Cushman & Wakefield Posts Record Q1 Revenue in 2026, But Not Profitable

Cushman & Wakefield posted record revenue first-quarter results in 2026, beating analysts’ estimates, despite recording a small loss. 

Global revenue grew to $2.5 billion, up by 11 percent compared to the same time last year — the highest for a first quarter. Earnings per share stood at 15 cents, more than the 12 to 13 cents per share analysts had predicted. 

Leasing revenue saw the biggest surge, increasing by 19 percent to $497.7 million, thanks to demand from office and industrial markets in the Americas, particularly from data centers. 

“Industrial construction is down 60 percent from peak levels in 2022 which is going to help vacancy shift lower, but also importantly, the industrial leasing market is now 80 percent larger by dollar volume than it was pre-pandemic,” CEO Michelle MacKay said during a Thursday morning earnings call. “And, so, as those leases roll over, transaction values are going to be significantly higher.”

Capital markets revenue wasn’t far behind, rising 15 percent year-over-year to $181.6 million, marking the sixth consecutive quarter of double-digit growth. Services revenue increased to $1.74 billion, up by 9 percent compared to last year’s first quarter.

Despite the gains, the Chicago-based brokerage recorded a net loss of $12.6 million, up from the $1.9 million net loss posted in last year’s first quarter. The company blamed the losses to a non-cash pension buyout settlement loss of $16.6 million in the U.K. and an $11.8 million non-cash servicing liability related to an amendment of the company’s accounts receivables securitization program.

By the end of the quarter, Cushman & Wakefield had $1.6 billion in cash or cash equivalents. 

Still, Wall Street didn’t seem too impressed. When trading opened Thursday morning, the company’s stock dropped by about 3.5 percent to $13.94 a share. Cushman & Wakefield will not be adjusting its guidance for the rest of the year. 

Questions remain about the need for real estate brokers, given the emergence of AI, which could automate much of the research and the grunt work that brokers typically do. The technology could also dampen demand for office space as companies slash their employee count. 

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