Cushman & Wakefield
CWKNYSEUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $13.89 Prior regular-session close from the quote source.
- $13.61–$13.94 Regular-session low and high so far today.
- 1.0M Regular-session shares traded · Nov 11, 3:35 PM ET.
- Feb 18 projected Projected for 2027-02-18 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $10.88–$17.40 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CWK if Cushman & Wakefield builds durable value by anchoring a global, scale-driven commercial real estate services platform with a large, recurring Services business that produces predictable revenue and cash, while cyclical Leasing and Capital Markets.
CWK price history
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INVESTMENT THESIS
What must happen next
The Services service line (property/facilities management) — because it is largely recurring and sold on multi-year contracts with meaningful switching costs — will continue to provide resilient, predictable revenue and underpin cash generation through cycles.StrengtheningMateriality: High
2025 total revenue of $10,288,200,000 and year-over-year revenue growth of 9% (MD&A: revenue increased 9% in 2025). If true, revenue and cash will be less volatile than cyclical brokerage lines and support valuation stability; if false, the company will be far more exposed to cyclical downturns and multiple compression.
Watch: Large client insourcing or loss of multi-year outsourcing contracts (e.g., a major multinational occupier switches providers).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
2025 total revenue of $10,288,200,000 and year-over-year revenue growth of 9% (MD&A: revenue increased 9% in 2025).
Open source ↗Scale across a global delivery platform will continue to produce operating leverage so that revenue growth converts into rising operating income and expanding operating margins.StrengtheningMateriality: High
Operating income rose from $205,600,000 in 2023 to $338,900,000 in 2024 and $452,500,000 in 2025 (fundamentals: operating_income). Margin expansion would drive higher EBITDA, operating cash flow and earnings per share — key to justifying the current multiple; if operating leverage fails, earnings will remain weak and valuation will suffer.
Watch: Sustained wage inflation or rising subcontractor costs without price recovery that compress margins.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating income rose from $205,600,000 in 2023 to $338,900,000 in 2024 and $452,500,000 in 2025 (fundamentals: operating_income).
Open source ↗Improving operating cash flow will enable meaningful de-leveraging (debt paydown and lower interest expense), which is necessary to turn adjusted EBITDA gains into higher net income and EPS.StrengtheningMateriality: Medium
Operating cash flow increased to $340,400,000 in 2025 from $208,000,000 in 2024 and $152,200,000 in 2023 (fundamentals: operating_cash_flow). If cash conversion continues, CWK can reduce debt servicing costs and re-rate on improved net income and EPS; if cash flow stalls, leverage will amplify downside and increase refinancing risk.
Watch: Large working-capital swings or client payment delays that reverse cash flow trends.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow increased to $340,400,000 in 2025 from $208,000,000 in 2024 and $152,200,000 in 2023 (fundamentals: operating_cash_flow).
Open source ↗
Full investment case & evidence
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Original research
The Services service line (property/facilities management) — because it is largely recurring and sold on multi-year contracts with meaningful switching costs — will continue to provide resilient, predictable revenue and underpin cash generation through cycles. If true, revenue and cash will be less volatile than cyclical brokerage lines and support valuation stability; if false, the company will be far more exposed to cyclical downturns and multiple compression.
Scale across a global delivery platform will continue to produce operating leverage so that revenue growth converts into rising operating income and expanding operating margins. Margin expansion would drive higher EBITDA, operating cash flow and earnings per share — key to justifying the current multiple; if operating leverage fails, earnings will remain weak and valuation will suffer.
Improving operating cash flow will enable meaningful de-leveraging (debt paydown and lower interest expense), which is necessary to turn adjusted EBITDA gains into higher net income and EPS. If cash conversion continues, CWK can reduce debt servicing costs and re-rate on improved net income and EPS; if cash flow stalls, leverage will amplify downside and increase refinancing risk.
All standing thesis claims
Original report summary
Cushman & Wakefield builds durable value by anchoring a global, scale-driven commercial real estate services platform with a large, recurring Services business that produces predictable revenue and cash, while cyclical Leasing and Capital Markets.
Bull case and bear case
Bull case and bear case for Cushman & Wakefield
Where the evidence on Cushman & Wakefield stands: Strengthening on the latest evidence (Nov 7, 2026). Of its 3 thesis points, 3 strengthening.
Bull case: what the evidence supports
The Services service line (property/facilities management) — because it is largely recurring and sold on multi-year contracts with meaningful switching costs — will continue to provide resilient, predictable revenue and underpin cash generation through cycles.
Scale across a global delivery platform will continue to produce operating leverage so that revenue growth converts into rising operating income and expanding operating margins.
Improving operating cash flow will enable meaningful de-leveraging (debt paydown and lower interest expense), which is necessary to turn adjusted EBITDA gains into higher net income and EPS.
Bear case: what would count against it
Large client insourcing or loss of multi-year outsourcing contracts (e.g., a major multinational occupier switches providers).
Sustained wage inflation or rising subcontractor costs without price recovery that compress margins.
Large working-capital swings or client payment delays that reverse cash flow trends.
Thesis-Break Engine
What has broken in Cushman & Wakefield’s thesis
Each break OptimistFi flagged on Cushman & Wakefield, dated — with what has historically followed the same kind of break across the market, not a forecast for Cushman & Wakefield.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDReported results of operations (earnings release).
Cushman & Wakefield filed an SEC 8-K on 2026-11-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MIXEDRegulation FD disclosure.
Cushman & Wakefield filed an SEC 8-K on 2026-10-21: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MIXEDDirector or principal officer change.
Cushman & Wakefield filed an SEC 8-K on 2026-09-15: Director or principal officer change. It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- Large client insourcing or loss of multi-year outsourcing contracts (e.g., a major multinational occupier switches providers).
- Sustained wage inflation or rising subcontractor costs without price recovery that compress margins.
- Large working-capital swings or client payment delays that reverse cash flow trends.
CWK news
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FINANCIAL STATEMENTS
CWK income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CWK: quick answers
- When does Cushman & Wakefield (CWK) report earnings next?
- Cushman & Wakefield's next results are projected for February 18, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 4, 2026. Earnings calendar
- What is CWK's short interest?
- As of October 30, 2026, 15.4M CWK shares were sold short, 6.55% of its shares outstanding, down 3.7% from the count before. At the stock's average daily volume that is 4.9 days to cover. FINRA publishes the count twice a month. CWK short interest history
- Have members of Congress traded CWK?
- Reports made public in the last 90 days disclose 1 trade in CWK by 1 filer: 0 purchases and 1 sale. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed CWK trade