Cushman & Wakefield announced on Wednesday that its second-quarter results were strong enough to lift the commercial real estate services provider's full-year earnings per share forecast. Michelle MacKay, CEO of C&W, stated during the company's conference call that this year's results showed Cushman & Wakefield had quickly regained its strength. She emphasised that the company not only met but exceeded expectations in the current quarter, setting several company records.
Records include the highest total revenue in a second quarter in the company's history, the highest revenue from leasing and services in a second quarter, and the lowest gross debt level the company has ever recorded. Revenue for the second quarter of 2026 increased by 11 percent year-on-year to US$2.8 billion, while adjusted diluted earnings per share (EPS) rose annually by 17 percent to 35 cents per share.
Strong Growth and Upgraded Forecast
C&W's revenue for the second quarter of 2026 surpassed the Zacks Consensus Estimate by 4.6 percent. EPS just narrowly missed analysts' expectations of 36 cents per share. MacKay highlighted that the company achieved double-digit growth in adjusted EPS for the sixth consecutive quarter. She recalled the three-year growth plans presented at the Investor Day in December and the annual EPS targets communicated at that time. Just two quarters later, the forecast for the first year is being raised.
The annual forecast for adjusted earnings per share has been revised and now reflects an expected growth of between 18 and 23 percent, compared to C&W's previous forecast which projected growth between 15 and 20 percent for the year. This result, MacKay stated, is organic and driven by a global platform that still offers significant potential.
Momentum in Leasing Business
Leasing activity proved particularly strong this quarter, with revenue growth of 27 percent year-on-year to US$628.5 million. This momentum was driven by increasing deal sizes in the American market as well as sustained demand in the office, industrial, and data centre segments. MacKay described the leasing business as a consistent performer, which is the result of a combination of global strategic advice and precise local execution.
- —Cushman & Wakefield is gaining global market share in advising on the largest and most complex leasing transactions worldwide.
- —The company is continuously expanding its platform in high-growth asset classes.
- —Robust leasing activities contributed significantly to the record revenue.
