Cushman & Wakefield Ltd.CWK
Recorded
Cushman & Wakefield Ltd. 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
PeriodQ2 2026Duration33 min
Key takeaways
- Cushman & Wakefield reported second quarter 2026 revenue of $2.8 billion, up 11% year over year in local currency.
- Brokerage revenue, comprising leasing and capital markets, increased 19%, services grew 7%, and valuation and other revenue rose 8%.
- Adjusted EBITDA was $184 million, up 13%, and adjusted EPS was $0.35, a 17% increase year over year.
- Year-to-date adjusted EPS of $0.50 represents 28% growth versus the first half of 2025.
- Leasing revenue grew 27% globally, with the Americas up 35%, driven by broad-based growth across deal sizes and strong demand in office and industrial sectors.
- Capital markets revenue declined 1% globally, with a 6% decrease in the Americas due to softness in office and mid-sized multifamily transactions; APAC and EMEA capital markets grew 50% and 11%, respectively.
- Services revenue expanded 7% globally, with project management up 20% and facilities management up 8%.
- The company reduced net leverage to three times from 3.7 times a year ago and paid down approximately $650 million of debt since the start of 2024.
- Trailing 12-month free cash flow was $249 million, up $123 million year over year, with a 79% conversion rate of adjusted net income.
- Cash and cash equivalents totaled approximately $500 million with $1.5 billion in total liquidity at quarter end.
STOCKNOW INSIGHTS
Continue with outlook and guidance.
Log in to unlock executive comments and Q&A highlights.
Log in for the full summaryStockNow uses AI to translate and summarize earnings calls. Accuracy and completeness are not guaranteed.
Keep exploring