Short answer
Cushman & Wakefield Ltd. (CWK) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $10.3B (+8.9% year over year) and net income of $88M.
- Top risk flagged: Debt repricing reduced interest rates, $300.0M principal prepaid on Term Loans in 2025, Revolver maturity extended to October 2030
FY2025 key financial metrics · XBRL
- Revenue
- $10.3B
- +8.9% YoY
- Net income
- $88M
- −32.8% YoY
- Operating margin
- 4.4%
- +0.8 pp YoY
- EPS (diluted)
- $0.38
- −32.1% YoY
- ROE
- 4.5%
- −3.0 pp YoY
- Operating cash flow
- $340M
- +63.7% YoY
Source: XBRL data from the Cushman & Wakefield Ltd. (CWK) FY2025 10-K on SEC EDGAR. USD.
Cushman & Wakefield Ltd. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- No profitability or margin figures mentioned
- 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
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