Revenue growth accelerated to 11.0% in 2026Q1, yet operating margins remain thin at 2.3% due to high variable costs and significant SG&A overhead.
| Sales/Revenue | 10.54B | 10.29B | 9.45B | 9.49B | 10.11B | 9.39B | 7.84B | 8.75B | 8.22B | 6.92B | 6.22B |
| Revenue Growth % | 10.4% | 8.91% | -0.5% | -6.06% | 7.64% | 19.7% | -10.37% | 6.46% | 18.72% | 11.39% | - |
| Cost of Goods Sold | 8.78B | 8.62B | 7.72B | 7.84B | 8.15B | 7.45B | 6.46B | 6.98B | 6.64B | 5.64B | 5.07B |
| COGS % of Revenue | - | 83.75% | 81.73% | 82.6% | 80.68% | 79.33% | 82.3% | 79.78% | 80.81% | 81.45% | 81.53% |
| Gross Profit | 1.76B | 1.67B | 1.73B | 1.65B | 1.95B | 1.94B | 1.39B | 1.77B | 1.58B | 1.28B | 1.15B |
| Gross Margin % | 16.73% | 16.25% | 18.27% | 17.4% | 19.32% | 20.67% | 17.7% | 20.22% | 19.19% | 18.55% | 18.47% |
| Gross Profit Growth % | - | -3.17% | 4.49% | -15.37% | 0.61% | 39.75% | -21.53% | 12.16% | 22.83% | 11.88% | - |
| Operating Expenses | 1.3B | 1.21B | 1.39B | 1.45B | 1.42B | 1.44B | 1.44B | 1.58B | 1.56B | 1.43B | 1.41B |
| OpEx % of Revenue | - | 11.79% | 14.69% | 15.24% | 14.02% | 15.37% | 18.38% | 18.08% | 18.99% | 20.6% | 22.7% |
| Selling, General & Admin | 1.01B | 1.32B | 1.22B | 1.26B | 1.26B | 1.23B | 1.12B | 1.28B | 1.27B | 1.16B | 1.15B |
| SG&A % of Revenue | - | 12.8% | 12.87% | 13.3% | 12.48% | 13.07% | 14.29% | 14.6% | 15.49% | 16.7% | 18.48% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 465.2M | 458.6M | 338.9M | 205.6M | 535.1M | 497M | -53.1M | 187.3M | 12.6M | -170.2M | -295.4M |
| Operating Margin % | 4.41% | 4.46% | 3.59% | 2.17% | 5.29% | 5.29% | -0.68% | 2.14% | 0.15% | -2.46% | -4.75% |
| Operating Income Growth % | - | 35.32% | 64.83% | -61.58% | 7.67% | 1035.97% | -128.35% | 1386.51% | 107.4% | 42.38% | - |
| EBITDA | 568M | 562.8M | 461.1M | 449M | 784.2M | 773.3M | 328.7M | 601.9M | 8.22B | 6.9B | 6.2B |
| EBITDA Margin % | 5.39% | 5.47% | 4.88% | 4.73% | 7.76% | 8.24% | 4.19% | 6.88% | 100% | 99.71% | 99.72% |
| EBITDA Growth % | 17.89% | 22.06% | 2.69% | -42.74% | 1.41% | 135.26% | -45.39% | -92.68% | 19.06% | 11.38% | - |
| D&A (Non-Cash Add-back) | 102.8M | 104.2M | 122.2M | 243.4M | 249.1M | 276.3M | 381.8M | 414.6M | 8.21B | 7.07B | 6.49B |
| EBIT | 305.4M | 330.4M | 388.5M | 251.1M | 531.1M | 519.4M | 4M | 195M | 14.1M | -142.6M | -263.3M |
| Net Interest Income | 256.9M | 641.4M | -229.9M | -281.1M | -193.1M | -179.5M | -163.8M | -150.6M | -228.8M | -183.1M | -171.8M |
| Interest Income | 470M | 857.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 99.6M | 114.2M | 175.8M | -30M | 338M | 339.9M | -176.6M | 42.8M | -210.8M | -340.9M | -458.9M |
| Pretax Margin % | 0.95% | 1.11% | 1.86% | -0.32% | 3.34% | 3.62% | -2.25% | 0.49% | -2.56% | -4.92% | -7.38% |
| Income Tax | 25.9M | 26M | 44.5M | 5.4M | 141.6M | 89.9M | 43.9M | 42.6M | -25M | -120.4M | -24.3M |
| Effective Tax Rate % | 26% | 22.77% | 25.31% | -18% | 41.89% | 26.45% | -24.86% | 99.53% | 11.86% | 35.32% | 5.3% |
| Net Income | 73.7M | 88.2M | 131.3M | -35.4M | 196.4M | 250M | -220.5M | 200K | -185.8M | -220.5M | -434.2M |
| Net Margin % | 0.7% | 0.86% | 1.39% | -0.37% | 1.94% | 2.66% | -2.81% | 0% | -2.26% | -3.18% | -6.99% |
| Net Income Growth % | -54.51% | -32.83% | 470.9% | -118.02% | -21.44% | 213.38% | -110350% | 100.11% | 15.74% | 49.22% | - |
| Net Income (Continuing) | 73.7M | 88.2M | 131.3M | -35.4M | 196.4M | 250M | -220.5M | 200K | -185.8M | -221.3M | -434.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 400K | 500K | 500K | 600K | 800K | 800K | 900K | 2.24B | 1.72B | 2.38B | 2.24B |
| EPS (Diluted) | 0.31 | 0.38 | 0.56 | -0.16 | 0.86 | 1.10 | -1.00 | 0.00 | -1.09 | -1.22 | -2.40 |
| EPS Growth % | -53.12% | -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 | 235.5M | 234.7M | 232.8M | 226.9M | 228M | 226.5M | 220.8M | 224.5M | 171.2M | 181.27M | 181.27M |
| Basic Shares Outstanding | 232.8M | 231.2M | 228.9M | 226.9M | 225.4M | 223M | 220.8M | 217.7M | 170.46M | 181.27M | 181.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Cyclical Transactional Revenue Volatility
According to recent quarterly filings, Cushman & Wakefield achieved a revenue growth rate of 11.0% in 2026Q1, marking a sustained acceleration from the 3.0% growth observed in 2024Q4, though this top-line expansion remains heavily dependent on the timing of large-scale capital markets deal closures across global segments.
The recent acceleration in revenue suggests that the company is successfully capturing volume despite broader commercial real estate stagnation. However, investors should monitor whether this growth is organic or driven by the inherent volatility of transactional brokerage, which often masks underlying weakness in recurring service segments.
As reported in financial statements, the company's gross margin fluctuated to 14.6% in 2026Q1, down from the 20.1% peak seen in 2024Q4, reflecting the thin-margin nature of its facilities management business and the high variable costs associated with maintaining a global producer-led brokerage network.
The persistent compression in gross margins suggests that the company struggles to pass through inflationary labor costs within its services division. This structural limitation implies that profitability is highly sensitive to the mix of high-margin leasing versus low-margin facilities management, leaving little buffer for operational inefficiencies.
Based on reported figures, operating income scaled to $58.7 million in 2026Q1, yet the operating margin of 2.3% indicates that SG&A expenses continue to absorb a significant portion of gross profit, limiting the company's ability to translate top-line revenue gains into meaningful bottom-line earnings growth.
The inability to consistently expand operating margins during periods of revenue growth suggests that the company's cost structure remains rigid. This warrants further investigation into whether current SG&A levels are necessary for competitive positioning or if they represent an inability to achieve economies of scale.
Analysis of recent income statements reveals that net income remains highly inconsistent, swinging from a $112.9 million profit in 2024Q4 to a $12.6 million loss in 2026Q1, a trend largely driven by non-operating items and the irregular timing of significant capital markets transaction commissions.
The frequent shifts between profitability and losses suggest that the reported net income is an unreliable indicator of core operational health. Investors should focus on adjusted EBITDA metrics to strip away the noise of one-time charges and the inherent lumpiness of the firm's transactional revenue model.
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.