Cushman & Wakefield Sees 34% EPS Jump, Guides 15–20% 2026 EPS Growth
Adjusted EPS rose 34% to $1.22 in Q4, with record quarterly leasing revenue and full-year 2025 free cash flow of $293 million on 103% conversion, while net leverage improved to 2.9x. Management guides 2026 revenue growth of 6–8%, adjusted EPS growth of 15–20%, and targets ~2.0x leverage by 2028.
1. Q4 and Full-Year 2025 Results
In Q4, adjusted EPS climbed 34% to $1.22 and revenue grew 7% to $2.0 billion, led by record quarterly leasing revenue and 15% capital markets growth. For full-year 2025, total revenue reached $7.1 billion (+7%), adjusted EBITDA was $656 million (+11%), and free cash flow was $293 million with 103% conversion, lowering net leverage to 2.9x from 3.8x.
2. Service Line Growth and AI Strategy
Management reported top-line growth in every service line and region, with leasing up 5% globally and capital markets up 15% in Q4. Executives highlighted initiatives to de-silo data, using AI to augment advisors and improve productivity across advisory, project management and property services.
3. Non-Cash Impairment and Other Items
The quarter included a $177 million non-cash impairment on the Greystone joint venture due to revised earnings forecasts, and a $27 million gain from an IPO-related investment. Greystone contributed $36 million of adjusted EBITDA in 2025, viewed as a steady future run rate despite slower growth.
4. 2026 Outlook and Capital Allocation
For 2026, the company guides revenue growth of 6–8% and adjusted EPS growth of 15–20%, with free cash flow conversion expected at 60–80%. Management reaffirmed a goal to reach ~2.0x leverage by 2028 and plans a balanced capital allocation between organic investments and debt reduction, while evaluating share buybacks.