Cushman & Wakefield (CWK) Earnings Transcript

Image source: The Motley Fool.

Thursday, February 19, 2026 astatine 9 a.m. ET

• Chief Executive Officer — Michelle MacKay

• Chief Financial Officer — Neil O. Johnston

Michelle MacKay. Thank you, Megan. I privation to commencement by saying I americium excited. I americium excited due to the fact that of the exceptional results we delivered successful 2025. I americium excited due to the fact that of the three-year fiscal targets and strategy we laid retired astatine Investor Day. And I americium excited due to the fact that of the transformational improvement we are seeing with AI. Starting with our 2025 results, we consistently and successfully executed against our targets, outperforming connected galore fronts.

In 2025, we delivered 34% adjusted net per stock growth, the highest full gross and highest leasing gross successful institution history, much than 100% escaped currency travel conversion, and we ended the twelvemonth astatine a nett leverage ratio of 2.9 times, astir a afloat twelvemonth up of our archetypal expectations. In summation to this, we exited the twelvemonth with momentum, particularly successful superior markets wherever we delivered 15% maturation successful the 4th quarter. Our leasing concern continued its accordant and coagulated performance, contributing to our beardown escaped currency flow. And our services businesses proceed to marque strides connected caller concern wins, retention, and moving up the worth chain.

I americium besides excited astir the three-year fiscal targets we presented to you astatine Investor Day successful December, including 15% to 20% yearly adjusted EPS growth. We person assurance successful these targets and the strategical maturation priorities we outlined. We already spot aboriginal indicators of occurrence successful these high-growth areas, peculiarly successful The Americas, and multi-market leasing grew wherever superior markets was up 19% successful Q4, 33% successful 2025. We besides spoke astir however our enactment shows up arsenic an endeavor for our clients. Let maine item an illustration of this work. We precocious won an integrated portfolio absorption mandate from a ample planetary corporation. But wherefore did we win?

During the RFP process, we showed up arsenic a team, not conscionable a radical of individuals. We worked with the lawsuit not to conscionable triumph their business, but to supply integrated execution crossed each of their locations.

Michelle MacKay: We displaced the incumbent,

Unknown: Now

Michelle MacKay: fto america speech astir the transformational improvement we are seeing successful AI. Make nary mistake. AI volition make winners and losers. Winners volition beryllium trusted partners that supply advisory-led, relationship-driven solutions to their clients for analyzable problems. They volition person ample platforms and planetary execution capabilities. They volition person level organizational structures with alteration makers successful enactment roles. Winners volition person embedded a civilization of change, not constrained by accepted operating models and ways of working. They volition beryllium de-siloed, integrated enterprises with unfastened information and accusation flow. And astir importantly, they volition person proprietary information astatine standard that crosses some the advisory and services businesses.