The strong beat across all segments supports upside momentum. Monitor the conference call for any guidance update; continued double-digit capital markets growth is a positive signal for the CRE cycle. The widening GAAP loss is non-cash and should not derail the adjusted earnings trajectory.
Price Chart
Executive Summary
Cushman & Wakefield reported Q1 2026 revenue of $2.54B (+11% YoY) and adjusted EPS of $0.15 (+67% YoY), both above consensus estimates of $2.46B and $0.13. All service lines grew, led by Leasing (+19%) and Capital markets (+15%), marking the sixth consecutive quarter of double-digit Capital markets growth. GAAP net loss widened to $12.6M due to non-cash charges including a pension buy-out settlement and a servicing liability.
Key Financial Metrics
Key Facts
- Revenue $2.54B vs consensus $2.46B (beat +3.1%)
- Adjusted EPS $0.15 vs consensus $0.13 (beat +15.4%)
- Total revenue +11% YoY; Leasing +19%, Capital markets +15%
- Adjusted EBITDA $111.3M (+16% YoY); Adjusted net income $34.7M (+69% YoY)
- GAAP net loss $12.6M vs income $1.9M YoY due to non-cash charges
- All four service lines grew: Services +9%, Leasing +19%, Capital markets +15%, Valuation +9%
- Sixth consecutive quarter of double-digit Capital markets revenue growth
Financial Impact
Revenue beat by ~$76M; adjusted EPS beat by $0.02
Risk Factors
- Greystone JV equity losses continued ($4.1M in Q1), with potential for further provisions
- Operating cash flow negative $244M due to working capital timing
- Pension buy-out and AR securitization costs may recur in future quarters
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628369-26-000058 |
| Document: cwk-20260507.htm | 0001628369-26-000058 |
| Document: 0001628369-26-000058-index-headers.html | 0001628369-26-000058 |
| Document: 0001628369-26-000058-index.html | 0001628369-26-000058 |
| Document: 0001628369-26-000058.txt | 0001628369-26-000058 |
| 8-K Data (Synthetic) | 0001628369-26-000058 |
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
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