- Strong global Capital markets revenue growth of 35% for the quarter
- Fifth consecutive quarter of year-over-year global Leasing growth
- Net cash flow from operations and free cash flow for the full year both improved by more than $55 million vs. 2023
CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the fourth quarter and full year of 2024.
“We closed out 2024 with strong momentum in our business, reporting another quarter of solid Leasing revenue, our strongest Capital markets growth since the first quarter of 2022 and robust year-over-year improvement in free cash flow,” said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield. “We begin 2025 with renewed optimism, as investor and occupier sentiment continues to improve, and we have positioned ourselves to thrive in what we believe will be a multi-year commercial real estate growth cycle.”
Fourth Quarter Results:
- Revenue of $2.6 billion for the fourth quarter of 2024 increased 3% from the fourth quarter of 2023.
- Leasing revenue increased 6% driven primarily by office leasing in the Americas.
- Capital markets revenue increased 35% driven by strong results in all segments.
- Services and Valuation and other revenue declined 3% and 1%, respectively.
- Net income of $112.9 million for the fourth quarter of 2024 increased $43.1 million compared to the fourth quarter of 2023. Diluted earnings per share was $0.48 for the quarter compared to $0.30 for the fourth quarter of 2023.
- Adjusted EBITDA of $222.3 million increased 4% from the fourth quarter of 2023, with Adjusted EBITDA margin of 11.9% relatively flat compared to the fourth quarter of 2023.
- Adjusted diluted earnings per share of $0.48 was up from $0.45 for the fourth quarter of 2023.
Full Year Results:
- Revenue of $9.4 billion for the year ended December 31, 2024 decreased $47.2 million from the year ended December 31, 2023.
- Leasing revenue increased 7% driven by office and industrial leasing in the Americas and APAC.
- Capital markets revenue increased 4% driven by the industrial, retail and office sectors and across all segments.
- Valuation and other revenue increased 1% and Services revenue declined 3%.
- Net income of $131.3 million for the year ended December 31, 2024 increased $166.7 million compared to a net loss of $35.4 million for the year ended December 31, 2023. Diluted earnings per share was $0.56 for the year ended December 31, 2024 compared to a diluted loss per share of $0.16 for the year ended December 31, 2023.
- Adjusted EBITDA of $581.9 million increased 2% from the year ended December 31, 2023, with Adjusted EBITDA margin of 8.8% relatively flat compared to the prior year.
- Adjusted diluted earnings per share of $0.91 was up from $0.84 for the year ended December 31, 2023.
- Net cash provided by operating activities was $208.0 million for the year ended December 31, 2024.
- Free cash flow generated for the year ended December 31, 2024 of $167.0 million increased $65.8 million from the year ended December 31, 2023.
- Liquidity as of December 31, 2024 was $1.9 billion, consisting of availability on the Company’s undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.8 billion.
INVESTOR RELATIONS:
Megan McGrath | Investor Relations
+1 312 338 7860
IR@cushwake.com