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Sep 30
Cushman & Wakefield Q3 2025 Earnings Report
Cushman & Wakefield reported strong financial results for the third quarter of 2025, driven by double-digit growth in Capital Markets revenue and accelerated Services revenue growth.
Key Takeaways
Cushman & Wakefield delivered a robust third quarter in 2025, with total revenue increasing by 11% to $2.6 billion. The company achieved its fourth consecutive quarter of double-digit Capital Markets revenue growth at 21% and saw Services revenue grow by 6%. Net income rose significantly by 53% to $51.4 million, and diluted EPS increased to $0.22. Adjusted EBITDA also grew by 12% to $159.6 million, with an improved margin of 9.0%. The company also continued to strengthen its balance sheet by prepaying an additional $100 million in term loan debt.
Total revenue for Q3 2025 increased by 11% to $2.6 billion, demonstrating strong overall growth.
Capital Markets revenue surged by 21%, marking the fourth consecutive quarter of double-digit growth in this segment.
Net income for the quarter significantly increased by 53% to $51.4 million, with diluted EPS reaching $0.22.
Adjusted EBITDA grew by 12% to $159.6 million, and the Adjusted EBITDA margin improved by 23 basis points to 9.0%.
Cushman & Wakefield
Cushman & Wakefield
Cushman & Wakefield Revenue by Segment
Cushman & Wakefield Revenue by Geographic Location
Revenue by Segment
Services Revenue
CapyFin.comLeasing Revenue
CapyFin.comCapital Markets Revenue
CapyFin.comValuation and Other Revenue
CapyFin.comGross Contract Reimbursables Revenue
CapyFin.comTotal Service Line Fee Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com Forward Guidance
Cushman & Wakefield is raising its full-year 2025 Adjusted EPS guidance, reflecting strong anticipated growth.
Positive Outlook
- Raising full year 2025 Adjusted EPS guidance to 30%-35% growth, up from previous guidance of 25%-35%.
- Continued momentum in Services revenue with 6% growth.
- Fourth consecutive quarter of double-digit year-over-year Capital markets revenue growth.
- Prepaid an additional $100.0 million in term loan debt, demonstrating strong cash flow generation.
- Repriced $947.5 million in term loans, reducing interest rate by 50 basis points.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the report.
- Changes in expectations and forecasts may materially impact the provision for loan losses in the future.
- The Greystone JV experienced a decline in earnings due to changes in mortgage loan origination volumes and higher provisions for credit losses.
- Other income, net, decreased significantly due to a one-time gain from insurance proceeds in the prior year.
- Potential for variability and low visibility with respect to certain non-GAAP adjustments, which could impact future GAAP financial results.