Cushman & Wakefield Ltd.CWK
Cushman & Wakefield Ltd. Segments Disclosure
Note 3: Segment Data
The Company reports its operations through the following segments: (1) Americas, (2) Europe, Middle East and Africa (“EMEA”) and (3) Asia Pacific (“APAC”). The Americas consists of operations located in the United States, Canada and other markets in North and South America. EMEA includes operations in the United Kingdom, France, the Netherlands and other markets in Europe and the Middle East. APAC includes operations in Australia, Singapore, India and other markets in the Asia Pacific region.
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is the profitability metric reported to the chief operating decision maker (“CODM”), the Chief Executive Officer, for purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The Company does not use other measures of segment profit or loss. The CODM uses Adjusted EBITDA to evaluate operating performance, develop budgets and forecasts, and to assist our investors in analyzing the underlying performance of our business. Adjusted EBITDA is also used to determine future allocation of financial and capital resources, including compensation.
The Company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business before unrealized (gain) loss on investments, net, impairment of investments, loss on dispositions, net, acquisition related costs, cost savings initiatives, system implementation costs, loss (gain) from insurance proceeds, net of legal fees, non-operating items related to the Greystone JV (as defined below) and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income taxes and the non-cash accounting effects of depreciation and intangible asset amortization.
As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below.
The following tables present financial information for each reportable segment including segment revenue, significant segment expenses, Adjusted EBITDA and related reconciliations (in millions):
| Year Ended December 31, 2025 | ||||||||||||||
Americas | EMEA | APAC | Total | |||||||||||
| Revenue | $ | 7,511.1 | $ | 1,065.5 | $ | 1,711.6 | $ | 10,288.2 | ||||||
Less: | ||||||||||||||
| Cost of gross contract reimbursables | $ | 2,521.9 | $ | 145.2 | $ | 559.8 | $ | 3,226.9 | ||||||
| Direct employment costs | 3,249.1 | 434.1 | 444.2 | 4,127.4 | ||||||||||
Other direct costs | 457.1 | 142.3 | 454.5 | 1,053.9 | ||||||||||
| Indirect and overhead employment costs | 494.5 | 137.6 | 125.2 | 757.3 | ||||||||||
Other indirect and overhead costs | 373.8 | 114.1 | 72.0 | 559.9 | ||||||||||
Other segment items(1) | (66.1) | (7.8) | (19.5) | (93.4) | ||||||||||
| Adjusted EBITDA | $ | 480.8 | $ | 100.0 | $ | 75.4 | $ | 656.2 | ||||||
| Year Ended December 31, 2024 | ||||||||||||||
Americas | EMEA | APAC | Total | |||||||||||
| Revenue | $ | 6,998.0 | $ | 953.2 | $ | 1,495.3 | $ | 9,446.5 | ||||||
| Less: | ||||||||||||||
| Cost of gross contract reimbursables | $ | 2,314.8 | $ | 125.7 | $ | 416.8 | $ | 2,857.3 | ||||||
| Direct employment costs | 3,015.0 | 390.4 | 422.5 | 3,827.9 | ||||||||||
Other direct costs | 480.2 | 119.2 | 435.6 | 1,035.0 | ||||||||||
| Indirect and overhead employment costs | 426.9 | 125.2 | 110.0 | 662.1 | ||||||||||
Other indirect and overhead costs | 377.2 | 120.6 | 64.2 | 562.0 | ||||||||||
Other segment items(1) | (52.5) | (2.4) | (24.8) | (79.7) | ||||||||||
| Adjusted EBITDA | $ | 436.4 | $ | 74.5 | $ | 71.0 | $ | 581.9 | ||||||
| Year Ended December 31, 2023 | ||||||||||||||
Americas | EMEA | APAC | Total | |||||||||||
| Revenue | $ | 7,129.0 | $ | 973.7 | $ | 1,391.0 | $ | 9,493.7 | ||||||
| Less: | ||||||||||||||
| Cost of gross contract reimbursables | $ | 2,506.9 | $ | 115.2 | $ | 340.2 | $ | 2,962.3 | ||||||
| Direct employment costs | 2,857.7 | 394.4 | 427.5 | 3,679.6 | ||||||||||
Other direct costs | 615.6 | 163.4 | 420.7 | 1,199.7 | ||||||||||
| Indirect and overhead employment costs | 449.3 | 137.0 | 111.0 | 697.3 | ||||||||||
Other indirect and overhead costs | 382.8 | 120.1 | 62.6 | 565.5 | ||||||||||
Other segment items(1) | (112.9) | (33.8) | (34.1) | (180.8) | ||||||||||
| Adjusted EBITDA | $ | 429.6 | $ | 77.4 | $ | 63.1 | $ | 570.1 | ||||||
(1) Other segment items in the tables above include, for each reportable segment, (loss) earnings from equity method investments, as well as certain non-GAAP adjustments for unusual, non-recurring or non-operating items used to calculate Adjusted EBITDA. See reconciliation of Net income (loss) to Adjusted EBITDA below.
The following table includes a reconciliation of Net income (loss) to Adjusted EBITDA (in millions):
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
Net income (loss) | $ | 88.2 | $ | 131.3 | $ | (35.4) | |||||
Adjustments: | |||||||||||
| Depreciation and amortization | 104.2 | 122.2 | 145.6 | ||||||||
| Interest expense, net of interest income | 216.2 | 229.9 | 281.1 | ||||||||
| Provision for income taxes | 26.0 | 44.5 | 5.4 | ||||||||
| Unrealized (gain) loss on investments, net | (26.1) | 0.8 | 27.8 | ||||||||
| Impairment of investments | 183.5 | — | — | ||||||||
| 1.1 | 18.4 | 1.8 | |||||||||
| Integration and other costs related to merger | — | — | 11.2 | ||||||||
| Acquisition related costs | 0.8 | — | 14.2 | ||||||||
| Cost savings initiatives | — | 28.9 | 55.6 | ||||||||
System implementation costs | 5.6 | — | — | ||||||||
| CEO transition costs | — | — | 8.3 | ||||||||
| Servicing liability fees and amortization | — | — | 11.7 | ||||||||
| Legal and compliance matters | — | — | 23.0 | ||||||||
| Loss (gain) from insurance proceeds, net of legal fees | 2.7 | (16.5) | 1.1 | ||||||||
| Non-operating items related to the Greystone JV | 37.4 | — | — | ||||||||
| Other | 16.6 | 22.4 | 18.7 | ||||||||
Adjusted EBITDA | $ | 656.2 | $ | 581.9 | $ | 570.1 | |||||
Geographic Information
Revenue in the table below is allocated based upon the country in which services are performed (in millions):
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| United States | $ | 7,077.4 | $ | 6,680.1 | $ | 6,810.7 | |||||
| Australia | 501.8 | 466.2 | 472.5 | ||||||||
| Singapore | 420.7 | 380.7 | 335.7 | ||||||||
| All other countries | 2,288.3 | 1,919.5 | 1,874.8 | ||||||||
Total revenue | $ | 10,288.2 | $ | 9,446.5 | $ | 9,493.7 | |||||
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.