Cushman & Wakefield Reports $2.3 Billion Revenue and Net Income Turnaround in Q1 2025

Cushman & Wakefield plc reported a revenue of $2.3 billion for the first quarter of 2025, marking a 5% increase from $2.2 billion in the same period of 2024. The growth was primarily driven by an 8% rise in leasing revenue, particularly in the office and industrial sectors within the Americas, and an 11% increase in capital markets revenue. The company also noted a slight decrease of 1% in services revenue, which, when excluding the impact of a non-core services business divested in August 2024, reflected a 3% increase. Net income for the quarter was $1.9 million, a significant turnaround from a net loss of $28.8 million in the prior year, resulting in a basic earnings per share of $0.01 compared to a loss of $0.13.

In terms of operational metrics, Cushman & Wakefield's Adjusted EBITDA rose by 23% to $96.2 million, up from $78.1 million in the previous year. The company attributed this improvement to increased revenue across its leasing and capital markets segments, alongside cost-saving initiatives and reduced interest expenses. The total costs and expenses for the quarter were $2.2 billion, up from $2.2 billion in the prior year, with costs of services increasing by 4% primarily due to higher employment costs and third-party expenses.

Cushman & Wakefield's balance sheet as of March 31, 2025, showed total assets of $7.4 billion, a decrease from $7.5 billion at the end of 2024. Current assets were reported at $2.6 billion, down from $2.7 billion, with cash and cash equivalents at $623.2 million. The company’s total liabilities decreased to $5.6 billion from $5.8 billion, with long-term debt slightly reduced to $2.9 billion. The company maintained a liquidity position of $1.7 billion, consisting of cash and availability under its undrawn revolving credit facility.

Strategically, Cushman & Wakefield has been focused on enhancing its service offerings and geographic reach. The company continues to explore growth opportunities through acquisitions and joint ventures, as evidenced by a recent acquisition that contributed to its operational capabilities. The firm is also in the process of a proposed redomiciliation to Bermuda, which is subject to shareholder and court approvals. Looking ahead, the company anticipates that macroeconomic conditions will continue to influence demand for its services, with a focus on managing operational efficiencies and leveraging its diversified service model to navigate potential market volatility.