Cushman & Wakefield reported higher second-quarter revenue and operating earnings while raising its full-year 2026 adjusted earnings per share guidance, citing continued strength in leasing and services businesses and improved balance sheet performance. The global commercial real estate services firm now expects adjusted EPS growth of 18% to 23% for the year, up from its previous outlook of 15% to 20%.
The company generated second-quarter revenue of $2.8 billion, an 11% increase from the same period last year, driven by broad-based growth across its services platform and a sharp rebound in leasing activity. Adjusted EBITDA rose 14% to $183.6 million, while adjusted net income increased 20% to $83.6 million. Adjusted diluted earnings per share climbed 17% to $0.35. Although net income declined 8% to $52.7 million, management attributed the decrease primarily to higher interest expense, strategic investments and weaker capital markets activity in selected segments.
Chief Executive Officer Michelle MacKay said the quarter reflected record performance across several key operating metrics while strengthening the company’s financial position. “We didn’t just meet the bar this quarter—we moved it, with record second quarter leasing, services and total revenues, and our lowest gross debt balance ever,” MacKay said, noting that the firm’s business extends beyond traditional commercial real estate into sectors including data centers, infrastructure, energy and housing.
Leasing emerged as the company’s strongest growth driver during the quarter, with revenue increasing 27% year over year. Cushman & Wakefield said the improvement was fueled by stronger activity across all transaction sizes in the Americas, supported by continued demand for office, industrial and data center properties. Services revenue increased 8%, reflecting growth across every business segment, including expanded facilities management mandates and higher project management activity in both the Americas and Europe.
Capital markets revenue declined 1% during the quarter as lower transaction volumes in the Americas, particularly in the multifamily sector, offset stronger performance in Europe, the Middle East, Africa and the Asia-Pacific region. Valuation and other advisory services continued to post gains, with revenue rising 10% from the prior-year period.
Beyond operating performance, the company continued to reshape its capital structure. During June, Cushman & Wakefield amended its credit agreement by repricing a senior secured term loan, lowering its interest rate by 50 basis points, extending the loan’s maturity to 2033 and increasing the principal balance by $352.5 million. The proceeds, together with a separate redemption completed in May, reduced outstanding senior secured notes due in 2028 by $450 million during the quarter. The company completed an additional $50 million partial redemption of those notes on Aug. 4, leaving $150 million outstanding.
For the first six months of 2026, Cushman & Wakefield reported revenue of $5.3 billion, up 11% from the prior-year period, while adjusted EBITDA increased 14% to $294.9 million and adjusted EPS rose 28% to $0.50. Reported net income for the first half declined to $40.1 million, reflecting one-time items including a pension buyout settlement loss, costs related to an accounts receivable securitization amendment and lower earnings from certain equity investments.
The company ended the quarter with $1.5 billion of liquidity, including $1.0 billion of available capacity under its revolving credit facility and $500 million in cash and cash equivalents. Management said continued revenue growth, expanding leasing activity and balance sheet improvements provide confidence in raising its earnings outlook just two quarters into its current three-year strategic plan.