Filing Flows › Cushman & Wakefield (CWK) › Q3 2025
Cushman & Wakefield (CWK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Cushman & Wakefield (CWK) reported revenue of $2.6B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +5% from the quarter before. Operating margin was 4.1%, net earnings $51.4M (2.0% of revenue).
Cushman & Wakefield, Q3 2025: revenue $2.6B (+11% year over year), operating margin 4.1%, net earnings $51.4M, operating cash flow $236M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.6B | +5% | +11% |
| Operating profit | $108M | -12% | +43% |
| Net earnings | $51.4M | -10% | +53% |
| Operating cash flow | $236M | 25× | +20% |
| Free cash flow | $225M | 750× | +21% |
What changed
Revenue was $2.6B in Q3 2025, up 11% year over year and up 5% from the previous quarter. Americas was the largest line at 74% of revenue. Americas added $0.17B year over year (up 10%), 66% of the total change.
Operating profit was $0.11B, a 4.1% margin (up 0.9 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, above the 3% margin then. Total costs grew 10% against revenue growth of 11%. The fastest-growing cost line was Cost of revenue (+13%). Net earnings were $0.05B, up 53% year over year. The effective tax rate was -14.0%.
Operating cash flow was $0.24B (up 20% year over year), 458% 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 $0.14B. Capital expenditures of $0.01B left free cash flow of $0.23B.
Questions
What was Cushman & Wakefield's revenue in the third quarter 2025?
Cushman & Wakefield (CWK) reported revenue of $2.6B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +5% from the quarter before.
Was Cushman & Wakefield profitable in the third quarter 2025?
Operating profit was $108M (4.1% of revenue) and net earnings $51.4M.