Filing Flows › Cushman & Wakefield (CWK) › Q3 2026 › vs Q3 2025
Cushman & Wakefield (CWK) Q3 2026 vs Q3 2025 (year over year)
Cushman & Wakefield's revenue rose $202M (+8%) from $2.6B in Q3 2025 to $2.8B in Q3 2026. The biggest changes: Americas +$131M (+7%); APAC +$61.7M (+15%); EMEA +$9.4M (+4%). Operating margin 4.6% against 4.1% (+0.5 pts).
Cushman & Wakefield, Q3 2026: revenue $2.8B (+8% year over year), operating margin 4.6%, net earnings $52.1M, operating cash flow $214M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 4.6% | 4.1% | +0.5 pts |
| Net margin | 1.9% | 2.0% | -0.1 pts |
| Free cash flow margin | 6.3% | 8.6% | -2.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Americas | $2.1B | $1.9B | $131M | +7% |
| APAC | $484M | $423M | $61.7M | +15% |
| EMEA | $270M | $260M | $9.4M | +4% |
| Revenue | $2.8B | $2.6B | $202M | +8% |
| Operating profit | $130M | $108M | $22.4M | +21% |
| Costs & expenses | $2.7B | $2.5B | $180M | +7% |
| Pre-tax earnings | $83.7M | $45.1M | $38.6M | +86% |
| Other expense, net | $46.2M | $62.4M | −$16.2M | -26% |
| Cost of revenue | $2.3B | $2.2B | $170M | +8% |
| SG&A | $330M | $321M | $9.0M | +3% |
| Other operating costs | $26.8M | $25.8M | $1.0M | +4% |
| Net earnings | $52.1M | $51.4M | $700K | +1% |
| Income tax | $31.6M | −$6.3M | $37.9M | — |
| Depreciation & amortization | $26.8M | $25.8M | $1.0M | +4% |
| Share-based compensation | $12.3M | $14.0M | −$1.7M | -12% |
| Working capital & other | $123M | $144M | −$21.6M | -15% |
| Operating cash flow | $214M | $236M | −$21.6M | -9% |
| Free cash flow (OCF − capex) | $176M | $225M | −$48.9M | -22% |
| Capital expenditures | $37.8M | $10.5M | $27.3M | +260% |
Questions
How much did Cushman & Wakefield's revenue grow year over year in Q3 2026?
Cushman & Wakefield's revenue rose $202M (+8%) from $2.6B in Q3 2025 to $2.8B in Q3 2026.
What drove Cushman & Wakefield's revenue change in Q3 2026?
Americas +$131M (+7%); APAC +$61.7M (+15%); EMEA +$9.4M (+4%).