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Sep 30, 2025
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%.
Revenue by Segment
Revenue by Geographic Location
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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