Cushman & Wakefield delivered strong financial performance in the fourth quarter of 2024, driven by robust growth in capital markets and leasing revenue. The company reported a 3% increase in total revenue to $2.6 billion, with capital markets revenue surging 35% and leasing revenue growing 6%, primarily due to strong office leasing activity in the Americas. Net income for the quarter increased by $43.1 million to $112.9 million, translating to diluted earnings per share of $0.48, up from $0.30 in the prior year. Adjusted EBITDA rose 4% to $222.3 million, with an 11.9% adjusted EBITDA margin.

For the full year, Cushman & Wakefield generated $9.4 billion in revenue, reflecting a slight decline of $47.2 million compared to 2023. Despite this, leasing revenue grew 7%, and capital markets revenue increased 4%, driven by industrial, retail, and office sectors. Net income saw a significant turnaround, reaching $131.3 million, compared to a net loss of $35.4 million in 2023. Diluted earnings per share improved to $0.56 from a loss of $0.16 in the prior year. Adjusted EBITDA increased 2% to $581.9 million, with a stable 8.8% margin.

Cash flow generation improved notably, with net cash from operations totaling $208 million and free cash flow rising by $65.8 million to $167 million. The company ended the year with $1.9 billion in liquidity, including $1.1 billion available under its undrawn revolving credit facility and $0.8 billion in cash.

CEO Michelle MacKay highlighted the company’s momentum heading into 2025, emphasizing improved investor and occupier sentiment and positioning for sustained growth in the commercial real estate sector.