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Cushman & Wakefield
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Latest analysis
Updated Nov 4, 2026
Cushman & Wakefield Q3 2026: Leasing and Capital Markets Momentum Drives 15% Adjusted EBITDA Growth as Americas Leads Recovery
Cushman & Wakefield delivered Q3 2026 total revenue of $2.8 billion, up 8% year-over-year, with Leasing (+15%) and Capital Markets (+18%) both accelerating — the Americas segment posting 19% and 24% growth in those lines, respectively. Adjusted EBITDA expanded 15% to $183.7 million, demonstrating meaningful operating leverage as brokerage commissions scale faster than the fixed cost base. The company completed the full retirement of its 2028 Notes in October 2026, eliminating the nearest debt maturity and extending the runway to 2030, a material balance sheet milestone that reduces refinancing risk in a still-volatile rate environment.
Tone: bullishRevenue
$10.3B
CWK 10-K · FY 2025
Employees
53,000
Revenue growth YoY
+9%
Founded
1917
Profile
CWK 10-K Item 1 · Feb 19, 2026Cushman & Wakefield is a leading global commercial real estate services firm providing services to occupiers and investors across nearly 60 countries. The company operates four service lines — Services, Leasing, Capital markets, and Valuation and other — through three geographic segments: Americas, EMEA, and APAC. Its Services segment, which is largely recurring and contractual, accounts for 66% of total revenue.
Read filing description ↓ Collapse description ↑
Cushman & Wakefield Ltd. (together with its subsidiaries, 'Cushman & Wakefield,' 'the Company,' 'we,' 'ours' and 'us') is a leading global commercial real estate services firm driven to solve complex problems for real estate occupiers and investors. Led by an experienced executive team, our approximately 53,000 employees in over 350 offices and nearly 60 countries provide exceptional problem-solving, advisory and execution across the built environment, and manage approximately 6.5 billion square feet of commercial real estate globally. Our business is focused on meeting the increasing demands of our clients through comprehensive global offerings including (i) Services, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other services. In 2025, 2024 and 2023, we generated revenues of $10.3 billion, $9.4 billion and $9.5 billion, respectively. Since 2014, we have built a company with the scale and global footprint to effectively serve our multinational and local clients' needs. Today, Cushman & Wakefield is one of the top three real estate services providers as measured by revenue and workforce. We have an integrated and scalable platform that we believe is well positioned to support our growth strategy by focusing on providing effective problem solving through quality advice and execution, continuing to operate with rigor, investing in advanced technologies and innovative practices, and recruiting, developing and retaining top talent.
Primary products
- Services (property management, facilities management, facilities services, project management)
- Leasing (owner representation, tenant representation)
- Capital markets (buy/sell representation, equity/debt/structured financing)
- Valuation and other (appraisal management, investment management, valuation advisory, portfolio advisory, diligence advisory, dispute analysis, litigation support, financial reporting)
Business segments
End markets
Geographies
Named competitors
“While we are one of the three largest global commercial real estate services firms, as measured by revenue and workforce, our relative competitive position varies by geography and service line.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue of $10.3 billion for the year ended December 31, 2025 increased 9% from the year ended December 31, 2024, with growth across all four service lines.
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