Cushman & Wakefield (NYSE:CWK) executives highlighted what they called “exceptional results” in 2025, pointing to record leasing revenue, strong free cash flow generation, and a faster-than-expected reduction in leverage. Management also spent significant time discussing artificial intelligence, arguing that AI is more likely to augment commercial real estate advisors than replace them, and outlining internal efforts to “de-silo” data and workflows across the organization.
Full-year 2025 results: revenue growth across all lines and regions
Chief Executive Officer Michelle MacKay said the company “consistently and successfully executed against our targets,” and cited several milestones for 2025, including 34% adjusted earnings per share growth, the highest total revenue and highest leasing revenue in company history, and more than 100% free cash flow conversion. She said the company ended the year with a net leverage ratio of 2.9x, “nearly a full year ahead of our original expectations.”
For full-year 2025, management reported:
- Revenue of $7.1 billion, up 7%
- Adjusted EBITDA of $656 million, up 11%
- Adjusted EPS of $1.22, up 34% and at the high end of guidance
- Free cash flow of $293 million, a 103% conversion rate and a $126 million improvement versus 2024
Neil attributed the free cash flow performance to “strong earnings growth,” working capital management, higher accrued commissions, and reduced interest costs. He added that the company prepaid $300 million in principal during the year and finished 2025 with about $800 million in cash and cash equivalents and $1.8 billion in total liquidity. Net leverage improved to 2.9x from 3.8x at the end of 2024.
Fourth quarter: capital markets strength and record leasing quarter
In the fourth quarter, revenue totaled $2.0 billion, up 7%. Neil said capital markets revenue increased 15% globally as transaction markets “remained healthy,” while leasing revenue grew 5% and reached the highest quarterly level in company history. Adjusted EBITDA was $239 million, up 5%, with management noting that revenue growth was balanced against the ramp-up in strategic investments and higher annual healthcare costs weighted toward the fourth quarter.
Neil also called out two non-cash items recorded in the quarter:
- A $177 million impairment to the Greystone joint venture, driven by “lower future earnings expectations relative to when we made the acquisition.” Neil noted the acquisition occurred in 2021 under different market conditions and interest rates, and said the company still expects Greystone to contribute to earnings, “just at a slower pace than we originally forecasted.” He said Greystone contributed $36 million of adjusted EBITDA in 2025, which management views as a “reasonable run rate going forward.”
- A roughly $27 million gain in other income, primarily tied to an investment in an international facilities management company that went public in the fourth quarter.
Service line commentary: leasing, capital markets, and services trends
In the Americas, Neil said leasing rose 5% in the quarter with strength in office and industrial, supported by higher deal count and increased revenue per lease as clients prioritize “a high-quality employee experience.” He added that industrial demand remains centered on large, modern facilities, with “substantial demand for sites over 500,000 sq ft” to support automation and higher power requirements. He also pointed to opportunities for project management as new construction activity declines and owners seek to elevate property quality.
Regionally, leasing grew 5% in APAC (strength in India and improvements in Greater China) and 7% in EMEA (strength in the Netherlands, Belgium, and Poland).
On capital markets, Neil said the company’s platform expansion and hiring investments continued to contribute to results. Capital markets revenue grew 15% globally in the quarter, following 36% growth in the year-ago period. The Americas segment rose 19% with strength in office and retail, EMEA increased 9% led by the U.K., Belgium, and Spain, and APAC declined 5% due to a difficult comparison in Japan.
Services revenue increased 6% globally in the fourth quarter, driven by project management revenue “across our global platform.” Addressing a question on services, Neil said the company moved from flat services growth in the prior year to 6% organic growth in 2025, and reiterated expectations for “mid- to high-single” growth rates. He also said project management improved in the back half of the year, particularly outside the U.S. in EMEA and APAC.
2026 outlook and capital allocation priorities
For 2026, management guided to revenue growth of 6% to 8% and adjusted EPS growth of 15% to 20%. Expected free cash flow conversion is 60% to 80%. Neil said the company expects 2026 to unfold similarly to 2025, including “the revenue growth of each of our service lines,” and said leasing momentum and pipelines look favorable. He noted the company provided a three-year margin framework, but does not give full-year margin guidance.
Management reiterated deleveraging plans consistent with a goal of reaching 2x leverage in 2028. In response to questions on capital deployment, Neil said the company expects a “balanced approach,” combining organic growth investment with continued debt reduction. MacKay said share buybacks are being evaluated given where the stock has been trading, but that the main priorities remain investing for organic growth and deleveraging, with buybacks “on the table” longer term.
AI discussion: advisor augmentation, cross-selling, and workforce implications
MacKay argued that fears of AI disintermediating commercial brokerage are “materially overstated,” saying many commercial transactions—including mid-sized deals—remain complex and negotiation-driven with meaningful financial and operational risk. She said AI is likely to enhance underwriting and market intelligence efficiency but “augment a trusted advisor rather than replace them.”
She also addressed how AI affects staffing, saying the company does not anticipate “a massive reduction” in workforce and instead sees an opportunity to grow the platform “without necessarily adding people,” creating operating leverage through AI-enabled productivity.
On cross-selling, MacKay described structural and leadership changes and emphasized the importance of data flowing freely across the organization. She cited multiple AI-supported and proprietary systems across business lines—including capital markets CRM, AI-supported contract and obligation management, a proprietary asset services platform with guided insights, and leasing tools used for digital tour books, negotiation and benchmarks—which she said contribute to a stronger “data lake” to support client coverage and cross-selling. She added the company is tracking cross-selling and adjusting compensation accordingly.
MacKay also noted an upcoming webcast focused on AI’s impact on commercial real estate, including what she called an “AI Impact Barometer,” and said more than 2,000 clients were registered to attend.
About Cushman & Wakefield (NYSE:CWK)
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.
