NYSE$CWK
Cushman & Wakefield PLC · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Cushman & Wakefield's financial results for Q3 2023 were reported, showing a decrease in revenue and a net loss, but with sequential EBITDA and margin improvement due to cost efficiency efforts.
For the third quarter of 2023, Cushman & Wakefield reported a revenue of $2.3 billion, a decrease of 9% compared to the same period in 2022. The company experienced a net loss of $33.9 million, and adjusted EBITDA was $150.0 million, down 26% year-over-year. Despite these declines, the company highlighted improvements in free cash flow and cost efficiency efforts.
- Revenue decreased by 9% to $2.3 billion compared to Q3 2022.
- Net loss was $33.9 million, a decrease compared to a net income of $23.9 million in Q3 2022.
- Adjusted EBITDA decreased by 26% to $150.0 million compared to Q3 2022.
- The company focused on refinancing debt and improving cost efficiency.
Headline financials
Revenue & EPS history
Cushman & Wakefield · Revenue · Quarterly
$2.29B
Revenue by segment
Cushman & Wakefield · $2.3B total across 4 segments · Q3 2023
- Services$1.59B—69.1%
- Leasing$436M-16.0%19.0%
- Capital Markets$176M-33.0%7.7%
- Valuation & Other$97.3M-16.7%4.2%
Forward guidance
Cushman & Wakefield is focused on creating additional flexibility and optionality in its business, anticipating market trends, and capturing first-mover advantage as the market recovers.
Tailwinds
- Providing compelling solutions and outstanding execution to clients.
- Client-centric approach.
- Proprietary data and insights.
- Dedicated team.
- Better anticipate market trends as the market recovers.
Headwinds
- Challenging macroeconomic environment.
- Interest rate uncertainty.
- Adversely affect commercial real estate transaction volumes.
- Delay occupier decision making.
- Complex and evolving built world.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.2%
Avg return
Earnings day
-0.2%
Avg return
5 days after
-2.3%
Avg return
30 days after
42%
15 / 36 earnings
Positive
+16.4%
Q3 2024
Best reaction
-13.9%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.4% | -7.7% | -7.6% | |
| Q4 2025 | -3.2% | +0.1% | -12.7% | |
| Q3 2025 | -2.1% | -5.4% | +1.3% | |
| Q1 2025 | +4.4% | +11.9% | +12.4% | |
| Q4 2024 | -6.0% | -8.9% | -19.8% | |
| Q3 2024 | +16.4% | +14.5% | +16.0% | |
| Q2 2024 | -5.2% | -8.4% | -4.3% | |
| Q1 2024 | -0.7% | +3.1% | +10.8% | |
| Q4 2023 | -13.1% | -14.7% | -11.2% | |
| Q3 2023 | +10.3% | +23.7% | +24.6% | |
| Q2 2023 | +6.1% | +6.9% | -4.6% | |
| Q1 2023 | -13.9% | -17.3% | -7.9% | |
| Q4 2022 | -2.4% | -2.7% | -26.4% | |
| Q3 2022 | -2.4% | -3.0% | +10.3% | |
| Q2 2022 | -4.2% | -5.2% | -12.5% | |
| Q1 2022 | -2.8% | -6.0% | -5.7% | |
| Q4 2021 | +4.5% | -3.6% | -9.0% | |
| Q3 2021 | +6.5% | +2.7% | +0.4% | |
| Q2 2021 | -0.9% | -1.5% | -3.9% | |
| Q1 2021 | +6.7% | +2.3% | +3.3% | |
| Q4 2020 | -9.7% | -13.2% | -3.4% | |
| Q3 2020 | -3.8% | +10.5% | +26.0% | |
| Q2 2020 | +1.8% | +8.3% | +8.1% | |
| Q1 2020 | +3.3% | -9.8% | +23.6% | |
| Q4 2019 | +5.6% | +8.3% | -30.9% | |
| Q3 2019 | -4.5% | -2.3% | -0.9% | |
| Q2 2019 | -6.1% | -11.6% | -15.1% | |
| Q1 2018 | -6.1% | -7.1% | -7.2% | |
| Q1 2019 | -6.2% | -7.4% | -11.8% | |
| Q2 2018 | -1.4% | -0.4% | -5.7% | |
| Q4 2018 | -0.4% | +3.0% | -3.3% | |
| Q3 2017 | +8.5% | +8.4% | -1.4% | |
| Q3 2018 | +13.2% | +11.0% | +4.1% | |
| Q1 2017 | +2.2% | +5.9% | -5.8% | |
| Q2 2017 | +2.2% | +5.9% | -5.8% | |
| Q4 2017 | +2.2% | +4.3% | -5.7% |
Discussion
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