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Jun 30, 2025
Cushman & Wakefield Q2 2025 Earnings Report
Cushman & Wakefield reported strong financial results for the second quarter of 2025, driven by significant growth in capital markets and leasing revenue, and continued acceleration in services revenue. The company also focused on strengthening its balance sheet through debt repayment.
Key Takeaways
Cushman & Wakefield delivered robust second-quarter results in 2025, with total revenue increasing by 9% to $2.5 billion. The company saw substantial growth in Capital Markets revenue (27%) and Leasing revenue (8%), alongside continued acceleration in Services revenue. Net income significantly improved to $57.3 million, and diluted EPS reached $0.25. Adjusted EBITDA increased by 16% to $161.7 million, with an improved margin of 9.5%. The company also announced an additional $150 million debt repayment, reinforcing its commitment to balance sheet fortification.
Total revenue for Q2 2025 increased by 9% to $2.5 billion, demonstrating broad strength across all segments and service lines.
Capital markets revenue surged by 27%, marking the third consecutive quarter of double-digit year-over-year growth, primarily driven by strong performance in the Americas.
Leasing revenue grew by 8%, with notable strength in the Americas and EMEA, particularly in office and industrial sectors.
Net income for the quarter was $57.3 million, a significant increase of $43.8 million from the prior year, and diluted EPS was $0.25.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cushman & Wakefield is raising its earnings per share outlook for the full year 2025, driven by strong first-half performance and continued strategic execution. The company anticipates sustainable long-term growth, supported by its talent, structure, and vision.
Positive Outlook
- Raising full-year earnings per share outlook due to strong first-half performance.
- Continued focus on fortifying the balance sheet with additional debt repayments.
- Anticipated multiplier effect from transformational work, leading to sustainable long-term growth.
- Confidence in future performance driven by the right talent, structure, and vision.
- Commitment to bringing the best to people, clients, and shareholders.
Challenges Ahead
- Changes in expectations and forecasts may materially impact the provision for credit losses in the future.
- Potential for disruptions in general macroeconomic conditions and global/regional demand for commercial real estate.
- Risks related to the ability to attract and retain qualified revenue-producing employees and senior management.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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