New York, Feb 19, 2026, 09:40 EST — Regular session
- CWK shares slid about 4% after the company posted record 2025 revenue but swung to a quarterly loss on a $177 million investment write-down.
- Fourth-quarter revenue rose 11% to $2.9 billion; adjusted EPS came in at $0.54.
- Investors are listening for 2026 signals on the earnings call and watching whether capital-markets momentum holds.
Cushman & Wakefield Ltd shares fell 4.2% to $13.00 in early New York trading on Thursday after the commercial real estate services firm reported higher revenue but booked a fourth-quarter loss tied to an impairment on its Greystone joint venture investment. (Businessinsider)
The print lands as investors try to pin down whether the commercial property cycle is finally turning. Brokerage and advisory firms like Cushman make money when tenants move, owners refinance and buildings change hands — activity that has been uneven as borrowing costs and office demand reset.
Cushman reported fourth-quarter revenue of $2.9 billion, up 11% from a year earlier, and adjusted diluted earnings per share of $0.54. It posted a net loss of $22.4 million after taking a $177 million impairment on its equity-method investment in Cushman Wakefield Greystone, while adjusted EBITDA — a measure of operating profit that strips out interest, taxes and some non-cash items — rose 7% to $238.7 million; the adjusted margin dipped 16 basis points, or 0.16 percentage point. (SEC)
The company said capital markets revenue rose 17% in the quarter, citing strength in office and retail transactions in the Americas and solid growth in EMEA. It also pointed to improved debt availability and pent-up demand as supporting transaction volumes.
For 2025, Cushman reported revenue of $10.3 billion, up 9%, and said free cash flow improved to $293 million, while it prepaid $300 million of term-loan debt and ended the year with $1.8 billion of liquidity. Chief executive Michelle MacKay said “commercial real estate end markets are healthy,” pointing to “improved pricing and liquidity.” (Cushman & Wakefield Investor Relations)
Adjusted earnings met the market’s bar. StockStory, which tracks Wall Street forecasts, said the company’s adjusted EPS of $0.54 matched analysts’ consensus. (FinancialContent)
A U.S. securities filing on Thursday said Cushman would hold an investor webcast to discuss results and make an investor presentation available on its website. (SEC)
The awkward part is the optics. The impairment charge dragged the quarter into a loss and keeps attention on the Greystone bet at a time when investors are still sensitive to credit conditions and valuation marks in parts of commercial real estate.
Cushman, like rivals CBRE and Jones Lang LaSalle, leans heavily on capital markets and leasing fees. If the recovery in transactions stalls — or if occupiers pull back again on big moves — the earnings leverage works both ways.
The next catalyst is management’s commentary on the earnings webcast and the slide deck posted to the investor site, where investors will look for any fresh read on 2026 demand and the pace of capital-markets activity. (Cushman & Wakefield Investor Relations)
