Highlights

  • Second quarter revenue rose 11% to $2.76 billion, with leasing up 27% and services up 8%.
  • Net income fell 8% to $52.7 million, or $0.22 per share, while adjusted EBITDA, a non-GAAP measure, rose 14%.
  • Capital markets revenue slipped 1% as Americas fell 6%, and the Greystone joint venture recorded loan loss provisions.
  • In June the company repriced and extended its term loan to 2033 and cut its 2028 notes by $450 million.

Cushman & Wakefield (NYSE:CWK) shares were trading near their 52-week low at USD 11.61 on October 21, 2026, up 0.87%. The commercial real estate services firm filed its second quarter 2026 report on August 5, in which it showed double-digit revenue growth, lower net income and a refinancing completed in June.

Cushman & Wakefield is a Bermuda company with principal executive offices in Hamilton, Bermuda, and describes itself as a leading global commercial real estate services firm. It reports about 53,000 employees in more than 350 offices across nearly 60 countries. Its service lines are Services, Leasing, Capital markets, and Valuation and other, and it reports three segments: Americas, EMEA and APAC. Its fiscal year ends December 31.

Revenue Growth With Mixed Profit Signals

Revenue for the quarter ended June 30, 2026 was $2.76 billion, up 11% from $2.48 billion. Services revenue grew 8% to $1.80 billion on facilities management and project management gains, and leasing revenue jumped 27% to $628.5 million, with the company citing strength in office and industrial leasing, including data centers. Capital markets revenue slipped 1% to $206.4 million, as a 6% decline in the Americas, mainly in mid-sized and multi-family transactions, offset growth in EMEA and APAC.

Costs rose roughly in line with revenue. Operating income was $134.2 million versus $122.8 million, but net interest expense rose 12% to $59.6 million, including $4.5 million of costs tied to the credit agreement amendment and a $2.0 million loss on debt extinguishment. Net income was $52.7 million against $57.3 million, and diluted EPS was $0.22 against $0.25. Adjusted EBITDA reached $183.6 million, up from $161.7 million.

By segment, Americas revenue rose 11% to $2.0 billion and adjusted EBITDA rose 23% to $136.0 million. EMEA revenue rose 14% to $295.1 million, yet its adjusted EBITDA fell to $28.0 million from $34.2 million. APAC revenue rose 12% to $469.7 million with adjusted EBITDA of $19.6 million. For six months, revenue was $5.30 billion, net income was $40.1 million versus $59.2 million, and diluted EPS was $0.17 versus $0.25.

Debt, Liquidity and Contingencies

In June the company amended its credit agreement, repricing a senior secured term loan by 50 basis points to 1-month Term SOFR plus 2.25%, extending maturity to 2033 and adding $352.5 million of principal. Together with a $100.0 million redemption in May, it cut the 2028 senior secured notes by $450.0 million in the quarter and redeemed another $50.0 million on August 4, leaving $150.0 million outstanding. Long-term debt, net of the current portion, was $2.41 billion. The company reports no long-term debt maturing before 2028.

Liquidity was $1.5 billion on June 30, made up of $1.0 billion of availability on an undrawn revolver and $0.5 billion of cash. Operating activities used $189.5 million of cash in the first half, compared with $152.4 million a year earlier, largely from a larger working capital outflow; the company says cash flow is seasonally weakest in the first quarter and strongest in the fourth.

The filing discloses several contingencies. A non-U.S. tax authority claims about $78.0 million of unpaid payroll tax contributions plus interest for 2015 to 2022, and the company says reasonably possible additional loss could reach $50.0 million. The Greystone joint venture, in which it holds 40%, recorded a $9.0 million loan loss provision in the quarter, and the company says further provisions could be material for the venture. The company and a multifamily subsidiary are also defendants in a civil Department of Justice antitrust suit tied to RealPage software, which it disputes and does not expect to be material.

Outlook and Stated Considerations

The filing contains no numerical guidance. Management says improvements in several macroeconomic factors supported growth, while interest rate volatility, inflation, trade policy, tariffs, unemployment and credit market conditions could affect demand in the future. It believes cash, operating cash flow, the revolver and securitization funding are sufficient for at least the next 12 months.