$CWK

Cushman & Wakefield Ltd.

CIK:0001628369|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 2,762.6	$ 2,483.9	$ 5,298.4	$ 4,768.5
Costs and expenses:
Costs of services (exclusive of depreciation and amortization)	2,250.6	2,016.6	4,365.7	3,916.9
Operating, administrative and other	349.3	318.3	686.1	624.1
Depreciation and amortization	28.5	26.2	53.8	52.9
Restructuring, impairment and related charges	0.0	0.0	0.0	6.5
Total costs and expenses	2,628.4	2,361.1	5,105.6	4,600.4
Operating income	134.2	122.8	192.8	168.1
Interest expense, net of interest income	(59.6)	(53.2)	(108.7)	(105.5)
Earnings (loss) from equity method investments	2.3	0.2	(1.8)	11.3
Other income (expense), net	0.4	6.4	(14.6)	7.3
Earnings before income taxes	77.3	76.2	67.7	81.2
Provision for income taxes	24.6	18.9	27.6	22.0
Net income	$ 52.7	$ 57.3	$ 40.1	$ 59.2
Basic earnings per share:
Earnings per share attributable to common shareholders, basic (in dollars per share)	$ 0.22	$ 0.25	$ 0.17	$ 0.26
Weighted average shares outstanding for basic earnings per share (in shares)	234.4	231.4	233.6	230.9
Diluted earnings per share:
Earnings per share attributable to common shareholders, diluted (in dollars per share)	$ 0.22	$ 0.25	$ 0.17	$ 0.25
Weighted average shares outstanding for diluted earnings per share (in shares)	236.3	232.4	235.9	232.4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 40.1	$ 59.2
Reconciliation of net income to net cash used in operating activities:
Depreciation and amortization	53.8	52.9
Impairment charges	0.0	6.5
Unrealized foreign exchange loss (gain)	6.3	(3.3)
Stock-based compensation	29.0	30.1
Lease amortization	44.7	43.4
Loss on debt extinguishment	2.0	0.0
Amortization of debt issuance costs	3.4	4.0
Earnings (loss) from equity method investments, net of distributions received	10.8	(5.8)
Change in deferred taxes	(14.9)	(31.5)
Provision for loss on receivables and other assets	9.2	2.6
Unrealized loss on investments, net	4.2	0.4
Other operating activities, net	27.8	(15.4)
Changes in assets and liabilities:
Trade and other receivables	35.7	29.7
Income taxes payable, net of income taxes receivable	4.8	23.2
Short-term contract assets and Prepaid expenses and other current assets	(78.8)	(46.4)
Other non-current assets	(84.6)	(67.4)
Accounts payable and accrued expenses	(70.4)	0.9
Accrued compensation	(173.0)	(176.9)
Other current and non-current liabilities	(39.6)	(58.6)
Net cash used in operating activities	(189.5)	(152.4)
Cash flows from investing activities
Payment for property and equipment	(20.7)	(13.9)
Acquisition of business, net of cash acquired	0.0	(4.9)
Investments in equity securities	(3.7)	(8.0)
Return of beneficial interest in a securitization	(320.0)	(230.0)
Collection on beneficial interest in a securitization	400.0	280.0
Other investing activities, net	2.6	7.9
Net cash provided by investing activities	58.2	31.1
Cash flows from financing activities
Shares repurchased for payment of employee taxes on stock awards	(23.1)	(10.4)
Payment of deferred and contingent consideration	(1.3)	(5.5)
Proceeds from borrowings	1,200.0	0.0
Repayment of borrowings	(1,299.6)	(50.0)
Debt issuance costs	(10.0)	0.0
Payment of finance lease liabilities	(10.7)	(13.3)
Other financing activities, net	0.5	1.6
Net cash used in financing activities	(144.2)	(77.6)
Change in cash, cash equivalents and restricted cash	(275.5)	(198.9)
Cash, cash equivalents and restricted cash, beginning of the period	803.5	814.6
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash	(9.3)	30.3
Cash, cash equivalents and restricted cash, end of the period	$ 518.7	$ 646.0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 500.5	$ 784.2
Trade and other receivables, net of allowance of $91.7 and $93.2, as of June 30, 2026 and December 31, 2025, respectively	1,468.0	1,515.5
Income taxes receivable	64.5	52.3
Short-term contract assets, net	343.4	301.4
Prepaid expenses and other current assets	250.2	189.7
Total current assets	2,626.6	2,843.1
Property and equipment, net	146.2	132.9
Goodwill	2,058.0	2,058.3
Intangible assets, net	635.5	654.7
Equity method investments	530.7	536.9
Deferred tax assets	187.4	149.0
Non-current operating lease assets	369.4	277.2
Other non-current assets	999.9	1,024.5
Total assets	7,553.7	7,676.6
Current liabilities:
Short-term borrowings and current portion of long-term debt	243.3	124.9
Accounts payable and accrued expenses	1,154.3	1,225.0
Accrued compensation	846.3	1,021.5
Income taxes payable	41.1	29.0
Other current liabilities	151.5	191.4
Total current liabilities	2,436.5	2,591.8
Long-term debt, net	2,414.9	2,624.9
Deferred tax liabilities	44.8	13.8
Non-current operating lease liabilities	371.6	246.6
Other non-current liabilities	263.8	243.7
Total liabilities	5,531.6	5,720.8
Commitments and contingencies (see Note 11)
Shareholders’ equity:
Common shares, par value $0.10 per share, 800,000,000 shares authorized; 234,498,592 and 231,699,585 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	23.4	23.2
Additional paid-in capital	3,045.0	3,038.4
Accumulated deficit	(857.6)	(897.7)
Accumulated other comprehensive loss	(189.1)	(208.6)
Total equity attributable to the Company	2,021.7	1,955.3
Non-controlling interests	0.4	0.5
Total equity	2,022.1	1,955.8
Total liabilities and shareholders’ equity	$ 7,553.7	$ 7,676.6