Note 5: Revenue

Disaggregation of Revenue

The Company has chosen to disclose revenue by service line based on the nature and timing of revenue recognition. The following tables disaggregate revenue by reportable segment and service line (in millions):


		Year Ended December 31, 2025
	Revenue recognition timing	Americas		EMEA		APAC		Total
Services	Over time	$	4,964.0	$	519.9	$	1,336.9	$	6,820.8
Leasing	At a point in time	1,695.8		239.2		187.9		2,122.9
Capital markets	At a point in time	668.0		109.6		82.2		859.8
Valuation and other	At a point in time or over time	183.3		196.8		104.6		484.7
Total revenue		$	7,511.1	$	1,065.5	$	1,711.6	$	10,288.2


		Year Ended December 31, 2024
	Revenue recognition timing	Americas		EMEA		APAC		Total
Services	Over time	$	4,705.1	$	454.7	$	1,143.7	$	6,303.5
Leasing	At a point in time	1,560.3		227.3		185.6		1,973.2
Capital markets	At a point in time	566.6		91.5		65.6		723.7
Valuation and other	At a point in time or over time	166.0		179.7		100.4		446.1
Total revenue		$	6,998.0	$	953.2	$	1,495.3	$	9,446.5


		Year Ended December 31, 2023
	Revenue recognition timing	Americas		EMEA		APAC		Total
Services	Over time	$	4,973.2	$	484.0	$	1,046.9	$	6,504.1
Leasing	At a point in time	1,445.3		230.0		176.3		1,851.6
Capital markets	At a point in time	558.9		83.5		55.2		697.6
Valuation and other	At a point in time or over time	151.6		176.2		112.6		440.4
Total revenue		$	7,129.0	$	973.7	$	1,391.0	$	9,493.7

Contract Balances

The Company receives payments from customers based upon contractual billing schedules and accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the contractual right to consideration for completed performance obligations not yet available to be invoiced. Contract liabilities are recorded when cash payments are received in advance of performance, including amounts which are refundable.

The following table provides information on contract assets and contract liabilities from contracts with customers included in the Consolidated Balance Sheets (in millions):


	As of December 31,
	2025		2024
Short-term contract assets	$	320.9	$	325.7
Contract asset allowances	(19.5)		(24.3)
Short-term contract assets, net	301.4		301.4

Non-current contract assets	63.1		69.0
Contract asset allowances	(2.8)		(2.2)
Non-current contract assets, net included in Other non-current assets	60.3		66.8

Total contract assets, net	$	361.7	$	368.2

Contract liabilities included in Accounts payable and accrued expenses	$	86.6	$	68.0
Contract liabilities included in Other non-current liabilities	17.4		—
Total contract liabilities	$	104.0	$	68.0

The amount of revenue recognized during the year ended December 31, 2025 that was included in the contract liabilities balance at the beginning of the period was $49.8 million. The Company had no material asset impairment charges related to contract assets in the periods presented.

Practical Expedient

The Company incurs incremental costs to obtain new contracts across certain of its service lines. As the amortization period of those expenses is 12 months or less, the Company expenses those incremental costs of obtaining the contracts in accordance with Topic 606.

Remaining performance obligations represent the aggregate transaction prices for contracts where the performance obligations have not yet been satisfied. In accordance with Topic 606, the Company does not disclose unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which the Company recognizes revenue in the amount to which we have the right to invoice for services performed and (iii) variable consideration for services performed as a series of daily performance obligations, such as those performed within the Services service line. Performance obligations within such Services contracts represent a significant portion of the Company’s contracts with customers not expected to be completed within 12 months.

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Cushman & Wakefield Ltd. Revenue Disclosure

About Revenue Disclosures

Other Available Disclosures