Cushman & Wakefield plc (CWK) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -243.5M | 257.3M | 235.5M | 9.6M | -162M | 115.2M | 196.1M | 21.8M | -125.1M | 202.4M | 188.1M | -16.8M | -221.5M | 243.7M | 51.7M | -88.1M | -158.2M | 299.2M | 163.4M | 103.3M |
| Operating CF Margin % | -9.6% | 8.83% | 9.04% | 0.39% | -7.09% | 4.38% | 8.37% | 0.95% | -5.73% | 7.93% | 8.23% | -0.7% | -9.85% | 9.21% | 2.06% | -3.37% | -6.79% | 10.38% | 7% | 4.59% |
| Operating CF Growth % | -50.31% | 123.35% | 20.09% | -55.96% | -29.5% | -43.08% | 4.25% | 229.76% | 43.52% | -16.95% | 263.83% | 80.93% | -40.01% | -18.55% | -68.36% | -185.29% | -864.63% | 62.34% | 111.11% | 306.6% |
| Net Income | -12.6M | -22.4M | 51.4M | 57.3M | 1.9M | 112.9M | 33.7M | 13.5M | -28.8M | 69.8M | -33.9M | 5.1M | -76.4M | 29.8M | 23.9M | 97.2M | 45.5M | 145.8M | 68.7M | 52.7M |
| Depreciation & Amortization | 25.3M | 10.1M | 47M | 26.2M | 26.7M | 48.2M | 51.4M | 54.6M | 54.5M | 63M | 59.3M | 59.5M | 61.6M | 61.9M | 57.1M | 64.4M | 65.7M | 70.7M | 69M | 66.5M |
| Stock-Based Compensation | 16.3M | 0 | 14M | 14.1M | 16M | 13.3M | 10.4M | 5.5M | 6.4M | 14.2M | 14.6M | 14M | 11.3M | 10.1M | 9.7M | 11.8M | 8.7M | 22.6M | 17.8M | 10.6M |
| Deferred Taxes | -49.6M | 0 | -24.7M | -66.2M | 34.7M | -5.2M | 7.2M | -38.2M | 8.1M | -63.4M | 17.1M | -7.6M | 3.5M | 60.9M | -7.6M | -26.3M | -12.4M | -45.7M | -24.3M | 39.1M |
| Other Non-Cash Items | -185.6M | 217.3M | 15.3M | 18M | 14.4M | 14.7M | -17.8M | 11.5M | -9.3M | 19.1M | 13.6M | 10.8M | 21.5M | 19.8M | 29.8M | 17M | 20.9M | 25.6M | 12.2M | 2M |
| Working Capital Changes | -37.3M | 52.3M | 132.5M | -39.8M | -255.7M | -68.7M | 111.2M | -25.1M | -156M | 99.7M | 117.4M | -98.6M | -243M | 61.2M | -61.2M | -252.2M | -286.6M | 80.2M | 20M | -67.6M |
| Change in Receivables | 54.5M | -81.6M | -28M | -60.3M | 15.6M | -140.3M | -33.3M | 6.6M | 106M | -88M | 36.1M | -3.9M | 118.3M | -111.2M | 28.7M | -176M | 16.4M | -156.7M | -108.2M | -89.4M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -137.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.7M | -10.2M | 0 |
| Change in Payables | -63.5M | 54.2M | 53.6M | 28.9M | -28M | 73M | 22.8M | -24M | -55M | 32M | -9.2M | -3.1M | -69.1M | 99.5M | 12.5M | 20.3M | -7.2M | 85.1M | 53M | 5.6M |
| Cash from Investing | 94.1M | 7.9M | -60.1M | 10.5M | 20.6M | -33.1M | 57.4M | 67.7M | -10.8M | -31.3M | -65.2M | 72.1M | 73.3M | -13M | -110.3M | -33.7M | 36.3M | -691.7M | -16.3M | -12.7M |
| Capital Expenditures | -12.2M | -23M | -10.5M | 0 | 0 | -9.3M | -9.4M | -11.8M | -10.5M | -16.2M | -14.2M | -10.6M | -10M | -6.3M | -13.9M | -11.6M | -18.9M | -22M | -10.9M | -8M |
| CapEx % of Revenue | 0.48% | 0.79% | 0.4% | 0.19% | 0.2% | 0.35% | 0.4% | 0.52% | 0.48% | 0.63% | 0.62% | 0.44% | 0.44% | 0.24% | 0.55% | 0.44% | 0.81% | 0.76% | 0.47% | 0.36% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -117.6M | 19.8M | -49.1M | 10.5M | 32.6M | -23.6M | 67.4M | 80M | 100K | -14.7M | -50M | 83.4M | 88.1M | -1.9M | -79.5M | -100K | 70.7M | -1M | 1.2M | 0 |
| Cash from Financing | -28.1M | -117.4M | -155.5M | -36.3M | -41.3M | -55.9M | -57M | -67.6M | -72.9M | -13.7M | -52.1M | -12.2M | -42.8M | -18.3M | -15.7M | -9.4M | -35.9M | -28.7M | -9.5M | -14M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -22.2M | -300K | -500K | -200K | -10.2M | -200K | -500K | -600K | -9.1M | -400K | -300K | -200K | -7.2M | -100K | -500K | -400K | -26.2M | -100K | -900K | -2.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -22.2M | -300K | -500K | -200K | -10.2M | -200K | -500K | -600K | -9.1M | -400K | -300K | -200K | -7.2M | -100K | -500K | -400K | -26.2M | -100K | -900K | -2.8M |
| Other Financing | -5.9M | -10.9M | 1.6M | -4.2M | 300K | 2.4M | -1.5M | -13.4M | -1.9M | -1.4M | 16.1M | -5.7M | -28.3M | -6.5M | -3.9M | 1.4M | 900K | -18.1M | 1.4M | -1.6M |
| Net Change in Cash | -202.9M | 142.7M | 14.8M | 5.8M | -174.4M | 1.7M | 208M | 19.1M | -215.4M | 165.9M | 62.5M | 42.3M | -188.5M | 229.2M | -92.9M | -145.5M | -162.1M | -422.9M | 133.5M | 77.9M |
| Free Cash Flow | -255.7M | 234.3M | 225M | 14.2M | -166.6M | 105.9M | 186.7M | 10M | -135.6M | 186.2M | 173.9M | -27.4M | -231.5M | 237.4M | 37.8M | -99.7M | -177.1M | 277.2M | 152.5M | 95.3M |
| FCF Margin % | -10.08% | 8.04% | 8.63% | 0.57% | -7.29% | 4.03% | 7.96% | 0.44% | -6.21% | 7.3% | 7.61% | -1.14% | -10.29% | 8.97% | 1.5% | -3.82% | -7.6% | 9.61% | 6.54% | 4.24% |
| FCF Growth % | -53.48% | 121.25% | 20.51% | 42% | -22.86% | -43.13% | 7.36% | 136.5% | 41.43% | -21.57% | 360.05% | 72.52% | -30.72% | -14.36% | -75.21% | -204.62% | -504.44% | 62.87% | 123.28% | 264.31% |
| FCF per Share | -1.09 | 0.99 | 0.95 | 0.06 | -0.72 | 0.45 | 0.80 | 0.04 | -0.59 | 0.81 | 0.77 | -0.12 | -1.02 | 1.05 | 0.17 | -0.44 | -0.77 | 1.21 | 0.67 | 0.42 |
| FCF Conversion (FCF/Net Income) | 19.33x | -11.49x | 4.58x | 0.17x | -85.26x | 1.02x | 5.82x | 1.61x | 4.34x | 2.90x | -5.55x | -3.29x | 2.90x | 8.18x | 2.16x | -0.91x | -3.48x | 2.05x | 2.38x | 1.96x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |