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CWK · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Cushman & Wakefield Ltd. (CWK) stock moving?
Cushman & Wakefield's Q3 2026 report on Nov 4 was a modest beat. Revenue rose 8% to $2.81B against a $2.776B estimate, and adjusted EPS rose 28% to $0.37 against $0.36. Leasing revenue grew 15%, capital markets revenue grew 18%, and services grew 5%. Reported diluted EPS was flat at $0.22, and nine-month net income fell 17%. Management kept FY2026 adjusted EPS guidance at $1.44-$1.50, in line with the $1.46 estimate, but its sales guidance of $11.008B-$11.111B sits below the $11.172B consensus. The company cites $800M of debt paydowns since 2024 and trailing-twelve-month free cash flow of $200.2M. Deal flow in the news stayed steady through the week: a $115M Chicago office sale, a $109.2M Freddie Mac loan, a $39.2M Fannie Mae financing, and a Hoboken lease. The share price climbed from about $12.10 on Oct 22 to a high of $15.15 on Nov 5, with volume peaking at 6.4M shares on Nov 3 around the results. The stock then gave back ground, closing at $13.89 on Nov 10, down 4.5% on the day, on volume of 2.35M shares, well below the recent average. The stock has moved roughly 15% above its Oct 22 close, so much of the earnings reaction appears priced in.
News behind the analysis
- Cushman & Wakefield and Greystone Arrange Sale and Financing for Texas Multifamily PropertyCushman & Wakefield and Greystone facilitated the sale and $39.2 million in Fannie Mae financing for Evolv, a 334-unit multifamily community in Mansfield, Texas.
- Cushman & Wakefield Advises on $115 Million Sale of Chicago PropertyCushman & Wakefield advised Spear Street Capital on the $115 million sale of a Chicago office building to Prime Finance and Hines.
- Cushman & Wakefield Reports Third Quarter 2026 Financial ResultsCushman & Wakefield reported Q3 2026 revenue up 8% to $2.81B and adjusted EPS up 28% to $0.37, its seventh straight quarter of double-digit adjusted EPS growth.
- Cushman & Wakefield Q3 Adj. EPS $0.37 Beats $0.36 Estimate, Sales $2.808B Beat $2.776B EstimateQ3 adjusted EPS of $0.37 and sales of $2.808B both topped analyst estimates of $0.36 and $2.776B.
- Cushman & Wakefield Affirms FY2026 Adj EPS Guidance of $1.44-$1.50 vs $1.46 Est; Affirms FY2026 Sales Guidance of $11.008B-$11.111B vs $11.172B EstThe company kept FY2026 adjusted EPS guidance of $1.44-$1.50, near the $1.46 estimate, and sales guidance of $11.008B-$11.111B, below the $11.172B estimate.
- William Blair Removes Cushman & Wakefield from Conviction ListWilliam Blair dropped Cushman & Wakefield from its monthly analyst conviction list after the share price recovered.
- Cushman & Wakefield and Greystone Close $109.2 Million Freddie Mac LoanCushman & Wakefield arranged a $109.2 million Freddie Mac loan from Greystone for the Bread Building, a multifamily property in Hollywood, Florida.
- Cushman & Wakefield Facilitates Semperis Office Expansion in HobokenCushman & Wakefield helped cybersecurity firm Semperis secure new office space in Hoboken, New Jersey, to support its expansion.
About Cushman & Wakefield Ltd.
Cushman & Wakefield is one of the world's largest commercial real estate services firms. It helps companies that rent space and investors who own property, with about 53,000 employees in roughly 60 countries. It is incorporated in Bermuda and headquartered in Chicago. It reported about $10.3 billion in revenue for 2025.
How it makes money
It earns fees from four service lines. Services, the largest at roughly half of revenue, covers facility and property management and project management, and much of it is recurring. Leasing, roughly a quarter to a third, earns commissions for arranging office, industrial and retail leases. Capital markets earns fees for brokering property sales and arranging financing. Valuation and other is a smaller line. Leasing and capital markets are deal-based and swing with the economy. Services income is steadier, but a large share of it passes straight through to cover costs.
What usually moves CWK
- Commercial property transaction volumes
- Interest rates and credit availability
- Office and industrial leasing demand
- Debt reduction and refinancing
- Margins in facility services