Cushman & Wakefield Ltd. (CWK) 2Q26 First Take Top line beat and guidance raised, but Cap Markets softer

Equity Research 5 August 2026 | 4:57AM PDT

Cushman & Wakefield Ltd. (CWK): 2Q26 First Take: Top-line beat and guidance raised, but Cap Markets softer

CWK reported 2Q26 Adj. EPS of $0.35, in line with both GSe and Consensus, and Adj. Julien Blouin | EBITDA of $183.6mn (above GS/Cons of $180mn/$175.1mn), driven primarily by a Goldman Sachs & Co. LLC strong revenue beat across segments (except Capital Markets), partially offset by Ryan Treais lower-than-expected EBITDA margins in EMEA and APAC. | Goldman Sachs & Co. LLC

Details by segment: Shikhar Gupta | n Services: CWK achieved 8% revenue growth, stronger than GSe/Cons of Goldman Sachs India SPL

6.5%/5.5%. This was driven by expansions in existing facilities management mandates and project management work in the Americas. EMEA and APAC reflected continued growth in their strong regions in facilities and project management (U.K., Ireland, Australia, Singapore). n Leasing: CWK achieved 27.5% revenue growth, well above GSe and Consensus of 7.4%/10.8%, due to strength in the Americas, especially office and industrial transactions (including data centers). Management noted weakness in EMEA due to timing variance and macro uncertainty. n Capital Markets: CWK’s topline declined by 1% YoY vs. GSe/Consensus of +8.2%/+9.4%. The decline was driven by lower mid-size transactions in the Americas (particularly multifamily), with growth of -6% YoY in LC.

2026 guidance updated: Management updated their previously issued guidance with Adj. EPS growth now expected in the range of 18%-23% vs prior range of 15%-20%, vs GSe of +20%. Management now expects to be at the mid-to-high end of their prior revenue growth guidance range of 6%-8%, which is in-line with GSe of +8%.

Overall Adjusted EBITDA Margins of 6.6% was below GSe but inline with consensus at 6.8%/6.6%.

n Americas: Americas margins came in at +6.8% better than GSe/Cons of +6.6%/+6.4% n EMEA: EMEA margins came in at +9.5% below GSe/Cons estimates of +11.1%/+11.7% (against a tough 2Q25 comparison). n APAC: APAC margins came in at +4.2%, above GSe but below Cons at +3.8%/4.3%.

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Goldman Sachs Cushman & Wakefield Ltd. (CWK)

Implication: We expect CWK to perform in-line, where raised guidance and strong topline growth in leasing and services, is balanced by weaker capital market revenue growth and weaker than expected EMEA margins.

Earnings Results versus GS Expectations

Exhibit 1: 2Q26 GS estimates vs actuals (US$ in millions except per share date and %) 2Q26 Difference Actual GS Consensus GS Consensus Property, Facilities and management service 8.0% 6.5% 5.5% 1.5% 2.5% Leasing 27.5% 7.4% 10.8% 20.0% 16.6% Capital Markets -0.7% 8.2% 9.4% -8.9% -10.1% Valuation and other 9.9% 5.9% 5.7% 4.0% 4.2% Total Revenues 11.2% 6.8% 7.5% 4.4% 3.7%

Adj. EBITDA Margin (total revenue) Americas 6.8% 6.6% 6.4% 0.2% 0.4% EMEA 9.5% 11.1% 11.7% -1.6% -2.2% APAC 4.2% 3.8% 4.3% 0.4% -0.2% Adjusted EBITDA $183.6 $180.1 $175.7 1.9% 4.5% YoY Growth 13.5% 11.4% 8.7% Adj. EBITDA Margin (On Total rev) 6.6% 6.8% 6.6% -0.1% 0.1%

Adjusted EPS $0.35 $0.35 $0.35 1.3% 0.4% YoY Growth 16.7% 15.5% 16.2%

Source: Company data, Visible Alpha Consensus Data, Goldman Sachs Global Investment Research

Rating: Our CWK (Buy) 12-month price target of $17 is based on a target Q5-Q8 Adj. EPS multiple of 10.6x and an EV/EBITDA multiple of 7.1x.

Downside risks: Transaction and leasing volumes lower than expected led by macro and/or geopolitical issues, reduced capital availability and higher capital costs than expected, resilient business growth slower than forecast, or margin pressures, company fails to continue reducing leverage.