RVBA-CUSHMReal Estate Services

Cushman & Wakefield — in detail

Full extracted data, every event in the company's history we've captured, and (soon) external news. The full ratios diagnostic with peer benchmarks lives at /ratios.

Reference sources (2/5)

Source documents
Recent disclosure
Multi-year metrics
Targets
Certifications

External news· 1 ESG-tagged · GDELT

tagged categories: climate · governance · controversy · M&A · regulatory

Source: GDELT 2.0 DOC API · ESG-keyword filtered · 3-month trailing window.

Data by year· every metric + key events per year

Each year shows the firm's reported metrics on the left and the most material events on the right. Up to 10 events per year; the full event log is one click further.

2025

P&L highlights (USD)

Headcount (FTE)	53,000people
Revenue	10.3B
Cost of revenue	(8.6B)
Gross profit	1.7B
Operating expenses (S&M + G&A)	(1.2B)
Operating income	458.6M
Net income	88.2M

Balance sheet highlights (USD)

Property, plant & equipment	410.1M
Total assets	7.7B
Total debt	3B
Cash & equivalents	784.2M
Minority interest	500,000

Market & shares

Market cap (FY-end)	3.7B
Shares outstanding	231.2M

2024

P&L highlights (USD)

Headcount (FTE)	52,000people
Revenue	9.4B
Cost of revenue	(7.7B)
Gross profit	1.7B
Operating expenses (S&M + G&A)	(1.4B)
Operating income	338.9M
Net income	131.3M

Balance sheet highlights (USD)

Property, plant & equipment	426.1M
Total assets	7.5B
Total debt	3B
Cash & equivalents	793.3M
Minority interest	500,000

Market & shares

Market cap (FY-end)	3B
Shares outstanding	228.9M

2023

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	15,599
Scope 2 (market-based)	5,671
Scope 3	9.3M
Cat 11 · Use of sold products	8.9M
Gross carbon footprint	9.3M
Net carbon footprint	9.3M

Energy (kWh)

Electricity	32.9M
Fuel (stationary + mobile)	61.3M
Total energy	94.3M
Renewable energy	(19.1M)
Non-renewable / hydrocarbon	75.2M
Renewable electricity %	58%

Nature

waste recycled t	249tonnes
water withdrawal m3	242,274m³
waste hazardous t	0tonnes
waste generated t	2,521tonnes
waste landfill t	2,273tonnes

Social

workforce management female pct	43%
h s lost time injury rate	0per 200000 hours
ethnicity minority pct	46%
community investment amount	840MUSD
workforce female pct	40%
h s fatalities	0count
employee turnover pct	35%
workforce board female pct	75%
h s total recordable injury rate	2per 200000 hours

Governance

board diversity pct	75%
audit assurance climate levelⓘ	1scale 0-2

P&L highlights (USD)

Headcount (FTE)	52,222people
Revenue	9.5B
Cost of revenue	(7.8B)
Gross profit	1.6B
Operating expenses (S&M + G&A)	(1.4B)
Operating income	205.6M
Net income	-35.4M

Balance sheet highlights (USD)

Property, plant & equipment	502.8M
Total assets	7.8B
Total debt	3.2B
Cash & equivalents	767.7M
Minority interest	600,000

Market & shares

Market cap (FY-end)	2.5B
Shares outstanding	226.9M

Events 2023· 17

First TCFD-aligned climate risk assessment and Non-Financial Statement

Published first Non-Financial and Sustainability Information Statement including a climate risk assessment aligned with TCFD. Identified physical (chronic and acute) and transition risks across short/medium/long-term horizons.

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100% renewable electricity by 2030 target

Target to purchase 100% renewable electricity for corporate offices by 2030. Currently at 58% in 2023.

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Vehicle fleet electrification by 2035

Target to electrify vehicle fleet globally by 2035. France set 100% EV goal in 2022.

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No durable removals strategy disclosed; reliance on direct reductions

The 2023 report does not disclose any use of carbon removals, DAC, BECCS, biochar, or nature-based offsets in the firm's inventory. Net-zero approach focuses on direct value-chain reductions (52% reduction in entire value chain emissions vs 2019 baseline) and engaging clients/suppliers to set science-based targets. No offset retirement disclosed.

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Primary: Office portfolio right-sizing and energy efficiency

Office energy consumption decreased 10.6% in 2023 driven by reduced square footage due to office consolidation, hybrid work optimization, and implementation of energy-efficiency equipment. Office energy intensity decreased 13% in 2023; 68% reduction in market-based office emissions per thousand sf since 2019.

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Primary: Vehicle fleet electrification

Transitioning corporate vehicle fleet to electric vehicles is a key Scope 1 lever. EV roll-out has begun in several countries. France set a 100% EV goal in 2022. Company-wide electrification target by 2035. Net Zero Cloud deployment improves data visibility for EV transition planning.

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Dependent: Supplier engagement and ESG questionnaire

Over 4,800 new and existing suppliers completed ESG intake questionnaire in 2023. Goal: 100% of key suppliers to have an ESG program by year-end 2025; 50% to have science-based emissions reduction targets by year-end 2030. ESG supplier questionnaires capture supplier emissions for Scope 3 allocation.

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Primary: Data infrastructure (Salesforce Net Zero Cloud)

Completed deployment of Salesforce Net Zero Cloud across global operations in 2023 for Scope 1 and 2 emissions data tracking. 100+ users globally inputting GHG data directly, reducing reliance on estimations and enabling more accurate emissions calculations and EV transition planning.

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$1B diverse supplier spend target by 2025

Commitment to spend $1 billion with diverse businesses by 2025. Achieved ~$840M in 2023 (4.6% increase vs 2022).

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Aligned with six UN SDGs

Cushman & Wakefield identified six UNSDGs material to its business: SDG 3 (Good Health and Well-Being), SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), SDG 11 (Sustainable Cities and Communities), and SDG 13 (Climate Action). Participant in UN Global Compact since 2018.

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2022

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	17,529
Scope 2 (market-based)	7,389
Scope 3	14.6M
Gross carbon footprint	14.6M
Net carbon footprint	14.6M

Energy (kWh)

Electricity	34.6M
Fuel (stationary + mobile)	23.4M
Total energy	105.5M
Renewable energy	(16.6M)
Non-renewable / hydrocarbon	88.9M
Renewable electricity %	48%

Nature

waste landfill t	2,629tonnes
water withdrawal m3	286,255m³
waste generated t	2,836tonnes
waste recycled t	207tonnes

Social

h s fatalities	0count
workforce female pct	40%
workforce management female pct	43%
workforce board female pct	44%
ethnicity minority pct	45%
employee turnover pct	34%
h s lost time injury rate	0per 200000 hours
h s total recordable injury rate	1per 200000 hours
community investment amount	802.4MUSD

Governance

board independence pct	78%
board diversity pct	44%
audit assurance climate levelⓘ	1scale 0-2
esg linked executive pay yn	1boolean

P&L highlights (USD)

Headcount (FTE)	52,733people
Revenue	10.1B
Cost of revenue	(8.2B)
Gross profit	1.9B
Operating expenses (S&M + G&A)	(1.4B)
Operating income	535.1M
Net income	196.4M

Balance sheet highlights (USD)

Property, plant & equipment	527.7M
Total assets	7.9B
Total debt	3.3B
Cash & equivalents	644.5M
Minority interest	800,000

Market & shares

Market cap (FY-end)	2.8B
Shares outstanding	225.4M

Events 2022· 19

100% renewable electricity for corporate offices by 2030

Commitment to purchase 100% renewable electricity for corporate offices by 2030; electrify global vehicle fleet by 2035.

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Reforestation partnership with Treedom; no durable removals disclosed

Cushman & Wakefield's removals approach is currently limited to nature-based reforestation through partnership with Treedom in Italy, which has grown to more than 2,450 young trees worldwide, with commitment to plant 1,000 trees/year for three years. Argentina office runs reforestation gifts via ONG Un Arbol. No durable removals (DAC/BECCS) or carbon credit retirements are disclosed in the inventory; the firm relies on emissions reductions rather than offsets to track progress toward SBTi-validated net-zero by 2050.

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Sustainability-linked credit agreement

In 2022, amended credit agreement to add pricing terms tied to firm's science-based targets, demonstrating commitment to climate goals.

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Primary: Renewable electricity procurement for offices

Increase renewable electricity portfolio through unbundled EACs in the US and utility-provided renewable energy in international offices. 48% of electricity sourced from renewable sources in 2022, working toward 100% by 2030.

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Primary: Office space optimization and energy efficiency

Reduce energy use through space optimization within leased office portfolio and implementation of energy efficiency initiatives in metered facilities. Take on new and more efficient leased space. Resulted in 33% reduction in Scope 1+2 (market-based) since 2019.

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Primary: Fleet electrification and travel reduction

Electrify global vehicle fleet by 2035. Encourage less travel in more efficient corporate vehicles. Mobile fuels remain the largest Scope 1 source — 167,591 GJ in 2022 (up 12% on inclusion of non-US fleet).

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48% renewable electricity via EACs and utility renewable supply, targeting 100% by 2030

In 2022, Cushman & Wakefield sourced 48% of its electricity for operations from renewable sources, consisting of 14,700 MWh of unbundled Energy Attribute Certificates (EACs) in the US plus renewable energy procurement via utility providers in some offices. The firm targets 100% renewable electricity for corporate offices by 2030. Sydney and Melbourne Australian offices are already run on 100% renewable energy.

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Divested Russia business in response to Ukraine war

Cushman & Wakefield divested its business in Russia to a local operator in response to the ongoing crisis in Ukraine.

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Dependent: Client engagement on science-based targets (Scope 3 managed properties)

Engage clients representing 70% of emissions at managed properties to set their own science-based targets by 2025. As of 2022/H1 2023, clients representing 30% of emissions have set SBTs. Primary lever for the firm's value-chain emissions, which dominate the inventory.

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Dependent: Sustainability services to client buildings

Provided energy and sustainability services to 38,750+ buildings totaling ~930 million square feet globally in 2022, including 945 energy ratings, helping clients reduce emissions in managed/advised portfolios. Net-zero audits, roadmaps, building certifications (LEED, WELL, BREEAM) embedded in client offerings.

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2021

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	15,665
Scope 2 (market-based)	18,518
Scope 3	25.1M
Cat 11 · Use of sold products	24.8M
Gross carbon footprint	25.2M
Net carbon footprint	25.2M

Energy (kWh)

Electricity	43.5M
Fuel (stationary + mobile)	72.7M
Total energy	115.9M

Nature

waste generated t	2,762tonnes
waste landfill t	2,580tonnes
water withdrawal m3	275,703m³
waste recycled t	182tonnes
waste hazardous t	0tonnes

Social

h s fatalities	0count
workforce female pct	40%
workforce management female pct	42%
workforce board female pct	40%
h s lost time injury rate	0per 200000 hours
h s total recordable injury rate	1per 200000 hours
ethnicity minority pct	45%
employee turnover pct	26%
training hours per employee	1hours
community investment amount	100,000USD

Governance

board diversity pct	40%
board independence pct	80%
audit assurance climate levelⓘ	1level

P&L highlights (USD)

Headcount (FTE)	50,072people
Revenue	9.4B
Cost of revenue	(7.4B)
Gross profit	2B
Operating expenses (S&M + G&A)	(1.4B)
Operating income	497M
Net income	250M

Balance sheet highlights (USD)

Property, plant & equipment	592.4M
Total assets	7.9B
Total debt	3.3B
Cash & equivalents	770.7M
Minority interest	800,000

Market & shares

Market cap (FY-end)	5B
Shares outstanding	223M

Events 2021· 17

Renewable electricity contracts and grid decarbonisation (limited scale)

Cushman & Wakefield is reducing scope 2 emissions through a combination of greener electricity grid intensity and a small but growing renewable electricity portfolio. In 2021, the firm secured a 100% renewable electricity contract for four Australian offices, expected to avoid more than 850 tonnes of CO2 over three years. The firm also installed approximately 610 MW of renewable energy in Australia and Singapore for clients. Increasing the renewable electricity portfolio is a stated achievement lever for the 50%-by-2030 scope 1+2 target.

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Dependent: Sustainability services and green building certifications for clients

Provides energy and sustainability services to over 300 million sq ft globally including ESG advisory, decarbonization advisory, green leasing, and certifications. In 2021 led certification at 300+ client buildings — 110 ENERGY STAR, 89 LEED, 59 BREEAM, 42 Fitwel, 6 IGBC. Partnership with Capgemini on green leasing won gold-level Green Lease Leaders Team Transaction award. Strategic investment in Measurabl (ESG technology platform).

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Tree-planting partnerships (nature-based, not durable removals)

The firm has not announced a durable removals strategy (DAC/BECCS/biochar). Italy office partnered with Treedom to plant ~1,300 trees across six countries, expected to absorb an estimated 335 tonnes of CO2 over 10 years — funded by redirecting print marketing and holiday gift budgets. This is small-scale nature-based offset/insetting rather than a portfolio-level removals programme. Net zero target by 2050 is to be reached primarily through value-chain reductions per SBTi Net-Zero Standard.

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SBTi-validated net-zero target by 2050

Set and publicly announced science-based targets for GHG emissions reductions across the value chain, validated by SBTi. Among the first companies with approved net-zero targets. Includes 50% absolute Scope 1+2 reduction by 2030 from 2019 baseline.

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SBTi-approved near-term targets: 50% scope 1+2 reduction by 2030 from 2019 base

In September 2021, Cushman & Wakefield announced ambitious science-based targets approved by SBTi: reduce absolute scope 1 and 2 GHG emissions 50% by 2030 from a 2019 base year, and engage key clients representing 70% of scope 3 emissions at managed properties to set science-based targets by 2025.

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Net zero by 2050 across value chain — SBTi Net-Zero Standard approved

In July 2022, Cushman & Wakefield was among the first group of companies to have its long-term target of reaching net zero emissions across the entire value chain (scope 1, 2 and 3) by 2050 approved through SBTi's Net-Zero Corporate Standard.

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Added Scope 3 Category 11 (use of sold products) to inventory

In 2021, Cushman & Wakefield calculated and disclosed Scope 3 Cat 11 (use of sold products — emissions associated with tenant occupancy of managed facilities), which became dominant (~98.6% of total emissions). This drove the 34% YoY increase in total reported emissions despite reductions in scopes 1, 2 and other Scope 3 categories.

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Third-party verification of Scope 1, 2 and Scope 3 Cat 6 by Apex Companies

Received third-party verification of scope 1, scope 2, and certain scope 3 (Category 6 Business travel) GHG emissions by Apex Companies, LLC.

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Aligned to UN SDGs 3, 5, 8, 9, 11, 13

Identified six SDGs most material: SDG 3 (Good Health), SDG 5 (Gender Equality), SDG 8 (Decent Work), SDG 9 (Industry/Innovation), SDG 11 (Sustainable Cities), SDG 13 (Climate Action).

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ENERGY STAR Partner of the Year Sustained Excellence (10th year)

Named ENERGY STAR Partner of the Year for the 10th consecutive year, 8th consecutive Sustained Excellence distinction.

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2020

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	15,809
Scope 2 (market-based)	21,643
Scope 3	18.8M
Gross carbon footprint	18.8M
Net carbon footprint	18.8M

Energy (kWh)

Electricity	43.6M
Fuel (stationary + mobile)	73.8M
Heat / steam	730,555
Total energy	117.3M

Nature

water withdrawal m3	306,144m³
waste generated t	3,268tonnes
waste landfill t	3,052tonnes
waste recycled t	216tonnes
waste hazardous t	0tonnes

Social

h s lost time injury rate	0per 200000 hours
h s fatalities	0count
workforce female pct	39%
workforce management female pct	42%
h s total recordable injury rate	1per 200000 hours
workforce board female pct	33%
employee turnover pct	25%
training hours per employee	5hours

Governance

board independence pct	89%
audit assurance climate levelⓘ	1level

P&L highlights (USD)

Headcount (FTE)	50,139people
Revenue	7.8B
Cost of revenue	(6.5B)
Gross profit	1.3B
Operating expenses (S&M + G&A)	(1.4B)
Operating income	-53.1M
Net income	-220.5M

Balance sheet highlights (USD)

Property, plant & equipment	674.1M
Total assets	7.3B
Total debt	3.4B
Cash & equivalents	1.1B
Minority interest	900,000

Market & shares

Market cap (FY-end)	3.3B
Shares outstanding	220.8M

Events 2020· 14

Primary: Business travel reduction

Sharp reduction in business travel activities due to COVID-19 contributed to 2.5% absolute reduction in scope 3 GHG emissions. Scope 3 business travel emissions are subject to limited third-party verification by Apex Companies.

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Expanded Scope 3 boundary to all relevant categories

Beginning in 2020, expanded scope 3 emissions boundary from business travel only to cover all relevant scope 3 categories including purchased goods, capital goods, fuel/energy, waste, employee commuting, use of sold products, and downstream leased assets. Use of sold products now ~98% of total.

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Annual limited assurance of GHG emissions began

Beginning 2020, Cushman & Wakefield commenced annual limited assurance of GHG emissions. Scope 1, 2 and 3 GHG emissions verified by Apex Companies, LLC.

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Committed to science-based GHG targets

Cushman & Wakefield has committed to setting science-based GHG emissions reduction targets focused on reducing emissions from own operations and managed facilities. Ambitious sustainability targets aligned with climate science to be announced in 2021.

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Dependent: Use of sold products — tenant occupancy of managed facilities

Use of sold products represents approximately 98% of Cushman & Wakefield's total 2020 GHG emissions (~18.4M tCO2e), representing emissions associated with tenant occupancy of facilities managed by Cushman & Wakefield. The firm aims to partner with clients to reduce emissions from facilities they manage.

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Aligned with six UN SDGs

Aligned approach to SDGs 3 (Good Health), 5 (Gender Equality, added in 2021), 8 (Decent Work), 9 (Industry/Innovation), 11 (Sustainable Cities), and 13 (Climate Action).

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WELL Health-Safety Rating and WELL Portfolio enrollment

Enrolled 29 locations in WELL Portfolio, 17 in WELL Health-Safety Rating, and achieved 5 WELL certifications across own offices. Also achieved ENERGY STAR for >110MSF in US/Canada.

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Hired first Chief Diversity, Equity & Inclusion Officer

Nadine Augusta hired as first Chief DEI Officer; established Black Equity Advisory Board; launched Supplier Diversity Program growth strategy; spent over $444M with 2,621 diverse suppliers in North America.

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Four acquisitions completed in 2020

Completed four acquisitions in 2020, including Pinnacle Property Management Services (4,296 joiners in Americas), strengthening service offerings and diversifying revenue mix.

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Dependent: Supply chain engagement via Vendor/Supplier Integrity Policy

Suppliers expected to comply with Global Vendor/Supplier Integrity Policy covering business integrity, labor practices, health & safety, environmental management, and anti-bribery. Began implementing new supplier management tool in 2020 to improve tracking of supplier compliance and due diligence. Purchased goods and services included in scope 3 inventory starting 2020.

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