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Cushman & Wakefield (CWK) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Cushman & Wakefield (CWK) Q3 2026 earnings results →

Q3 2026 Revenue up 8% year over year to $2.8B · 2¢ of every $1 of revenue kept as net profit · operating margin 4.6%

Cushman & Wakefield made $2.8B in Q3 2026 (+8% Y/Y): Americas $2.1B, APAC $484M, EMEA $270M. Operating margin 4.6%, net earnings $52.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$2.8B
Year over year+8%
Operating margin4.6%
Net earnings$52.1M
Operating cash flow$214M

Drawing the Sankey…

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Cushman & Wakefield Q3 2026 revenue breakdown: Sankey diagram of revenue (Americas, APAC, EMEA), costs, profit and cash flow
Cushman & Wakefield Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.8B in Q3 2026, up 8% year over year and up 2% from the previous quarter. Americas was the largest line at 73% of revenue. Americas added $0.13B year over year (up 7%), 65% of the total change.

Operating profit was $0.13B, a 4.6% margin (up 0.5 points year over year). Of the extra revenue versus Q3 2025, 11% reached operating profit, above the 4% margin then. Total costs grew 7% against revenue growth of 8%. Net earnings were $0.05B, up 1% year over year. The effective tax rate was 37.8%.

Operating cash flow was $0.21B (down 9% year over year), 411% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.12B. Capital expenditures of $0.04B left free cash flow of $0.18B.

Quarterly history

Cushman & Wakefield revenue by quarterCushman & Wakefield revenue by quarter$2.3BQ1 2025$2.5BQ2 2025$2.6BQ3 2025$2.9BQ4 2025$2.5BQ1 2026$2.8BQ2 2026$2.8BQ3 2026
Cushman & Wakefield net earnings by quarterCushman & Wakefield net earnings by quarter$1.9MQ1 2025$57.3MQ2 2025$51.4MQ3 2025−$22.4MQ4 2025−$12.6MQ1 2026$52.7MQ2 2026$52.1MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$2.8B+8%4.6%$52.1M$214M
Q2 202610-QAug 5, 2026$2.8B+11%4.9%$52.7M$54.0M
Q1 202610-QMay 7, 2026$2.5B+11%2.3%−$12.6M−$244M
Q4 202510-KFeb 19, 2026$2.9B+11%6.1%−$22.4M$257M
Q3 202510-QOct 30, 2025$2.6B+11%4.1%$51.4M$236M
Q2 202510-QAug 5, 2025$2.5B+9%4.9%$57.3M$9.6M
Q1 202510-QApr 29, 2025$2.3B+5%2.0%$1.9M−$162M

Charts

Cushman & Wakefield: revenue growth, year over year and quarter over quarterCushman & Wakefield: revenue growth, year over year and quarter over quarterY/YQ/Q+5%Q1 2025+9%+9%Q2 2025+11%+5%Q3 2025+11%+12%Q4 2025+11%-13%Q1 2026+11%+9%Q2 2026+8%+2%Q3 2026
Latest (Q3 2026): Y/Y +8%, Q/Q +2%.
Cushman & Wakefield: where the cash came from (+) and went (−), TTM to Q3 2026Cushman & Wakefield: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$282MNet borrowing (+) / repaid (−)−$275MCash drawn (+) / kept (−)$154MCapital spending−$81.5MTaxes on employees’ shares−$26.4MOther financing−$22.1MOther investing−$15.6MExchange rates−$15.4M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Cushman & Wakefield: profit against cash, quarter by quarterCushman & Wakefield: profit against cash, quarter by quarterNet incomeOperating cash flow$113M$115MQ4 2024$1.9M−$162MQ1 2025$57.3M$9.6MQ2 2025$51.4M$236MQ3 2025−$22.4M$257MQ4 2025−$12.6M−$244MQ1 2026$52.7M$54.0MQ2 2026$52.1M$214MQ3 2026
Latest (Q3 2026): Net income $52.1M, Operating cash flow $214M.
Cushman & Wakefield: diluted shares by fiscal yearCushman & Wakefield: diluted shares by fiscal year221MFY2020226MFY2021228MFY2022227MFY2023233MFY2024235MFY2025
+6.3% since FY2020: more shares outstanding (issuance, stock pay).
Cushman & Wakefield in its industry: growth against margin (35 companies, SIC 6500)Cushman & Wakefield in its industry: growth against margin (35 companies, SIC 6500)revenue growth, year over year →↑ operating marginmedian +8%median 10%CBREPrologis, L.P.Digital Realty Trust, L.P.FORRegency Centers LPTiaa Real Estate AccountMRPHPPHudson Pacific Properties, L.P.TRNOUEUrban Edge Properties LPEFCOPICURBIIPRGTYAHRTCMTGTRCCHCIFPHFRPHSKYHSealy Industrial Partners IV, LPBEEPOZCWDMLPSRG-PARWDMUAIREAEIAOXYCWK (+8%, 5%)
Real Estate; dot size is quarterly revenue; dashed lines are the industry's medians.

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🔄Rotation against the market and its industry (RRG)interactive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Cushman & Wakefield

Cushman & Wakefield Ltd. (together with its subsidiaries, “Cushman & Wakefield,” “the Company,” “we,” “ours” and “us”) is a leading global commercial real estate services firm driven to solve complex problems for real estate occupiers and investors. Led by an experienced executive team, our approximately 53,000 employees in over 350 offices and nearly 60 countries provide exceptional problem-solving, advisory and execution across the built environment, and manage approximately 6.5 billion square feet of commercial real estate globally. Our business is focused on meeting the increasing demands of our clients through comprehensive global offerings including (i) Services, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other services. In 2025, 2024 and 2023, we generated revenues of $10.3 billion, $9.4 billion and $9.5 billion, respectively.

In its own words, from its 10-K, filed Feb 19, 2026.

Cushman & Wakefield against its Real Estate peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +8%. Operating margin: 4.6% against the peers' median 15.9%.

CompanyQuarterRevenueY/YOp. margin
CWK Cushman & WakefieldQ3 2026$2.8B+8%4.6%
CBRE CBRE GroupQ3 2026$11.5B+13%4.9%
Prologis, L.P.Q3 2026$2.4B+8%43.8%
Digital Realty Trust, L.P.Q3 2026$1.9B+21%15.9%
FOR Forestar GroupQ4 FY26$581M-13%13.5%
Regency Centers LPQ3 2026$419M+8%72.3%
Tiaa Real Estate AccountQ3 2026$303M-0.8%298.8%
MRP Millrose PropertiesQ3 2026$211M+18%85.5%
HPP Hudson Pacific PropertiesQ2 2026$188M-0.9%-55.4%

Source: Cushman & Wakefield 10-Q on SEC EDGAR · CIK 1628369 · Real Estate

Guidance and outlook

Cushman & Wakefield: what its forward-looking statements are about (10-Q filed 2026-11-04)Cushman & Wakefield: what its forward-looking statements are about (10-Q filed 2026-11-04)Demand8Other2
10 statements; tone +0.90 (−1 all cautious, +1 all confident); 0 hedged.
Cushman & Wakefield: outlook statements against the filing beforeCushman & Wakefield: outlook statements against the filing beforeConfident9

More on CWK

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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