Filing Flows › Cushman & Wakefield (CWK) › Q1 2025
Cushman & Wakefield (CWK) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 29, 2025
Cushman & Wakefield (CWK) reported revenue of $2.3B for the first quarter 2025 (Q1 2025), +5% from a year earlier and -13% from the quarter before. Operating margin was 2.0%, net earnings $1.9M (0.1% of revenue).
Cushman & Wakefield, Q1 2025: revenue $2.3B (+5% year over year), operating margin 2.0%, net earnings $1.9M, operating cash flow −$162M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | -13% | +5% |
| Operating profit | $45.3M | -74% | +141% |
| Net earnings | $1.9M | -98% | — |
| Operating cash flow | −$162M | — | — |
What changed
Revenue was $2.3B in Q1 2025, up 5% year over year and down 13% from the previous quarter. Americas was the largest line at 74% of revenue. Americas added $0.07B year over year (up 4%), 67% of the total change. EMEA declined 8%.
Operating profit was $0.05B, a 2.0% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 27% reached operating profit, above the 1% margin then. Total costs grew 3% against revenue growth of 5%. Net earnings were $1.9M. The effective tax rate was 62.0%.
Operating cash flow was −$0.16B. Non-cash charges added back $0.03B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.21B. Capital expenditures of $4.6M exceeded it, leaving free cash flow of −$0.17B.
Questions
What was Cushman & Wakefield's revenue in the first quarter 2025?
Cushman & Wakefield (CWK) reported revenue of $2.3B for the first quarter 2025 (Q1 2025), +5% from a year earlier and -13% from the quarter before.
Was Cushman & Wakefield profitable in the first quarter 2025?
Operating profit was $45.3M (2.0% of revenue) and net earnings $1.9M.