Cushman & Wakefield Ltd. Revenue Disclosure
| 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 | |||||||||
| 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 | ||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
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.