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Side-by-side financial comparison of American Tower (AMT) and Cushman & Wakefield Ltd. (CWK). Click either name above to swap in a different company.
Cushman & Wakefield Ltd. is the larger business by last-quarter revenue ($2.9B vs $2.7B, roughly 1.1× American Tower). American Tower runs the higher net margin — 110.1% vs -0.8%, a 110.9% gap on every dollar of revenue. On growth, Cushman & Wakefield Ltd. posted the faster year-over-year revenue change (10.8% vs 6.8%). American Tower produced more free cash flow last quarter ($941.0M vs $234.3M). Over the past eight quarters, Cushman & Wakefield Ltd.'s revenue compounded faster (15.5% CAGR vs 3.7%).
American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.
Cushman & Wakefield Inc. is an American global commercial real estate and property management services firm. The company's corporate headquarters is located in Chicago, Illinois. It is named after co-founders J. Clydesdale Cushman and Bernard Wakefield.
AMT vs CWK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $2.9B |
| Net Profit | $3.0B | $-22.4M |
| Gross Margin | — | — |
| Operating Margin | 0.0% | 6.1% |
| Net Margin | 110.1% | -0.8% |
| Revenue YoY | 6.8% | 10.8% |
| Net Profit YoY | -2.6% | -119.8% |
| EPS (diluted) | — | $-0.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $2.9B | ||
| Q3 25 | $2.7B | $2.6B | ||
| Q2 25 | $2.6B | $2.5B | ||
| Q1 25 | $2.6B | $2.3B | ||
| Q4 24 | $2.5B | $2.6B | ||
| Q3 24 | $2.5B | $2.3B | ||
| Q2 24 | $2.5B | $2.3B |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $-22.4M | ||
| Q3 25 | $912.6M | $51.4M | ||
| Q2 25 | $380.5M | $57.3M | ||
| Q1 25 | $498.6M | $1.9M | ||
| Q4 24 | $1.2B | $112.9M | ||
| Q3 24 | $-780.4M | $33.7M | ||
| Q2 24 | $908.4M | $13.5M |
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 6.1% | ||
| Q3 25 | 45.4% | 4.1% | ||
| Q2 25 | 45.6% | 4.9% | ||
| Q1 25 | 48.9% | 2.0% | ||
| Q4 24 | 42.4% | 6.6% | ||
| Q3 24 | 45.2% | 3.2% | ||
| Q2 24 | 45.4% | 3.1% |
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | -0.8% | ||
| Q3 25 | 33.6% | 2.0% | ||
| Q2 25 | 14.5% | 2.3% | ||
| Q1 25 | 19.5% | 0.1% | ||
| Q4 24 | 48.3% | 4.3% | ||
| Q3 24 | -30.9% | 1.4% | ||
| Q2 24 | 35.7% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $-0.10 | ||
| Q3 25 | $1.82 | $0.22 | ||
| Q2 25 | $0.78 | $0.25 | ||
| Q1 25 | $1.04 | $0.01 | ||
| Q4 24 | $2.63 | $0.49 | ||
| Q3 24 | $-1.69 | $0.14 | ||
| Q2 24 | $1.92 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.6B | $784.2M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $10.2B | $2.0B |
| Total Assets | — | $7.7B |
| Debt / EquityLower = less leverage | — | 1.40× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $784.2M | ||
| Q3 25 | $2.0B | $634.4M | ||
| Q2 25 | $2.1B | $618.2M | ||
| Q1 25 | $2.1B | $623.2M | ||
| Q4 24 | $2.0B | $793.3M | ||
| Q3 24 | $2.2B | $775.4M | ||
| Q2 24 | $2.2B | $567.3M |
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $2.7B | ||
| Q3 25 | $34.9B | $2.8B | ||
| Q2 25 | $35.2B | $3.0B | ||
| Q1 25 | $34.0B | $3.0B | ||
| Q4 24 | $32.8B | $3.0B | ||
| Q3 24 | $33.4B | $3.1B | ||
| Q2 24 | $35.6B | $3.1B |
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $2.0B | ||
| Q3 25 | $4.0B | $2.0B | ||
| Q2 25 | $3.7B | $1.9B | ||
| Q1 25 | $3.5B | $1.8B | ||
| Q4 24 | $3.4B | $1.8B | ||
| Q3 24 | $3.6B | $1.7B | ||
| Q2 24 | $3.9B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $7.7B | ||
| Q3 25 | $63.9B | $7.7B | ||
| Q2 25 | $63.8B | $7.6B | ||
| Q1 25 | $62.1B | $7.4B | ||
| Q4 24 | $61.1B | $7.5B | ||
| Q3 24 | $62.8B | $7.5B | ||
| Q2 24 | $65.8B | $7.3B |
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 1.40× | ||
| Q3 25 | 8.82× | 1.45× | ||
| Q2 25 | 9.48× | 1.57× | ||
| Q1 25 | 9.63× | 1.70× | ||
| Q4 24 | 9.70× | 1.73× | ||
| Q3 24 | 9.16× | 1.81× | ||
| Q2 24 | 9.24× | 1.91× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $257.3M |
| Free Cash FlowOCF − Capex | $941.0M | $234.3M |
| FCF MarginFCF / Revenue | 34.4% | 8.0% |
| Capex IntensityCapex / Revenue | 16.8% | 0.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $6.7B | $293.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $257.3M | ||
| Q3 25 | $1.5B | $235.5M | ||
| Q2 25 | $1.3B | $9.6M | ||
| Q1 25 | $1.3B | $-162.0M | ||
| Q4 24 | $5.3B | $115.2M | ||
| Q3 24 | $1.5B | $196.1M | ||
| Q2 24 | $1.3B | $21.8M |
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $234.3M | ||
| Q3 25 | $994.5M | $225.0M | ||
| Q2 25 | $976.9M | $300.0K | ||
| Q1 25 | $963.9M | $-166.6M | ||
| Q4 24 | $3.7B | $105.9M | ||
| Q3 24 | $1.0B | $186.7M | ||
| Q2 24 | $1.0B | $10.0M |
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | 8.0% | ||
| Q3 25 | 36.6% | 8.6% | ||
| Q2 25 | 37.2% | 0.0% | ||
| Q1 25 | 37.6% | -7.3% | ||
| Q4 24 | 145.3% | 4.0% | ||
| Q3 24 | 41.4% | 8.0% | ||
| Q2 24 | 39.8% | 0.4% |
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 0.8% | ||
| Q3 25 | 17.1% | 0.4% | ||
| Q2 25 | 11.6% | 0.4% | ||
| Q1 25 | 12.9% | 0.2% | ||
| Q4 24 | 62.4% | 0.4% | ||
| Q3 24 | 16.8% | 0.4% | ||
| Q2 24 | 12.8% | 0.5% |
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | — | ||
| Q3 25 | 1.60× | 4.58× | ||
| Q2 25 | 3.37× | 0.17× | ||
| Q1 25 | 2.60× | -85.26× | ||
| Q4 24 | 4.30× | 1.02× | ||
| Q3 24 | — | 5.82× | ||
| Q2 24 | 1.47× | 1.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMT
Segment breakdown not available.
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
