −$3.08 |
| Gross margin | 16.2% | 18.3% | 17.4% | 19.3% | 20.7% | 17.7% | 20.2% | 19.2% | 18.5% | 18.5% |
| Operating margin | 4.5% | 3.6% | 2.2% | 5.3% | 5.3% | −0.7% | 2.1% | 0.2% | −2.5% | −4.8% |
| Net margin | 0.9% | 1.4% | −0.4% | 1.9% | 2.7% | −2.8% | 0.0% | −2.3% | −3.2% | −7.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.76B | $2.54B | $2.91B | $2.61B | $2.48B | $2.28B | $2.63B | $2.34B | $2.29B | $2.18B | $2.55B | $2.29B |
| Cost of revenue | $2.31B | $2.17B | $2.39B | $2.18B | $2.04B | $1.90B | $2.10B | $1.91B | $1.87B | $1.83B | $2.07B | $1.88B |
| Gross profit | $455.0M | $370.1M | $523.5M | $428.1M | $441.1M | $384.3M | $528.4M | $432.4M | $413.2M | $352.3M | $478.6M | $403.9M |
| Sales, general & admin | $349.3M | — | $372.1M | $320.6M | $318.3M | $305.8M | $312.9M | $314.2M | $294.2M | $296.0M | $276.4M | $300.9M |
| Total operating expenses | $320.8M | $311.4M | $346.6M | $320.6M | $318.3M | $339.0M | $353.9M | $357.2M | $342.8M | $333.5M | $368.6M | $346.3M |
| Operating income | $134.2M | $58.7M | $176.9M | $107.5M | $122.1M | $45.3M | $174.5M | $75.2M | $70.4M | $18.8M | $110.0M | $57.6M |
| Interest income | — | — | $226.3M | $64.3M | $53.3M | $40.5M | $44.6M | $41.9M | — | — | — | $72.9M |
| Interest expense | $59.6M | $49.2M | $54.7M | $56.0M | $53.2M | $52.3M | $55.5M | $54.9M | $60.8M | $58.7M | $56.9M | $89.5M |
| Income before taxes | $77.3M | −$9.6M | −$12.1M | $45.1M | $76.2M | $5.0M | $132.1M | $53.0M | $17.2M | −$26.5M | $70.1M | −$17.3M |
| Income taxes | $24.6M | $3.0M | $10.3M | −$6.3M | $18.9M | $3.1M | $19.2M | $19.3M | $3.7M | $2.3M | $300,000 | $16.6M |
| Net income | $52.7M | −$12.6M | −$22.4M | $51.4M | $57.3M | $1.9M | $112.9M | $33.7M | $13.5M | −$28.8M | $69.8M | −$33.9M |
| EBITDA | $235.4M | $64.9M | $90.0M | $148.1M | $155.6M | $78.5M | $234.1M | $140.7M | $142.4M | $86.7M | $196.4M | $126.1M |
| EPS (diluted) | $0.35 | $0.15 | $0.54 | $0.29 | $0.30 | $0.09 | $0.48 | $0.23 | $0.20 | −$0.13 | $0.45 | $0.21 |
| Gross margin | 16.5% | 14.6% | 18.0% | 16.4% | 17.8% | 16.8% | 20.1% | 18.4% | 18.1% | 16.1% | 18.8% | 17.7% |
| Operating margin | 4.9% | 2.3% | 6.1% | 4.1% | 4.9% | 2.0% | 6.6% | 3.2% | 3.1% | 0.9% | 4.3% | 2.5% |
| Net margin | 1.9% | −0.5% | −0.8% | 2.0% | 2.3% | 0.1% | 4.3% | 1.4% | 0.6% | −1.3% | 2.7% | −1.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CWK's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CWK financial results
In fiscal year 2025 (ended December 31, 2025), Cushman & Wakefield reported revenue of $10.3 billion, up 8.9% from the year before. It had net income of $88.2 million (down 32.8%), a net profit margin of 0.9%. Diluted earnings per share came to $1.22. Over five years revenue grew at an average rate of 5.6% a year.
See the CWK stock overview for the latest quote and news, or the CWK chart for price history and technical indicators.
CWK income statement FAQ
What is Cushman & Wakefield's annual revenue?
Cushman & Wakefield reported total revenue of $10.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 8.9% from $9.4 billion the previous year.
Is Cushman & Wakefield profitable?
Yes. Cushman & Wakefield reported net income of $88.2 million in fiscal 2025, a net profit margin of 0.9%; its operating margin was 4.5%.
What is Cushman & Wakefield's gross margin?
Cushman & Wakefield's gross margin was 16.2% in fiscal 2025: for every $100 of revenue, Cushman & Wakefield kept $16 after the direct cost of its products and services.
How fast is Cushman & Wakefield growing?
Revenue grew 5.6% a year on average over the last five fiscal years, from $7.8 billion to $10.3 billion.
What are Cushman & Wakefield's earnings per share?
Cushman & Wakefield earned $1.22 per diluted share in fiscal 2025, compared with $0.78 a year earlier.
When will Cushman & Wakefield report its next earnings?
Cushman & Wakefield is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Cushman & Wakefield's fiscal year end?
Cushman & Wakefield's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.