Cushman & Wakefield plc completed its redomiciliation from England and Wales to Bermuda on November 27, 2025, after the High Court of Justice of England and Wales sanctioned the company’s scheme of arrangement on November 25. The transition involved canceling all issued shares of the UK‑based entity and issuing an equal number of new shares in Cushman & Wakefield Ltd., the Bermuda‑based parent company, on a one‑for‑one basis.
The new Bermuda‑registered shares began trading on the New York Stock Exchange under the existing ticker “CWK” on November 28, 2025. The change does not alter the company’s operational footprint; it simply aligns the legal domicile with the majority of its shareholders and streamlines regulatory compliance across the United States and the United Kingdom.
In its third‑quarter 2025 earnings, Cushman & Wakefield reported revenue of $2.60 billion, a 50.3% surprise over the $1.73 billion consensus estimate and an 11% year‑over‑year increase. Earnings per share rose to $0.29, beating the $0.27 forecast by $0.02 (7.4%). The revenue beat was driven by a 21% jump in Capital Markets revenue and a 9% rise in Leasing revenue, while Services revenue grew 9% as well. The company’s adjusted EBITDA reached $159.6 million, up 12% from the prior quarter and 9.0% margin, reflecting disciplined cost management amid higher revenue mix.
Segment analysis shows that Capital Markets led the growth, with a 21% increase in fee revenue, driven by robust demand for advisory and financing services in the U.S. and Europe. Leasing revenue grew 9% as corporate demand for flexible office space remained strong, and Services revenue expanded 9% thanks to higher transaction volumes in property management and advisory. The company’s valuation of its services mix and pricing power helped offset modest cost inflation in the Services segment, allowing overall margin expansion.
Management raised its full‑year 2025 adjusted EPS guidance to a 30%–35% growth range, up from the previous 25%–35% target. The guidance reflects confidence in continued demand for Capital Markets and Leasing services, as well as the expected cost savings from the redomiciliation, which management estimates will reduce administrative and regulatory expenses by approximately $3 million annually.
CEO Michelle MacKay said the redomiciliation “provides a more efficient corporate structure that aligns with our U.S.‑centric shareholder base, reduces administrative burdens, and preserves strong governance and capital flexibility.” She added that the company’s “strong earnings beat and raised guidance underscore the effectiveness of our growth strategy and the resilience of our core business lines.”
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