10-Q · May 7, 2026
Cushman & Wakefield reported Q1 2026 results showcasing strong revenue growth despite a net loss due to non-cash charges. Revenue surged 11% year-over-year to $2.54 billion, surpassing consensus estimates, while EPS…
Earnings analysis · 10-Q
CWK earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Cushman & Wakefield delivered Q3 2026 revenue of $2,807.8 million, up 7.7% year over year and ahead of the $2,784.8 million consensus, while adjusted EPS of $0.37 exceeded the $0.36 estimate. Adjusted EBITDA rose 15% to…
Read full summary
Cushman & Wakefield delivered Q3 2026 revenue of $2,807.8 million, up 7.7% year over year and ahead of the $2,784.8 million consensus, while adjusted EPS of $0.37 exceeded the $0.36 estimate. Adjusted EBITDA rose 15% to $183.7 million, but GAAP diluted EPS was only $0.22, reflecting below-the-line pressure. Full-year 2026 adjusted EPS growth guidance of 18%-23% was maintained; the filing also highlights interest-rate and foreign-exchange exposure, while stating that there were no material changes to previously disclosed risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.37
What stood out
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Revenue grew 7.7% year over year
Q3 2026 revenue was $2,807.8 million, up from $2,605.9 million in Q3 2025 and approximately $2,760 million in Q2 2026, representing growth of about 7.7% year over year and 1.7% sequentially.
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Adjusted EPS beat consensus
Adjusted EPS was $0.37 versus the $0.36 consensus estimate, a $0.01 beat. GAAP diluted EPS was $0.22 and was flat year over year.
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Adjusted EBITDA rose 15%
Adjusted EBITDA increased 15% year over year to $183.7 million, indicating stronger operating earnings despite below-the-line pressure on GAAP earnings.
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International revenue exposure increased
International exposure remained significant: 31% of Q3 revenue was transacted in currencies other than the U.S. dollar, versus 30% in the prior-year quarter.
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Controls remained effective
Disclosure controls were effective as of September 30, 2026, and the company reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
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Variable-rate debt remains a headwind
A 100-basis-point increase in variable interest rates as of September 30, 2026 would have increased annualized interest expense by approximately $5.4 million, exposing earnings and cash flow to higher borrowing costs.
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Foreign exchange translation risk
A hypothetical 10% strengthening of the U.S. dollar would have reduced Q3 revenue by approximately $13.3 million against the euro, $13.7 million against the Australian dollar, and $11.3 million against the Singapore dollar.
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CFO share-sale plan adds dilution overhang
The CFO adopted a Rule 10b5-1 plan covering sales of up to 120,000 common shares, with sales permitted to begin no earlier than November 30, 2026 and the plan terminating no later than November 30, 2027.
Management's outlook
Full-year 2026 Adjusted EPS growth guidance was maintained at 18%-23%; no numeric revenue guidance was provided.
Earlier filings 4
10-K · February 19, 2026
Cushman & Wakefield reported record 2025 revenue of $10.3 billion (up from $9.4 billion in 2024) on the back of growth across all service lines and a recurring Services business that represented 66% of revenue. The firm…
10-Q · April 29, 2025
Cushman & Wakefield reported Q1 revenue of $2,284.6M, up $99.8M (≈4.6%) year-over-year, producing operating income of $45.3M (2.0% margin) and diluted EPS of $0.01 versus a loss of $(0.13) a year ago. Results were…
10-Q · July 30, 2024
Cushman & Wakefield reported Q2 revenue of $2,288.0 million, down $118.0 million (5%) year-over-year from $2,406.0 million, while operating income rose to $70.4 million from $56.3 million. Diluted EPS improved to $0.06…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.