Cushman & Wakefield (CWK) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $2.54 billion, up 11% year-over-year, with robust growth in Leasing (19%) and Capital Markets (15%).

• Adjusted EBITDA rose 16% to $111.3 million, and adjusted net income increased 69% to $34.7 million; adjusted EPS up 67% to $0.15.

• Reported net loss of $12.6 million, compared to net income of $1.9 million in Q1 2025, mainly due to $16.6 million non-cash pension buy-out settlement loss and $11.8 million non-cash servicing liability from A/R securitization amendment.

• Liquidity stood at $1.6 billion, including $1.0 billion undrawn revolver and $0.6 billion in cash.

• Consistent execution of strategy led to broad-based growth across asset classes, geographies, and deal sizes.

Financial highlights

• Revenue: $2.54 billion (+11% year-over-year); Services $1.74B (+9%), Leasing $498M (+19%), Capital Markets $182M (+15%), Valuation/Other $114M (+9%).

• Adjusted EBITDA: $111.3 million (+16%); Adjusted net income: $34.7 million (+69%); Adjusted EPS: $0.15 (+67%).

• Net loss: $12.6 million (vs. $1.9 million net income in Q1 2025); Diluted loss per share: $(0.05).

• Free cash flow for the trailing twelve months was $204 million; liquidity at $1.6 billion.

• Net leverage ratio improved to 3.1x from 3.9x year-over-year; net debt at $2.1 billion as of March 31, 2026.

Outlook and guidance

• Full-year 2026 revenue growth expected at 6–8% and Adjusted EPS growth projected at 15–20%.

• Free cash flow conversion targeted at 60–80%.

• Three-year framework targets 6–8% GAAP revenue growth, 150 bps margin expansion, and net leverage of 2x by 2028.

• Management remains focused on executing long-term growth targets and capital structure improvements.

• Strong pipelines and momentum in April support confidence in achieving annual targets.