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Side-by-side financial comparison of Cushman & Wakefield Ltd. (CWK) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $2.9B, roughly 1.3× Cushman & Wakefield Ltd.). SHOPIFY INC. runs the higher net margin — 20.2% vs -0.8%, a 21.0% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 10.8%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $234.3M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 15.5%).
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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
CWK vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $3.7B |
| Net Profit | $-22.4M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 6.1% | 17.2% |
| Net Margin | -0.8% | 20.2% |
| Revenue YoY | 10.8% | 30.6% |
| Net Profit YoY | -119.8% | -42.5% |
| EPS (diluted) | $-0.10 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $2.6B | $2.8B | ||
| Q2 25 | $2.5B | $2.7B | ||
| Q1 25 | $2.3B | $2.4B | ||
| Q4 24 | $2.6B | $2.8B | ||
| Q3 24 | $2.3B | $2.2B | ||
| Q2 24 | $2.3B | $2.0B | ||
| Q1 24 | $2.2B | $1.9B |
| Q4 25 | $-22.4M | $743.0M | ||
| Q3 25 | $51.4M | $264.0M | ||
| Q2 25 | $57.3M | $906.0M | ||
| Q1 25 | $1.9M | $-682.0M | ||
| Q4 24 | $112.9M | $1.3B | ||
| Q3 24 | $33.7M | $828.0M | ||
| Q2 24 | $13.5M | $171.0M | ||
| Q1 24 | $-28.8M | $-273.0M |
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
| Q4 25 | 6.1% | 17.2% | ||
| Q3 25 | 4.1% | 12.1% | ||
| Q2 25 | 4.9% | 10.9% | ||
| Q1 25 | 2.0% | 8.6% | ||
| Q4 24 | 6.6% | 16.5% | ||
| Q3 24 | 3.2% | 13.1% | ||
| Q2 24 | 3.1% | 11.8% | ||
| Q1 24 | 0.9% | 4.6% |
| Q4 25 | -0.8% | 20.2% | ||
| Q3 25 | 2.0% | 9.3% | ||
| Q2 25 | 2.3% | 33.8% | ||
| Q1 25 | 0.1% | -28.9% | ||
| Q4 24 | 4.3% | 46.0% | ||
| Q3 24 | 1.4% | 38.3% | ||
| Q2 24 | 0.6% | 8.4% | ||
| Q1 24 | -1.3% | -14.7% |
| Q4 25 | $-0.10 | $0.58 | ||
| Q3 25 | $0.22 | $0.20 | ||
| Q2 25 | $0.25 | $0.69 | ||
| Q1 25 | $0.01 | $-0.53 | ||
| Q4 24 | $0.49 | $0.99 | ||
| Q3 24 | $0.14 | $0.64 | ||
| Q2 24 | $0.06 | $0.13 | ||
| Q1 24 | $-0.13 | $-0.21 |
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 | $5.8B |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $2.0B | $13.5B |
| Total Assets | $7.7B | $15.2B |
| Debt / EquityLower = less leverage | 1.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.2M | $5.8B | ||
| Q3 25 | $634.4M | $6.3B | ||
| Q2 25 | $618.2M | $5.8B | ||
| Q1 25 | $623.2M | $5.5B | ||
| Q4 24 | $793.3M | $5.5B | ||
| Q3 24 | $775.4M | — | ||
| Q2 24 | $567.3M | — | ||
| Q1 24 | $553.5M | — |
| 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 | $13.5B | ||
| Q3 25 | $2.0B | $12.5B | ||
| Q2 25 | $1.9B | $12.1B | ||
| Q1 25 | $1.8B | $11.1B | ||
| Q4 24 | $1.8B | $11.6B | ||
| Q3 24 | $1.7B | $10.1B | ||
| Q2 24 | $1.6B | $9.2B | ||
| Q1 24 | $1.6B | $8.9B |
| Q4 25 | $7.7B | $15.2B | ||
| Q3 25 | $7.7B | $15.0B | ||
| Q2 25 | $7.6B | $14.6B | ||
| Q1 25 | $7.4B | $13.4B | ||
| Q4 24 | $7.5B | $13.9B | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.3B | — | ||
| Q1 24 | $7.5B | — |
| 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 | $725.0M |
| Free Cash FlowOCF − Capex | $234.3M | $715.0M |
| FCF MarginFCF / Revenue | 8.0% | 19.5% |
| Capex IntensityCapex / Revenue | 0.8% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $293.0M | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $257.3M | $725.0M | ||
| Q3 25 | $235.5M | $513.0M | ||
| Q2 25 | $9.6M | $428.0M | ||
| Q1 25 | $-162.0M | $367.0M | ||
| Q4 24 | $115.2M | $615.0M | ||
| Q3 24 | $196.1M | $423.0M | ||
| Q2 24 | $21.8M | $340.0M | ||
| Q1 24 | $-125.1M | $238.0M |
| Q4 25 | $234.3M | $715.0M | ||
| Q3 25 | $225.0M | $507.0M | ||
| Q2 25 | $300.0K | $422.0M | ||
| Q1 25 | $-166.6M | $363.0M | ||
| Q4 24 | $105.9M | $611.0M | ||
| Q3 24 | $186.7M | $421.0M | ||
| Q2 24 | $10.0M | $333.0M | ||
| Q1 24 | $-135.6M | $232.0M |
| Q4 25 | 8.0% | 19.5% | ||
| Q3 25 | 8.6% | 17.8% | ||
| Q2 25 | 0.0% | 15.7% | ||
| Q1 25 | -7.3% | 15.4% | ||
| Q4 24 | 4.0% | 21.7% | ||
| Q3 24 | 8.0% | 19.5% | ||
| Q2 24 | 0.4% | 16.3% | ||
| Q1 24 | -6.2% | 12.5% |
| Q4 25 | 0.8% | 0.3% | ||
| Q3 25 | 0.4% | 0.2% | ||
| Q2 25 | 0.4% | 0.2% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | 0.4% | 0.1% | ||
| Q3 24 | 0.4% | 0.1% | ||
| Q2 24 | 0.5% | 0.3% | ||
| Q1 24 | 0.5% | 0.3% |
| Q4 25 | — | 0.98× | ||
| Q3 25 | 4.58× | 1.94× | ||
| Q2 25 | 0.17× | 0.47× | ||
| Q1 25 | -85.26× | — | ||
| Q4 24 | 1.02× | 0.48× | ||
| Q3 24 | 5.82× | 0.51× | ||
| Q2 24 | 1.61× | 1.99× | ||
| Q1 24 | — | — |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
