Total revenue for the fourth quarter of 2025 reached $2.9138 billion, up 11% from $2.74 billion a year earlier. The increase was driven by a 17% rise in capital‑markets revenue, a 6% gain in leasing, and an 8% lift in services, which included a 6% rise in facilities‑management and project‑management fees. Adjusted earnings per share were $0.54, matching the consensus estimate of $0.53 and representing a 12% year‑over‑year increase from $0.48. The modest beat over the $0.53 estimate was largely a result of disciplined cost management and a favorable mix shift toward higher‑margin services.
The capital‑markets segment, which includes advisory and brokerage services, led the revenue growth, reflecting strong demand for real‑estate transactions and portfolio management in a recovering market. Leasing revenue grew modestly as the commercial‑real‑estate market continued to rebound, while the services segment’s 8% gain was supported by higher fees for facilities management and project management, indicating that Cushman & Wakefield’s integrated platform is successfully cross‑selling its offerings.
Cash‑flow performance improved by $125 million, and the company completed a $300 million debt prepayment, reinforcing its balance‑sheet repair strategy. These actions reduce interest expense and increase liquidity, positioning the firm to invest in growth initiatives and weather potential market volatility.
On the GAAP side, the company posted a net loss of $22.4 million, largely attributable to a $177 million impairment charge on its Greystone JV investment. The impairment reduced the adjusted EBITDA margin from 11.9% in Q4 2024 to 11.7% in Q4 2025, reflecting the one‑time hit and the impact of the investment write‑down on profitability.
Investors reacted to the earnings with a mixed outlook. The revenue beat and the fact that adjusted EPS met or slightly exceeded expectations were viewed positively, while the GAAP net loss and margin contraction drew caution. The market’s tempered response underscores the importance of the impairment charge in assessing the company’s near‑term earnings quality.
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