Cushman & Wakefield Business Summary

Cushman & Wakefield plc (CWK) operates a diversified global commercial real estate services model that generated $10.3 billion in revenue for the full year 2025. The company’s revenue stream is balanced between recurring contractual fees from its Services segment—encompassing property, facilities, and project management—and transaction-based commissions derived from its Leasing and Capital Markets divisions. This dual structure allows the firm to maintain stable cash flows through its management contracts while capturing significant upside during periods of high investment activity and market volatility. As a dominant member of the industry’s "Big Three" global providers, Cushman & Wakefield competes directly with CBRE Group, JLL (Jones Lang LaSalle), and Colliers International, maintaining a premium market position through its specialized advisory services and an extensive global footprint across approximately 60 countries. Originally founded in 1917 by J. Clydesdale Cushman and Bernard Wakefield, the modern iteration of the firm was solidified via a 2015 merger with DTZ, backed by a private equity consortium led by TPG Capital. The leadership team is currently headed by Global Chief Executive Officer Michelle MacKay, who previously served as the firm’s President and COO and brings over three decades of real estate experience from iStar and Brookfield. She is supported by Global President and COO Andrew McDonald and Global Chief Financial Officer Neil Johnston, while Salumeh Companieh leads the firm’s technological initiatives as Chief Digital & Information Officer. The board is chaired by Brett White, the former CEO of both Cushman & Wakefield and CBRE, with major institutional ownership held by prominent investors including Vanguard Group and BlackRock.