Cash flow generation is highly erratic, evidenced by a $243.5 million operating cash flow deficit in 2026Q1 that highlights the company's sensitivity to working capital volatility.
| Cash from Operations | 258.9M | 340.4M | 208M | 152.2M | 49.1M | 549.5M | -38.2M | 269.3M | -2.2M | 4.4M | -335.1M |
| Operating CF Margin % | - | 3.31% | 2.2% | 1.6% | 0.49% | 5.85% | -0.49% | 3.08% | -0.03% | 0.06% | -5.39% |
| Operating CF Growth % | 37.17% | 63.65% | 36.66% | 209.98% | -91.06% | 1538.48% | -114.18% | 12340.91% | -150% | 101.31% | - |
| Net Income | 73.7M | 88.2M | 131.3M | -35.4M | 196.4M | 250M | -220.5M | 200K | -185.8M | -220.5M | -434.6M |
| Depreciation & Amortization | 108.6M | 104.2M | 122.2M | 243.4M | 249.1M | 276.3M | 381.8M | 414.6M | 290M | 270.6M | 260.6M |
| Stock-Based Compensation | 44.4M | 58.2M | 35.6M | 54.1M | 40.3M | 58.2M | 42M | 61.3M | 81.9M | 51.4M | 49M |
| Deferred Taxes | -140.5M | -45M | -28.1M | -50.4M | 14.6M | -56.3M | 17.8M | -49.8M | -58.9M | -170.1M | -60.1M |
| Other Non-Cash Items | 65M | 245.5M | 85.6M | 65M | 87.5M | 57.1M | -9M | 18.7M | 92.1M | 10.1M | 13.9M |
| Working Capital Changes | 107.7M | -110.7M | -138.6M | -124.5M | -538.8M | -35.8M | -250.3M | -175.7M | -221.5M | 62.9M | -163.9M |
| Change in Receivables | -115.4M | -139.9M | -57.9M | 62.5M | -298.9M | -212.5M | 191.5M | -38.9M | -235.5M | -173.4M | -146.9M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -181.5M | -191.5M | 38.9M | 0 | 95.3M | -146.3M |
| Change in Payables | 73.2M | 108.7M | 16.8M | -49.4M | 125.1M | 131.1M | -156.2M | 60M | 74.9M | 42.6M | 118.3M |
| Cash from Investing | 52.4M | -21.1M | 81.2M | 48.9M | -120.7M | -749.5M | -257.8M | -274.9M | -218M | -143.2M | -137.7M |
| Capital Expenditures | -45.7M | -47.4M | 0 | -51M | -50.7M | -53.8M | -41M | -80.3M | -84.2M | -129.1M | -77.3M |
| CapEx % of Revenue | 0.43% | 0.46% | 0.43% | 0.54% | 0.5% | 0.57% | 0.52% | 0.92% | 1.02% | 1.86% | 1.24% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -136.4M | 28.6M | 82.9M | 106.8M | -10.8M | 200K | -93.5M | 85.8M | -89.6M | 85.8M | 3.8M |
| Cash from Financing | -337.3M | -350.5M | -253.4M | -120.8M | -79.3M | -65.8M | 571.9M | -89.6M | 725.9M | 167.7M | 356.5M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -23.2M | -11.2M | -10.4M | -8.1M | -27.2M | -8.6M | -18.9M | -31.8M | 1B | 18.9M | 36.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -23.2M | -11.2M | -10.4M | -8.1M | -27.2M | -8.6M | -18.9M | -31.8M | -15.2M | -4.5M | -2.9M |
| Other Financing | -19.4M | -13.2M | -14.4M | -78.5M | -8.1M | -17.1M | -25.2M | -19.3M | -71.3M | -10.5M | 0 |
| Net Change in Cash | -39.6M | -11.1M | 13.4M | 82.2M | -171.3M | -273.8M | 291.8M | -93.1M | 497.5M | 43.1M | -123.1M |
| Free Cash Flow | 217.8M | 293M | 167M | 101.2M | -1.6M | 495.7M | -79.2M | 189M | -86.4M | -124.7M | -412.4M |
| FCF Margin % | 2.07% | 2.85% | 1.77% | 1.07% | -0.02% | 5.28% | -1.01% | 2.16% | -1.05% | -1.8% | -6.63% |
| FCF Growth % | 60.15% | 75.45% | 65.02% | 6425% | -100.32% | 725.88% | -141.9% | 318.75% | 30.71% | 69.76% | - |
| FCF per Share | 0.92 | 1.25 | 0.72 | 0.45 | -0.01 | 2.19 | -0.36 | 0.84 | -0.50 | -0.69 | -2.28 |
| FCF Conversion (FCF/Net Income) | 2.96x | 3.86x | 1.58x | -4.30x | 0.25x | 2.20x | 0.17x | 1346.50x | 0.01x | -0.02x | 0.77x |
| Interest Paid | 0 | 0 | 0 | 233.3M | 181.4M | 166.4M | 158.5M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 88.5M | 215.4M | 46.5M | 51.2M | 0 | 0 | 0 | 0 |
Working Capital Volatility
As reported in recent financial filings, the relationship between net income and operating cash flow remains highly erratic, evidenced by a 2026Q1 operating cash flow of -$243.5 million against a net loss of $12.6 million, suggesting significant underlying pressure on cash generation beyond reported accounting earnings.
The extreme divergence between net income and operating cash flow suggests that accounting profits are frequently decoupled from actual cash inflows. Investors should monitor whether this disconnect is driven by seasonal working capital requirements or a more structural inability to convert fee revenue into realized cash.
Based on the company's reported figures, free cash flow trajectory has been inconsistent, swinging from a peak of $234.3 million in 2025Q4 to a deficit of $255.7 million in 2026Q1, highlighting the sensitivity of cash generation to the timing of large-scale transactional deal closures.
The sharp swings in free cash flow indicate that the business model remains highly susceptible to cyclical downturns in capital markets. This volatility complicates the assessment of sustainable cash generation, as the company appears unable to maintain positive free cash flow during periods of lower transactional velocity.
According to quarterly data, working capital changes have been a primary driver of cash flow instability, with a significant outflow of $255.7 million in 2025Q1, indicating that the company's cash position is frequently strained by the timing of receivables and payables management across its global operations.
The substantial fluctuations in working capital suggest that the company's cash conversion cycle is highly sensitive to the timing of large client payments. This reliance on working capital management may indicate that the firm lacks the operational flexibility to buffer against sudden shifts in client payment behavior.
Analysis of recent cash flow statements reveals that stock-based compensation remains a consistent non-cash add-back, reaching $16.3 million in 2026Q1, which effectively masks the true cash cost of talent retention within the firm's producer-led brokerage model as reported in official filings.
While stock-based compensation is a standard industry practice, its persistence suggests that the company relies on equity to preserve cash. Investors should consider whether this reliance on non-cash compensation is sufficient to offset the underlying cash burn observed in recent quarters.
Quick answers to the most common questions about buying CWK stock.
Cushman & Wakefield plc (CWK) generated $340.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cushman & Wakefield plc (CWK) generated $293.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cushman & Wakefield plc (CWK) spent $47.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cushman & Wakefield plc (CWK) spent $11.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.