The strong leasing momentum and guidance raise support a constructive near-term outlook; watch the earnings call for color on capital markets trajectory and commercial real estate demand sustainability. The debt refinancing reduces interest cost and extends maturities, improving financial flexibility.
Price Chart
Executive Summary
Cushman & Wakefield reported Q2 2026 revenue of $2.76B (+11% YoY, beating the $2.65B consensus) and Adjusted EPS of $0.35 (in line). Leasing revenue surged 27% led by Americas office and data center demand. The company raised its FY2026 Adjusted EPS growth guidance to 18%-23% from 15%-20%, while also executing a partial redemption of $50M in 2028 notes and refinancing debt at a 50bps lower spread.
Key Financial Metrics
Key Facts
- Revenue $2.7626B, +11% YoY, beat consensus of $2.65B
- Leasing revenue +27% YoY (Americas +35%)
- Adjusted EPS $0.35, in line with consensus, vs $0.30 a year ago (+17%)
- GAAP diluted EPS $0.22, down from $0.25 in Q2 2025
- Adjusted EBITDA $183.6M, +14% YoY
- FY2026 Adjusted EPS guidance raised to 18%-23% growth (prev. 15%-20%)
- Partial redemption of $50M in 6.750% Senior Secured Notes due 2028, $150M remains
- Credit agreement amended: repriced term loan 50bps lower to SOFR+2.25%, extended maturity to 2033, principal increased by $352.5M
- Capital markets revenue -1% (Americas -6%, multi-family weakness)
Financial Impact
Revenue beat of ~$112.6M vs consensus; guidance raise implies ~$0.02-$0.04 incremental Adjusted EPS for FY2026
Risk Factors
- Capital markets revenue declined 1% with Americas down 6% in multi-family, signaling potential softness
- GAAP net income fell 8% ($52.7M vs $57.3M) due to higher interest expense and investment losses
- Equity method investments saw credit losses ($3.6M provision from Greystone JV in Q2 alone)
- Operating cash flow remains negative YTD (-$189.5M) driven by working capital build
- High leverage with net debt at $2.1B (approx. 2.9x annualized EBITDA)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628369-26-000116 |
| Document: cwk-20260805.htm | 0001628369-26-000116 |
| Document: 0001628369-26-000116-index-headers.html | 0001628369-26-000116 |
| Document: 0001628369-26-000116-index.html | 0001628369-26-000116 |
| Document: 0001628369-26-000116.txt | 0001628369-26-000116 |
| 8-K Data (Synthetic) | 0001628369-26-000116 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 8-K | $12.52 $12.40 | ▼ −0.96% | ▼ −1.78% | $11.92 (−4.79%) |
Aug 5, 2026 8w ago | 8-K | $14.03 $13.81 | ▼ −1.57% | ▼ −1.92% | $11.92 (−15.04%) |
Jun 4, 2026 17w ago | 8-K | $13.27 $13.21 | ▼ −0.45% | ▲ +2.10% | $11.92 (−10.17%) |
May 15, 2026 20w ago | 8-K | $12.64 $12.80 | ▲ +1.27% | ▼ −0.35% | $11.92 (−5.70%) |
May 7, 2026 21w ago | 8-K | $13.85 $13.04 | ▼ −5.85% | ▼ −7.35% | $11.92 (−13.94%) |
May 4, 2026 21w ago | 8-K | $13.85 $13.76 | ▼ −0.65% | ▼ −3.59% | $11.92 (−13.94%) |
Apr 8, 2026 25w ago | 8-K | $13.15 $14.03 | ▲ +6.69% | ▲ +3.51% | $11.92 (−9.35%) |
Apr 3, 2026 26w ago | DEFA14A | $12.62 $13.66 | ▲ +8.24% | ▲ +4.11% | $11.92 (−5.55%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access