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Cushman & Wakefield (2IY0) Q3 2026 Earnings Report

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DE:2IY0 Q3 2026 EPS Results

Actual EPS
EUR 0.33
Consensus EPS
EUR 0.32
Beat/Miss
Beat by +EUR 0.01
One Year Ago EPS
EUR 0.26

DE:2IY0 Q3 2026 Revenue Results

Actual Revenue
EUR 2.54B
Expected Revenue
EUR 2.51B
Beat/Miss
Beat by +EUR 28.94M
YoY Revenue Growth
+7.75%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/04/2026
Time
Before Open
Conference Call
Wednesday, November 4, 2026
DE:2IY0 Upcoming Earnings

Cushman & Wakefield's next earnings date is estimated for February 25, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:2IY0 Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 04, 2026|% Change Since:-1.68%|
Earnings Call Sentiment|Positive

The call was strongly positive. The company delivered broad-based revenue and earnings growth, continued to improve margins, materially reduced leverage, expanded liquidity, and maintained its 2026 and 2027 outlook. The principal challenges were concentrated in EMEA brokerage, multifamily property management, lower pass-through-related reported services growth, and some rate-related market volatility, but management described these issues as manageable and highlighted ongoing improvement or strategic mitigation.

Company Guidance

For full year 2026, Cushman & Wakefield remains confident in its annual adjusted EPS growth target of 18% to 23% and continues to expect revenue growth at the mid to high end of its 6% to 8% target range; over the 3-year period, it expects about a 150 points of margin expansion, with more modest margin expansion early on and acceleration through the plan. Free cash flow conversion remains within the targeted 60% to 80% range, with expectations to move back to the midpoint of that range by year-end, while a similar contract mix dynamic is expected in the fourth quarter. Management feels highly confident in delivering 15% to 20% EPS growth and fee revenue growth of 6% to 8% in 2027, and remains committed to redeeming an additional $200 million to $400 million of debt over time.

  • Seventh Consecutive Quarter of Double-Digit Earnings GrowthThe company reported its seventh consecutive quarter of double-digit earnings growth. Third-quarter revenue reached the highest third-quarter level in company history, adjusted EBITDA grew 16%, and adjusted EPS increased 28%, with strength across services, leasing, and capital markets.
  • Strong Third-Quarter Financial ResultsRevenue was $2.8 billion, up 8%, driven by double-digit growth in leasing and capital markets and solid growth in services. Adjusted EBITDA was $184 million, up 16%, reflecting operating leverage and margin improvement. Adjusted EPS was $0.37, up 28%, benefiting from operational improvements and lower interest expense.
  • Geographic Performance Strength in the Americas and APACThe diversified platform generated solid revenue increases in the Americas, APAC, and EMEA. Adjusted EBITDA increased 17% in the Americas and 41% in APAC.
  • Global Leasing GrowthGlobal leasing revenue grew 15%. Americas leasing increased 19% and was broad based across deal sizes, supported by large corporate lease transactions, particularly strong industrial performance, and sustained demand for high-quality office space. APAC leasing increased 5%, supported by Australia and India.
  • Capital Markets ReboundGlobal capital markets revenue increased 18%, with Americas revenue up 24% and double-digit growth in office, industrial, and multifamily transactions. APAC capital markets revenue increased 18%. Institutional capital markets revenue was up approximately 36% year to date.
  • Services Growth and International ExpansionGlobal services revenue grew 5%, with international expansion driving the majority of the growth. Project management increased 10% and facilities management increased 7%. Excluding the impact of lower pass-through costs, Americas services fee revenue grew 5%.
  • Deleveraging and Balance-Sheet TransformationThe company redeemed the remaining $150 million of its 2028 notes on October 21, roughly eight months ahead of its previous mid-2027 target. Since the start of 2024, it has repaid more than $800 million of debt and reached the lowest gross leverage in company history. The company also cited lower interest costs, stronger free cash flow, and recent rating upgrades from Moody's and S&P.
  • Improved Leverage, Cash Flow, and LiquidityThird-quarter net leverage was 2.9 times, compared with 3.4 times a year earlier. Approximately 80% of debt was fixed rate. Trailing 12-month free cash flow was $200 million, up $36 million year over year, with a 60% conversion rate of adjusted net income. The company ended the quarter with approximately $500 million in cash and cash equivalents and $1.5 billion in total liquidity.
  • Balanced Capital Allocation StrategyAfter allocating about 60% of capital to deleveraging over the past three years, the company expects to pursue a more balanced strategy focused on organic growth, expansion into high-margin services, leasing and capital markets investments, selective tuck-in M&A, and measured equity repurchases. Management also reiterated its commitment to redeeming an additional $200 million to $400 million of debt over time while pursuing investment-grade ratings.
  • Operating-Model and Client-Engagement ProgressThe company is concentrating resources and leadership attention on its largest clients to deepen relationships and expand wallet share. It also combined its GOS and CW services businesses to consolidate expertise and resources, improve coordination, and approach clients as one firm. Management said the company is increasingly participating in strategic discussions with top global companies and is seeing opportunities to gain market share.
  • Margin Expansion in Line with PlanThe company reported approximately 30 basis points of margin expansion in the quarter and said this was generally in line with its expectations for approximately 150 basis points of expansion over the three-year period. Management expects margin expansion to accelerate as the strategic plan progresses.
  • Positive Full-Year and 2027 OutlookManagement maintained confidence in the full-year 2026 adjusted EPS growth target of 18% to 23% and expects revenue growth at the mid to high end of its 6% to 8% target range. Management also expressed high confidence in delivering its 2027 framework of 15% to 20% EPS growth and 6% to 8% fee revenue growth.
  • AI Investments Across Multiple Business LinesThe company is investing in AI for both efficiency and revenue generation. Pulse AI is helping project management teams benchmark bids and identify savings, OneAdvise is reducing manual work in leasing, and AI-enabled tools are helping facilities-management clients forecast space demand. Research, legal, and HR teams are also using AI to improve efficiency, contract review, research tools, and talent development.
  • Data Center Services OpportunityThe company reported several large services wins in data centers and described the asset class as a real and growing opportunity, particularly in project management and facilities management. Management said it continues to invest in the platform to support clients in this asset class.
  • Resilient Capital Markets PipelineManagement said recent rate changes have had minimal impact on the capital markets pipeline. Industrial and high-quality office pipelines remain strong, and multifamily represents less than 15% of capital markets revenue this year. The company said its capital allocation toward industrial and high-quality office has made projected performance more stable.
  • Office Leasing Recovery and Supply TailwindsU.S. office absorption has been positive for five straight quarters, and 60% of U.S. markets posted positive net absorption over the past year. Class A lease terms increased to approximately 73 months from 69 months. Annual office deliveries are expected to decline from a historical level of around 50 million square feet to 7 million square feet over the next few years, while Class A vacancy is declining in two-thirds of U.S. markets.
  • Broad Economic and Real-Estate DemandManagement said companies continue to invest in technology, modern logistics, industrial capacity, and higher-quality workplaces. It also noted that limited new construction has made high-quality space scarce and that a diverse base of capital continues to seek real assets.

DE:2IY0 Earnings History

DE:2IY0 earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 25, 20272026 (Q4)0.55--0.12――
Nov 04, 20262026 (Q3)0.320.330.2628.92% (+0.08)
Aug 05, 20262026 (Q2)0.310.200.25-20.29% (-0.05)
May 07, 20262026 (Q1)0.120.010.05-78.95% (-0.04)
Feb 19, 20262025 (Q4)0.49-0.120.44-126.18% (-0.56)
Oct 30, 20252025 (Q3)0.250.260.2124.78% (+0.05)
Aug 05, 20252025 (Q2)0.320.320.2526.81% (+0.07)
Apr 29, 20252025 (Q1)0.020.050―
Feb 20, 20252024 (Q4)0.430.440.418.67% (+0.04)
Nov 04, 20242024 (Q3)0.190.210.199.52% (+0.02)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed