Cushman & Wakefield Ltd. (NYSE: CWK)

Cushman & Wakefield Ltd. is a leading global commercial real estate services firm that provides problem solving, advisory and execution services across the built environment. The company operates in nearly 60 countries with approximately 53,000 employees and manages about 6.5 billion square feet of commercial real estate for occupiers and investors. Its core offerings span property management, facilities management, leasing, capital markets and valuation services, delivered through an integrated platform that serves both corporate users and institutional clients.

The company generates revenue through four primary service lines: Services, Leasing, Capital markets and Valuation and other. Services revenue is derived from property management, facilities management, project management and related activities, often under multi year contracts that provide recurring income and represented approximately 66% of total revenue in 2025. Leasing revenue comes from representing owners and tenants in lease negotiations, earning fees as a percentage of lease value upon execution of new, renewed or expanded leases, and accounted for about 21% of 2025 revenue. Capital markets revenue arises from advisory and financing services in real estate purchase and sale transactions, typically paid as a fee based on transaction value at closing, and contributed roughly 8% of 2025 revenue. Valuation and other revenue is generated from appraisal, investment advisory, portfolio advisory and related services, usually on a fixed or transactional fee basis, and made up the remaining 5% of 2025 revenue. In 2025 the firm reported total revenue of $10.3 billion.

The company operates through the following segments: Services, Leasing, Capital markets and Valuation and other.

• Services: This segment provides property management, facilities management, project management and related services, delivering recurring fee income from occupiers and investors through multi year contracts that often include janitorial, maintenance, landscaping and office support.

• Leasing: This segment represents owners and tenants in lease negotiations, earning fees as a percentage of lease value upon execution of new, renewed or expanded leases, with activities spanning office, industrial, retail and logistics properties.

• Capital markets: This segment advises buyers and sellers on real estate purchase and sale transactions and arranges equity, debt and structured financing, receiving fees based on transaction value at closing and serving clients ranging from private owners to institutional investors.

• Valuation and other: This segment offers appraisal, investment advisory, portfolio advisory and related services, generating fees on a contractual or transactional basis and supporting decisions related to acquisitions, dispositions and financing.

Cushman & Wakefield Ltd. ranks among the top three global commercial real estate service providers by revenue and workforce. Its main competitors include Jones Lang LaSalle Incorporated, CBRE Group Inc., Colliers International Group Inc. and Newmark Group Inc. The company’s competitive strengths stem from its integrated global platform, extensive scale across nearly 60 countries, strong brand recognition and a significant proportion of recurring revenue from its Services line. These advantages enable it to win complex multinational mandates and maintain resilience during economic cycles. Additionally, ongoing investments in technology and data analytics help the firm deliver differentiated insights and improve client outcomes.

The company serves a broad range of real estate occupiers and investors, including tenants, corporate users, property owners, institutional investors and governmental entities. Its client base spans multiple sectors such as office, industrial, logistics, multifamily, retail, data centers, life sciences and healthcare. Clients vary in size from small local businesses to large multinational corporations, and the firm often provides tailored solutions that address specific asset types and geographic needs. Long term relationships are common, particularly in the Services line where multi year contracts foster ongoing collaboration.