Cushman & Wakefield’s Adjusted Earnings Jump 28% in Third Quarter
Key Facts
Cushman & Wakefield reported on November 4, 2026, that adjusted earnings per share rose 28% year over year to $0.37 in the third quarter, while diluted EPS held steady at $0.22. The company maintained its 2026 adjusted EPS growth forecast at a range of 18% to 23%. Chief Executive Michelle MacKay said the company had recorded its seventh consecutive quarter of double-digit adjusted EPS growth. The results therefore pair strong growth in the adjusted measure with unchanged diluted EPS. In the session before the announcement, the company’s shares closed at $13.62 on November 3.
Net income was $52.1 million in the third quarter, compared with $51.4 million in the same period of 2025, an annual increase of 1%. The comparison shows that net income growth was limited relative to the 28% increase in adjusted EPS. Diluted EPS also remained unchanged at $0.22, according to the results statement. The gap between the measures highlights the differing paths of adjusted earnings, net income and diluted EPS during the period. This performance did not change the annual forecast range, which the company left unchanged.
Leasing growth was among the leading revenue drivers, with revenue from the business rising 15% from a year earlier, driven by a 19% increase in the Americas. The company attributed leasing strength to offices, industrial properties and data centers. These figures link the expansion of the overall business to stronger growth in the U.S. market, according to the company’s statement. Leasing revenue had risen 27% year over year in the second quarter of 2026, with continued strength in office and industrial leasing, including data centers. The sequence indicates that leasing growth remained positive in the third quarter, although at a slower rate than in the previous quarter.
Capital markets revenue rose 18% year over year in the third quarter, while the Americas posted a 24% increase across major asset classes. The business therefore grew faster than total leasing revenue, which increased 15%, while the Americas outperformed the average in both activities. Services revenue, meanwhile, increased 5%, supported by higher global facilities management and project management revenue, particularly in Europe, the Middle East and Africa, and Asia-Pacific. That put services on a slower growth track than leasing and capital markets. The results across the businesses show broader growth in transaction-related and leasing operations, with services continuing to contribute at a lower pace.
The company raised its 2026 adjusted EPS growth forecast in August to 18%–23%, from a previous range of 15% to 20%. It maintained the higher range announced afterward, without revision in its third-quarter statement. In the second quarter, revenue rose 11% to $2.8 billion, while leasing revenue climbed 27% year over year. For the first half, net income was $40.1 million, down 32% from the same period, while adjusted EBITDA increased 14% to $294.9 million. Liquidity at June 30 was $1.5 billion, including $1 billion available under an undrawn revolving credit facility and half a billion dollars in cash and cash equivalents.
The company said a conference call to discuss third-quarter results was scheduled for November 4, 2026, at 9:00 a.m. Eastern time. The call followed the results announcement on the same day and was intended to provide an opportunity to discuss them with management. The company said the results call would take place at that time. The shares had ended the November 3 session at $13.62. The market data available in the evidence did not include a closing price for the session on the results announcement date.