Operating cash flow swung from -$243.5M in Q1 2026 to $213.9M in Q3 2026 and free cash flow was negative in the latest downturn quarters, so cash conversion appears episodic and dependent on deal timing.
Cushman & Wakefield plc (CWK) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | 314M | 340.4M | 208M | 152.2M | 49.1M | 549.5M | -38.2M | 269.3M | -2.2M | 4.4M | -335.1M |
| Operating CF Growth % | 862.83% | 63.65% | 36.66% | 209.98% | -91.06% | 1538.48% | -114.18% | 12340.91% | -150% | 101.31% | - |
| Operating CF / Revenue % | 2.85% | 3.31% | 2.2% | 1.6% | 0.49% | 5.85% | -0.49% | 3.08% | -0.03% | 0.06% | -5.39% |
| Net Income | 69.8M | 88.2M | 131.3M | -35.4M | 196.4M | 250M | -220.5M | 200K | -185.8M | -220.5M | -434.6M |
| Depreciation & Amortization | 198M | 104.2M | 122.2M | 243.4M | 249.1M | 276.3M | 381.8M | 414.6M | 290M | 270.6M | 260.6M |
| Stock-Based Compensation | 71.7M | 58.2M | 35.6M | 54.1M | 40.3M | 58.2M | 42M | 61.3M | 81.9M | 51.4M | 49M |
| Other Non-Cash Items | -40.6M | 245.5M | 85.6M | 65M | 87.5M | 57.1M | -9M | 18.7M | 92.1M | 10.1M | 13.9M |
| Working Capital Changes | 51.8M | -110.7M | -138.6M | -124.5M | -538.8M | -35.8M | -250.3M | -175.7M | -221.5M | 62.9M | -163.9M |
| Cash from Investing | -3M | -21.1M | 81.2M | 48.9M | -120.7M | -749.5M | -257.8M | -274.9M | -218M | -143.2M | -137.7M |
| Acquisitions (Net) | 11.5M | 6.6M | 122.6M | 0 | -32.8M | -7M | -108.7M | -275.9M | -35.5M | -99.9M | -64.2M |
| Purchase of Investments | -5.9M | -8.9M | -1.7M | -6.9M | -26.4M | -688.9M | -14.6M | -4.5M | -8.7M | 0 | 0 |
| Sale of Investments | 625M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -539.9M | 28.6M | 1.3M | 106.8M | -10.8M | 200K | -93.5M | 85.8M | -89.6M | 85.8M | 3.8M |
| Cash from Financing | -423.1M | -350.5M | -253.4M | -120.8M | -79.3M | -65.8M | 571.9M | -89.6M | 725.9M | 167.7M | 356.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K |
| Share Repurchases | -26.4M | -11.2M | -10.4M | -8.1M | -27.2M | -8.6M | -18.9M | -31.8M | -15.2M | -4.5M | -2.9M |
| Other Financing | -133.1M | -13.2M | -14.4M | -78.5M | -8.1M | -17.1M | -25.2M | -19.3M | -71.3M | -10.5M | 0 |
| Net Change in Cash | -152.9M | -11.1M | 13.4M | 82.2M | -171.3M | -273.8M | 291.8M | -93.1M | 497.5M | 43.1M | -123.1M |
| Exchange Rate Effect | -40.8M | 20.1M | -22.4M | 1.9M | -20.4M | -8M | 15.9M | 2.1M | -8.2M | 14.2M | -6.8M |
| Cash at Beginning | 518.7M | 814.6M | 801.2M | 719M | 890.3M | 1.16B | 872.3M | 965.4M | 467.9M | 424.8M | 547.9M |
| Cash at End | 506.5M | 803.5M | 814.6M | 801.2M | 719M | 890.3M | 1.16B | 872.3M | 965.4M | 467.9M | 424.8M |
| Free Cash Flow | 253.2M | 293M | 167M | 101.2M | -1.6M | 495.7M | -79.2M | 189M | -86.4M | -124.7M | -412.4M |
| FCF Growth % | 53.83% | 75.45% | 65.02% | 6425% | -100.32% | 725.88% | -141.9% | 318.75% | 30.71% | 69.76% | - |
| FCF / Revenue % | 2.3% | 2.85% | 1.77% | 1.07% | -0.02% | 5.28% | -1.01% | 2.16% | -1.05% | -1.8% | -6.63% |
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.
Key Metrics
Top Statement Risk
Dividend coverage erosion from AFFO volatility
Metrics are mathematically derived from official filings.
AFFO Coverage Swings Undermine Payout Visibility
Based on reported figures, CWK's AFFO ranged from roughly $0.5M to $151.2M across recent quarters, with the most recent quarter at $41.1M against $0 in dividends paid, leaving coverage hard to read consistently.
The quarterly AFFO series is highly volatile, with Q1 2026 AFFO of only $12.7M and Q1 2026 dividend obligations of roughly $0.5M, while Q2 2026 shows AFFO of $151.2M against $130.5M of distributions. The reported dividends-paid line of $0 in the latest quarter conflicts with the $41.1M AFFO figure in a way that warrants reconciliation before any payout coverage conclusion is drawn. Investors should monitor whether the AFFO trough in early 2026 reflects timing of leasing and capital markets fees or a more persistent compression in distributable cash.
Operating Cash Conversion Highly Uneven
As reported in financial statements, CWK's operating cash flow swung from -$243.5M in Q1 2026 to $257.3M in Q4 2025, and FFO-to-net-income ratios range from negative to above 19x, limiting reliability of conversion trends.
The wide dispersion in operating cash flow is consistent with a transaction-heavy brokerage model where fee timing and year-end deal closings drive reported cash. Quarters with FFO-to-net-income ratios of 19.33 and -85.26 reflect near-zero or negative denominators rather than meaningful earnings quality, so these ratios should not be interpreted as signals of strength. The directional read is that cash conversion depends heavily on working capital swings rather than a stable recurring base.
Negative Quarters Pressure Funding Flexibility
Based on EDBL's reported figures, CWK recorded negative free cash flow of -$255.7M in Q1 2026 and -$166.6M in Q1 2025, periods that would require balance sheet or external funding to absorb if repeated.
Both first-quarter negative free cash flow periods coincide with seasonal working capital outflows, which suggests a recurring pattern rather than a single anomaly. The reported Debt/Equity of 1.66 leaves limited cushion for absorbing such outflows without drawing on debt or equity, though the filings provided do not disclose facility availability. Investors should watch whether trough-quarter funding needs are consistently covered by subsequent-quarter inflows.
Depreciation Gap Versus Thin Net Income
According to recent SEC filings, CWK's quarterly net income of $52.1M in Q3 2026 compares with FFO of $78.9M, while the 0.9% net margin leaves reported earnings highly sensitive to non-cash adjustments.
The gap between FFO and net income in most quarters is modest relative to revenue, suggesting that real estate depreciation is not the primary driver of reported earnings for a services-led firm. Stock-based compensation of $12.3M to $29.0M per quarter also reduces the economic gap between GAAP and cash earnings. The thin net margin therefore reflects operating economics more than accounting distortion.
Cash Inflows May Overstate Recurring Strength
Based on reported figures, the strongest recent quarters of operating cash flow of $213.9M and $257.3M coincide with year-end and Q3 deal closings, which may overstate run-rate cash generation.
Heavy reliance on concentrated quarterly transaction closings suggests that trailing cash flow may not represent a sustainable base if leasing and capital markets volumes soften, as the prior income statement analysis noted with the Q1 2026 net loss. The absence of disclosed joint-venture cash obligations, including those tied to the Vanke relationship, means the filings provided do not allow a full assessment of contingent cash calls. This analysis therefore cannot rule out that reported cash strength is timing-driven.