Cushman & Wakefield (NYSE: CWK) recasts 2024–25 segment results
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Cushman & Wakefield Ltd. furnished recast, unaudited quarterly financial information for 2024 and 2025 and updated how it presents certain metrics. Effective January 1, 2026, it will stop reporting service line fee revenue and several non-GAAP measures, including Adjusted EBITDA margin and fee-based operating expenses.
The company redefined “Cost of gross contract reimbursables” as Gross contract costs, now shown on a gross basis, and refined corporate cost allocations across segments. These changes do not affect total revenue, consolidated net income (loss), earnings (loss) per share or cash flows for prior periods.
On the recast basis, total revenue was $9,446.5 million in 2024 and $10,288.2 million in 2025, with Adjusted EBITDA of $581.9 million in 2024 and $656.2 million in 2025. Net income (loss) was $131.3 million in 2024 and $88.2 million in 2025.
Positive
- None.
Negative
- None.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenue 2024: $9,446.5 million
Total revenue 2025: $10,288.2 million
Adjusted EBITDA 2024: $581.9 million
+5 more
8 metrics
Total revenue 2024
$9,446.5 million
Consolidated total revenue for 2024 on recast basis
Total revenue 2025
$10,288.2 million
Consolidated total revenue for 2025 on recast basis
Adjusted EBITDA 2024
$581.9 million
Consolidated Adjusted EBITDA for 2024
Adjusted EBITDA 2025
$656.2 million
Consolidated Adjusted EBITDA for 2025
Net income 2024
$131.3 million
Consolidated net income for 2024
Net income 2025
$88.2 million
Consolidated net income for 2025
Americas revenue 2025
$7,511.1 million
Americas segment total revenue for 2025
Americas Adjusted EBITDA 2025
$473.5 million
Americas segment Adjusted EBITDA for 2025
Key Terms
Non-GAAP financial measures, Adjusted EBITDA, Gross contract costs, equity method investments, +2 more
6 terms
Non-GAAP financial measures financial
"Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is considered a “non-GAAP financial measure” under SEC guidelines."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Adjusted EBITDA financial
"Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is considered a “non-GAAP financial measure” under SEC guidelines."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Gross contract costs financial
"Such costs will now be reported as “Gross contract costs” and comparative periods have been recast to conform with the revised presentation and definition."
equity method investments financial
"Earnings (loss) from equity method investments 11.7 4.3 12.1 9.3 37.4 11.1 0.2 (8.6) (171.0) (168.3)"
An equity method investment is an accounting approach used when a company owns a significant share of another company and can influence its decisions but does not fully control it; instead of listing the investment at cost, the investor records its share of the other company's profits or losses on its own income statement and adjusts the investment value on the balance sheet. For investors, this matters because it links the investor’s reported earnings and asset values directly to the financial performance of that partly-owned business, similar to how a partner’s gains affect a small business owner’s books.
cost savings initiatives financial
"Cost savings initiatives primarily reflects severance and other one-time employment-related separation costs related to actions to reduce headcount across select roles."
segment reporting financial
"We have determined Adjusted EBITDA to be our primary measure of segment profitability pursuant to the Financial Accounting Standards Board's Accounting Standards Codification Topic 280, Segment Reporting."
Segment reporting is the practice of breaking a company's financial results into the separate parts of its business—such as product lines, geographic areas, or divisions—so outsiders can see how each part is performing. For investors, it matters because it reveals which areas drive profit or loss, like inspecting individual rooms in a house to know which need repair or add value, helping assess growth prospects and risks more accurately.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 8, 2026
_____________________________
(Exact name of registrant as specified in its charter)
_____________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) (Zip Code) | ||||||||
| (Registrant’s telephone number, including area code) | ||||||||
| Not applicable | ||||||||
| (Former name or former address, if changed since last report.) | ||||||||
_____________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On April 8, 2026, Cushman & Wakefield Ltd. (the “Company”) made available certain recast historical financial information for quarterly periods within 2024 and 2025 on the Investor Relations section of its website at https://ir.cushmanwakefield.com, a copy of which is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K.
Effective January 1, 2026, the Company will no longer report “service line fee revenue”, as well as the following non-GAAP financial measures: (i) Adjusted EBITDA margin, (ii) Segment operating expenses and (iii) Fee-based operating expenses. The Company also revised the definition of “Cost of gross contract reimbursables” to include reimbursed costs including client-dedicated labor, subcontractor costs and third-party consumables specific to cost-based client contracts. Such costs will now be reported as “Gross contract costs” and comparative periods have been recast to conform with the revised presentation and definition. These costs are presented on a gross basis in total costs and expenses (with the corresponding fees included in revenue) and primarily relate to Services. The changes are intended to better align the Company’s reporting of financial performance with industry competitors and enhance decision making by the Company’s management. In addition, the Company refined the allocation of corporate costs to better align with results from our reportable segments, which impacted previously reported Net income (loss) and Adjusted EBITDA by segment with no impact to consolidated results. The reporting changes have no impact on the Company’s total revenue, consolidated net income (loss), earnings (loss) per share or cash flows for any of the previously reported periods.
The recast financial information furnished in Exhibit 99.1 hereto is included for supplemental purposes only. The information furnished in this Item 7.01, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | ||||
99.1 * | Recast Historical Financial Information, April 2026 | ||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | ||||
* Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CUSHMAN & WAKEFIELD LTD. | ||||||||
| Date: April 8, 2026 | ||||||||
| /s/ Laurida Sayed | ||||||||
| Laurida Sayed | ||||||||
| Chief Accounting Officer | ||||||||
Exhibit 99.1 Cushman & Wakefield Ltd. Notes and Non-GAAP Financial Measures Notes Use of Non-GAAP Financial Measures During the periods presented in this supplemental, we had the following adjustments: Adjustments to GAAP Financial Measures Used to Calculate Adjusted EBITDA On April 8, 2026, Cushman & Wakefield Ltd. (the “Company”) made available certain recast historical financial information for quarterly periods within 2024 and 2025. Effective January 1, 2026, the Company will no longer report “service line fee revenue”, as well as the following non-GAAP financial measures: (i) Adjusted EBITDA margin, (ii) Segment operating expenses and (iii) Fee-based operating expenses. The Company also revised the definition of “Cost of gross contract reimbursables” to include reimbursed costs including client-dedicated labor, subcontractor costs and third-party consumables specific to cost-based client contracts. Such costs will now be reported as “Gross contract costs” and comparative periods have been recast to conform with the revised presentation and definition. These costs are presented on a gross basis in total costs and expenses (with the corresponding fees included in revenue) and primarily relate to Services. The changes are intended to better align the Company’s reporting of financial performance with industry competitors and enhance decision making by the Company’s management. In addition, the Company refined the allocation of corporate costs to better align with results from our reportable segments, which impacted previously reported Net income (loss) and Adjusted EBITDA by segment with no impact to consolidated results. The reporting changes have no impact on the Company’s total revenue, consolidated net income (loss), earnings (loss) per share or cash flows for any of the previously reported periods. The following tables have been presented as supplemental financial information to provide investors with a view of historical results based on the new definition of Gross contract costs and new presentation of segment results. This information is unaudited. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is considered a “non-GAAP financial measure” under SEC guidelines. Management principally uses this non-GAAP financial measure to evaluate operating performance, develop budgets and forecasts, improve comparability of results and assist our investors in analyzing the underlying performance of our business. This measure is not a measurement recognized under U.S. generally accepted accounting principles (“GAAP”). When analyzing our operating results, investors should use this in addition to, but not as an alternative for, the most directly comparable financial results calculated and presented in accordance with GAAP. Because the Company’s calculation of this non-GAAP financial measure may differ from other companies, our presentation of this measure may not be comparable to similarly titled measures of other companies. The Company believes that this measure provides a more complete understanding of ongoing operations, enhances comparability of current results to prior periods and may be useful for investors to analyze our financial performance. This measure eliminates the impact of certain items that may obscure trends in the underlying performance of our business. The Company believes that this measure is useful to investors for the additional purposes described below. Adjusted EBITDA: We have determined Adjusted EBITDA to be our primary measure of segment profitability pursuant to the Financial Accounting Standards Board's Accounting Standards Codification Topic 280, Segment Reporting , and accordingly, such measure reported on a segment basis is not considered a non-GAAP financial measure. We believe that investors find this measure useful in comparing our operating performance to that of other companies in our industry because these calculations generally eliminate unrealized loss (gain) on investments, net, impairment of investments, loss (gain) on dispositions, net, acquisition related costs, cost savings initiatives, system implementation costs, (gain) loss from insurance proceeds, net of legal fees, non- operating items related to the Cushman Wakefield Greystone LLC (the “Greystone JV”) and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income taxes and the non-cash accounting effects of depreciation and intangible asset amortization. (Gain) loss from insurance proceeds, net of legal fees represents one-time gains related to certain contingent events, such as insurance recoveries, which are not considered ordinary course and which are only recorded once realized or realizable, net of related legal fees or estimated settlements. We exclude such net gains from the calculation of Adjusted EBITDA to improve the comparability of our operating results for the current period to prior and future periods. Non-operating items related to the Greystone JV reflects certain non-operating activity presented within earnings (loss) from equity method investments related to the Greystone JV for (i) gains recognized from the retention of mortgage servicing rights (“MSRs”) upon the origination and sale of mortgage loans, (ii) increases or decreases in the fair value of the MSRs and (iii) estimated provisions for credit losses related to mortgage loans. This activity is specific to the Greystone JV rather than all of the Company’s equity method investments based on the Greystone JV’s specialized industry, namely, multi-family lending and loan servicing solutions. Starting in the second quarter of 2025, the Company has excluded such activity from the calculation of Adjusted EBITDA as it is non- cash in nature and does not represent the underlying operating performance of the business. This activity is reported entirely within the Americas reportable segment. Unrealized loss (gain) on investments, net represents net unrealized gains and losses on fair value investments. Impairment of investments reflects certain one-time impairment charges related to investments, equity method investments or other assets. Loss (gain) on dispositions, net reflects net gains and losses on the sale or disposition of businesses or investments as well as other transaction costs associated with the sales, which are not indicative of our core operating results given the low frequency of business dispositions by the Company. Acquisition related costs includes certain direct costs incurred in connection with acquiring businesses. Cost savings initiatives primarily reflects severance and other one-time employment-related separation costs related to actions to reduce headcount across select roles to help optimize our workforce given the challenging macroeconomic conditions and operating environment, as well as property lease rationalizations. These actions continued through September 30, 2024. System implementation costs includes costs incurred related to transformative system implementations that may take several years to complete.
Cushman & Wakefield Ltd. Consolidated Results ($ in millions) (unaudited) Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Revenue: Services 1,550.7$ 1,561.4$ 1,569.7$ 1,621.8$ 6,303.5$ 1,603.6$ 1,668.0$ 1,737.0$ 1,812.2$ 6,820.8$ Leasing 387.7 456.5 498.7 630.2 1,973.2 418.4 493.1 544.7 666.7 2,122.9 Capital markets 142.1 163.6 170.0 248.0 723.7 157.9 207.8 205.2 289.0 859.8 Valuation and other 104.3 106.5 105.8 129.5 446.1 104.7 115.0 119.0 145.9 484.7 Total revenue 2,184.8$ 2,288.0$ 2,344.2$ 2,629.5$ 9,446.5$ 2,284.6$ 2,483.9$ 2,605.9$ 2,913.8$ 10,288.2$ Costs and expenses: Gross contract costs(1) 908.6$ 940.0$ 944.3$ 994.2$ 3,787.1$ 979.7$ 1,031.4$ 1,088.7$ 1,139.8$ 4,239.7$ Cost of services provided to clients 923.9 934.8 967.5 1,106.9 3,933.1 920.6 985.2 1,063.3 1,199.5 4,168.5 Total costs of services 1,832.5 1,874.8 1,911.8 2,101.1 7,720.2 1,900.3 2,016.6 2,152.0 2,339.3 8,408.2 Operating, administrative and other 296.0 294.2 314.2 319.7 1,224.1 305.8 318.3 320.6 372.1 1,317.2 Depreciation and amortization 32.5 31.2 28.9 29.6 122.2 26.7 26.2 25.8 25.5 104.2 Restructuring, impairment and related charges 5.0 17.4 14.1 4.6 41.1 6.5 - - - 6.1 Total costs and expenses 2,166.0 2,217.6 2,269.0 2,455.0 9,107.6 2,239.3 2,361.1 2,498.4 2,736.9 9,835.7 Operating income 18.8 70.4 75.2 174.5 338.9 45.3 122.8 107.5 176.9 452.5 Interest expense, net of interest income (58.7) (60.8) (54.9) (55.5) (229.9) (52.3) (53.2) (56.0) (54.7) (216.2) Earnings (loss) from equity method investments 11.7 4.3 12.1 9.3 37.4 11.1 0.2 (8.6) (171.0) (168.3) Other income, net 1.7 3.3 20.6 3.8 29.4 0.9 6.4 2.2 36.7 46.2 Earnings (loss) before income taxes (26.5) 17.2 53.0 132.1 175.8 5.0 76.2 45.1 (12.1) 114.2 Provision for income taxes 2.3 3.7 19.3 19.2 44.5 3.1 18.9 (6.3) 10.3 26.0 Net income (loss) (28.8)$ 13.5$ 33.7$ 112.9$ 131.3$ 1.9$ 57.3$ 51.4$ (22.4)$ 88.2$ Adjusted EBITDA 78.1$ 138.9$ 142.5$ 222.3$ 581.9$ 96.2$ 161.7$ 159.6$ 238.7$ 656.2$ General Note: Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (1) Gross contract costs represents reimbursed client costs including client-dedicated labor, subcontractor costs and third-party consumables. These costs are presented on a gross basis in total costs and expenses (with the corresponding fees in revenue) and primarily relate to Services.
Cushman & Wakefield Ltd. Segment Results ($ in millions) (unaudited) Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 CONSOLIDATED Revenue: Services 1,550.7$ 1,561.4$ 1,569.7$ 1,621.8$ 6,303.5$ 1,603.6$ 1,668.0$ 1,737.0$ 1,812.2$ 6,820.8$ Leasing 387.7 456.5 498.7 630.2 1,973.2 418.4 493.1 544.7 666.7 2,122.9 Capital markets 142.1 163.6 170.0 248.0 723.7 157.9 207.8 205.2 289.0 859.8 Valuation and other 104.3 106.5 105.8 129.5 446.1 104.7 115.0 119.0 145.9 484.7 Total revenue 2,184.8$ 2,288.0$ 2,344.2$ 2,629.5$ 9,446.5$ 2,284.6$ 2,483.9$ 2,605.9$ 2,913.8$ 10,288.2$ Gross contract costs(1) 908.6$ 940.0$ 944.3$ 994.2$ 3,787.1$ 979.7$ 1,031.4$ 1,088.7$ 1,139.8$ 4,239.7$ Cost of services provided to clients 923.9 934.8 967.5 1,106.9 3,933.1 920.6 985.2 1,063.3 1,199.5 4,168.5 Operating, administrative and other 296.0 294.2 314.2 319.7 1,224.1 305.8 318.3 320.6 372.1 1,317.2 Segment expenses 2,128.5 2,169.0 2,226.0 2,420.8 8,944.3 2,206.1 2,334.9 2,472.6 2,711.4 9,725.4 Add: Other segment items(2) 21.8 19.9 24.3 13.6 79.7 17.7 12.7 26.3 36.3 93.4 Adjusted EBITDA 78.1$ 138.9$ 142.5$ 222.3$ 581.9$ 96.2$ 161.7$ 159.6$ 238.7$ 656.2$ AMERICAS Revenue: Services 1,167.8$ 1,183.4$ 1,170.6$ 1,183.1$ 4,705.1$ 1,186.7$ 1,202.1$ 1,271.2$ 1,303.9$ 4,964.0$ Leasing 305.5 358.3 401.8 494.7 1,560.3 346.3 388.0 443.5 518.0 1,695.8 Capital markets 111.6 132.7 139.0 183.3 566.6 115.9 171.7 161.5 218.9 668.0 Valuation and other 36.1 39.0 39.1 51.8 166.0 39.4 42.3 46.9 54.7 183.3 Total revenue 1,621.0$ 1,713.4$ 1,750.5$ 1,912.9$ 6,998.0$ 1,688.3$ 1,804.1$ 1,923.1$ 2,095.5$ 7,511.1$ Gross contract costs(1) 770.6$ 784.2$ 783.8$ 806.2$ 3,144.7$ 808.6$ 818.2$ 886.9$ 917.9$ 3,431.6$ Cost of services provided to clients 607.4 643.0 662.8 750.8 2,664.1 601.7 675.9 715.6 803.5 2,796.4 Operating, administrative and other 200.1 193.2 209.0 207.0 809.2 211.5 212.6 216.1 231.0 871.4 Segment expenses 1,578.1 1,620.4 1,655.6 1,764.0 6,618.0 1,621.8 1,706.7 1,818.6 1,952.4 7,099.4 Add: Other segment items(2) 19.2 13.9 14.2 0.7 47.9 11.1 12.9 19.7 18.3 61.8 Adjusted EBITDA 62.1$ 106.9$ 109.1$ 149.6$ 427.9$ 77.6$ 110.3$ 124.2$ 161.4$ 473.5$ General Note: Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (2) Other segment items include earnings (loss) from equity method investments, as well as certain non-GAAP adjustments for unusual, non-recurring or non-operating items used to calculate Adjusted EBITDA. (1) Gross contract costs represents reimbursed client costs including client-dedicated labor, subcontractor costs and third-party consumables. These costs are presented on a gross basis in total costs and expenses (with the corresponding fees in revenue) and primarily relate to Services.
Cushman & Wakefield Ltd. Segment Results (continued) ($ in millions) (unaudited) Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 EMEA Revenue: Services 109.1$ 107.6$ 106.6$ 131.5$ 454.7$ 105.0$ 129.5$ 131.2$ 154.3$ 519.9$ Leasing 53.7 54.0 50.7 68.9 227.3 39.4 61.7 58.1 80.0 239.2 Capital markets 15.6 19.2 20.2 36.6 91.5 18.0 23.7 24.3 43.6 109.6 Valuation and other 44.0 41.1 42.4 52.2 179.7 42.6 44.9 46.5 62.8 196.8 Total revenue 222.4$ 221.9$ 219.9$ 289.2$ 953.2$ 205.0$ 259.8$ 260.1$ 340.7$ 1,065.5$ Gross contract costs(1) 32.1$ 33.0$ 33.2$ 43.1$ 141.5$ 33.9$ 37.5$ 37.3$ 44.0$ 152.7$ Cost of services provided to clients 125.2 117.1 113.4 139.0 494.7 116.0 134.0 142.9 176.0 569.0 Operating, administrative and other 54.1 56.0 60.2 71.6 241.8 52.2 47.6 62.8 86.1 248.6 Segment expenses 211.4 206.1 206.8 253.7 878.0 202.1 219.1 243.0 306.1 970.3 Add: Other segment items(2) (0.2) (1.0) 1.0 5.9 5.9 0.8 (6.5) 2.9 14.8 12.1 Adjusted EBITDA 10.8$ 14.8$ 14.1$ 41.4$ 81.1$ 3.7$ 34.2$ 20.0$ 49.4$ 107.3$ APAC Revenue: Services 273.8$ 270.4$ 292.5$ 307.2$ 1,143.7$ 311.9$ 336.4$ 334.6$ 354.0$ 1,336.9$ Leasing 28.5 44.2 46.2 66.6 185.6 32.7 43.4 43.1 68.7 187.9 Capital markets 14.9 11.7 10.8 28.1 65.6 24.0 12.4 19.4 26.5 82.2 Valuation and other 24.2 26.4 24.3 25.5 100.4 22.7 27.8 25.6 28.4 104.6 Total revenue 341.4$ 352.7$ 373.8$ 427.4$ 1,495.3$ 391.3$ 420.0$ 422.7$ 477.6$ 1,711.6$ Gross contract costs(1) 105.9$ 122.8$ 127.3$ 144.9$ 500.9$ 137.2$ 175.7$ 164.5$ 177.9$ 655.4$ Cost of services provided to clients 191.3 174.7 191.3 217.1 774.3 202.9 175.3 204.8 220.0 803.1 Operating, administrative and other 41.8 45.0 45.0 41.1 173.1 42.1 58.1 41.7 55.0 197.2 Segment expenses 339.0 342.5 363.6 403.1 1,448.3 382.2 409.1 411.0 452.9 1,655.7 Add: Other segment items(2) 2.8 7.0 9.1 7.0 25.9 5.8 6.3 3.7 3.2 19.5 Adjusted EBITDA 5.2$ 17.2$ 19.3$ 31.3$ 72.9$ 14.9$ 17.2$ 15.4$ 27.9$ 75.4$ General Note: Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (2) Other segment items include earnings (loss) from equity method investments, as well as certain non-GAAP adjustments for unusual, non-recurring or non-operating items used to calculate Adjusted EBITDA. (1) Gross contract costs represents reimbursed client costs including client-dedicated labor, subcontractor costs and third-party consumables. These costs are presented on a gross basis in total costs and expenses (with the corresponding fees in revenue) and primarily relate to Services.
Cushman & Wakefield Ltd. Reconciliation of Net income (loss) to Adjusted EBITDA ($ in millions) (unaudited) Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Net income (loss) (28.8)$ 13.5$ 33.7$ 112.9$ 131.3$ 1.9$ 57.3$ 51.4$ (22.4)$ 88.2$ Adjustments: Depreciation and amortization 32.5 31.2 28.9 29.6 122.2 26.7 26.2 25.8 25.5 104.2 Interest expense, net of interest income 58.7 60.8 54.9 55.5 229.9 52.3 53.2 56.0 54.7 216.2 Provision for (benefit from) income taxes 2.3 3.7 19.3 19.2 44.5 3.1 18.9 (6.3) 10.3 26.0 Unrealized loss (gain) on investments, net 1.0 0.7 (0.9) - 0.8 0.7 (0.3) 0.3 (26.8) (26.1) Impairment of investments - - - - - 6.5 - - 177.0 183.5 Loss (gain) on dispositions, net - 14.0 5.5 (1.1) 18.4 - - - 1.1 1.1 Acquisition related costs - - - - - 0.4 - - 0.4 0.8 Cost savings initiatives 7.2 10.2 11.5 - 28.9 - - - - - System implementation costs - - - - - - 2.3 1.6 1.7 5.6 (Gain) loss from insurance proceeds, net of legal fees - - (16.5) - (16.5) - - 2.7 - 2.7 Non-operating items related to the Greystone JV - - - - - - 10.6 24.0 2.8 37.4 Other 5.2 4.8 6.1 6.2 22.4 4.6 (6.5) 4.1 14.4 16.6 Adjusted EBITDA 78.1$ 138.9$ 142.5$ 222.3$ 581.9$ 96.2$ 161.7$ 159.6$ 238.7$ 656.2$ General Note: Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
FAQ
What did Cushman & Wakefield (CWK) announce in this 8-K filing?
Cushman & Wakefield recast its 2024–2025 quarterly results and updated reporting definitions. It changed how Gross contract costs and segment costs are presented, stopped certain non-GAAP disclosures, and confirmed no impact on total revenue, consolidated net income, earnings per share or cash flows for prior periods.
How do the reporting changes affect Cushman & Wakefield’s historical financial results?
The changes only affect presentation and allocation, not overall performance. Historical periods were recast for comparability, but total revenue, consolidated net income (loss), earnings (loss) per share and cash flows for previously reported periods remain unchanged under the new definitions and segment allocations.
What were Cushman & Wakefield’s total revenues for 2024 and 2025 on the recast basis?
Total revenue was $9,446.5 million in 2024 and $10,288.2 million in 2025. The figures reflect Services, Leasing, Capital markets, and Valuation and other lines combined, and are presented on the updated basis that includes Gross contract costs within total costs and expenses.
How did Cushman & Wakefield’s Adjusted EBITDA change between 2024 and 2025?
Adjusted EBITDA increased from $581.9 million in 2024 to $656.2 million in 2025. These amounts incorporate adjustments such as depreciation and amortization, interest, taxes, certain non-recurring items, and specific Greystone JV-related non-operating items, using the company’s defined non-GAAP framework.
Which non-GAAP measures will Cushman & Wakefield stop reporting after January 1, 2026?
The company will no longer report Adjusted EBITDA margin, Segment operating expenses, Fee-based operating expenses, or service line fee revenue. It will continue to use Adjusted EBITDA itself, particularly for segment profitability, but several related non-GAAP margin and expense metrics will be discontinued.
What is included in Cushman & Wakefield’s Gross contract costs line item?
Gross contract costs represent reimbursed client costs tied to cost-based contracts. They include client-dedicated labor, subcontractor costs and third-party consumables. These are shown gross in total costs and expenses, with corresponding fees reflected in revenue, and primarily relate to the Services business.
How did Cushman & Wakefield’s Americas segment perform on an Adjusted EBITDA basis in 2025?
Americas segment Adjusted EBITDA was $473.5 million in 2025. This compares with $427.9 million in 2024, reflecting segment revenue of $7,511.1 million in 2025 under the recast presentation and after updated Gross contract costs and corporate cost allocation treatments.