Revenue has risen to about $2.8B with a 7.7% year-over-year gain, but NOI margin of 17.3% and a net margin near 0.9% indicate that topline expansion is not translating into durable profitability.
Cushman & Wakefield plc (CWK) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Revenue | 11.02B | 10.29B | 9.45B | 9.49B | 10.11B | 9.39B | 7.84B | 8.75B | 8.22B | 6.92B | 6.22B |
| Revenue Growth % | 10.16% | 8.91% | -0.5% | -6.06% | 7.64% | 19.7% | -10.37% | 6.46% | 18.72% | 11.39% | - |
| Property Operating Expenses | 9.19B | 8.62B | 7.72B | 7.84B | 8.15B | 7.45B | 6.46B | 6.98B | 6.64B | 5.64B | 5.07B |
| Net Operating Income (NOI) | 1.83B | 1.67B | 1.73B | 1.65B | 1.95B | 1.94B | 1.39B | 1.77B | 1.58B | 1.28B | 1.15B |
| NOI Margin % | 16.65% | 16.25% | 18.27% | 17.4% | 19.32% | 20.67% | 17.7% | 20.22% | 19.19% | 18.55% | 18.47% |
| Operating Expenses | 1.34B | 1.21B | 1.39B | 1.45B | 1.42B | 1.44B | 1.44B | 1.58B | 1.56B | 1.43B | 1.41B |
| G&A Expenses | 1.05B | 1.32B | 1.22B | 1.26B | 1.26B | 1.23B | 1.12B | 1.28B | 1.27B | 1.16B | 1.15B |
| EBITDA | 697.7M | 562.8M | 461.1M | 449M | 784.2M | 773.3M | 328.7M | 601.9M | 302.6M | 100.4M | -34.8M |
| EBITDA Margin % | 6.33% | 5.47% | 4.88% | 4.73% | 7.76% | 8.24% | 4.19% | 6.88% | 3.68% | 1.45% | -0.56% |
| Depreciation & Amortization | 198M | 104.2M | 122.2M | 243.4M | 249.1M | 276.3M | 381.8M | 414.6M | 290M | 270.6M | 260.6M |
| D&A / Revenue % | 1.8% | 1.01% | 1.29% | 2.56% | 2.46% | 2.94% | 4.87% | 4.74% | 3.53% | 3.91% | 4.19% |
| Operating Income | 499.7M | 458.6M | 338.9M | 205.6M | 535.1M | 497M | -53.1M | 187.3M | 12.6M | -170.2M | -295.4M |
| Operating Margin % | 4.53% | 4.46% | 3.59% | 2.17% | 5.3% | 5.29% | -0.68% | 2.14% | 0.15% | -2.46% | -4.75% |
| Interest Expense | 4M | 216.2M | 229.9M | 281.1M | 193.1M | 179.5M | 163.8M | 150.6M | 228.8M | 183.1M | 171.8M |
| Interest Coverage | - | 1.53x | 1.69x | 0.89x | 2.75x | 2.89x | 0.02x | 1.29x | 0.06x | -0.78x | -1.53x |
| Non-Operating Income | 147.7M | 128.2M | -49.6M | -45.5M | 4M | -22.4M | -57.1M | -7.7M | -1.5M | -28.5M | -32.1M |
| Pretax Income | 139.3M | 114.2M | 175.8M | -30M | 338M | 339.9M | -176.6M | 42.8M | -210.8M | -340.9M | -458.9M |
| Pretax Margin % | 1.26% | 1.11% | 1.86% | -0.32% | 3.34% | 3.62% | -2.25% | 0.49% | -2.56% | -4.92% | -7.38% |
| Income Tax | 69.5M | 26M | 44.5M | 5.4M | 141.6M | 89.9M | 43.9M | 42.6M | -25M | -120.4M | -24.3M |
| Effective Tax Rate % | 49.89% | 22.77% | 25.31% | -18% | 41.89% | 26.45% | -24.86% | 99.53% | 11.86% | 35.32% | 5.3% |
| Net Income | 69.8M | 88.2M | 131.3M | -35.4M | 196.4M | 250M | -220.5M | 200K | -185.8M | -220.5M | -434.2M |
| Net Margin % | 0.63% | 0.86% | 1.39% | -0.37% | 1.94% | 2.66% | -2.81% | 0% | -2.26% | -3.18% | -6.99% |
| Net Income Growth % | -68.77% | -32.83% | 470.9% | -118.02% | -21.44% | 213.38% | - | 100.11% | 15.74% | 49.22% | - |
| Funds From Operations (FFO) | 267.8M | 192.4M | 253.5M | 208M | 445.5M | 526.3M | 161.3M | 414.8M | 104.2M | 50.1M | -173.6M |
| FFO Margin % | 2.43% | 1.87% | 2.68% | 2.19% | 4.41% | 5.61% | 2.06% | 4.74% | 1.27% | 0.72% | -2.79% |
| FFO Growth % | -78.82% | -24.1% | 21.88% | -53.31% | -15.35% | 226.29% | -61.11% | 298.08% | 107.98% | 128.86% | - |
| FFO per Share | 1.13 | 0.82 | 1.09 | 0.92 | 1.95 | 2.32 | 0.73 | 1.85 | 0.61 | 0.28 | -0.96 |
| FFO Payout Ratio % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | 0.29 | 0.38 | 0.56 | -0.16 | 0.86 | 1.10 | -1.00 | 0.00 | -1.09 | -1.22 | -2.40 |
| EPS Growth % | -69.55% | -32.14% | 450% | -118.6% | -21.82% | 210% | - | 100.08% | 10.66% | 49.17% | - |
| EPS (Basic) | - | 0.38 | 0.57 | -0.16 | 0.87 | 1.12 | -1.00 | 0.00 | -1.09 | -1.22 | -2.40 |
| Diluted Shares Outstanding | 237.2M | 234.7M | 232.8M | 226.9M | 228M | 226.5M | 220.8M | 224.5M | 171.2M | 181.27M | 181.27M |
Quick answers to the most common questions about buying CWK stock.
For fiscal year 2025, Cushman & Wakefield plc (CWK) reported total revenue of $10.29B. This represents a 65.5% increase compared to $6.22B in 2016.
Cushman & Wakefield plc (CWK) is profitable, generating $88.2M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Cushman & Wakefield plc (CWK) reported an operating income of $458.6M, resulting in an operating profit margin of 4.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Cushman & Wakefield plc (CWK) generated $1.67B in gross profit for the year, representing a gross profit margin of 16.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin profitability against leverage
Metrics are mathematically derived from official filings.
Revenue Growth Outpacing Earnings Conversion
Based on reported figures, CWK's quarterly revenue has climbed from about $2.3B to roughly $2.8B over the last ten quarters, with year-over-year growth of 7.7% in the latest period, yet NOI growth has not kept pace with topline expansion.
The gap between revenue expansion and NOI trajectory suggests that incremental top-line gains are carrying higher pass-through or operating costs, which limits earnings leverage. The sharp swing in FFO growth, from +81.1% in Q2 2026 to -19.8% in Q3 2026, indicates that quarterly results are heavily influenced by transaction timing rather than a steady compounding trend. Investors should monitor whether revenue growth can translate into sustained NOI expansion rather than remaining concentrated in lumpy transactional periods.
Thin Property-Level Margins Under Pressure
As reported in financial statements, CWK's NOI margin has ranged from roughly 14.6% to 20.1% across the ten-quarter window, with the most recent quarter at 17.3%, well below the 20.1% peak reached in Q4 2024.
The compression from the late-2024 peak suggests cost growth has outpaced revenue at the operating line, which may reflect labor-intensive service costs that are difficult to pass through. The volatility in margins across quarters points to a cost base that flexes with deal activity rather than a stable recurring structure. Investors should treat the recent margin level as a fragile starting point until a sustained recovery is visible.
FFO Per Share Volatility and Dilution Risk
Based on EDBL's reported figures, CWK's FFO per share swung from 0.69 in Q4 2024 to 0.05 in Q1 2026, with the latest reading at 0.33, a pattern that signals unstable earnings power.
Such wide swings in FFO per share, combined with diluted EPS that moved from 0.48 to negative territory within the same window, suggest that quarterly earnings quality is highly sensitive to transaction timing and one-time items. The reported Q3 2026 EPS of 0.22 against a stated consensus estimate of 0.60, if accurate, would imply a substantial miss that warrants further investigation into its drivers. The AFFO line, which tracks closer to FFO in most periods, does not show evidence of a meaningful cash earnings buffer.
Leverage and Thin Margins Challenge Earnings Quality
According to recent SEC filings, CWK's net margin of 0.9% against a Debt/Equity reading of 1.66 leaves little cushion, and the sharp Q1 2026 net loss of $12.6M highlights how fragile reported profitability has been.
The provided data does not isolate interest expense or non-controlling interest effects, so the extent to which financing costs suppress net income cannot be confirmed from these figures alone. Pass-through revenue inflating the top line could also flatter growth optics relative to fee-based earnings, which warrants further reconciliation. Investors may need to weigh whether reported FFO adequately reflects economic earnings given these unresolved structural questions.