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Side-by-side financial comparison of Cushman & Wakefield Ltd. (CWK) and IQVIA (IQV). Click either name above to swap in a different company.
IQVIA is the larger business by last-quarter revenue ($4.4B vs $2.9B, roughly 1.5× Cushman & Wakefield Ltd.). IQVIA runs the higher net margin — 11.8% vs -0.8%, a 12.5% gap on every dollar of revenue. On growth, Cushman & Wakefield Ltd. posted the faster year-over-year revenue change (10.8% vs 10.3%). IQVIA produced more free cash flow last quarter ($561.0M vs $234.3M). Over the past eight quarters, Cushman & Wakefield Ltd.'s revenue compounded faster (15.5% CAGR vs 8.1%).
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.
IQVIA Holdings, Inc., headquartered in Durham, North Carolina, is an American company focused on health information technology and clinical research.
CWK vs IQV — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $4.4B |
| Net Profit | $-22.4M | $514.0M |
| Gross Margin | — | — |
| Operating Margin | 6.1% | 14.4% |
| Net Margin | -0.8% | 11.8% |
| Revenue YoY | 10.8% | 10.3% |
| Net Profit YoY | -119.8% | 17.6% |
| EPS (diluted) | $-0.10 | $2.97 |
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.
| Q4 25 | $2.9B | $4.4B | ||
| Q3 25 | $2.6B | $4.1B | ||
| Q2 25 | $2.5B | $4.0B | ||
| Q1 25 | $2.3B | $3.8B | ||
| Q4 24 | $2.6B | $4.0B | ||
| Q3 24 | $2.3B | $3.9B | ||
| Q2 24 | $2.3B | $3.8B | ||
| Q1 24 | $2.2B | $3.7B |
| Q4 25 | $-22.4M | $514.0M | ||
| Q3 25 | $51.4M | $331.0M | ||
| Q2 25 | $57.3M | $266.0M | ||
| Q1 25 | $1.9M | $249.0M | ||
| Q4 24 | $112.9M | $437.0M | ||
| Q3 24 | $33.7M | $285.0M | ||
| Q2 24 | $13.5M | $363.0M | ||
| Q1 24 | $-28.8M | $288.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.5% | ||
| Q2 24 | — | 22.6% | ||
| Q1 24 | — | 22.1% |
| Q4 25 | 6.1% | 14.4% | ||
| Q3 25 | 4.1% | 13.5% | ||
| Q2 25 | 4.9% | 12.6% | ||
| Q1 25 | 2.0% | 13.0% | ||
| Q4 24 | 6.6% | 15.8% | ||
| Q3 24 | 3.2% | 14.1% | ||
| Q2 24 | 3.1% | 13.6% | ||
| Q1 24 | 0.9% | 13.5% |
| Q4 25 | -0.8% | 11.8% | ||
| Q3 25 | 2.0% | 8.1% | ||
| Q2 25 | 2.3% | 6.6% | ||
| Q1 25 | 0.1% | 6.5% | ||
| Q4 24 | 4.3% | 11.0% | ||
| Q3 24 | 1.4% | 7.3% | ||
| Q2 24 | 0.6% | 9.5% | ||
| Q1 24 | -1.3% | 7.7% |
| Q4 25 | $-0.10 | $2.97 | ||
| Q3 25 | $0.22 | $1.93 | ||
| Q2 25 | $0.25 | $1.54 | ||
| Q1 25 | $0.01 | $1.40 | ||
| Q4 24 | $0.49 | $2.41 | ||
| Q3 24 | $0.14 | $1.55 | ||
| Q2 24 | $0.06 | $1.97 | ||
| Q1 24 | $-0.13 | $1.56 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $784.2M | $2.1B |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $2.0B | $6.5B |
| Total Assets | $7.7B | $29.9B |
| Debt / EquityLower = less leverage | 1.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.2M | $2.1B | ||
| Q3 25 | $634.4M | $2.0B | ||
| Q2 25 | $618.2M | $2.2B | ||
| Q1 25 | $623.2M | $1.9B | ||
| Q4 24 | $793.3M | $1.8B | ||
| Q3 24 | $775.4M | $1.7B | ||
| Q2 24 | $567.3M | $1.7B | ||
| Q1 24 | $553.5M | $1.6B |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $3.2B | — |
| Q4 25 | $2.0B | $6.5B | ||
| Q3 25 | $2.0B | $6.2B | ||
| Q2 25 | $1.9B | $5.8B | ||
| Q1 25 | $1.8B | $6.0B | ||
| Q4 24 | $1.8B | $6.1B | ||
| Q3 24 | $1.7B | $7.0B | ||
| Q2 24 | $1.6B | $6.7B | ||
| Q1 24 | $1.6B | $6.3B |
| Q4 25 | $7.7B | $29.9B | ||
| Q3 25 | $7.7B | $28.7B | ||
| Q2 25 | $7.6B | $28.6B | ||
| Q1 25 | $7.4B | $27.3B | ||
| Q4 24 | $7.5B | $26.9B | ||
| Q3 24 | $7.5B | $27.2B | ||
| Q2 24 | $7.3B | $26.4B | ||
| Q1 24 | $7.5B | $26.6B |
| Q4 25 | 1.40× | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | 1.91× | — | ||
| Q1 24 | 1.96× | — |
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 | $735.0M |
| Free Cash FlowOCF − Capex | $234.3M | $561.0M |
| FCF MarginFCF / Revenue | 8.0% | 12.9% |
| Capex IntensityCapex / Revenue | 0.8% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.43× |
| TTM Free Cash FlowTrailing 4 quarters | $293.0M | $2.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $257.3M | $735.0M | ||
| Q3 25 | $235.5M | $908.0M | ||
| Q2 25 | $9.6M | $443.0M | ||
| Q1 25 | $-162.0M | $568.0M | ||
| Q4 24 | $115.2M | $885.0M | ||
| Q3 24 | $196.1M | $721.0M | ||
| Q2 24 | $21.8M | $588.0M | ||
| Q1 24 | $-125.1M | $522.0M |
| Q4 25 | $234.3M | $561.0M | ||
| Q3 25 | $225.0M | $772.0M | ||
| Q2 25 | $300.0K | $292.0M | ||
| Q1 25 | $-166.6M | $426.0M | ||
| Q4 24 | $105.9M | $721.0M | ||
| Q3 24 | $186.7M | $571.0M | ||
| Q2 24 | $10.0M | $445.0M | ||
| Q1 24 | $-135.6M | $377.0M |
| Q4 25 | 8.0% | 12.9% | ||
| Q3 25 | 8.6% | 18.8% | ||
| Q2 25 | 0.0% | 7.3% | ||
| Q1 25 | -7.3% | 11.1% | ||
| Q4 24 | 4.0% | 18.2% | ||
| Q3 24 | 8.0% | 14.7% | ||
| Q2 24 | 0.4% | 11.7% | ||
| Q1 24 | -6.2% | 10.1% |
| Q4 25 | 0.8% | 4.0% | ||
| Q3 25 | 0.4% | 3.3% | ||
| Q2 25 | 0.4% | 3.8% | ||
| Q1 25 | 0.2% | 3.7% | ||
| Q4 24 | 0.4% | 4.1% | ||
| Q3 24 | 0.4% | 3.9% | ||
| Q2 24 | 0.5% | 3.7% | ||
| Q1 24 | 0.5% | 3.9% |
| Q4 25 | — | 1.43× | ||
| Q3 25 | 4.58× | 2.74× | ||
| Q2 25 | 0.17× | 1.67× | ||
| Q1 25 | -85.26× | 2.28× | ||
| Q4 24 | 1.02× | 2.03× | ||
| Q3 24 | 5.82× | 2.53× | ||
| Q2 24 | 1.61× | 1.62× | ||
| Q1 24 | — | 1.81× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
IQV
Segment breakdown not available.
