Cushman & Wakefield (CWK) Company presentation summary

Company overview and platform

• Operates as a global leader in real estate services, with 53,000 employees across 350+ offices in nearly 60 countries and $10.5B in LTM Q1'26 revenue.

• Manages approximately 6.5B square feet, offering a full suite of services including property management, leasing, capital markets, valuation, project management, and facilities services.

• Revenue is diversified: 66% from services, 21% from leasing, 8% from capital markets, and 5% from valuation and other.

• International operations account for 27% of revenue, with Americas contributing 73%.

Growth strategy and market drivers

• Benefits from favorable macro trends: rising outsourcing, return to office, e-commerce growth, and increased institutional allocations to real estate.

• Multi-pronged organic growth strategy includes a stable core, customer-centric expansion, capturing market-led opportunities, and disciplined capital allocation.

• Transitioning from a fragmented local model to a digitally enabled, fully interconnected global platform, targeting completion by 2028.

• Focused on leveraging proprietary data and AI to enhance client service and operational efficiency.

Financial performance and capital structure

• FY 2025 revenue reached $10.3B, with Q1 2026 revenue up 9% year-over-year and adjusted EBITDA up 15%.

• Achieved largest Q1 leasing revenue in company history and expanded adjusted EPS by 67% in Q1 2026.

• Free cash flow conversion improved to 68% TTM as of Q1 2026, with consistent positive free cash flow.

• Net leverage reduced from 4.4x in 2023 to 2.9x in Q1 2026, with a medium-term target of 3.0x and 2028 target of 2.0x.