Filing Flows › Cushman & Wakefield (CWK) › Q2 2025
Cushman & Wakefield (CWK) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Cushman & Wakefield (CWK) reported revenue of $2.5B for the second quarter 2025 (Q2 2025), +9% from a year earlier and +9% from the quarter before. Operating margin was 4.9%, net earnings $57.3M (2.3% of revenue).
Cushman & Wakefield, Q2 2025: revenue $2.5B (+9% year over year), operating margin 4.9%, net earnings $57.3M, operating cash flow $9.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | +9% | +9% |
| Operating profit | $123M | +171% | +74% |
| Net earnings | $57.3M | 30× | +324% |
| Operating cash flow | $9.6M | — | -56% |
| Free cash flow | $300K | — | -97% |
What changed
Revenue was $2.5B in Q2 2025, up 9% year over year and up 9% from the previous quarter. Americas was the largest line at 73% of revenue. Americas added $0.09B year over year (up 5%), 46% of the total change.
Operating profit was $0.12B, a 4.9% margin (up 1.9 points year over year). Of the extra revenue versus a year earlier, 27% reached operating profit, above the 3% margin then. Total costs grew 6% against revenue growth of 9%. Net earnings were $0.06B, up 324% year over year. The effective tax rate was 24.8%.
Operating cash flow was $0.01B (down 56% year over year), 17% 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 used $0.09B. Capital expenditures of $0.01B left free cash flow of $300K.
Questions
What was Cushman & Wakefield's revenue in the second quarter 2025?
Cushman & Wakefield (CWK) reported revenue of $2.5B for the second quarter 2025 (Q2 2025), +9% from a year earlier and +9% from the quarter before.
Was Cushman & Wakefield profitable in the second quarter 2025?
Operating profit was $123M (4.9% of revenue) and net earnings $57.3M.