Cushman & Wakefield Ltd. (CWK) FY2025 10-K Annual Report
Cushman & Wakefield Ltd. (CWK) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Cushman & Wakefield Ltd. FY2025 10-K Analysis
Business Overview
- • Core business: Global commercial real estate services including Services, Leasing, Capital markets, Valuation across 350 offices in 60 countries
- • New emphasis on data centers growth driven by increased AI and automation demand, targeted in growth strategy
- • Strategic redomiciliation in Nov 2025 to Bermudan holding company, shifting parent company jurisdiction from UK to Bermuda
- • Employee count steady at ~53,000 with 67% Americas, 10% EMEA, 23% APAC; Services revenue increased to 66% of total in 2025
- • Updated science-based climate targets in 2025: reduce Scope 1 & 2 emissions by 73.12% and Scope 3 by 66.33% by 2034, net zero by 2050
Management Discussion & Analysis
- • Revenue and YoY change not disclosed in provided text
- • No profitability or margin figures mentioned
- • No segment performance data included
- • No cash flow or capital allocation amounts provided
- • Forward-looking statements noted with risk factors referenced, no specific guidance given
Risk Factors
- • Debt repricing reduced interest rates, $300.0M principal prepaid on Term Loans in 2025, Revolver maturity extended to October 2030
- • Operating lease obligations total $400.8M, with $113.5M due within 12 months as of December 31, 2025
- • A/R Securitization facility with $250.0M max, $120.0M outstanding repaid January 6, 2026, facility expires June 19, 2026
- • U.K. defined benefit plans bulk annuity buy-out anticipated in 2026, transferring pension obligations to insurer
- • Income tax liabilities total $54.7M, with $29.0M expected cash settlement within one year as of December 31, 2025
Cushman & Wakefield Ltd. FY2025 Key Financial MetricsXBRL
Revenue
$10.3B
▲ +8.9% YoY
Net Income
$88M
▼ -32.8% YoY
Operating Margin
4.4%
▲ +81bp YoY
Net Margin
0.9%
▼ -53bp YoY
ROE
4.5%
▼ -297bp YoY
Total Assets
$7.7B
▲ +1.7% YoY
EPS (Diluted)
$0.38
▼ -32.1% YoY
Operating Cash Flow
$340M
▲ +63.7% YoY
Source: XBRL data from Cushman & Wakefield Ltd. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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