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Cushman & Wakefield Reports Financial Results for The Full Year and Fourth Quarter 2023 | Cushman & Wakefield
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class="container" style="" > <div class="page-title" data-dttype="PressReleaseDetailPage"> <h1 class="page-title-news">Cushman & Wakefield Reports Financial Results for The Full Year and Fourth Quarter 2023</h1> <h5 class="page-title-sub"><a href="/en/united-states/people/aixa-velez">Aixa Velez</a> • 2/20/2024</h5> </div> <div> <div class="page-content-body rich-text"> <p>CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the full year and fourth quarter of 2023:<br /> <br /> <strong><em>Full Year 2023 Results<br /> </em></strong></p> <ul> <li>Revenue of $9.5 billion and service line fee revenue of $6.5 billion for the year ended December 31, 2023 decreased 6% and 10%, respectively, from the year ended December 31, 2022.<br /> <ul> <li>Property, facilities and project management grew 3%, primarily driven by the Americas and APAC.<br /> Leasing, Capital markets and Valuation and other declined 12%, 41% and 12%, respectively.</li> </ul> </li> <li>Net loss and diluted loss per share for the year ended December 31, 2023 were $35.4 million and $0.16, respectively.<br /> <ul> <li>Adjusted EBITDA of $570.1 million was down 37% from the year ended December 31, 2022.</li> <li>Adjusted diluted earnings per share of $0.84 was down from $2.00 in the year ended December 31, 2022.</li> </ul> </li> <li>Net cash provided by operating activities was $152.2 million and we generated $101.2 million of free cash flow during the year ended December 31, 2023.</li> <li>Liquidity as of December 31, 2023 was $1.9 billion, consisting of availability on the Company’s undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.8 billion.</li> </ul> <p><strong><em>Fourth Quarter 2023 Results</em></strong></p> <ul> <li>Revenue of $2.6 billion and service line fee revenue of $1.8 billion for the fourth quarter of 2023 decreased 4% and 2%, respectively, from the fourth quarter of 2022.<br /> <ul> <li>Leasing increased 5%, with growth in all three geographic segments.</li> <li>Property, facilities and project management increased 2%, with strength in property management and facilities services.</li> <li>Capital markets and Valuation and other declined 31% and 3%, respectively.</li> </ul> </li> <li>Net income and diluted earnings per share for the fourth quarter of 2023 were $69.8 million and $0.30, respectively.<br /> <ul> <li>Adjusted EBITDA of $213.1 million was down 3% from the fourth quarter of 2022.</li> <li>Adjusted diluted earnings per share of $0.45 was down from $0.46 in the fourth quarter of 2022. </li> </ul> </li> </ul> <p> <span class="blockquote">“Our Cushman & Wakefield team accomplished a great deal in 2023,” said <a href="https://www.cushmanwakefield.com/es-es">Michelle MacKay</a>, Cushman & Wakefield Chief Executive Officer. “To strengthen the core of our business and position the Company for long-term growth, we completed two debt refinancings, improved free cash flow, and reduced costs. We remain focused on unlocking meaningful value in 2024 and beyond by continuing to provide insightful advice, specialized expertise and disciplined execution for our clients.”</span></p> <p> <strong><a rel="noopener noreferrer" href="https://ir.cushmanwakefield.com/news/press-release-details/2024/Cushman--Wakefield-Reports-Financial-Results-for-the-Fourth-Quarter-and-Full-Year-2023/default.aspx" target="_blank" title="Read full press release">View full press release.</a></strong></p> <p> </p> <p><span><strong>INVESTOR RELATIONS:</strong></span><br /> Megan McGrath <br /> +1 312 338 7860<br /> <a href="mailto:IR@cushwake.com" style="background-color: #ffffff;">IR@cushwake.com</a></p> </div> </div> <div class="rich-text"> <p> </p> </div> </section> <div class="container"> <div class="row"> <div class="col-lg-8" style=""> <section style=""> <div class="rich-text"> <strong>About Cushman & Wakefield</strong><br /> Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit <a href="/en">www.cushmanwakefield.com</a>. </div> </section> </div> <div class="col-lg-4" style=""> <section style=""> <div class="sidebar"> <div class="sidebar-body"> <h4 class="text-uppercase">Media Contact</h4> <hr> <ul class="list-unstyled"> <li class="mt-3"> <a class="font-weight-bold" href="/en/united-states/people/aixa-velez">Aixa Velez</a> <br>SVP, Global Corporate Communications & Marketing </li> </ul> </div> </div> </section> </div> </div> </div> <section class="container-fluid" style="" > <div class="hero mix_hero-prefooter js-hero"> <div class="hero-animation-container"> <div class="hero-prefooter-stripes"></div> </div> <div class="container"> <div class="row align-items-center"> <div class="col-lg-7 offset-lg-1"> <h3 class="text-uppercase">CAN'T FIND WHAT YOU'RE LOOKING FOR?</h3> <div class="rich-text"><p>Get in touch with one of our professionals.</p></div> </div> <div class="col-lg-2 offset-lg-1"> <a href="/es-es/inquire" class="btn btn-primary" target="_self" >CONTACT US</a> </div> </div> </div> </div> </section> <div class="cookiecontent"> <!-- BEGIN NOINDEX --> <div id="banner_title" class="desc_text"> Your privacy matters to us </div> <div id="description_text" class="desc_text"> With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.<br /> <br /> Alternatively click on More Options and select your preferences before providing or refusing consent. 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