CWK · Cushman & Wakefield plc

Cushman & Wakefield delivered its strongest Q1 revenue ever at $2.5 billion, up 11% from Q1 2025, fueled by broad-based growth across all service lines. Leasing led with 19% growth (17% local currency), driven by Americas strength in office, industrial, and data centers across all deal sizes. Services rose 9% (7% local currency) on higher facilities and project management, while Capital Markets achieved 15% growth (14% local currency) for the sixth straight quarter, highlighted by 22% Americas office performance. Valuation and Other increased 9% (4% local currency). Costs of services grew in line at 11%, reflecting higher reimbursed labor and employment costs tied to revenue expansion. Operating income improved 30% to $58.7 million, but GAAP net loss widened to $12.6 million from one-time non-cash charges: $16.6 million UK pension buy-out settlement and $11.8 million A/R securitization amendment liability. Equity method investments swung to a $4.1 million loss, mainly from Greystone JV provisions. Excluding these, Adjusted EBITDA rose 16% to $111.3 million and Adjusted EPS surged 67% to $0.15, showcasing operating leverage. Balance sheet remains solid with $1.6 billion liquidity and $2.1 billion net debt. CEO Michelle MacKay emphasized execution toward long-term targets, market transformation leadership, and shareholder value via capital structure enhancements. Partial $100 million redemption of 2028 Notes signals deleveraging. Q1 earnings call held May 7, 2026, at 9:00 a.m. ET.