cwk-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

FORM 10-Q


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number: 001-38611

Cushman & Wakefield Ltd.

(Exact name of registrant as specified in its charter)


Bermuda						98-1896559
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

Clarendon House, 2 Church Street
Hamilton, Bermuda						HM 11
(Address of principal executive offices)						(Zip Code)

+1 441 295 1422						Not applicable
(Registrant’s telephone number, including area code)						(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, $0.10 par value	CWK	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of May 1, 2026, the number of the registrant’s common shares issued and outstanding was 234,300,505.

CUSHMAN & WAKEFIELD LTD.

QUARTERLY REPORT ON FORM 10-Q

March 31, 2026

TABLE OF CONTENTS

Page

PART I

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025

Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (unaudited)

Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2026 and 2025 (unaudited)

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)

Notes to the Condensed Consolidated Financial Statements (unaudited)

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

P ART II

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Item 6.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Cushman & Wakefield Ltd.

Condensed Consolidated Balance Sheets


	As of
(in millions, except share data)	March 31, 2026		December 31, 2025
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	600.6	$	784.2
Trade and other receivables, net of allowance of $95.3 and $93.2, as of March 31, 2026 and December 31, 2025, respectively	1,447.1		1,515.5
Income taxes receivable	82.9		52.3
Short-term contract assets, net	324.8		301.4
Prepaid expenses and other current assets	292.5		189.7
Total current assets	2,747.9		2,843.1
Property and equipment, net	134.2		132.9
Goodwill	2,059.2		2,058.3
Intangible assets, net	645.1		654.7
Equity method investments	529.2		536.9
Deferred tax assets	217.3		149.0
Non-current operating lease assets	373.3		277.2
Other non-current assets	941.9		1,024.5
Total assets	$	7,648.1	$	7,676.6

Liabilities and Shareholders’ Equity
Current liabilities:
Short-term borrowings and current portion of long-term debt	$	129.8	$	124.9
Accounts payable and accrued expenses	1,159.3		1,225.0
Accrued compensation	871.4		1,021.5
Income taxes payable	86.5		29.0
Other current liabilities	179.2		191.4
Total current liabilities	2,426.2		2,591.8
Long-term debt, net	2,621.0		2,624.9
Deferred tax liabilities	38.4		13.8
Non-current operating lease liabilities	369.2		246.6
Other non-current liabilities	240.6		243.7
Total liabilities	5,695.4		5,720.8
Commitments and contingencies (see Note 11)
Shareholders’ equity:
Common shares, par value $0.10 per share, 800,000,000 shares authorized; 234,287,353 and 231,699,585 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	23.4		23.2
Additional paid-in capital	3,033.4		3,038.4
Accumulated deficit	(910.3)		(897.7)
Accumulated other comprehensive loss	(194.2)		(208.6)
Total equity attributable to the Company	1,952.3		1,955.3
Non-controlling interests	0.4		0.5
Total equity	1,952.7		1,955.8
Total liabilities and shareholders’ equity	$	7,648.1	$	7,676.6

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

Table of Contents

Cushman & Wakefield Ltd.

Condensed Consolidated Statements of Operations

(unaudited)


	Three Months Ended March 31,
(in millions, except per share data)	2026		2025
Revenue	$	2,535.8	$	2,284.6
Costs and expenses:
Costs of services (exclusive of depreciation and amortization)	2,115.1		1,900.3
Operating, administrative and other	336.7		305.8
Depreciation and amortization	25.3		26.7
Restructuring, impairment and related charges	—		6.5
Total costs and expenses	2,477.1		2,239.3
Operating income	58.7		45.3
Interest expense, net of interest income	(49.2)		(52.3)
(Loss) earnings from equity method investments	(4.1)		11.1
Other (expense) income, net	(15.0)		0.9
(Loss) earnings before income taxes	(9.6)		5.0
Provision for income taxes	3.0		3.1
Net (loss) income	$	(12.6)	$	1.9

Basic (loss) earnings per share:
(Loss) earnings per share attributable to common shareholders, basic	$	(0.05)	$	0.01
Weighted average shares outstanding for basic (loss) earnings per share	232.8		230.4
Diluted (loss) earnings per share:
(Loss) earnings per share attributable to common shareholders, diluted	$	(0.05)	$	0.01
Weighted average shares outstanding for diluted (loss) earnings per share	232.8		232.3

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

Table of Contents

Cushman & Wakefield Ltd.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)


	Three Months Ended March 31,
(in millions)	2026		2025
Net (loss) income	$	(12.6)	$	1.9
Other comprehensive income, net of tax:
Designated hedge gain (loss)	3.8		(9.4)
Pension related adjustments	12.8		(1.4)
Foreign currency translation	(2.2)		24.5
Total other comprehensive income, net	14.4		13.7
Total comprehensive income	$	1.8	$	15.6

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

Table of Contents

Cushman & Wakefield Ltd.

Condensed Consolidated Statements of Changes in Equity

For the three months ended March 31, 2026 and 2025

(unaudited)


								Accumulated Other Comprehensive Income (Loss)
(in millions)	Common Shares	Common Shares ($)		Additional Paid-in Capital		Accumulated Deficit		Unrealized Hedging (Losses) Gains		Foreign Currency Translation		Defined Benefit Plans		Total Accumulated Other Comprehensive Loss, net of tax		Total Equity Attributable to the Company		Non-Controlling Interests		Total Equity
Balance as of December 31, 2025	231.7	$	23.2	$	3,038.4	$	(897.7)	$	(1.3)	$	(176.2)	$	(31.1)	$	(208.6)	$	1,955.3	$	0.5	$	1,955.8
Net loss	—	—		—		(12.6)		—		—		—		—		(12.6)		—		(12.6)
Stock-based compensation	—	—		16.1		—		—		—		—		—		16.1		—		16.1
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes	2.6	0.2		(21.1)		—		—		—		—		—		(20.9)		—		(20.9)
Unrealized gain on hedging instruments, net of tax	—	—		—		—		4.3		—		—		4.3		4.3		—		4.3
Amounts reclassified from AOCI to the statement of operations, net of tax	—	—		—		—		(0.5)		—		—		(0.5)		(0.5)		—		(0.5)
Foreign currency translation	—	—		—		—		—		(2.2)		—		(2.2)		(2.2)		—		(2.2)
Pension related adjustments, net of tax	—	—		—		—		—		—		12.8		12.8		12.8		—		12.8
Other activity	—	—		—		—		—		—		—		—		—		(0.1)		(0.1)
Balance as of March 31, 2026	234.3	$	23.4	$	3,033.4	$	(910.3)	$	2.5	$	(178.4)	$	(18.3)	$	(194.2)	$	1,952.3	$	0.4	$	1,952.7


								Accumulated Other Comprehensive Income (Loss)
(in millions)	Common Shares	Common Shares ($)		Additional Paid-in Capital		Accumulated Deficit		Unrealized Hedging Gains (Losses)		Foreign Currency Translation		Defined Benefit Plans		Total Accumulated Other Comprehensive Loss, net of tax		Total Equity Attributable to the Company		Non-Controlling Interests		Total Equity
Balance as of December 31, 2024	229.7	$	23.0	$	2,986.4	$	(985.9)	$	25.2	$	(255.1)	$	(38.7)	$	(268.6)	$	1,754.9	$	0.5	$	1,755.4
Net income	—	—		—		1.9		—		—		—		—		1.9		—		1.9
Stock-based compensation	—	—		15.9		—		—		—		—		—		15.9		—		15.9
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes	1.6	0.1		(10.1)		—		—		—		—		—		(10.0)		—		(10.0)
Unrealized loss on hedging instruments, net of tax	—	—		—		—		(4.0)		—		—		(4.0)		(4.0)		—		(4.0)
Amounts reclassified from AOCI to the statement of operations, net of tax	—	—		—		—		(5.4)		—		—		(5.4)		(5.4)		—		(5.4)
Foreign currency translation	—	—		—		—		—		24.5		—		24.5

SEC Form 10-Q filed by Cushman & Wakefield Ltd.