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Cushman & Wakefield cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$176M in Q3 2026 · $200M over twelve months

Operating cash flow$214M
Capital spending−$37.8M
Free cash flow+$176M
Cash / net income4.1×

Analysis

In Q3 2026, Cushman & Wakefield generated $214M of operating cash flow and spent $37.8M on capital projects, leaving free cash flow of $176M. That is $48.9M less than in Q3 2025 ($225M).

Over the twelve months to Sep 30, 2026, operating cash flow was $282M; the largest uses were net borrowing (+) / repaid (−) ($275M), capital spending ($81.5M), taxes on employees’ shares ($26.4M); the cash balance fell by $154M.

Operating cash flow was $214M against net income of $52.1M — 4.1× profit, cash ran ahead of reported earnings. The largest differences: employee-related liabilities +$153M, receivables −$94.4M, payables +$27.1M.

Free cash flow

Cushman & Wakefield: free cash flow by quarterCushman & Wakefield: free cash flow by quarter$106MQ4 2024−$167MQ1 2025$300KQ2 2025$225MQ3 2025$234MQ4 2025−$256MQ1 2026$45.5MQ2 2026$176MQ3 2026
Operating cash flow less capital spending.
Cushman & Wakefield: operating cash flow against capital spendingCushman & Wakefield: operating cash flow against capital spendingOperating cash flowCapital spending$115M$9.3MQ4 2024−$162M$4.6MQ1 2025$9.6M$9.3MQ2 2025$236M$10.5MQ3 2025$257M$23.0MQ4 2025−$244M$12.2MQ1 2026$54.0M$8.5MQ2 2026$214M$37.8MQ3 2026
Latest (Q3 2026): Operating cash flow $214M, Capital spending $37.8M.

Capital allocation, year by year

Cushman & Wakefield: where the cash came from (up) and went (down), by fiscal yearCushman & Wakefield: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $550MFY2021: Net borrowing −$40.1MFY2021: Capital spending −$53.8MFY2021: Acquisitions −$7.0M$550MFY2021FY2022: Operating cash flow $49.1MFY2022: Net borrowing −$44.0MFY2022: Capital spending −$50.7MFY2022: Acquisitions −$32.8M$49.1MFY2022FY2023: Operating cash flow $152MFY2023: Net borrowing −$34.2MFY2023: Capital spending −$51.0M$152MFY2023FY2024: Operating cash flow $208MFY2024: Net borrowing −$229MFY2024: Asset sales $123MFY2024: Capital spending −$41.0M$331MFY2024FY2025: Operating cash flow $340MFY2025: Net borrowing −$326MFY2025: Capital spending −$47.4MFY2025: Acquisitions −$4.9M$340MFY2025
Over these 5 years operating cash flow totalled $1.3B; the largest uses were net borrowing ($673M) and capital spending ($244M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$489M
Debt$2.6B
Net debt$2.1B
Due within a year$193M

Cushman & Wakefield funds itself: free cash flow was $200M over the last twelve months, and $489M of cash and investments stands against $2.6B of debt ($193M due within a year, 2.5× covered by cash).

Where the cash came from and went

Cushman & Wakefield: sources (+) and uses (−) of cash, Q3 2026Cushman & Wakefield: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$214MOther investing−$125MNet borrowing (+) / repaid (−)−$58.5MCapital spending−$37.8MCash drawn (+) / kept (−)$12.2MTaxes on employees’ shares−$3.0MExchange rates−$1.0MOther financing−$400K
Cushman & Wakefield: sources (+) and uses (−) of cash, TTM to Q3 2026Cushman & Wakefield: sources (+) and uses (−) of cash, 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 profit to cash

Cushman & Wakefield: net income to operating cash flow, Q3 2026Cushman & Wakefield: net income to operating cash flow, Q3 2026Net income$52.1MDepreciation & amortization$26.8MStock-based pay$12.3MOther non-cash$1.9MReceivables−$94.4MPayables$27.1MEmployee-related liabilities$153MOther liabilities−$17.9MIncome taxes payable−$13.3MOperating cash flow$214M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$214M−$37.8M—−$58.5M$12.2M$176M
Q2 2026$54.0M−$8.5M—−$1.3B$101M$45.5M
Q1 2026−$244M−$12.2M—−$5.7M$184M−$256M
Q4 2025$257M−$23.0M—−$106M−$143M$234M
Q3 2025$236M−$10.5M—−$157M−$14.8M$225M
Q2 2025$9.6M−$9.3M—−$31.9M−$5.8M$300K
Q1 2025−$162M−$4.6M−$4.9M−$31.4M$174M−$167M
Q4 2024$115M−$9.3M—−$58.1M−$1.7M$106M

Cushman & Wakefield: income statement and cash flow

Cushman & Wakefield, Q3 2026: revenue $2.8B (+8% year over year), operating margin 4.6%. The chart follows the revenue to costs, profit and cash.

Cushman & Wakefield: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.