Cushman & Wakefield Posts Strong Revenue Amid Outlook Clouded by AI

Cushman & Wakefield recorded solid revenue growth in both 2025’s final quarter and throughout the year, beating Wall Street’s expectations. Still, the outlook for long-term revenue growth at the brokerage services giant remains weak. 

In the fourth quarter, revenue increased to $2.9 billion, up 11 percent from the same time last year. All during 2025, full-year revenue grew by 9 percent to $10.3 billion, with net income climbing to $88.2 million. Analysts had predicted annual growth rates between 5 and 6 percent.

The capital markets and leasing division drove much of the growth, with revenue for the latter increasing by 15 percent. Leasing reached a quarterly record after growing by 5 percent, largely thanks to demand from the office and industrial sectors.

Despite these gains, Cushman & Wakefield’s stock remains below its level prior to the real estate selloff earlier this month, sparked by investor concerns that artificial intelligence could shrink the workforces of companies and dampen demand for large office space. CEO Michelle MacKay sought to reassure investors Thursday during a morning earnings call.

“Think about making a five- to 10-year decision, think about the financial impact of that on a company and as to whether or not they would turn that decision over to AI — we do not believe that will be the case,” MacKay said. 

Another concern for analysts remains the brokerage’s annualized revenue growth, which has slowed to just over 4 percent in the past two years, suggesting demand for its services is slowing. Wall Street typically wants to see growth rates over 5 percent for stocks in the consumer discretionary sector, which offer non-essential goods and services, such as those of Cushman & Wakefield and its competitors in commercial real estate. 

In the last quarter, the company also posted a loss of $22.4 million. Cushman & Wakefield Chief Financial Officer Neil Johnston attributed some of those costs to “strategic investments and higher annual health care costs.”

The company wrote down by $177 million the value of a joint venture with multifamily management giant Greystone, due to revised future earnings expectations tied to elevated interest rates. In 2021, Cushman & Wakefield invested $500 million to own 40 percent of Greystone’s agency, Federal Housing Administration and servicing businesses.

Julia Echikson can be reached at jechikson@commercialobserver.com.