CWK changes
Pick any two versions below to diff them.
- Price
- $11.30 → $11.58(+2.5%)
- Discount
- 11% → 9%(−2.0 pts)
- Next earnings
- 2026-11-05 → 2026-11-04
- Next earnings is estimate
- Yes → No
- Thesis
- The market prices Cushman & Wakefield for cyclical deal revenue, high debt and losses in its Greystone joint venture. Capital markets revenue in the Americas fell 6% in Q2 2026, mainly because of fewer mid-sized deals in multifamily property. Net debt was $2.1 billion at June 30, 2026, and free cash flow was negative $210 million in the first half of 2026. In Q4 2025, the company recorded a $177 million impairment of its Greystone investment, and the joint venture has loss-sharing and indemnity obligations to Fannie Mae and Freddie Mac on some loans. For the gap to close, three things must be true. Adjusted EPS must grow 18% to 23% in 2026, as the company now expects. Leasing and Services must keep growing, so that adjusted EBITDA keeps rising and full-year free cash flow turns positive. The company must keep reducing debt, as the upgrades from Moody's and S&P in September and October 2026 assume, and the Greystone losses must stop growing. The Q3 2026 report, estimated for about on November 54, 2026, gives the next test. The full-year 2026 report in February 2027 is the main test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a new slowdown in property sales and financing, which higher interest rates can cause.
- Checkpoints
- Nov 54, 2026 (estimate): Q3 2026 earnings: leasing and capital markets. Pending. Watch: Continued growth in Leasing and Services revenue, higher adjusted EBITDA and no new Greystone impairment pass; a fall in adjusted EBITDA or a new large Greystone loss fails. Feb 2027 (estimate): Full-year 2026 results: EPS growth and cash flow. Pending. Watch: Adjusted EPS growth of 18% to 23% for 2026, positive full-year free cash flow and lower net debt pass; EPS growth below the guidance or higher net debt fails.
- Recent events
- 2026-10-19: Cushman & Wakefield said it will release its Q3 2026 results at about 7:00 a.m. ET on November 4, 2026, and hold its call that morning. 2026-10-06: S&P Global Ratings upgraded the company's issuer credit rating to BB from BB- and changed the outlook to stable from positive. 2026-09-28: Moody's upgraded the company's corporate family rating to Ba3 from B1, with a stable outlook. The company said that this is the highest rating that Moody's has given it since its IPO in 2018. 2026-09-10: Laurida Sayed, the Chief Accounting Officer, resigned effective September 25, 2026, to take a new job. Neil Johnston, the Chief Financial Officer, also became the principal accounting officer. 2026-08-05: Cushman & Wakefield reported Q2 2026 results. Revenue rose 11% to $2.8 billion. Leasing revenue rose 27% and Services revenue rose 8%, but Capital markets revenue fell 1%. Adjusted EBITDA rose 14% to $183.6 million and adjusted EPS rose 17% to $0.35. The company raised its 2026 adjusted EPS growth guidance to 18% to 23%. On August 4, 2026, it redeemed a further $50 million of its notes due 2028. 2026-06-15: The company amended its credit agreement. It cut the interest rate on a term loan by 0.50 percentage points, extended its maturity to 2033 and increased it by $352.5 million. It used the money to redeem $350 million of its 6.750% notes due 2028, after a $100 million redemption in May 2026.