CWK

Cushman & Wakefield stock has delivered a strong 53.9% gain over the past three years, yet recent weakness and a mixed valuation read raise questions about how much upside is already reflected in the current price. Cushman & Wakefield has returned 53.9% over three years, which puts the recent share price pullback into context as a pause after a solid multi year run. Growing activity across sectors such as data centers, multifamily housing and office leasing may support expectations for Cushman & Wakefield's fee based revenues, while any slowdown in real estate transaction volumes or project pipelines could weigh on the stock's valuation. The broader checks point to a mixed picture rather than a clear bargain or clear overvaluation, with the 4.0 value score and an overvalued multiple signal suggesting investors are paying up for the company at current levels. The issue now is whether Cushman & Wakefield's current price fairly reflects its recent track record and real estate cycle exposure, or if the stock is leaning too expensive for the risks involved. Spot fresh real estate opportunities by scanning solid balance sheet and fundamentals stocks screener (53 results). The P/E ratio is a useful lens for Cushman & Wakefield because earnings remain a key driver for how investors value fee based real estate services stocks. Right now the stock trades on a P/E of 45.8x, which is well above the wider real estate industry average of 16.7x and also below the peer group average of 93.6x, so the market is assigning it a premium to the sector but not to the most richly priced peers. On a more tailored view, the Fair P/E Ratio for Cushman & Wakefield, which incorporates its growth profile, margin structure, size and risk, sits at 30.2x. That leaves the current 45.8x multiple meaningfully above this fair level, an indication that investors are already paying a higher price for each dollar of earnings than the model suggests is justified. Based on this earnings yardstick, the shares currently screen as expensive. Overall, Cushman & Wakefield appears overvalued on its current P/E multiple relative to both a tailored fair value and the wider real estate sector. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the Cushman & Wakefield valuation puzzle leaves off. They set out the specific growth, margin and earnings paths that would need to occur for the stock to be worth materially more or less than it is today on the market. Instead of a single model output, they describe the future that number relies on so you can see which parts of Cushman & Wakefield's story are tracking to plan and which are not over time on the Community page. One of the top community narratives on Cushman & Wakefield: 10% undervalued Read one of the top narratives on Cushman & Wakefield Do you think there's more to the story for Cushman & Wakefield? Head over to our Community to see what others are saying! Cushman & Wakefield screens as overvalued on current market multiples, so the stock already carries a clear expectations premium. The key question from here is whether earnings can grow into that higher P/E without a reset in sentiment. For many investors, the crux is how resilient fee based revenues prove to be across real estate cycles. If the company can sustain attractive profitability through softer patches, today’s valuation may look justified. If not, the risk is that the multiple does the adjustment work instead of the earnings. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CWK. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Cushman & Wakefield delivered a Q2 result that met Wall Street’s earnings expectations and exceeded consensus revenue forecasts. Management attributed performance to broad-based growth across its global platform, with notable strength in leasing—especially in the Americas—and sustained momentum in project management and data center-related assignments. CEO Michelle MacKay described the quarter as “organic, driven by a global platform with significant white space still ahead,” emphasizing internal efficiencies and cross-service execution. The company also highlighted operational improvements and interest expense reductions as factors supporting profitability. Is now the time to buy CWK? Find out in our full research report (it’s free). Revenue: $2.76 billion vs analyst estimates of $2.67 billion (11.2% year-on-year growth, 3.4% beat) Adjusted EPS: $0.35 vs analyst estimates of $0.35 (in line) Adjusted EBITDA: $183.6 million vs analyst estimates of $174.5 million (6.6% margin, 5.2% beat) Operating Margin: 4.9%, in line with the same quarter last year Market Capitalization: $3.23 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Julien Blouin (Goldman Sachs) asked about the potential for acquisitions in the data center business. Head of Investor Relations Megan McGrath responded that both organic growth and inorganic opportunities are under consideration, depending on where the company sees the greatest value. Julien Blouin (Goldman Sachs) inquired about the recent softness in capital markets compared to peers. CEO Michelle MacKay described the recent concentration in large portfolio trades as an “anomaly,” and explained that recent hiring will take 18 months to fully ramp. Anthony Paolone (JPMorgan) questioned the sustainability of high single-digit growth in the services segment and its profitability. CFO Neil Johnston replied that global pipelines are strong and margins are performing as expected, especially after improvements in EMEA. Stephen Sheldon (William Blair) sought details on the visibility into project management growth and incremental margins. Johnston noted broad-based project management demand and reaffirmed margin expansion targets, while MacKay highlighted continued organic investment. Ronald Kamdem (Morgan Stanley) asked if the company’s capital markets strategy would change due to quarterly volatility. MacKay emphasized a disciplined, long-term approach and clarified that raised guidance is not reliant on capital markets expansion. Looking ahead, our analysts will be monitoring (1) the pace of growth and margin expansion in project management and data center-related services, (2) the effectiveness of recent hires and integration efforts in capital markets as new talent ramps up, and (3) progress on capital allocation, including further deleveraging and any moves toward M&A or shareholder returns. Execution in these areas will be key to sustaining the company’s current momentum. Cushman & Wakefield currently trades at $13.76, down from $14.08 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don’t just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses. But our AI platform says the party isn’t over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 9:00 a.m. ET Head of Investor Relations - Megan McGrath Chief Executive Officer - Michelle MacKay Chief Financial Officer - Neil Johnston Operator: Good day, everyone, and welcome to the Cushman & Wakefield Second Quarter 2026 Earnings Conference Call. Please -- please also note today's event is being recorded. I would now like to turn the conference call over to Megan McGrath, Head of Investor Relations. Ma'am, please go ahead. Megan McGrath: Thank you, and welcome to Cushman & Wakefield's Second Quarter 2026 Earnings Conference Call. Earlier today, we issued a press release announcing our financial results for the period. This release, along with today's presentation, can be found on our Investor Relations website at ir.cushmanwakefield.com. Please turn to the page in our presentation labeled Cautionary Note on Forward-Looking Statements. Today's presentation contains forward-looking statements based on our current forecasts and estimates of future events. These statements should be considered estimates only, and actual results may differ materially. During today's call, we will refer to non-GAAP financial measures as outlined by SEC guidelines. Reconciliations of GAAP to non-GAAP financial measures, definitions of non-GAAP financial measures and other related information are found within the financial tables of our earnings release and the appendix of today's presentation. Comparisons discussed on today's call are against the second quarter of the prior year in local currency, unless otherwise noted. And with that, I'd like to turn the call over to our CEO, Michelle MacKay. Michelle MacKay: Thank you, Megan, and thank you, everyone, for joining us today. Our results this year demonstrated that we have hit our stride and we've gotten there fast. We didn't just meet the bar this quarter, we moved it, setting several company records, including the highest second quarter total revenue in the history of the company, the highest second quarter leasing and services revenue in the history of the company and the lowest gross debt balance in the history of the company. Along with this, we achieved our sixth consecutive quarter of double-digit adjusted EPS growth. Back in December at our Investor Day, we laid out our current 3-year growth plan and provided annual EPS targets. Today, just 2 quarters later, we are raising our guidance for year 1. And here's what excites us most. This performance is organic, driven by a global platform with significant white space still ahead. We are a company of builders and our strength and foundation creates optionality for what we build next. We're expanding our footprint, scaling our service lines and our recent growth investments are just beginning to contribute. Let me give you some examples. Our project management business grew over 20% in the quarter with strong growth in the Americas, APAC and EMEA. We are scaling this business profitably using proprietary AI tools that create internal efficiencies for our teams and help our clients achieve meaningful project savings. Our leasing business is a consistent standout, the results of pairing global strategic advisory with precise local execution. We are gaining share globally as we advise on some of the largest and most complex leasing transactions in the world. And we continue to build our platform in high-growth asset classes. Our data center work is diversified and expanding with data center-related revenue up 83% year-to-date. And while we have strong transactional presence, integrated facilities management is actually the largest of our data center businesses and 25% of our pipeline in the broader IFM business is now data center related. What's exciting about all of these initiatives and many more in process is that we're just getting started. Year 1 of our current 3-year growth plan has confirmed we're building momentum, and we are more confident than ever in our ability to deliver strong value for our shareholders. Now I'll turn the call over to Neil to walk you through the numbers. Neil Johnston: Thank you, Michelle, and good morning, everyone. As a reminder, all comparisons are against the second quarter of the prior year and in local currency. We delivered another strong quarter on both the top and bottom line. Second quarter revenue was $2.8 billion, up 11%. Brokerage revenue comprised of leasing and capital markets rose 19%, while services grew 7% and valuation and other grew 8%. Adjusted EBITDA of $184 million was up 13% as we continue to drive operating leverage across our platform. Adjusted EPS of $0.35 rose 17% and year-to-date adjusted EPS of $0.50 represents 28% growth versus the first half of 2025, reflecting the combined impact of operational improvements and interest expense reductions. Looking at our results by geographic segment, we drove double-digit revenue growth in the Americas, APAC and EMEA. Adjusted EBITDA in the Americas and APAC was up 23% and 17%, respectively, while adjusted EBITDA in EMEA declined primarily due to the nonrecurrence of FX gains in the prior year. Moving to revenue performance by service line. Leasing grew 27% globally with Americas leasing up 35%. Our leasing growth in the Americas continued to be very broad-based with double-digit growth across all deal sizes and strength in nearly every major market. Office leasing remains strong, reflecting continued demand from occupiers for high-quality space. We saw particular strength in the legal, accounting, insurance and tech sectors in key gateway markets. Industrial was also a standout performer, benefiting from robust activity across transaction sizes and continued momentum in the data center-related assignments. Chicago, New Jersey and the West Coast are some of our strongest performing regions in industrial. Outside the Americas, APAC leasing increased 6%, supported by solid performance in Greater China. In EMEA, leasing trends remain mixed, down 6% due primarily to quarterly deal timing variances and increased macroeconomic uncertainty in the region. Turning to Capital Markets. Revenues declined 1% globally following 6 consecutive quarters of strong growth. In the Americas, revenue was down 6%, driven primarily by industry softness in office and midsized multifamily transactions where our business is more highly concentrated. Importantly, we are seeing improved momentum early in the third quarter. APAC and EMEA capital markets grew 50% and 11%, respectively, with particular strength in Singapore, Greater China, Sweden and the Netherlands. Our services business expanded 7% globally with Americas up 5%, EMEA up 21% and APAC up 10%. We saw strong growth across all geographies in project management and facilities management, up 20% and 8%, respectively. Turning to our balance sheet and cash flow. We have continued to make meaningful progress on strengthening our balance sheet, ending the second quarter at 3x net leverage compared to 3.7x a year ago. Since April, we have paid down an additional $150 million of debt, including $50 million of our 2028 senior secured notes announced today. This brings our cumulative debt repayment to approximately $650 million since the start of 2024. During the quarter, we also amended and extended $850 million of our term loan to 2033, repricing at 50 basis points lower to SOFR plus 2.25%, the lowest pricing spread in our company's history. We also upsized the term loan by $350 million and concurrently redeemed an equal amount of our 2028 senior secured notes. We now have $150 million outstanding on the 2028 senior notes, which we intend to fully redeem by midyear 2027. Our trailing 12-month free cash flow was $249 million, up $123 million from the same period last year and representing a 79% conversion rate of adjusted net income, which is at the high end of our targeted 60% to 80% conversion rate. We closed the quarter with approximately $500 million in cash and cash equivalents and $1.5 billion in total liquidity. Moving to our 2026 outlook. We now expect revenue growth to be at the mid- to high end of our guidance range of 6% to 8%. We are also raising our 2026 annual adjusted EPS growth target from 15% to 20% to 18% to 23%. Now I'll turn the call back over to Michelle. Michelle MacKay: Thank you, Neil. Let me take a moment on the market backdrop because our performance is this quarter's story, but the market is the foundation under it, and that foundation is solid. This market has been tested by every disruption you can name, rate volatility, shifting occupier behavior, geopolitical uncertainty, new technology. Each time it did what healthy markets do, absorb the shock, reprice and move forward. Why? There is a deep structural demand from a diverse capital base seeking real assets. And here's what's important to understand. We're no longer talking about the traditional definition of commercial real estate, and we haven't been for quite some time. We're talking about the built world. Whether it's called commercial real estate, infrastructure or energy, our expertise extends across the entire real asset ecosystem, subway systems and stadiums, solar panels and EV charging stations, airports and hospital systems, housing and logistics centers and working for governments across the world. The breadth of the real asset ecosystem is enormous. And the real assets of any type for global companies in any industries are increasingly strategic, requiring thoughtful advice and careful management. We're convinced this market will keep growing through change. Our strategy is designed for it. And it starts with clients. The world's top companies partner with us on what's foundational to their business, and you don't just hand that to anyone. They hand it to a brand and a company that has earned trust for a century. And that trust compounds deeper, more durable relationships leading to expanding opportunities. But earning that trust and delivering on it doesn't happen in one office or one service line. It takes more than 50,000 of us at Cushman & Wakefield, moving as one across every market, connected by shared insights and a common exacting standard of execution. That's how we deliver for clients and shareholders. In 2023, we put an initial 3-year plan in front of our Board of Directors, and we executed on it in 2 years. Now we're already accelerating our next plan, and our raised outlook shows it. We are builders, and we will keep proving it to you every day, every quarter, every year. Thank you to all of our employees, clients, lenders and shareholders. And with that, I'll turn the call over to questions. Operator: Our first question today comes from Julien Blin from Goldman Sachs. Julien Blouin: I'd like to dig into those comments you made around the data center work that you're doing. It seems like you're seeing some very encouraging progress there. I guess I'd be interested in just how you're thinking about growing that business. Do you think that at this point, it would make sense to acquire additional capabilities and bring on an additional platform in that space or sort of more organically grow that business? Megan McGrath: Julien, great question. Look, one of the most exciting things about the asset class is that we can participate in it across the life cycle of that asset. And say, while the transactional business is strong for us right now and has been growing, the sustainable long-term potential is on the services side, and we're growing there, too. As I mentioned, in IFM, we're seeing a very exciting opportunity in our business. We've invested organically in expanding our sales and delivery capabilities, brought on new leadership and expect it to be a larger driver of our growth going forward. But in terms of capital allocation, the idea of either buying or bringing in some expertise in an inorganic fashion is also on the table. Julien Blouin: Got it. That's helpful. And then maybe digging into capital markets. I think we were surprised a little bit by the softness relative to what we've seen reported from your peers, acknowledging those comments around mid-market and multifamily. I guess that was just an area where I thought you guys have done quite a bit of hiring over the last 18 months. Does it feel like you're yet seeing the impact of that hiring? And then Neil, I think you mentioned sort of the momentum early in the third quarter. Is that specifically an improvement in multifamily? Is it broader than that? Michelle MacKay: Fair question, Julien. Look, for the last 12 weeks, the activity has been unusually concentrated in large institutional portfolio trades in major metros and the industry data confirms that concentration. We have strong athletes producing in a couple of those key metros today, but our footprint there is early. And we see that 12-week concentration as an anomaly, but the lesson holds either way. It's white space. Every dollar of that activity, we're not yet capturing in share is share we can go win. What we can see is where we have the right athletes in place in those markets, they're proving the model. Expanding that means finding more people proven in those asset profiles and those metros who can operate inside a large integrated global platform because the value here compounds through the cross-sell and global connectivity, not individual production. The last 1.5 years, we've brought in about 100 people. And if you were going to model that, I would say kind of model that evenly over 1.5 years. And it probably takes somewhere around 18 months from a hire to start to really see that ramp. Neil, do you want to add anything to that? Neil Johnston: Sure, Julien. As we look at the beginning of Q3 and certainly July, we are encouraged by what we're seeing. The strength is fairly broad. It's early in the quarter, but very pleased with what we're seeing as we move through Q3. Michelle MacKay: It really does appear to be an air pocket, Julien. Operator: Our next question comes from Anthony Paolone from JPMorgan. Anthony Paolone: I'll start with services. You've kind of run that now with high single-digit revenue growth for a bit here. And so I was wondering if you can comment on how you feel about the sustainability of that revenue growth on a go-forward basis? And then also just what profitability might be looking like? I know you don't break it out as a segment, but just any color into what's dropping to the bottom line there would be great. Neil Johnston: Sure, Tony. As we look at services, what we love about it is the resiliency of the business. So we can see the pipeline as we look out over the next 12 months and like what we're seeing. So if we break it down into different pieces, our IFM business and our facilities management and property management businesses are performing very well globally in all markets. And then as you mentioned, project management, which tends to be slightly shorter cycle, has been exceptionally strong. In terms of margin, margins in services are exactly where we'd expect them to be. So we're seeing -- certainly, the work we did in EMEA around our design and build business has contributed to margin improvement in services in EMEA. And overall, margins are exactly where we'd like them to be. Anthony Paolone: Okay. And then just on capital allocation. It seems like the math points to $250 million or so of free cash flow this year. Can you talk about what you want to do with that? Because I know, Michelle, you alluded to maybe even complementing some of the data center capabilities with external growth. Michelle MacKay: Yes. Thank you for the question, Tony. We're entering a new phase of our capital allocation given the amount of substantial reduction in leverage and interest savings costs, along with continued operational rigor that's resulted and will continue to result in increased free cash flow conversion. So in terms of capital allocation going forward, yes, we can continue -- can continue to reduce leverage. As you know, we have a goal of reaching investment grade. We're already going to be in the mid-2s by the end of this year. Now what's opened up to us, I would say, more significantly is we can continue to invest in organic growth more fully, which has been very successful for us and/or we could pursue accretive M&A or even consider returning capital to shareholders. Those are all options on the table for us now. Operator: Our next question comes from Stephen Sheldon from William Blair. Stephen Sheldon: Nice work here. First, on the project management side, I think you noted 20% year-over-year growth this quarter. So I'm curious how much visibility you have into growth there over the rest of the year and into early 2027, given I think a lot of those projects can last 12 to 18 months. And is that activity concentrated in certain subsectors? Neil Johnston: Great question, Stephen. Project management, as you said, has been very strong, up 20%. And we've seen that broadness both in the U.S. and internationally. So we really like what we're seeing there. It is slightly shorter duration, but you're right, some of the projects are full year projects. So they do reoccur, and they certainly are underpinning the strength of our services business. We've built significant capabilities in that area. And so that's an area we put in place new management 18 months ago, both in the U.S. and internationally. We've got a very strong operating team. And so it's an area that we're very excited about, and we see continued progress and continued growth in that market. Michelle MacKay: Yes. And I would just underscore that with the comments I was making around capital allocation and our increased free cash flow and how successful we've been organically investing in that business, and we will continue to do so. Stephen Sheldon: Good to hear. And then as a follow-up, can you just remind us how you're thinking about incremental margins in both leasing and capital markets over the rest of this year and into next? Is there anything that would weigh on the profit flow-through relative to what you've seen and kind of discussed historically in terms of incremental margins? Neil Johnston: No, I don't think so, Stephen. I think you've got it. We are very -- we remain very focused on driving margin expansion, and we're very confident in the target we put out at our Investor Day, which is the 150 basis points over the 3-year period. If we look specifically at this year, I think 2 things weigh into what we've seen so far this year. First of all, we're pleased with our progress this year. We have seen margin expansion and operating leverage. So that's good to see. At the same time, we are investing to drive growth. Our growth is driven by organic growth. We're very focused on balancing margin with investing in the business for future growth. And then secondly, early on in the year, as others have noted, commissions were slightly higher than normal just due to the size of leasing coming through early on in the year. That will moderate as we go through the year. But I think those are the 2 specific things that impacted margin. But overall, feeling very good about where we're going in the business. Operator: Our next question comes from Ronald Kamdem from Morgan Stanley. Ronald Kamdem: Just going back to sort of the commentary on the sort of the data center side. As you think about sort of that business, that growth line, have you thought about sort of breaking it out? Or does it still sort of makes sense to have it embedded in some of the different service lines and so forth? Neil Johnston: Ron, we -- it's embedded across the business. And so we -- while we look at it, we don't break it out. I think it's helpful to understand from an operating standpoint, where the opportunities are. But at this point, I don't think breaking it out will add significantly to our disclosures. Ronald Kamdem: Got you. And then the follow-up on the capital markets question, which it sounds like an air pocket in the quarter. But does this -- does a quarter like this sort of change anything in terms of like the strategy, like do you want to hire more faster? Or is it sort of like, hey, the market will sort of come to us as things sort of normalize? Just sort of curious if strategically this sort of pushes you one way or the other. Michelle MacKay: Thanks for the question. Strategically, we continue to execute on our long-term plan here. Remember, we're long-term strategic builders, and we've shown that leads to better and better performance. So we are staying the course. Our course, our strategy, our definition of talent -- but here's the most important point. We raised guidance today, and that raise doesn't depend on this capital markets expansion. It's driven by the strength of the business we operate now, including our existing capital markets teams. So growth from the institutional portfolio build is upside beyond those numbers, which means that we're never forced buyers of talent, and that's exactly why the capital markets platform will be durable when it's fully in place. Operator: Our next question comes from Mitch Germain from Citizens. Mitch Germain: Michelle, I think you referenced 100 new hires. Was that just capital markets? And maybe if you can provide some perspective from a geography, please? Michelle MacKay: It's a good question. I won't give you geography, but I like that you added please. Yes, that's -- I appreciate that. It's 100 in capital markets over the course of 18 months, starting in first quarter of 2025. Mitch Germain: So then if I could just extend that question to where -- what have you been doing on the leasing side? Michelle MacKay: Do we have leasing numbers here? We'll come back to you on that one. Mitch Germain: No worries. Second question for me. I think you referenced -- I want to just kind of get the terminology, deal timing variances in EMEA leasing. Does that suggest an acceleration in the third quarter? Neil Johnston: Mitch, the way I put it is Europe is feeling the impact of the global economic and geopolitical more than other regions. Our leasing business, as you saw, was down primarily in the U.K. and in Ireland. We feel good about that business, but I'm not sure that we're going to see a rapid recovery there in Q3 just because of what's weighing in that region. But we certainly like what we're seeing in EMEA. The services side of the business has been exceptionally strong. Capital markets are strong. And so I think that sort of helps you frame how we're thinking about EMEA. Operator: Our next question comes from Seth Irje from... Seth Bergey: I just wanted to kind of ask on a few of the guidance pieces. You're kind of at the 79% the free cash flow conversion kind of towards the higher range. And I think just given kind of where you are quarter-to-date, the back half implies kind of adjusted growth of 11% to 18%. Is there anything we should be thinking about kind of from like a comps perspective in the back half? Is that kind of what the deceleration in the back half is attributed to? Or is there anything else we should be thinking about? Neil Johnston: No, I don't think so. I think as we look to the full year guide, we've raised both the full year revenue and EPS guide, and that really is primarily driven by the excellent outperformance we saw in the first half of the year and the strength we saw in leasing. You are correct. As we look to the back half of the year, our guidance does contemplate more moderated growth. But our pipelines are strong. They look good and the fundamentals of the business remains strong. So I think what you're seeing is us just taking a more pragmatic approach at this point in the year. We have raised the full year guide, but we're just being, as I say, more moderated as we look to the back half. Seth Bergey: Great. And then maybe just going back to kind of some of the work you've done on kind of desiloing the business. What kind of inning would you say we're in there? And how much more opportunity is there to kind of just drive efficiencies from that type of work? Michelle MacKay: Brendan, do you mind to repeat the end of that question? I'm sorry, Seth. Can you just repeat the end of that? You broke up a bit for us. Seth Bergey: Yes. You've kind of talked about driving some efficiencies across the business with the desiloing. Just kind of curious what inning you're in and how much kind of more efficiencies you're able to drive from that type of work? Michelle MacKay: Okay. Great. I would say we're in inning out of a 9-inning game, we're probably in inning 7 at this point. We're starting to see some real efficiency gains. We're starting to connect the dots even more strongly. Even in reference to something like capital markets, I said that we're looking for the right kind of athletes there. We're seeing substantial cross-pollination of business into leasing and property management. So as we're desiloing, I think what's important is we're also seeing a cultural shift in the way that people think about what their responsibility is to drive business across the platform and not just into their individual business line. Operator: And our next question comes from Brendan Lynch from Barclays. Brendan Lynch: I wanted to follow up on project management. It's clearly a strong contributor to revenue -- to services revenue. And you mentioned that it was primarily through organic growth. But maybe you could discuss your broader go-to-market strategy for capturing the larger opportunity over the long term. Neil Johnston: Yes. Look, as I said earlier, it's a key focus area for us. We are looking both short term, long term. It comes through in each of our service lines. So we have project management in our global occupier strategy business. That's a very strong business. We have project management in our Asset Services business in the U.S. And we are strong both internationally and within the U.S. So just a big focus for us, big opportunity comes through all the asset classes and working on not only top line growth, but also ensuring that the margin grows in that business, too. Brendan Lynch: Great. That's helpful. And maybe just on facility management margins, data center services, how they compare to the company-wide facility management margins and how we should expect that to trend as the data center exposure grows? Neil Johnston: Yes. So our key focus around data centers is really moving up that value chain. We do some fairly sophisticated work with robotics for one of our clients we are doing much more technical work, and that comes with higher margins. So that's the focus of the investments we're making. That's the focus of the work that we've seen come through in data centers. So it's very attractive work that we have strong capabilities in, and that is part of what's driving the improvements we're seeing. Michelle MacKay: And I would just add that both in project management and data center work, it plays directly into the strategy we put out at Investor Day to work up the value chain in terms of more technical services that we intend to provide. And again, reflecting back on the capital allocation questions that we've had, you're going to see that we've got more and more cash at our disposal to invest in those areas. Operator: And with that, ladies and gentlemen, we'll be concluding our question-and-answer session. I'd like to turn the floor back over to Michelle MacKay for closing remarks. Michelle MacKay: Thank you, everyone, for your questions and your time today, and we look forward to speaking with you again on our third quarter earnings call. Operator: And the conference has concluded. We do thank you for joining today's presentation. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Cushman & Wakefield (CWK) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Cushman & Wakefield PLC? Here are five stocks we like better. Record Q2 performance: Cushman & Wakefield reported revenue of $2.8 billion, up 11% year over year, while adjusted EBITDA rose 13% and adjusted EPS increased 17% to $0.35. Leasing and services drove growth: Global leasing revenue climbed 27%, led by a 35% increase in the Americas, while services revenue rose 7%. Data center-related revenue surged 83% year to date, making the segment a major investment priority. Debt reduction and outlook improved: Net leverage fell to 3.0 times, with approximately $650 million of debt repaid since early 2024. The company raised its 2026 adjusted EPS growth outlook to 18%–23%, from 15%–20% previously. Real Estate Stock Signals a Boom in Manufacturing Activity Cushman & Wakefield (NYSE:CWK) reported record second-quarter revenue and raised its full-year adjusted earnings outlook, citing broad-based leasing strength, continued services growth and progress reducing debt. CEO Michelle MacKay said the commercial real estate services company recorded its highest second-quarter total revenue, leasing and services revenue, as well as its lowest gross debt balance in company history. The quarter also marked Cushman & Wakefield’s sixth consecutive quarter of double-digit adjusted earnings-per-share growth, she said. → 3 Drone Stocks That Should Soar After the Summer Slump Renewed Analyst Sentiment for CBRE Group Stock: Buy the Dip? Second-quarter revenue totaled $2.8 billion, rising 11% from a year earlier in local currency, according to CFO Neil Johnston. Adjusted EBITDA increased 13% to $184 million, while adjusted EPS rose 17% to $0.35. Year-to-date adjusted EPS was $0.50, up 28% from the first half of 2025. Brokerage revenue, consisting of leasing and capital markets activity, rose 19% during the quarter. Global leasing revenue increased 27%, led by a 35% gain in the Americas. Johnston said leasing growth in the region was broad-based across deal sizes and most major markets. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Office leasing benefited from demand for higher-quality space, particularly among legal, accounting, insurance and technology-sector clients in major gateway markets. Industrial leasing was also strong, supported by activity across transaction sizes and data center-related assignments. Johnston identified Chicago, New Jersey and the West Coast as particularly strong industrial markets. Outside the Americas, APAC leasing rose 6%, aided by Greater China. EMEA leasing declined 6%, however, due to deal-timing differences and heightened macroeconomic uncertainty. Johnston later said leasing weakness in EMEA was concentrated primarily in the U.K. and Ireland and that the company does not expect a rapid recovery in the region during the third quarter. → Jersey Mike's Serves Fresh Gains After IPO Stumble Capital markets revenue declined 1% globally after six straight quarters of growth. Americas capital markets revenue fell 6%, reflecting industry weakness in office and midsize multifamily transactions, where Cushman & Wakefield has greater exposure. Johnston said the company had seen encouraging, broadly based activity early in the third quarter, though he noted it remained early in the period. MacKay characterized the quarter’s capital markets result as an “air pocket,” saying transaction activity over the prior 12 weeks had been unusually concentrated in large institutional portfolio trades in major metropolitan areas. The company has hired about 100 capital markets professionals over the past 18 months, beginning in the first quarter of 2025, but MacKay said it can take roughly 18 months for new hires to begin ramping meaningfully. APAC and EMEA capital markets revenue increased 50% and 11%, respectively, with strength in Singapore, Greater China, Sweden and the Netherlands. Services revenue expanded 7% globally, including gains of 5% in the Americas, 21% in EMEA and 10% in APAC. Project management revenue grew 20%, while facilities management rose 8%. Johnston said the company sees resilient demand and favorable pipelines across its services businesses over the coming 12 months. He said facilities management, property management and integrated facilities management were performing well globally, while project management had been “exceptionally strong.” Cushman & Wakefield has added management in project management operations in the U.S. and internationally over the last 18 months, he said. Data centers are a central area of investment. MacKay said data center-related revenue was up 83% year to date, with integrated facilities management representing the company’s largest data center business. Data center-related opportunities now account for 25% of the broader integrated facilities management pipeline, she said. The company is investing organically in sales and delivery capabilities and has added leadership in the area. MacKay said acquisitions or other external additions of expertise also remain under consideration. Johnston said the company’s strategy is to move toward more technical data center work, including specialized services that carry higher margins. Cushman & Wakefield ended the quarter with net leverage of 3 times, down from 3.7 times a year earlier. Since April, it repaid an additional $150 million of debt, including $50 million of its 2028 senior secured notes. Total debt repayment has reached approximately $650 million since the start of 2024. During the quarter, the company amended and extended $850 million of term loans to 2033 and reduced the interest rate spread by 50 basis points to SOFR plus 225 basis points. It also increased the term loan by $350 million and used the proceeds to redeem an equal amount of its 2028 senior secured notes. The company has $150 million remaining on those notes and intends to redeem them fully by mid-2027. Trailing 12-month free cash flow was $249 million, up $123 million from the prior-year period. That represented 79% conversion of adjusted net income, at the high end of the company’s stated 60% to 80% target range. Cushman & Wakefield finished the quarter with about $500 million in cash and cash equivalents and total liquidity of $1.5 billion. For 2026, the company now expects revenue growth at the mid- to high end of its prior 6% to 8% range. It raised its annual adjusted EPS growth target to 18% to 23%, from its prior outlook of 15% to 20%. MacKay said future capital allocation could include further deleveraging, organic growth investments, accretive acquisitions and potential shareholder returns. The company continues to target investment-grade credit status, she said. Cushman & Wakefield is a leading global commercial real estate services firm headquartered in Chicago. The company provides a wide range of services to occupiers and investors, specializing in transaction management, property management, facilities management and project management. Its clientele spans corporate occupiers, landlords, investors and government entities seeking solutions to optimize their real estate portfolios and operations. The firm's core offerings include leasing advisory for office, industrial, retail and multifamily properties, as well as capital markets advice on acquisitions, dispositions and debt and equity placements. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Cushman & Wakefield Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Cushman & Wakefield (CWK) came out with quarterly earnings of $0.35 per share, missing the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.3 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -2.78%. A quarter ago, it was expected that this company would post earnings of $0.13 per share when it actually produced earnings of $0.15, delivering a surprise of +15.38%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Cushman & Wakefield, which belongs to the Zacks Real Estate - Operations industry, posted revenues of $2.76 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.63%. This compares to year-ago revenues of $2.48 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Cushman & Wakefield shares have lost about 13% since the beginning of the year versus the S&P 500's gain of 13%. While Cushman & Wakefield has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Cushman & Wakefield was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.36 on $2.76 billion in revenues for the coming quarter and $1.45 on $11.03 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Real Estate - Operations is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Logistic Properties of the Americas (LPA), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 12. This company is expected to post quarterly earnings of $0.04 per share in its upcoming report, which represents a year-over-year change of +200%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Logistic Properties of the Americas' revenues are expected to be $14.14 million, up 22% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cushman & Wakefield PLC (CWK) : Free Stock Analysis Report Logistic Properties of the Americas (LPA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Strong Leasing revenue growth of 27% (27% in local currency)Continued momentum in Services revenue growth, up 8% (7% in local currency)Achieved lowest borrowing spread on term loan debt in company history NEW YORK, August 05, 2026--(BUSINESS WIRE)--Cushman & Wakefield Ltd. (NYSE: CWK) today reported financial results for the second quarter of 2026 and raised 2026 annual Adjusted earnings per share ("EPS") guidance to 18%-23% growth, up from previous guidance of 15%-20%. "We didn't just meet the bar this quarter—we moved it, with record second quarter leasing, services and total revenues, and our lowest gross debt balance ever," said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield. "Our opportunity extends far beyond the traditional definition of commercial real estate: We advise and operate across the entire built world, from data centers and infrastructure to energy and housing. That breadth, combined with a century of earned trust, is why we're raising our 2026 annual Adjusted EPS growth target to 18%-23% just two quarters into our three-year plan. We are builders, and we'll keep proving it every quarter." Second Quarter Results: Revenue of $2.8 billion for the second quarter of 2026 increased 11% (11% in local currency) from the second quarter of 2025. Net income of $52.7 million for the second quarter of 2026 decreased $4.6 million or 8% (5% in local currency) from the second quarter of 2025. Diluted EPS was $0.22 for the second quarter of 2026, down $0.03, compared to $0.25 for the second quarter of 2025. In June 2026, the company amended its credit agreement to (i) reprice a senior secured term loan, reducing the interest rate by 50 basis points to 1-month Term SOFR plus 2.25%, (ii) extend the maturity date to 2033, and (iii) increase the principal amount by $352.5 million. The proceeds were used to partially redeem the senior secured notes due in 2028 which, along with the $100.0 million partial redemption in May 2026, reduced the outstanding principal on the notes by $450.0 million in the quarter. Year-to-Date Results: Revenue of $5.3 billion for the first half of 2026 increased 11% (10% in local currency) from the first half of 2025. Net income of $40.1 million for the first half of 2026 decreased $19.1 million or 32% (29% in local currency) from the first half of 2025. Diluted EPS was $0.17 for the first half of 2026, down $0.08, compared to $0.25 for the first half of 2025. Liquidity as of June 30, 2026 was $1.5 billion, consisting of availability on the company’s undrawn revolving credit facility of $1.0 billion and cash and cash equivalents of $0.5 billion. Second Quarter Results (unaudited) Revenue Revenue of $2.8 billion increased $278.7 million or 11% compared to the three months ended June 30, 2025, primarily driven by Services and Leasing revenue growth of 8% and 27%, respectively. Services revenue was strong across all segments, led by higher facilities management revenue, which increased approximately $55.0 million including through new client wins and the expansion of existing client mandates and higher project management revenue in the Americas and EMEA, which increased approximately $27.0 million and $20.0 million, respectively. Leasing revenue increased principally driven by growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers, as demand for high-quality assets remained strong. Valuation and other revenue increased 10%. Capital markets revenue decreased 1%, resulting from a 6% decline in the Americas driven primarily by declines in mid-sized transactions, most notably in the multi-family sector, partially offset by strength in EMEA and APAC. Costs of services Costs of services of $2.3 billion increased $234.0 million or 12% compared to the three months ended June 30, 2025. Gross contract costs increased $95.3 million or 9%, principally driven by an increase in reimbursed client-dedicated labor costs of approximately $44.0 million and third-party consumables and sub-contractor costs of approximately $49.0 million. Of the $95.3 million increase in Gross contract costs, $94.3 million related to Services. Cost of services provided to clients increased $138.7 million or 14%, primarily due to an increase in employment costs of approximately $120.0 million, including higher commissions associated with higher brokerage revenue and higher salaries as a result of higher Services revenue. Of the $138.7 million increase in Cost of services provided to clients, $30.2 million related to Services. Operating, administrative and other Operating, administrative and other expenses of $349.3 million increased $31.0 million or 10% compared to the three months ended June 30, 2025, primarily driven by an increase in employment costs of approximately $14.0 million, largely due to higher salaries and bonuses, as well as higher occupancy costs, strategic investments and cost inflation. Interest expense, net of interest income Interest expense, net of interest income of $59.6 million increased $6.4 million or 12% compared to the three months ended June 30, 2025, primarily due to $4.5 million of costs associated with the amendment of the credit agreement, as well as a $2.0 million loss on debt extinguishment from the partial redemptions of the senior secured notes due in 2028. Earnings from equity method investments Earnings from equity method investments of $2.3 million increased $2.1 million compared to the three months ended June 30, 2025, primarily due to an increase of $2.2 million recognized from our equity method investment in Cushman Wakefield Greystone LLC (the "Greystone JV") driven primarily by lower provisions for credit losses for mortgage loans compared to the second quarter of 2025. In the second quarter of 2026, the Greystone JV recorded a non-cash provision for loan losses of $9.0 million, of which the company recorded $3.6 million based on its 40% equity interest which was included within Earnings (loss) from equity method investments. Changes in expectations and forecasts may materially impact the provision for loan losses in the future. Other income, net Other income, net of $0.4 million decreased $6.0 million or 94% compared to the three months ended June 30, 2025. The decline was principally driven by an increase in unrealized losses on our real estate investments of $3.4 million. Provision for income taxes Provision for income taxes for the second quarter of 2026 was $24.6 million on earnings before income taxes of $77.3 million. For the second quarter of 2025, the provision for income taxes was $18.9 million on earnings before income taxes of $76.2 million. The increase in income tax expense compared to the second quarter of 2025 was primarily attributable to higher earnings before income taxes and changes in the jurisdictional mix of those earnings, as well as discrete tax adjustments recorded in the second quarter of 2026, including higher accruals associated with uncertain tax positions. Net income and Adjusted EBITDA Net income of $52.7 million decreased by $4.6 million or 8% compared to the three months ended June 30, 2025. The decrease in net income was principally driven by declines in our Capital markets service line, higher interest expense, higher unrealized losses on real estate investments, higher occupancy costs, strategic investments and cost inflation. These unfavorable trends were partially offset by growth in our Services and Leasing service lines. Adjusted EBITDA of $183.6 million increased $21.9 million or 14% compared to the three months ended June 30, 2025, attributable to the same factors impacting Net income above, with the exception of interest expense and unrealized losses on real estate investments. Year-to-Date Results (unaudited) Revenue Revenue of $5.3 billion increased $529.9 million or 11% compared to the six months ended June 30, 2025, primarily driven by Services and Leasing revenue growth of 8% and 24%, respectively. Services revenue was strong across all segments, led by higher facilities management revenue, which increased approximately $133.0 million including through new client wins and the expansion of existing client mandates and higher project management revenue of approximately $91.0 million. Leasing revenue increased principally driven by growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers, as demand for high-quality assets remained strong. Capital markets revenue increased 6%, with growth in all segments compared to the first half of 2025, reflecting our ongoing investments in hiring top talent and strengthening our platform, partially offset by declines in the multi-family sector. Valuation and other revenue increased 9%. Costs of services Costs of services of $4.4 billion increased $448.8 million or 11% compared to the six months ended June 30, 2025. Gross contract costs increased $205.3 million or 10%, principally driven by an increase in reimbursed client-dedicated labor costs of approximately $75.0 million and third-party consumables and sub-contractor costs of approximately $126.0 million. Of the $205.3 million increase in Gross contract costs, $202.9 million related to Services. Cost of services provided to clients increased $243.5 million or 13%, primarily due to an increase in employment costs of approximately $213.0 million, including higher commissions associated with higher brokerage revenue and higher salaries as a result of higher Services revenue. Of the $243.5 million increase in Cost of services provided to clients, $49.1 million related to Services. Total costs of services as a percentage of total revenue was 82% for both the six months ended June 30, 2026 and 2025. Operating, administrative and other Operating, administrative and other expenses of $686.1 million increased $62.0 million or 10% compared to the six months ended June 30, 2025, primarily driven by an increase in employment costs of approximately $28.0 million, largely due to higher salaries, as well as higher technology costs, higher occupancy costs, strategic investments and cost inflation. In addition, the company recorded a non-cash servicing liability of $11.8 million related to the revolving accounts receivables securitization (the "A/R Securitization") amendment in March 2026. Operating, administrative and other expenses as a percentage of total revenue was 13% for both the six months ended June 30, 2026 and 2025. Restructuring, impairment and related charges The company did not incur any Restructuring, impairment and related charges during the six months ended June 30, 2026. In the six months ended June 30, 2025, Restructuring, impairment and related charges of $6.5 million were related to an impairment loss on real estate investments. Earnings (loss) from equity method investments Loss from equity method investments was $1.8 million for the six months ended June 30, 2026 compared to earnings from equity method investments of $11.3 million for the six months ended June 30, 2025. The $13.1 million decline was primarily due to a decrease of $9.0 million in earnings recognized from the Greystone JV driven by changes in mix of mortgage loan origination volumes compared to the six months ended June 30, 2025, contributing to a lower value of mortgage servicing rights ("MSRs"), and higher provisions for credit losses for mortgage loans due to expected losses on specific loans and higher risk-sharing obligations. In the six months ended June 30, 2026, the Greystone JV recorded a non-cash provision for loan losses of $17.6 million, of which the company recorded $7.1 million based on its 40% equity interest which was included within Earnings (loss) from equity method investments. Changes in expectations and forecasts may materially impact the provision for loan losses in the future. In addition, the company recognized lower earnings from our equity method investment in CWVS Holding Limited (the "Onewo JV"), which declined $3.2 million compared to the six months ended June 30, 2025 due to higher provisions for credit losses. Other (expense) income, net Other expense, net was $14.6 million for the six months ended June 30, 2026 compared to other income, net of $7.3 million for the six months ended June 30, 2025. The $21.9 million decline was principally due to the non-cash settlement loss of $17.2 million related to a pension buy-out arrangement in the United Kingdom ("U.K."). In addition, the company recognized lower realized and unrealized gains from our real estate investments compared to the second quarter of 2025. Provision for income taxes Provision for income taxes for the six months ended June 30, 2026 was $27.6 million on earnings before income taxes of $67.7 million. For the six months ended June 30, 2025, the provision for income taxes was $22.0 million on earnings before income taxes of $81.2 million. The increase in income tax expense compared to the six months ended June 30, 2025 was primarily attributable to discrete tax adjustments recorded in the first half of 2026, including higher accruals associated with uncertain tax positions and return to provision adjustments from various foreign entities. Net income and Adjusted EBITDA Net income of $40.1 million decreased by $19.1 million or 32% compared to the six months ended June 30, 2025. The decrease in net income was principally driven by the pension buy-out settlement loss, A/R Securitization servicing liability, lower earnings recognized from our equity method investments, higher occupancy costs, strategic investments and cost inflation. These unfavorable trends were partially offset by growth in all of our service lines. Adjusted EBITDA of $294.9 million increased $37.0 million or 14% compared to the six months ended June 30, 2025, attributable to the same factors impacting Net income above, with the exception of the pension buy-out settlement loss, A/R Securitization servicing liability and non-operating items related to the Greystone JV. Balance Sheet Liquidity as of June 30, 2026 was $1.5 billion, consisting of availability on the company’s undrawn revolving credit facility of $1.0 billion and cash and cash equivalents of $0.5 billion. As of June 30, 2026, the company had outstanding term loans of $2.0 billion, senior secured notes totaling $0.6 billion and cash and cash equivalents of $0.5 billion, resulting in net debt of $2.1 billion. See the "Use of Non-GAAP Financial Measures" section in this release for the definition of, and a description of the purposes for which management uses, this non-GAAP financial measure. On August 4, 2026, the company completed a partial redemption of $50.0 million of its 6.750% senior secured notes due May 2028 (the "2028 Notes"). Following the partial redemption, $150.0 million of the 2028 Notes remains outstanding. Conference Call The company’s Second Quarter 2026 Earnings Conference Call will be held today, August 5, 2026, at 9:00 a.m. Eastern Time. A webcast, along with an associated slide presentation, will be accessible through the Investor Relations section of the company’s website at https://ir.cushmanwakefield.com. The direct dial-in number for the conference call is 1-833-821-5374 for U.S. callers and 1-412-652-1260 for international callers. An audio replay of the call will be available approximately two hours after the conference call by accessing the company’s Investor Relations website at https://ir.cushmanwakefield.com. A transcript of the call will also be available on the company’s Investor Relations website at https://ir.cushmanwakefield.com. About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com. Cautionary Note Regarding Forward-Looking Statements This release contains forward-looking statements, which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and factors outside the control of the company. Such factors include, but are not limited to, disruptions in general macroeconomic conditions and global and regional demand for commercial real estate; risks associated with sociopolitical polarization and changes in political landscapes; social, geopolitical and economic risks associated with its international operations; foreign currency volatility; the seasonality of significant portions of its revenue and cash flow; its ability to recruit and retain qualified revenue-producing advisors and senior management; its ability to maintain and execute its information technology strategies; the increasing use of artificial intelligence ("AI") technologies in its operations and client service offerings and the inadequate deployment and governance of these AI technologies; interruption or failure of its information technology, communications systems or data services; its vulnerability to potential breaches in security or other threats related to its information systems; its ability to comply with cybersecurity, AI governance and data privacy laws and regulations and other confidentiality obligations; the concentration of business with specific corporate clients; its ability to preserve, grow and leverage the value of its brand; its ability to compete globally, regionally and locally and its ability to cross-sell its services; the extent to which infrastructure disruptions may affect its ability to provide its services; the failure of its mergers, acquisitions and investments to perform as expected or the lack of future acquisition opportunities; the potential impairment of its goodwill or equity method investments; its ability to comply with new and existing laws, regulations or licensing requirements; changes in tax legislation or tax rates and its ability to make correct determinations in complex and varied tax regimes; incremental tax risk associated with Bermuda’s limited network of international treaties; the failure of third parties performing on its behalf to comply with contract, regulatory or legal requirements; risks related to climate change and with respect to other environmental conditions; restrictions imposed on the company by the agreements governing its indebtedness; its amount of indebtedness and the potential adverse impact on its available cash flow and the operation of its business; its ability to incur more indebtedness; litigation and regulatory risks; the fact that the rights of its shareholders may be limited or otherwise differ in certain respects from the rights afforded to shareholders of a U.S. corporation; and risks related to its capital allocation strategy including current intentions to not pay cash dividends. Should any of the company’s estimates, projections and assumptions or these other uncertainties and factors materialize in ways that it did not expect, there is no guarantee of future performance and the actual results could differ materially from the forward-looking statements in this release, including the possibility that recipients may lose a material portion of the amounts invested. While the company believes the assumptions underlying these forward-looking statements are reasonable under current circumstances, recipients should bear in mind that such assumptions are inherently uncertain and subjective and that past or projected performance is not necessarily indicative of future results. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained in this release, and nothing shall be relied upon as a promise or representation as to the performance of any investment. You are cautioned not to place undue reliance on such forward-looking statements or other information in this release and should rely on your own assessment of an investment or a transaction. Any estimates or projections as to events that may occur in the future are based upon the best and current judgment of the company as actual results may vary from the projections and such variations may be material. Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, the company expressly disclaims any obligation to publicly update or revise any of them, whether as a result of new information, future events or otherwise. Additional information concerning factors that may influence the company’s results is discussed under "Risk Factors" in Part I, Item 1A of its most recently filed Annual Report on Form 10-K and in its other periodic reports filed with the U.S. Securities and Exchange Commission (the "SEC"). Forward-Looking Non-GAAP Measures The company is not able to provide reconciliations of any forward-looking non-GAAP financial measures to GAAP because it cannot provide specific guidance for the various extraordinary, non-recurring or unusual charges and other items. These items have not yet occurred and/or cannot be reasonably predicted. As a result, reconciliation of the forward-looking non-GAAP guidance measures to GAAP is not available without unreasonable effort. The company routinely posts important information about its business on its Investor Relations website at https://ir.cushmanwakefield.com. The company uses its website as a means of disclosing material, nonpublic information and for complying with its disclosure obligations under Regulation FD. Investors should monitor the company’s Investor Relations website in addition to following the company’s press releases, filings with the SEC, public conference calls and webcasts. The company does not incorporate the contents of any website into this or any other report it files with the SEC. Segment Results The following tables summarize the results of operations for the company’s segments for the three and six months ended June 30, 2026 and 2025. Cushman & Wakefield Ltd.Use of Non-GAAP Financial Measures The company uses the following measures, which are considered "non-GAAP financial measures" under SEC guidelines: Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"); Adjusted net income and Adjusted earnings per share ("Adjusted EPS"); Free cash flow; Local currency; and Net debt. Management principally uses these non-GAAP financial measures to evaluate operating performance, develop budgets and forecasts, improve comparability of results and assist our investors in analyzing the underlying performance of our business. These measures are not measurements recognized under GAAP. When analyzing our operating results, investors should use these measures in addition to, but not as an alternative for, the most directly comparable financial results calculated and presented in accordance with GAAP. Because the company’s calculation of these non-GAAP financial measures may differ from other companies, our presentation of these measures may not be comparable to similarly titled measures of other companies. The company believes that these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance. The measures eliminate the impact of certain items that may obscure trends in the underlying performance of our business. The company believes that they are useful to investors for the additional purposes described below. Adjusted EBITDA: We have determined Adjusted EBITDA to be our primary measure of segment profitability. We believe that investors find this measure useful in comparing our operating performance to that of other companies in our industry because these calculations generally eliminate unrealized loss (gain) on investments, net; impairment of investments; A/R Securitization servicing liability, fees and amortization; pension buy-out settlement loss; non-operating items related to the Greystone JV; and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income taxes and the non-cash accounting effects of depreciation and intangible asset amortization. Adjusted net income and Adjusted EPS: Management also assesses the profitability of the business using Adjusted net income. We believe that investors find this measure useful in comparing our profitability to that of other companies in our industry because this calculation generally eliminates depreciation and amortization related to merger; financing and other facility fees; unrealized loss (gain) on investments, net; impairment of investments; A/R Securitization servicing liability, fees and amortization; pension buy-out settlement loss; non-operating items related to the Greystone JV; and other non-recurring items. Tax impact of adjusted items reflects management’s estimated annual effective tax rate. The company uses Adjusted EPS as another component when measuring operating performance. Management defines Adjusted EPS as Adjusted net income divided by diluted weighted average shares outstanding. Free cash flow: Free cash flow is a financial performance metric that is calculated as net cash provided by (used in) operating activities, less capital expenditures (reflected as Payment for property and equipment in the investing activities section of the Condensed Consolidated Statements of Cash Flows). Local currency: In discussing our results, we refer to percentage changes in local currency. These metrics are calculated by holding foreign currency exchange rates constant in year-over-year comparisons. Management believes that this methodology provides investors with greater visibility into the performance of our business excluding the effect of foreign currency rate fluctuations. Net debt: Net debt is used as a measure of our liquidity and is calculated as total debt minus cash and cash equivalents. Adjustments to GAAP Financial Measures Used to Calculate Non-GAAP Financial Measures During the periods presented in this release, we had the following adjustments: Unrealized loss (gain) on investments, net represents net unrealized gains and losses on real estate investments. Impairment of investments reflects certain one-time impairment charges related to investments, equity method investments or other assets. Servicing liability, fees and amortization reflects the additional non-cash servicing liability accrued in connection with the A/R Securitization amendment in March 2026, net of amortization, along with related fees incurred to execute the amendment. The liability will be amortized through March 2029. Pension buy-out settlement loss represents the non-cash settlement charge related to a pension buy-out arrangement in the U.K. Non-operating items related to the Greystone JV reflects certain non-operating activity presented within earnings (loss) from equity method investments related to the Greystone JV for (i) gains recognized from the retention of MSRs upon the origination and sale of mortgage loans, (ii) increases or decreases in the fair value of the MSRs and (iii) estimated provisions for credit losses related to mortgage loans. This activity is specific to the Greystone JV rather than all of the company’s equity method investments based on the Greystone JV’s specialized industry, namely, multi-family lending and loan servicing solutions. Starting in the second quarter of 2025, the company has excluded such activity from the calculation of its non-GAAP financial measures as it is non-cash in nature and does not represent the underlying operating performance of the business. This activity is reported entirely within the Americas reportable segment. The interim financial information for the three and six months ended June 30, 2026 and 2025 is unaudited. All adjustments, consisting of normal recurring adjustments, except as otherwise noted, considered necessary for a fair presentation of the unaudited interim condensed consolidated financial information for these periods have been included. Users of all of the aforementioned unaudited interim financial information should refer to the audited Consolidated Financial Statements of the company and notes thereto for the year ended December 31, 2025 in the company’s Annual Report on Form 10-K. See the following tables for reconciliations of our non-GAAP financial measures to the most closely comparable GAAP measures. Reconciliations of Non-GAAP financial measures View source version on businesswire.com: https://www.businesswire.com/news/home/20260804409959/en/ Contacts INVESTOR RELATIONS Megan McGrath Investor Relations+1 312 338 [email protected] MEDIA CONTACT Aixa Velez Corporate Communications+1 312 424 [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record second quarter total revenue and the lowest gross debt balance in company history, signaling a faster-than-anticipated execution of the current 3-year growth plan. Performance was primarily organic, driven by a global platform with significant 'white space' in high-growth asset classes like data centers and infrastructure. Leasing strength was broad-based with 27% global growth, fueled by occupier demand for high-quality office space and robust industrial activity in key gateway markets. The company is redefining its market scope from traditional commercial real estate to the 'built world,' encompassing infrastructure, energy, and technical real assets. Project management grew over 20% through the deployment of proprietary AI tools that enhance internal efficiencies and deliver client savings. Management attributes the 13% adjusted EBITDA growth to sustained operating leverage and the successful scaling of service lines across all geographic segments. Raised 2026 annual adjusted EPS growth targets to 18% to 23%, up from the previous range of 15% to 20%, based on first-half outperformance. Revenue growth for 2026 is now expected at the mid-to-high end of the 6% to 8% guidance range, though management assumes more moderated growth in the second half. The company intends to fully redeem the remaining $150 million of 2028 senior notes by midyear 2027 as part of a broader deleveraging strategy. Capital allocation is shifting toward a new phase that includes potential accretive M&A, organic growth investments, and returning capital to shareholders. Guidance assumes continued margin expansion toward the 3-year target of 150 basis points, balanced against ongoing investments in talent and technology. Capital Markets revenue declined 1% globally, which management characterized as an 'air pocket' caused by concentration in large institutional portfolio trades where the firm is still scaling. EMEA adjusted EBITDA declined due to the nonrecurrence of foreign exchange gains from the prior year rather than underlying operational weakness. Net leverage was reduced to 3x from 3.7x a year ago, supported by $650 million in cumulative debt repayments since the start of 2024. Macroeconomic uncertainty and geopolitical factors are weighing on leasing activity specifically in the U.K. and Ireland, leading to a 6% decline in EMEA leasing. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management is prioritizing the services side of data centers, specifically Integrated Facilities Management (IFM), which represents 25% of the current IFM pipeline. While organic investment in sales and delivery is the primary driver, management confirmed that inorganic acquisitions of technical expertise are 'on the table' to move up the value chain. The recent softness in capital markets is attributed to a 12-week concentration in large institutional trades in specific metros where the firm's footprint is still developing. Management has hired approximately 100 people in capital markets over the last 18 months; these hires typically require 18 months to reach full productivity. Growth is underpinned by the resiliency of IFM and property management, complemented by shorter-cycle strength in project management. Profitability is being enhanced by technical work in data centers, such as robotics, which carries higher margins than traditional facilities management. Management estimates the company is in the 7th inning of a 9-inning game regarding the integration of business lines. The shift is driving a cultural change where brokers and managers are increasingly cross-selling services, such as connecting capital markets activity to property management.

Jones Lang LaSalle Incorporated JLL reported second-quarter 2026 adjusted earnings per share (EPS) of $5.26, up 59.4% from $3.30 a year ago. The figure surpassed the Zacks Consensus Estimate of $4.41 by 19.27%. Revenues increased 10.8% year over year to $6.93 billion and beat the consensus mark of $6.78 billion by 2.14%. Results benefited from accelerating Leasing Advisory and Capital Markets Services revenues, along with improved platform leverage. Assets under management (AUM) ended the quarter at $86.8 billion compared with $86.9 billion at March 31, 2026. Real Estate Management Services revenues increased 8.5% year over year to $5.37 billion. Workplace Management revenues climbed 10.7% to $3.71 billion, led by mandate expansions and new client wins. Project Management revenues rose 4.3% to $1.01 billion. The increase reflected low-double-digit management fee growth in the Americas, augmented by higher pass-through costs and partly offset by slower growth in certain other geographies. Property Management revenues advanced 3.1% to $468.6 million. Leasing Advisory revenues surged 23.7% year over year to $836.9 million. Growth reflected stronger activity across office, industrial and data center asset classes, with double-digit revenue increases in many geographies. The United States led the improvement, supported by meaningful growth in Japan and the U.K. Office leasing revenues increased 20%, exceeding the 2% rise in global market volumes reported by JLL Research. U.S. office leasing revenues grew 24% compared with a 12% increase in market volumes. Capital Markets Services revenues rose 19.2% year over year to $620.2 million. Investment Sales, Debt/Equity Advisory and Other revenues, excluding net non-cash mortgage servicing rights activity, increased 25.4% to $482.5 million. Debt advisory revenues advanced 44% year over year, while investment sales revenues grew 20% and equity advisory revenues increased 53%. Growth was broad-based across most geographies and was led by the United States, Japan and Australia. This strength significantly outpaced softness in investment sales in parts of Europe, where transaction timelines elongated. U.S. investment sales revenue growth of more than 53% outpaced the broader market, which grew 22% over the same period, according to JLL Research. Revenues in the Investment Management segment decreased nearly 1% year over year to $102.4 million. Advisory fees grew modestly, reflecting capital raise activity over the trailing 12 months, most notably in North America. Cash and cash equivalents totaled $458.2 million as of June 30, 2026, up from $436.2 million at the end of the first quarter. Net debt declined sequentially to $1.19 billion from $1.49 billion, while the net leverage ratio improved to 0.7 times from 1.0 times. Corporate liquidity was $3.41 billion. JLL repurchased $110 million of shares during the quarter, bringing first-half repurchases to $410 million. The company had $2.6 billion remaining under its share-repurchase authorization at quarter-end. Management raised its 2026 adjusted EPS outlook to $24.60-$25.90 from the prior range of $21.80-$23.50. The revised guidance reflects 34% year over year growth at the midpoint. The Zacks Consensus Estimate of $22.86 is below the guided range. JLL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Jones Lang LaSalle Incorporated price-consensus-eps-surprise-chart | Jones Lang LaSalle Incorporated Quote CBRE Group, Inc. CBRE reported second-quarter 2026 core earnings of $1.56 per share, beating the Zacks Consensus Estimate of $1.47. The figure increased 30% from $1.20 in the year-ago quarter. Revenues rose 15.5% year over year to $11.23 billion and surpassed the consensus mark of $11.17 billion. Strong leasing, property sales, critical infrastructure and project-management activity drove growth. CBRE currently carries a Zacks Rank #3. It’s time to look forward to another stock from the real estate operation industry, namely Cushman & Wakefield CWK. The company is slated to report quarterly numbers on Aug. 5. The Zacks Consensus Estimate for Cushman & Wakefield’s second-quarter 2026 EPS stands at 36 cents, which suggests an increase of 20% on a year-over-year basis. CWK currently carries a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Jones Lang LaSalle Incorporated (JLL) : Free Stock Analysis Report CBRE Group, Inc. (CBRE) : Free Stock Analysis Report Cushman & Wakefield PLC (CWK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wall Street expects a year-over-year increase in earnings on higher revenues when Cushman & Wakefield (CWK) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 5, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This company is expected to post quarterly earnings of $0.36 per share in its upcoming report, which represents a year-over-year change of +20%. Revenues are expected to be $2.64 billion, up 6.3% from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Cushman & Wakefield, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +4.23%. On the other hand, the stock currently carries a Zacks Rank of #2. So, this combination indicates that Cushman & Wakefield will most likely beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Cushman & Wakefield would post earnings of $0.13 per share when it actually produced earnings of $0.15, delivering a surprise of +15.38%. Over the last four quarters, the company has beaten consensus EPS estimates four times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Cushman & Wakefield appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cushman & Wakefield PLC (CWK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research