Cushman & Wakefield reported third‑quarter 2025 revenue of $2.61 billion, up 11% year‑over‑year, driven by 21% growth in Capital Markets, 9% growth in Leasing, and 6% growth in Services. Total service‑line fee revenue rose 9% to $1.78 billion, while gross contract reimbursables increased 16% to $825 million.
Net income reached $51.4 million, a 53% increase from $33.7 million a year earlier, giving diluted earnings per share of $0.22 versus $0.14. Adjusted diluted EPS was $0.29, beating analyst estimates of $0.28. Adjusted EBITDA climbed 12% to $159.6 million, and the margin improved to 9.0% from 8.7%.
The company prepaid an additional $100 million in term‑loan debt, bringing cumulative prepayments over the past two years to $500 million. It also repriced $947.5 million of term loans in July, reducing the interest rate by 50 basis points.
In its guidance, Cushman & Wakefield raised its full‑year adjusted EPS growth outlook to 30%‑35% and reaffirmed expectations for double‑digit growth in Capital Markets and Leasing and mid‑single‑digit organic growth in Services. Management highlighted disciplined balance‑sheet management and the impact of debt prepayments on interest expense and cash flow.
The results reflect a resilient transaction environment in Capital Markets, with the Americas contributing roughly 72% of total fee revenue and growing 8% in local currency. Leasing growth was driven by office and industrial demand, while Services growth was supported by increased demand for advisory and technology solutions.
Management noted that the company’s transformation strategy—focused on operational efficiency, technology integration, and client‑centric service—has accelerated revenue growth and improved profitability across all service lines.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.