CWK Cushman & Wakefield Ltd.

Overview and Growth

Fiscal 2025 results for Cushman & Wakefield Ltd. combined $10.29B of revenue with net income of $88.20M and an operating cash inflow of $340.40M. The $10.29B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 8.9% from $9.45B in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $0.38, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $0.56 in fiscal 2024, the current result was 32.1% lower. Asset turnover was 1.34x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $1.88B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 18.3% of revenue, showing how much of the top line remained after direct costs. Operations produced $452.50M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 4.4% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $88.20M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 0.9% margin after operating costs and the remaining recognized items. The earnings statement records $114.20M of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 1.1% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $26.00M, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 22.8% of pretax income, showing the tax burden absorbed by the year’s earnings.

Liquidity and Capital Structure

Total assets were $7.68B, supported by $5.72B of liabilities and $1.96B of shareholder equity. The near-term balance sheet paired $2.84B of current assets with $2.59B of current liabilities at the reporting date. The current ratio was 1.1x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $784.20M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 30.3% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $2.75B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 1.41x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 35.8%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 74.5%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 10.2%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

The company reported $340.40M of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 3.86x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $47.40M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 13.9%, connecting investment intensity with the company’s cash-generation base. After capital spending, free cash flow was $293.00M, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 2.8% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 3.8%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.