Cushman & Wakefield Stock Earnings Reports

Cushman & Wakefield reported a strong Q1 2026: revenue of $2.5B, up 9% year-over-year; adjusted EBITDA grew ~15% to $111M; adjusted EPS rose 67% to $0.15. Management reiterated full-year guidance: GAAP revenue growth of 6%–8% and adjusted EPS growth of 15%–20%, and maintained multi-year targets including ~150 bps of margin expansion and a 2.0x net leverage target by 2028. Leasing was a standout, with company‑record Q1 leasing revenue up 17% (19% in The Americas) and broad-based strength across geographies and asset classes (notably industrial and data center-related activity). Capital Markets delivered its sixth straight quarter of double-digit revenue growth (14% globally; 22% in The Americas), driven by institutional client wins and platform hires. Services grew 7% with particular Project Management strength in EMEA and APAC and improving Facilities Management results in The U.K. and Ireland. Management highlighted AI and data centers as durable, long-duration growth drivers (citing 50 technical advisory data center projects underway in APAC and a projected incremental 330M sq ft demand from AI over a decade). Cash/ liquidity of ~$600M cash and $1.6B total liquidity; trailing 12‑month free cash flow ~70% of adjusted net income; net leverage improved to 3.1x. The company also announced a $100M redemption of its 2028 notes, continuing its debt reduction since 2024. Management noted an April 8 reporting change (no longer reporting service line fee revenue and certain non-GAAP measures) and recast historical financials to align reporting with peers. Overall tone: confident in the durability of growth, focused on profitable scale, cross‑sell initiatives, and continued investments in specialized sectors (data centers, logistics, life sciences) and AI.