Every material Form 8-K Cushman & Wakefield has filed with the SEC since February 20, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Cushman & Wakefield reported third quarter 2026 revenue of $2.8 billion, up 8% from a year earlier, led by leasing and capital markets growth. Diluted EPS was flat at $0.22, while adjusted EPS rose 28% to $0.37, and the company kept its full-year 2026 adjusted EPS growth guidance of 18% to 23%.
Total revenue was $2,807.8 million, up 8% from $2,605.9 million; leasing revenue rose 15% and capital markets revenue rose 18%
Net income was $52.1 million, up 1%; diluted EPS was $0.22, flat with the prior year
Adjusted EPS was $0.37, up 28% from $0.29
Full-year 2026 adjusted EPS guidance of 18% to 23% growth was maintained
Cushman & Wakefield Ltd. said its subsidiary fully redeemed the remaining $150 million of 6.750% Senior Secured Notes due May 2028 on October 21, 2026. The company said the redemption removes its nearest debt maturity and leaves no long-term debt maturing before 2030. The filing does not report earnings or guidance, so the change is to the debt maturity schedule rather than to operating results.
Remaining $150 million principal of the 6.750% Senior Secured Notes due May 2028 was fully redeemed on October 21, 2026.
The original principal amount of the 2028 Notes was $650 million; total debt repayments since 2024 exceed $800 million, per the press release.
The company states that no long-term debt arrangements mature before 2030 following the redemption.
CEO Michelle MacKay said more than $300 million of debt was repaid this year and about 80% of debt is at fixed-rate exposure after swaps.
Cushman & Wakefield said its Senior Vice President, Chief Accounting Officer and Global Corporate Controller, Laurida Sayed, will leave the company effective September 25, 2026, to pursue a new opportunity. The filing states her departure is not the result of any disagreement with the company over its operations, policies or practices.
Laurida Sayed resigned, notifying the company on September 10, 2026; her last day is September 25, 2026
Sayed is not leaving over any disagreement with the company or its management
Neil Johnston, Chief Financial Officer, will also serve as principal accounting officer from the effective date, with no added compensation
Cushman & Wakefield reported second quarter 2026 revenue of $2.8 billion, up 11% from a year earlier, while net income fell 8% to $52.7 million. The company raised its 2026 adjusted EPS growth guidance to 18%-23% from 15%-20%, but GAAP diluted EPS declined to $0.22 from $0.25.
Q2 2026 revenue was $2.8 billion, up 11%, with Leasing revenue up 27% and Services revenue up 8%.
Q2 2026 net income was $52.7 million, down 8%; diluted EPS was $0.22 versus $0.25, while adjusted EPS of $0.35 rose 17%.
2026 adjusted EPS growth guidance was raised to 18%-23%, up from 15%-20%.
On August 4, 2026, the company redeemed $50 million of its 6.750% senior secured notes due May 2028, leaving $150 million outstanding.
On June 12, 2026, Cushman & Wakefield subsidiaries amended the company's credit agreement, upsizing one term loan tranche by $353 million to $1.2 billion and extending its maturity to 2033. The company used the proceeds to redeem $350 million of its 6.75% senior secured notes due May 2028 on June 15, 2026, leaving $200 million of those notes outstanding. The filing says gross debt is substantially unchanged and the repricing lowers the margin on the upsized tranche, but it does not report any effect on earnings.
Term loan tranche upsized by $353 million to $1.2 billion, with maturity extended to 2033.
Margin on the upsized tranche cut from Term SOFR plus 2.75% to Term SOFR plus 2.25%, according to the press release.
$350 million of 6.75% senior secured notes due May 2028 redeemed on June 15, 2026; $200 million remains outstanding.
The remaining $840 million of term loans keep their existing pricing and maturity.
At its May 14, 2026 annual meeting, Cushman & Wakefield shareholders approved the 2026 Omnibus Share and Cash Incentive Plan, which replaces the company's two prior incentive plans. The plan sets an initial pool of 12,150,000 common shares plus 291,984 shares previously available under the prior plans for awards. Shareholders also elected three directors, appointed KPMG LLP as auditor for 2026, and approved the non-binding say-on-pay vote.
2026 Plan approved with 191,432,616 votes for, 17,159,619 against, 72,337 abstentions and 11,469,542 broker non-votes
Initial share pool of 12,150,000 common shares plus 291,984 carried over from the prior plans as of May 14, 2026
Say-on-pay approved with 203,900,649 for and 4,706,771 against; future advisory votes will be held annually
KPMG LLP appointed as independent auditor for the year ending December 31, 2026, with 218,134,007 votes for
Cushman & Wakefield reported first-quarter 2026 revenue of $2.5 billion, up 11% from a year earlier, with Leasing revenue up 19%. The company posted a net loss of $12.6 million, compared with net income of $1.9 million in the first quarter of 2025, after non-cash charges including a $16.6 million pension settlement loss and an $11.8 million servicing liability. Adjusted diluted earnings per share rose to $0.15 from $0.09, so shareholders face a mix of stronger operating results and a reported loss driven by one-time items.
Revenue of $2.5 billion rose 11% (9% in local currency); Leasing revenue rose 19% and Services revenue rose 9%.
Net loss was $12.6 million, compared with net income of $1.9 million, including a $16.6 million non-cash U.K. pension settlement loss and an $11.8 million non-cash A/R Securitization servicing liability.
Adjusted EBITDA was $111.3 million, up 16%, and adjusted diluted EPS was $0.15 versus $0.09.
Liquidity was $1.6 billion as of March 31, 2026; the company will partially redeem $100.0 million of its 6.750% senior secured notes due 2028 on May 15, 2026.
Cushman & Wakefield reported fourth-quarter 2025 revenue of $2.9 billion, its highest fourth quarter in company history, but swung to a net loss of $22.4 million after a $177.0 million impairment on its Greystone joint venture. For the full year, revenue rose 9% to $10.3 billion and adjusted diluted earnings per share rose 34% to $1.22, while GAAP net income fell $43.1 million to $88.2 million.
Q4 2025 net loss of $22.4 million, or $0.10 per diluted share, versus net income of $112.9 million, or $0.48 per diluted share, in Q4 2024
Q4 2025 included a one-time $177.0 million other-than-temporary impairment on the Greystone JV equity method investment
Q4 2025 adjusted diluted EPS of $0.54, up $0.06 or 13%; full-year 2025 adjusted diluted EPS of $1.22, up 34%
Full-year 2025 free cash flow of $293.0 million, up $126.0 million; $300.0 million of term loan principal prepaid and liquidity of $1.8 billion at December 31, 2025
Cushman & Wakefield reported third-quarter 2025 revenue of $2.6 billion, up 11% from a year earlier, and net income of $51.4 million, compared with $33.7 million. It raised its full-year 2025 adjusted EPS growth guidance to 30%-35%, up from 25%-35%, and prepaid an additional $100 million of term loan debt on October 29, 2025. Equity method earnings fell $20.7 million, mainly due to a $46.1 million non-cash loan loss provision at the Greystone JV, of which the company recorded $18.5 million.
Q3 2025 revenue of $2.6 billion rose 11%; service line fee revenue of $1.8 billion rose 9%
Diluted EPS was $0.22 versus $0.14; adjusted diluted EPS was $0.29 versus $0.23
Full-year 2025 adjusted EPS growth guidance raised to 30%-35% from 25%-35%
Prepaid $100 million on October 29, 2025, bringing 2025 year-to-date prepayments to $300 million
Cushman & Wakefield U.S. Borrower, LLC and DTZ UK Guarantor Limited, both wholly owned subsidiaries of Cushman & Wakefield plc, entered into an amendment effective October 21, 2025 to their existing Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent. The amendment extends the revolving commitments' maturity from April 28, 2027 to October 21, 2030, while reducing the commitments from $1.1 billion to $1.0 billion, which the company said better aligns the facility with its working capital management.
Revolving commitments reduced from $1.1 billion to $1.0 billion.
Maturity extended from April 28, 2027 to October 21, 2030, subject to a springing maturity date if certain conditions occur.
CDOR rate replaced with Term CORRA for revolving borrowings, and applicable interest reduced at certain leverage-based pricing levels.
CFO Neil Johnston said the transaction was oversubscribed.
Cushman & Wakefield's U.S. borrowing subsidiary amended its credit agreement, effective October 1, 2025, lowering the interest rate on about $840 million of term loan due January 2030 from Term SOFR plus 2.75% to Term SOFR plus 2.50%. The company said the maturity and other material terms are unchanged, and it reported $200 million of year-to-date debt repayment, including a $150 million prepayment on August 5, 2025.
Interest rate on about $840 million of term loan cut by 25 basis points, from Term SOFR plus 2.75% to Term SOFR plus 2.50%, effective October 1, 2025
Loan maturity remains January 2030; the amendment makes no other material changes to the credit agreement
Company prepaid $150 million of the term loan on August 5, 2025, bringing 2025 year-to-date repayment to $200 million and repayment since the start of 2024 to $400 million
Cushman & Wakefield reported second-quarter 2025 revenue of $2.5 billion, up 9% from a year earlier, and net income of $57.3 million, compared with $13.5 million in the second quarter of 2024. CEO Michelle MacKay said the company is raising its full-year earnings per share outlook and announced an additional $150.0 million term loan prepayment.
Q2 2025 revenue of $2.5 billion rose 9%; capital markets revenue rose 27% and leasing revenue rose 8%.
Diluted EPS was $0.25 versus $0.06 a year earlier; adjusted diluted EPS was $0.30 versus $0.20.
Management is raising its full-year earnings per share outlook; the filing does not give a new figure.
A $150.0 million term loan prepayment was announced, bringing 2025 year-to-date principal prepayments to $200.0 million.
Cushman & Wakefield U.S. Borrower, LLC amended its credit agreement, effective July 21, 2025, to lower the interest rate on about $948 million of its Term Loan due January 2030 from Term SOFR plus 3.25% to Term SOFR plus 2.75%. The filing says the maturity and other material terms are unchanged, so the change mainly reduces the company's borrowing cost on that loan.
Interest margin reduced by 50 basis points, from Term SOFR plus 3.25% to Term SOFR plus 2.75%
About $948 million of Term Loan outstanding, issued October 2024 and due January 2030
No change to maturity; no other material changes to covenants, events of default or representations
Company prepaid $25 million on June 30, 2025, bringing year-to-date debt repayment to $50 million
Cushman & Wakefield said Chairman Brett White will resign from the board effective July 31, 2025, and will stay on as a strategic consultant through February 28, 2026. Three new directors were named, with Steve Plavin becoming Non-Executive Chairman on October 1, 2025, which shifts board leadership for shareholders.
Brett White resigns from the board effective July 31, 2025; consulting fee of $5,000 per month from August 1, 2025
Susan Daimler joins the board August 1, 2025; Timothy Wennes joins August 1, 2025
Stephen D. Plavin joins the board October 1, 2025 and becomes Chairman; he retires from Blackstone in July 2025
At its May 15, 2025 annual meeting, Cushman & Wakefield plc shareholders approved the Third Amended & Restated 2018 Omnibus Management Share and Cash Incentive Plan, which covers approximately 9.4 million ordinary shares plus any shares that become available again under the plan's terms. The filing also reports results of the director elections, the auditor ratification, and advisory votes on executive pay, which will be held annually.
Plan approved at the May 15, 2025 annual meeting; board adopted it March 27, 2025, subject to shareholder approval
Plan proposal vote: 203,995,759 for, 5,711,651 against, 70,461 abstain, 11,623,703 broker non-votes
KPMG LLP ratified as independent auditor for 2025: 219,671,286 for, 1,635,183 against
Advisory say-on-pay: 206,741,737 for, 2,966,105 against; future votes will be held annually
Cushman & Wakefield reported first-quarter 2025 revenue of $2.3 billion, up 5% from a year earlier, led by Leasing and Capital markets growth. Net income was $1.9 million, compared with a net loss of $28.8 million in the first quarter of 2024, and diluted earnings per share were $0.01 versus a loss of $0.13.
Total revenue of $2.3 billion rose 5% (6% in local currency); service line fee revenue of $1.5 billion rose 3%.
Leasing revenue rose 8% and Capital markets revenue rose 11%, while Services revenue fell 1%, mainly due to an August 2024 sale of a non-core business.
Adjusted EBITDA was $96.2 million, up 23%, with an Adjusted EBITDA margin of 6.2%, a 103 basis point improvement.
In March 2025 the company prepaid $25.0 million of term loans due in 2030; liquidity was $1.7 billion as of March 31, 2025.
Cushman & Wakefield reported fourth-quarter 2024 revenue of $2.6 billion, up 3% from a year earlier, and net income of $112.9 million, compared with $69.8 million in the fourth quarter of 2023. For the full year, revenue was $9.4 billion, down $47.2 million, while net income was $131.3 million versus a net loss of $35.4 million in 2023. Both quarterly and full-year profit improved, with Capital markets and Leasing growth offsetting a decline in Services revenue.
Q4 2024 diluted EPS was $0.48, versus $0.30 in Q4 2023; adjusted diluted EPS was $0.48, up from $0.45.
Full-year 2024 diluted EPS was $0.56, versus a diluted loss of $0.16 in 2023.
Capital markets revenue rose 35% in Q4 2024, while Services revenue declined 3%.
Free cash flow for 2024 was $167.0 million, up $65.8 million from 2023; liquidity was $1.9 billion at December 31, 2024.
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