Is Cushman & Wakefield profitable in 2026?

Yes. Cushman & Wakefield reported Q1 2026 revenue of $2.5 billion, up 11% year over year, with adjusted EPS up 67% year over year, as of May 7, 2026. FY2025 revenue hit a record $10.3 billion with 34% adjusted EPS growth, though its stock was still down about 23% year to date by July 2026.

Why is Cushman & Wakefield stock falling despite record revenue?

Despite FY2025 revenue of $10.3 billion (up 9%) and Q1 2026 revenue growth of 11%, CWK shares were down roughly 23% year to date as of July 23, 2026, near a 52-week low of $11.57, reflecting investor concern over slower capital-markets growth versus rivals like Newmark and pending antitrust litigation.

Could AI replace Cushman & Wakefield brokers?

AI can automate comps, lease abstraction, valuation modeling and portfolio reporting, but licensed broker transactions, fiduciary liability, and client relationships resist automation. C&W launched its own AI Impact Barometer in February 2026 to track AI's effect on real estate demand rather than treating it purely as a threat.

Who is Cushman & Wakefield's biggest competitor?

CBRE and JLL are larger incumbents, each roughly 2 to 3 times C&W's scale, while Newmark is the fastest-growing rival, posting 27.2% revenue growth in Q1 2026 versus C&W's 11%. Capital-markets growth at JLL and Colliers (both +47% in Q1 2026) also outpaced C&W.

Who owns Cushman & Wakefield?

Cushman & Wakefield is publicly traded on the NYSE under ticker CWK, majority-owned by an investor group formed via the 2015 DTZ merger led by TPG, PAG Asia Capital, and Ontario Teachers' Pension Plan. As of July 23, 2026, its market capitalization was approximately $2.93 billion.

What is the CoStar antitrust lawsuit against Cushman & Wakefield about?

Filed June 12, 2026 as FitFactariDC LLC v. CoStar et al., the class action names CoStar, CBRE, JLL, Cushman & Wakefield, Colliers, and Newmark as alleged co-conspirators in a hub-and-spoke lease-data price-fixing scheme across 49 U.S. metro markets since June 2022, with an initial hearing set for August 19, 2026.

Real estate developers · United States

Cushman & Wakefield

cushmanwakefield.com ↗

Global commercial real estate brokerage, leasing and facilities management firm.

Defensible for now

Assessed 24 July 2026 · Evidence as of 24 July 2026

Real protection, with named pressure against it.

On the recordSince 24 July 2026 · Checkable from August 19, 2026 · Every call on the record Checkpoint: CoStar-led antitrust class action initial status hearing covering lease-data pricing practices

The call

Revenue and cash flow are climbing, but the stock trades near a 52-week low, pricing in antitrust risk, capital-markets share questions, and AI's slow squeeze on analyst work.

Cushman & Wakefield helps companies lease and sell office buildings, warehouses, and retail spaces by connecting buyers and sellers and providing market data and advice. It is hard to replace because brokers need licenses from the government, clients trust them with important deals, and switching to a new broker costs time and money. However, two bigger rivals (CBRE and JLL) are eating away at its market share, faster competitor Newmark is winning deals with cheaper technology, artificial intelligence is starting to do work that Cushman analysts used to do by hand, and a lawsuit claims the company fixed prices on real estate data, which could force it to cut profits or change how it sells information. If office buildings stay empty because companies hire fewer workers, Cushman's business could shrink faster than expected.

Why

AI pressure: AI-driven lease abstraction, comps, and valuation tools (CoStar, VTS, generic LLM analyst copilots). AI can automate comps, lease abstraction, and reporting that junior analysts do today, squeezing fees if brokers don't absorb the tools first. Could AI do the core job? Only partly.

Bigger players: CBRE and JLL (2-3x larger), Newmark growing capital markets revenue faster. CBRE and JLL run the same leasing, capital markets, and FM lines at greater scale; Newmark's capital markets business is growing faster right now. Could a giant copy it? Yes, easily.

What protects it. Licensed broker relationships, fiduciary duty on managed assets, and multi-year facilities management contracts that are costly to switch.

What would change this call

Cushman & Wakefield Q2/Q3 2026 revenue growth falls below its 6-8% guidance. Would indicate active market share loss to faster-growing rivals like Newmark and JLL.
Capital-markets revenue growth trails Newmark, JLL, or Colliers by more than 300 bps in upcoming quarters. Would confirm Newmark and peers are outpacing Cushman & Wakefield in deal-driven business.
CoStar-led antitrust class action initial hearing on August 19, 2026 results in settlement or adverse ruling. Would show regulatory pressure forcing changes to lease-data monetization, a revenue source.

Key numbers

FY2025 revenue $10.3B, up 9% YoY, a company record (2026-02-19)
Q1 2026 revenue $2.5B, up 11% YoY, best Q1 ever (2026-05-07)
2026 guidance: 6-8% revenue growth, 15-20% EPS growth (2026-05-07)

Named risks

CoStar-led antitrust class action naming all Big 4 firms, hearing set 2026-08-19. Severity: high
Capital-markets growth trailing Newmark, JLL, Colliers by wide margins in Q1 2026. Severity: high
ERISA climate-risk 401k lawsuit filed 2026-03-03 could set retirement-plan precedent. Severity: medium
Stock down 23% YTD despite record revenue signals market skepticism on growth durability. Severity: medium
AI compressing mid-workflow analyst roles in comps, valuation, lease abstraction. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Newmark	losing to	Newmark Q1 2026 revenue grew 27.2% vs C&W's 11% growth as of 2026-06-15
JLL	losing to	JLL capital-markets revenue grew 47% in Q1 2026 per curatedcommercial.substack.com 2026-05-13
Colliers	losing to	Colliers capital-markets revenue grew 47% in Q1 2026, outpacing C&W
CBRE	contesting	CBRE 2-3x C&W's scale, both named together in June 2026 antitrust suit
Walker & Dunlop	losing to	Walker & Dunlop transaction volume up 94% in Q1 2026 vs C&W's slower pace

Questions people ask

Is Cushman & Wakefield profitable in 2026?: Yes. Cushman & Wakefield reported Q1 2026 revenue of $2.5 billion, up 11% year over year, with adjusted EPS up 67% year over year, as of May 7, 2026. FY2025 revenue hit a record $10.3 billion with 34% adjusted EPS growth, though its stock was still down about 23% year to date by July 2026.
Why is Cushman & Wakefield stock falling despite record revenue?: Despite FY2025 revenue of $10.3 billion (up 9%) and Q1 2026 revenue growth of 11%, CWK shares were down roughly 23% year to date as of July 23, 2026, near a 52-week low of $11.57, reflecting investor concern over slower capital-markets growth versus rivals like Newmark and pending antitrust litigation.
Could AI replace Cushman & Wakefield brokers?: AI can automate comps, lease abstraction, valuation modeling and portfolio reporting, but licensed broker transactions, fiduciary liability, and client relationships resist automation. C&W launched its own AI Impact Barometer in February 2026 to track AI's effect on real estate demand rather than treating it purely as a threat.
Who is Cushman & Wakefield's biggest competitor?: CBRE and JLL are larger incumbents, each roughly 2 to 3 times C&W's scale, while Newmark is the fastest-growing rival, posting 27.2% revenue growth in Q1 2026 versus C&W's 11%. Capital-markets growth at JLL and Colliers (both +47% in Q1 2026) also outpaced C&W.
Who owns Cushman & Wakefield?: Cushman & Wakefield is publicly traded on the NYSE under ticker CWK, majority-owned by an investor group formed via the 2015 DTZ merger led by TPG, PAG Asia Capital, and Ontario Teachers' Pension Plan. As of July 23, 2026, its market capitalization was approximately $2.93 billion.
What is the CoStar antitrust lawsuit against Cushman & Wakefield about?: Filed June 12, 2026 as FitFactariDC LLC v. CoStar et al., the class action names CoStar, CBRE, JLL, Cushman & Wakefield, Colliers, and Newmark as alleged co-conspirators in a hub-and-spoke lease-data price-fixing scheme across 49 U.S. metro markets since June 2022, with an initial hearing set for August 19, 2026.

Timeline

2026-07-17US office vacancy fell YoY second straight quarter to 20.1 percent per C&W research
2026-06-30Amended credit facility and partially redeemed 2028 notes
2026-06-25Federal harassment and retaliation lawsuit filed against company in SDNY
2026-06-12Named in CoStar-led antitrust class action over lease-data price-fixing
2026-05-07Q1 2026 revenue reached $2.5 billion, up 11 percent YoY, record Q1
2026-04-10Cushman sued Sotheby's over alleged unpaid $10 million commission
2026-03-03Kvek v. Cushman & Wakefield ERISA climate-risk 401k lawsuit filed
2026-02-19FY2025 results: record revenue $10.3 billion, up 9 percent YoY
2026-02-19Launched AI Impact Barometer to track AI's economic impact on real estate
2015-09-01DTZ merger completed, forming current Cushman & Wakefield entity

Revision history

24 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

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