Cushman & Wakefield Ltd.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedule I – Parent Company Information
Note 22: Parent Company Information
| Cushman & Wakefield Ltd. | |
|---|---|
| Schedule I – Parent Company Information | |
| Condensed Balance Sheet | |
| As of | |
| (in millions, except share data) | December 31, 2025 |
| Assets | |
| Cash | $— |
| Trade and other receivables | 3.9 |
| Investment in subsidiaries | 1,951.9 |
| Total assets | $1,955.8 |
| Liabilities and Equity | |
| Liabilities | |
| Trade and other payables | $— |
| Total liabilities | — |
| Equity | |
| Common shares, par value $0.10 per share, 800,000,000 shares authorized; 231,699,585 shares issued and outstanding as of December 31, 2025 | 23.2 |
| Additional paid-in-capital | 3,038.4 |
| Accumulated deficit | (897.2) |
| Accumulated other comprehensive loss | (208.6) |
| Total equity | 1,955.8 |
| Total liabilities and equity | $1,955.8 |
| Cushman & Wakefield Ltd. | |
|---|---|
| Schedule I – Parent Company Information | |
| Condensed Statement of Operations and Comprehensive Loss | |
| Period fromNovember 27, 2025 toDecember 31, 2025 | |
| (in millions) | |
| Equity in loss of subsidiaries | $(43.3) |
| Loss before taxes | (43.3) |
| Net loss attributable to the Parent Company | (43.3) |
| Other comprehensive income of subsidiaries | 17.8 |
| Comprehensive loss attributable to the Parent Company | $(25.5) |
| Cushman & Wakefield Ltd. | |
|---|---|
| Schedule I – Parent Company Information | |
| Condensed Statement of Cash Flows | |
| Period fromNovember 27, 2025 toDecember 31, 2025 | |
| (in millions) | |
| Cash flows from operating activities: | |
| Net loss attributable to the Parent Company | $(43.3) |
| Reconciliation of Net loss attributable to the Parent Company to net cash provided by operating activities: | |
| Equity in loss of subsidiaries | 43.3 |
| Net cash provided by operating activities | — |
| Cash flows from investing activities: | |
| Net cash provided by investing activities | — |
| Cash flows from financing activities: | |
| Net cash provided by financing activities | — |
| Change in cash and cash equivalents | — |
| Cash and cash equivalents, beginning of period | — |
| Cash and cash equivalents, end of period | $— |
| Supplemental disclosure of non-cash activities: | |
| Stock-based compensation | $4.8 |
| Cushman & Wakefield plc | |
|---|---|
| Schedule I – Parent Company Information | |
| Condensed Balance Sheet | |
| As of | |
| (in millions, except share data) | December 31, 2024 |
| Assets | |
| Cash | $26.6 |
| Trade and other receivables | 257.0 |
| Investment in subsidiaries | 1,614.8 |
| Total assets | $1,898.4 |
| Liabilities and Equity | |
| Liabilities | |
| Trade and other payables | $143.0 |
| Total liabilities | 143.0 |
| Equity | |
| Common shares, par value $0.10 per share, 800,000,000 shares authorized; 229,696,912 shares issued and outstanding as of December 31, 2024 | 23.0 |
| Additional paid-in-capital | 2,986.4 |
| Accumulated deficit | (985.9) |
| Accumulated other comprehensive loss | (268.6) |
| Total equity attributable to the company | 1,754.9 |
| Non-controlling interests | 0.5 |
| Total equity | 1,755.4 |
| Total liabilities and equity | $1,898.4 |
| Cushman & Wakefield plc | |||
|---|---|---|---|
| Schedule I – Parent Company Information | |||
| Condensed Statements of Operations and Comprehensive Income (Loss) | |||
| Period fromJanuary 1, 2025 toNovember 26, 2025 · Year Ended December 31, | |||
| (in millions) · 2024 · 2023 | |||
| Interest and other income (expense) | $3.5 | $0.1 | $(0.1) |
| Equity in income (loss) of subsidiaries | 128.0 | 131.2 | (35.3) |
| Income (loss) before taxes | 131.5 | 131.3 | (35.4) |
| Net income (loss) attributable to the Parent Company | 131.5 | 131.3 | (35.4) |
| Other comprehensive income (loss) of subsidiaries | 42.2 | (83.2) | 5.6 |
| Comprehensive income (loss) attributable to the Parent Company | $173.7 | $48.1 | $(29.8) |
| Cushman & Wakefield plc | |||
|---|---|---|---|
| Schedule I – Parent Company Information | |||
| Condensed Statements of Cash Flows | |||
| Period fromJanuary 1, 2025 toNovember 26, 2025 · Year Ended December 31, | |||
| (in millions) · 2024 · 2023 | |||
| Cash flows from operating activities: | |||
| Net income (loss) attributable to the Parent Company | $131.5 | $131.3 | $(35.4) |
| Reconciliation of Net income (loss) attributable to the Parent Company to net cash provided by (used in) operating activities: | |||
| Equity in (income) loss of subsidiaries | (128.0) | (131.2) | 35.3 |
| Other operating activities | (3.5) | — | — |
| Net cash provided by (used in) operating activities | — | 0.1 | (0.1) |
| Cash flows from investing activities: | |||
| Net cash used in investing activities | — | — | — |
| Cash flows from financing activities: | |||
| Other financing activities, net | 1.9 | 4.2 | 0.7 |
| Net cash provided by financing activities | 1.9 | 4.2 | 0.7 |
| Change in cash and cash equivalents | 1.9 | 4.3 | 0.6 |
| Cash and cash equivalents, beginning of period | 26.6 | 22.3 | 21.7 |
| Cash and cash equivalents, end of period | $28.5 | $26.6 | $22.3 |
| Supplemental disclosure of non-cash activities: | |||
| Stock-based compensation | $53.4 | $35.6 | $54.1 |
Background and basis of presentation
On November 27, 2025, Cushman & Wakefield plc (the former parent company) completed a court-approved scheme of arrangement in the U.K., pursuant to which a new Bermudan holding company, Cushman & Wakefield Ltd. (the “Parent Company”) became the sole shareholder of Cushman & Wakefield plc and the parent company of the entire group of Cushman & Wakefield companies (the “Redomiciliation”). The Redomiciliation resulted in the Cushman & Wakefield group parent company changing its jurisdiction of incorporation from England and Wales to Bermuda. The Parent Company is a holding company that conducts substantially all of its business operations through its subsidiaries.
The accompanying condensed financial statements include the accounts of both Cushman & Wakefield plc and Cushman & Wakefield Ltd. for the respective periods during which each entity is, or was, considered the parent company of the consolidated group in the period the Redomiciliation was effected. The investment in subsidiaries are reported on an equity method basis. Accordingly, these condensed financial statements have been presented on a “parent-only” basis. These parent-only financial statements should be read in conjunction with Cushman & Wakefield Ltd.’s audited Consolidated Financial Statements included elsewhere herein.
The condensed parent-only financial statements of the registrant have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of the Company exceed 25% of the consolidated net assets of the Company. The total restricted net assets as of December 31, 2025 were $1.6 billion.
Dividends
The ability of the Parent Company’s operating subsidiaries to pay dividends may be restricted due to the terms of the subsidiaries’ financings agreements (Refer to Note 11: Long-Term Debt and Other Borrowings). During the fiscal years ended December 31, 2025, 2024 and 2023, the Parent Company’s consolidated subsidiaries didnot pay any cash dividends to the Parent Company.
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