Filing Flows › Cushman & Wakefield (CWK) › Q2 2026 › vs Q2 2025
Cushman & Wakefield (CWK) Q2 2026 vs Q2 2025 (year over year)
Cushman & Wakefield's revenue rose $279M (+11%) from $2.5B in Q2 2025 to $2.8B in Q2 2026. The biggest changes: Americas +$194M (+11%); APAC +$49.7M (+12%); EMEA +$35.3M (+14%). Operating margin 4.9% against 4.9% (-0.1 pts).
Cushman & Wakefield, Q2 2026: revenue $2.8B (+11% year over year), operating margin 4.9%, net earnings $52.7M, operating cash flow $54.0M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 4.9% | 4.9% | -0.1 pts |
| Net margin | 1.9% | 2.3% | -0.4 pts |
| Free cash flow margin | 1.6% | 0.0% | +1.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Americas | $2.0B | $1.8B | $194M | +11% |
| APAC | $470M | $420M | $49.7M | +12% |
| EMEA | $295M | $260M | $35.3M | +14% |
| Revenue | $2.8B | $2.5B | $279M | +11% |
| Operating profit | $134M | $123M | $11.4M | +9% |
| Costs & expenses | $2.6B | $2.4B | $267M | +11% |
| Pre-tax earnings | $77.3M | $76.2M | $1.1M | +1% |
| Other expense, net | $56.9M | $46.6M | $10.3M | +22% |
| Cost of revenue | $2.3B | $2.0B | $234M | +12% |
| SG&A | $349M | $318M | $31.0M | +10% |
| Other operating costs | $28.5M | $26.2M | $2.3M | +9% |
| Net earnings | $52.7M | $57.3M | −$4.6M | -8% |
| Income tax | $24.6M | $18.9M | $5.7M | +30% |
| Depreciation & amortization | $28.5M | $26.2M | $2.3M | +9% |
| Share-based compensation | $12.7M | $14.1M | −$1.4M | -10% |
| Working capital & other | $39.9M | $88.0M | −$48.1M | -55% |
| Operating cash flow | $54.0M | $9.6M | $44.4M | +462% |
| Free cash flow (OCF − capex) | $45.5M | $300K | $45.2M | 152× |
| Capital expenditures | $8.5M | $9.3M | −$800K | -9% |
Questions
How much did Cushman & Wakefield's revenue grow year over year in Q2 2026?
Cushman & Wakefield's revenue rose $279M (+11%) from $2.5B in Q2 2025 to $2.8B in Q2 2026.
What drove Cushman & Wakefield's revenue change in Q2 2026?
Americas +$194M (+11%); APAC +$49.7M (+12%); EMEA +$35.3M (+14%).