Cushman & Wakefield Keeps 2026 Adjusted EPS Growth Range

The Tip Desk · November 11, 2026 · 4 min read

Adjusted earnings were $0.37 a share in the third quarter, up 28%, while diluted EPS stayed at $0.22.

Cushman & Wakefield Ltd. (CWK) reported third-quarter 2026 revenue of $2.81 billion, up 8% from a year earlier, as the commercial real estate services firm posted a seventh consecutive quarter of double-digit adjusted earnings growth and kept its full-year 2026 Adjusted EPS guidance of 18% to 23% growth.

Diluted earnings per share were $0.22, unchanged from the year-ago quarter. Adjusted EPS was $0.37. Adjusted EBITDA was $183.7 million. Net income was $52.1 million.

Revenue growth slowed from 11% in the second quarter. Leasing revenue growth slowed to 15% from 27%. Services revenue growth slowed to 5% from 8%. Valuation and other revenue was flat. Capital markets revenue reversed to 18% growth after a 1% decline in the prior quarter.

Leasing revenue was $625.9 million. The company said the increase was driven by 19% growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers. Capital markets revenue was $241.3 million, primarily due to 24% growth in the Americas across all major asset classes. Services revenue was $1.82 billion.

Services growth was led by higher global facilities management revenue, which increased about $53.0 million through new client wins and expansion of existing mandates, and higher project management revenue, especially in EMEA and APAC. Valuation and other revenue was $118.9 million.

Costs of services were $2.32 billion. Gross contract costs were $1.12 billion. Cost of services provided to clients was $1.20 billion, up 13%, primarily from an increase in employment costs of about $119.0 million, including higher commissions tied to brokerage revenue and higher salaries from Services growth. Operating, administrative and other expenses were $329.6 million.

Interest expense, net of interest income, was $49.2 million, down 12%, which the company attributed to lower outstanding principal after 2025 term-loan prepayments and 2026 partial redemptions of the 2028 Notes, as well as lower term-loan rates after 2025 and 2026 repricings. Earnings from equity method investments were $5.2 million, compared with an $8.6 million loss a year earlier. The company said the $13.8 million improvement was primarily a $13.5 million increase from the Greystone joint venture, largely from lower provisions for credit losses on mortgage loans.

The Greystone JV recorded a non-cash provision for loan losses of $3.5 million in the quarter, of which the company recorded $1.4 million on its 40% equity interest. Other expense, net, was $2.2 million, compared with other income of $2.2 million a year earlier, principally from a higher net unrealized loss on real estate investments. The provision for income taxes was $31.6 million on pretax earnings of $83.7 million, versus a $6.3 million tax benefit a year earlier. The company said the swing reflected higher pretax earnings, a different jurisdictional mix, and favorable discrete tax benefits in the third quarter of 2025, including a non-recurring release of U.K. valuation allowances.

For the nine months ended September 30, revenue was $8.11 billion, up 10%. Net income was $92.2 million, down 17%, which the company attributed principally to a $17.2 million non-cash pension buy-out settlement loss in the U.K., an $11.8 million A/R securitization servicing liability, higher income tax expense, higher technology and occupancy costs, strategic investments and cost inflation, partially offset by growth across service lines. Adjusted EBITDA for the nine months was $478.6 million.

Liquidity as of September 30, 2026, was $1.5 billion, including $1.0 billion of undrawn revolving credit availability and $0.5 billion of cash. Outstanding term loans were $2.0 billion and senior secured notes $0.6 billion, for net debt of $2.1 billion. On October 21, 2026, the company fully redeemed the remaining $150.0 million of the 2028 Notes, eliminating the nearest debt maturity so no long-term debt matures prior to 2030.

Chief Executive Officer Michelle MacKay said the company had $800 million in debt paydowns since 2024 and would continue to focus on converting that strength into durable, profitable long-term growth.