Cushman & Wakefield Q2 Earnings Top Estimates

Cushman & Wakefield (C&W) beat earnings estimates in the second quarter reporting a net income of $57.3 million driven by capital markets and leasing revenue growth.

The services giant saw quarterly profit of 25 cents per share and earnings adjusted for one-time gains and costs of 30 cents per share. Analysts had projected earnings of 22 cents per share. 

C&W’s second quarter net income was up $43.8 million from the second quarter 2024. 

Capital markets revenue rose 27 percent compared to the second quarter last year, which C&W Chief Financial Officer Neil Johnston attributed in part to increasing investment sales volume, particularly in the multifamily and office sectors which included an increase in larger deals. Johnston said capital markets revenue is on pace to grow into the mid to high teens by the end of year, ahead of expectations. 

Second quarter leasing revenue increased by 8 percent annually, which the firm credited to strength in the office and industrial sectors in its Americas portfolio. C&W CEO Michelle MacKay said commercial real estate fundamentals began to show signs of improving in the latter half of 2024 and have continued into this year.  

“Leaders of companies both large and small are navigating their businesses through market noise and volatility and are making long term strategic decisions about how they occupy and manage their real estate and infrastructure portfolios,” MacKay said in C&W’s second quarter earrings call Tuesday morning. “In addition, lender appetites to deploy capital continues to provide borrowers with increasing optionality, better terms and more flexibility, providing boosted capital markets activity.”

Total revenue at C&W jumped 9 percent to $2.5 billion from the year-ago period. Service line fee revenue increased 7 percent compared with the 2024 second quarter to $1.7 billion.

MacKay said so far global tariffs enacted by President Donald Trump have not negatively affected business growth at the company with leasing deals still getting struck amid the market volatility. 

“Tariffs have been disruptive, but they’ve yet to show that they are destructive,” MacKay said. “Leaders of the businesses have been tuned into the fact that they have to be able to make decisions through the noise.”

Earlier this week, CO reported the company will be moving its New York headquarters to 31 West 52nd Street in late 2026.

Andrew Coen can be reached at acoen@commercialobserver.com.