Filing Flows › Cushman & Wakefield (CWK) › Q4 2025
Cushman & Wakefield (CWK) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Cushman & Wakefield (CWK) reported revenue of $2.9B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +12% from the quarter before. Operating margin was 6.1%, net loss $22.4M (0.8% of revenue).
Cushman & Wakefield, Q4 2025: revenue $2.9B (+11% year over year), operating margin 6.1%, net loss $22.4M, operating cash flow $257M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.9B | +12% | +11% |
| Operating profit | $177M | +65% | — |
| Net earnings | −$22.4M | -144% | — |
| Operating cash flow | $257M | +9% | +123% |
| Free cash flow | $234M | +4% | +121% |
What changed
Revenue was $2.9B in Q4 2025, up 11% year over year and up 12% from the previous quarter. Americas was the largest line at 72% of revenue.
Operating profit was $0.18B, a 6.1% margin (down 0.6 points year over year). Of the extra revenue versus a year earlier, 1% reached operating profit, below the 7% margin then. Total costs grew 11% against revenue growth of 11%. The fastest-growing cost line was SG&A (+17%). The quarter ended with a net loss of $0.02B, after a profit of $0.05B the previous quarter. Net interest and other expense of $0.19B was the main reason.
Operating cash flow was $0.26B (up 123% year over year). Non-cash charges added back $0.03B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.24B. Capital expenditures of $0.02B left free cash flow of $0.23B.
Questions
What was Cushman & Wakefield's revenue in the fourth quarter 2025?
Cushman & Wakefield (CWK) reported revenue of $2.9B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +12% from the quarter before.
Was Cushman & Wakefield profitable in the fourth quarter 2025?
Operating profit was $177M (6.1% of revenue) and net loss $22.4M.