Cushman & Wakefield Raises Annual Earnings Guidance on Leasing Growth
The commercial real estate services firm reported second-quarter revenue of $2.8 billion, an 11% increase from a year earlier.
Cushman & Wakefield (CWK), the commercial real estate services provider, reported second-quarter revenue of $2.8 billion, which rose 11% year over year.
The results marked a shift in the company's growth drivers as leasing activity offset a decline in capital markets. The company raised its 2026 annual adjusted earnings per share growth guidance to a range of 18% to 23%, up from the previous projection of 15% to 20%.
Revenue growth in the leasing segment accelerated to 27% year over year, compared with 19% growth in the first quarter. This momentum helped balance a 1% year over year decrease in capital markets revenue, a reversal from the 15% growth reported in the prior quarter. Services revenue growth slowed slightly to 8% year over year from 9% in the first quarter.
Adjusted EBITDA increased 14% year over year to $183.6 million. The pace of growth slowed slightly from the 16% increase to $111.3 million recorded in the first quarter. Net income for the quarter was $52.7 million, recovering from a net loss of $12.6 million in the first quarter.
The company focused on debt management and capital costs during the period. Cushman & Wakefield reduced its gross debt by $450 million through partial redemptions of senior secured notes due in 2028. In June 2026, the company repriced a senior secured term loan, lowering the interest rate by 50 basis points to 1-month Term SOFR plus 2.25%.
Liquidity decreased to $1.5 billion as of June 30, 2026, down from $1.6 billion as of March 31, 2026.