Cushman & Wakefield Ltd.

Cushman & Wakefield reported mixed financial results for Q2 2026 and the first half of 2026. Revenue increased by 11.2% to $2.76 billion for the second quarter and 11.1% to $5.30 billion for the six months ended June 30, 2026, compared to the prior year periods. However, net income decreased by 7.9% to $52.7 million in Q2 and by 32.3% to $40.1 million for the first half, with basic EPS also declining. Adjusted EBITDA showed strong growth, rising 13.5% in Q2 and 14.3% in H1.

Cushman & Wakefield reported strong financial results for the second quarter of 2026, with revenue increasing 11% to $2.8 billion and Adjusted diluted EPS rising 17% to $0.35. The company raised its 2026 annual Adjusted EPS growth guidance to 18%-23%, up from the previous 15%-20%. Operational highlights include significant growth in Leasing revenue (27%) and continued momentum in Services revenue (8%). Additionally, the company completed a partial redemption of $50 million of its 6.750% Senior Secured Notes due May 2028.

Cushman & Wakefield successfully amended its Credit Agreement, extending the maturity of approximately $848 million (now $1.2 billion after upsizing) of its senior secured term loan facility to 2033. The amendment also reduced the interest margin on this tranche by 50 basis points to Term SOFR plus 2.25%. The company upsized the term loan by $353 million, using $350 million of the proceeds to partially redeem its 6.750% Senior Secured Notes due May 2028, leaving $200 million outstanding. This strategic move optimizes the capital structure by improving the debt maturity profile and lowering the cost of capital, while keeping overall leverage unchanged.

Cushman & Wakefield U.S. Borrower, LLC and DTZ UK Guarantor Limited, subsidiaries of Cushman & Wakefield Ltd., expect to amend their Credit Agreement. This amendment will extend the maturity of approximately $848 million in senior secured term loans to 2033, upsize the principal amount by approximately $353 million, and adjust pricing terms. Additionally, the Borrower notified the trustee of its election to partially redeem $350 million of its outstanding $550 million 6.750% Senior Secured Notes due May 2028, conditional upon the consummation of refinancing transactions.

Cushman & Wakefield U.S. Borrower, LLC, a wholly-owned subsidiary of Cushman & Wakefield Ltd., completed a partial redemption of $100 million of its 6.750% Senior Secured Notes due May 2028. This action reduces the company's outstanding debt. Following this partial redemption, $550 million aggregate principal amount of the 2028 Notes remains outstanding.

Cushman & Wakefield Ltd. shareholders approved the 2026 Omnibus Share and Cash Incentive Plan at the Annual Meeting on May 14, 2026. This new plan replaces previous incentive plans and makes a total of 12,441,984 common shares available for awards to employees, directors, consultants, and contractors. Additionally, shareholders re-elected three directors, appointed KPMG LLP as the independent auditor, and approved executive compensation on an advisory basis.

Cushman & Wakefield reported an 11% increase in revenue to $2.54 billion for Q1 2026, up from $2.28 billion in Q1 2025. Despite this revenue growth and a 15.7% rise in Adjusted EBITDA to $111.3 million, the company recorded a net loss of $12.6 million, a significant decline from a net income of $1.9 million in the prior year period. Basic and diluted EPS also turned negative at $(0.05).

Cushman & Wakefield reported its first quarter 2026 financial results, achieving its highest first quarter revenue in company history at $2.5 billion, an 11% increase year-over-year. Despite a net loss of $12.6 million, primarily due to a non-cash pension buy-out settlement loss and a servicing liability, the company saw strong adjusted performance. Adjusted EBITDA grew 16% to $111.3 million, and Adjusted diluted earnings per share increased 67% to $0.15, reflecting robust growth across its service lines.

Cushman & Wakefield U.S. Borrower, LLC, a wholly-owned subsidiary of Cushman & Wakefield Ltd., has elected to partially redeem $100 million of its outstanding $650 million 6.750% Senior Secured Notes due May 2028. The redemption will be completed on May 15, 2026, at 100% of the principal amount plus accrued and unpaid interest. This action reduces the company's overall debt obligations.

Cushman & Wakefield Ltd. has made available recast historical financial information for quarterly periods within 2024 and 2025, effective January 1, 2026. The company will discontinue reporting "service line fee revenue" and several non-GAAP financial measures, including Adjusted EBITDA margin, Segment operating expenses, and Fee-based operating expenses. Additionally, the definition of "Cost of gross contract reimbursables" has been revised to "Gross contract costs," and corporate cost allocation has been refined, impacting segment-level Net income (loss) and Adjusted EBITDA. These comprehensive reporting changes are intended to better align the company's financial performance reporting with industry competitors and enhance internal decision-making, with no impact on total revenue, consolidated net income (loss), earnings (loss) per share, or cash flows for any previously reported periods.