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Cushman & Wakefield reported a solid third-quarter performance, with revenue rising 11% year-on-year to USD 2.60 billion, supported by strong growth in the Americas. The company's adjusted earnings per share (EPS) stood at USD 0.29, higher than analyst expectations of USD 0.27, while adjusted EBITDA reached USD 159.6 million. Net income rose to USD 51.4 million. Alongside this, the firm prepaid USD 100 million of term loan debt to improve leverage and raised its full-year 2025 adjusted EPS growth forecast to between 30% and 35%.
Cushman & Wakefield delivered a steady financial performance in the third quarter of 2025, driven by revenue gains across its core business segments and effective cost management. The company reported total revenue of USD 2.60 billion, marking an 11% increase from the same quarter last year. Advertisement
Revenue from services rose on the back of higher demand in facilities management and project management, while its capital markets business posted a 21% increase in revenue, mainly due to improved activity across asset classes in the Americas. The company also recorded growth in leasing operations, particularly in the office and industrial segments, reflecting better transaction volumes across key U.S. markets.
Cushman & Wakefield's adjusted EBITDA for the quarter stood at USD 159.6 million, exceeding analyst projections of USD 153.5 million. The adjusted EBITDA margin was 9%, showing consistent profitability. Adjusted net income came in at USD 68.1 million, compared to market expectations of USD 60.8 million. The company's reported net income for the period was USD 51.4 million, up from the previous year's figure, while adjusted EPS rose to USD 0.29 against analyst estimates of USD 0.27. Reported EPS for the quarter stood at USD 0.22.
Operating income, however, came in slightly lower at USD 107.5 million compared to the market estimate of USD 122.1 million, but this was offset by stronger performance in other divisions. The company emphasized its continued efforts toward disciplined expense control and business efficiency.
As part of its ongoing debt reduction strategy, Cushman & Wakefield prepaid USD 100 million of its term loan debt during the quarter. The management highlighted that this step forms part of a broader plan to reduce leverage and strengthen the company's balance sheet.
Building on its strong quarterly results, the company raised its full-year 2025 adjusted EPS growth guidance to a range of 30% to 35%, signaling confidence in sustained earnings momentum. The revision reflects management's positive view of the demand outlook in the real estate services market, particularly in project management, facilities services, and capital markets.
Analysts remain broadly optimistic about the company's stock performance. The average analyst recommendation currently stands at "buy," with no "sell" or "strong sell" ratings. Of the total recommendations, five analysts have assigned "strong buy" or "buy" ratings, while another five have given a "hold." The median 12-month price target for Cushman & Wakefield is USD 16.50, marginally below its recent closing price of USD 16.53. The stock is presently trading at about 12 times its projected next-12-month earnings, up from a price-to-earnings ratio of 9 recorded three months ago.
The company's steady progress in expanding its capital markets and services businesses, along with consistent margin performance, highlights a strong operational base despite ongoing global market uncertainties.
Source Reuters
5th Jun, 2025
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