Cushman & Wakefield reported second-quarter 2026 revenue of $2.76 billion, up 11% year-over-year, as a surge in leasing activity offset a soft patch in capital markets. The results, disclosed Wednesday in a filing with the Securities and Exchange Commission, mark the commercial real estate services giant’s strongest second-quarter leasing and services revenue on record, according to the company.
The Chicago-based firm, one of the largest commercial real estate brokerages in the world alongside CBRE and Newmark, said adjusted EBITDA climbed 14% to $183.6 million from $161.7 million a year earlier, while adjusted earnings per share rose 17% to $0.35. On a GAAP basis, net income fell 8% to $52.7 million, or $0.22 per diluted share, down from $0.25 a year ago β a gap the company attributed largely to one-time items rather than underlying operating performance. Cushman & Wakefield disclosed the results in a Form 8-K earnings release filed with the SEC.
Leasing Leads a Broad Recovery
The quarter’s standout was leasing, where revenue jumped 27% year-over-year to $628.5 million, powered almost entirely by the Americas, where leasing revenue rose 35% to $523.5 million. The company pointed to growth “across all deal sizes,” with particular strength in office and industrial leasing, including data center facilities β a category that has drawn outsized demand from cloud and AI infrastructure buildouts across the commercial real estate sector this year.
Services revenue, the company’s largest line and a proxy for its property and facilities management business, rose 8% to roughly $1.80 billion, which Cushman & Wakefield attributed to new client wins and expanded mandates; facilities management revenue alone grew by about $55 million. Valuation and other revenue increased 10% to $126.4 million.
Capital markets was the lone soft spot, with revenue down 1% to $206.4 million. The company said the decline was concentrated in the Americas, where capital markets revenue fell 6% on weaker mid-sized transaction volume, “most notably in the multi-family sector,” partially offset by growth in EMEA and Asia-Pacific. Regionally, Americas adjusted EBITDA rose 23% to $136.0 million, while EMEA adjusted EBITDA fell 18% to $28.0 million and APAC rose 14% to $19.6 million.
“We didn’t just meet the bar this quarter β we moved it, with record second quarter leasing, services and total revenues,” said Michelle MacKay, Cushman & Wakefield’s chief executive officer, in the earnings release.
Guidance Raised, Balance Sheet Trimmed
Cushman & Wakefield raised its full-year 2026 adjusted EPS growth target to a range of 18% to 23%, up from the 15% to 20% range it had previously guided to, implying continued momentum in leasing and services through the back half of the year, according to the company.
The company also detailed several balance-sheet moves during the quarter: it amended its credit agreement in June to cut the interest rate on its senior secured term loan by 50 basis points, to one-month Term SOFR plus 2.25%, while extending the loan’s maturity to 2033 β what the company called its lowest borrowing spread in company history. Cushman & Wakefield also redeemed $450 million of its 2028 senior secured notes during the quarter. As of quarter-end, the company reported total liquidity of $1.5 billion, comprising a fully undrawn $1.0 billion revolving credit facility and roughly $500 million of cash, against net debt of $2.1 billion.
What It Means
Verified facts: The revenue, EBITDA, EPS, segment-level, and debt figures above come directly from Cushman & Wakefield’s SEC filing and press release for the quarter ended June 30, 2026. First-half 2026 revenue totaled $5.30 billion, up 11% year-over-year, while first-half net income of $40.1 million was down 32% from the prior-year period.
Attributed interpretation: Cushman & Wakefield frames the quarter as evidence of a broadening commercial real estate leasing recovery, particularly in office and industrial space, and points to facilities-management wins as a source of recurring, less-cyclical revenue. Those are the company’s own characterizations of its results and should be read as such β the firm has an obvious interest in emphasizing strength over the capital markets softness in its core U.S. business.
RealtyWire analysis: The divergence between GAAP net income (down) and adjusted metrics (up sharply) is common in earnings season but worth flagging: it typically reflects one-time charges, stock compensation, or transaction-related costs excluded from adjusted figures, and investors weighing the raised guidance should keep both sets of numbers in view. The capital markets softness, concentrated in mid-sized multifamily deals in the Americas, echoes a theme showing up elsewhere this earnings season, including at rival brokerages, as investment sales activity recovers unevenly by property type and deal size.
What to Watch
Investors will be watching whether leasing momentum β especially in data centers and industrial β holds through the second half of 2026, and whether capital markets activity in the multifamily sector stabilizes as interest-rate expectations evolve. Cushman & Wakefield’s raised full-year guidance sets a higher bar for the third and fourth quarters; management is expected to provide further detail on the trajectory during its August 5 earnings call.
