vs
Side-by-side financial comparison of Cushman & Wakefield Ltd. (CWK) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Cushman & Wakefield Ltd. is the larger business by last-quarter revenue ($2.9B vs $1.6B, roughly 1.8× Toast, Inc.). Toast, Inc. runs the higher net margin — 6.2% vs -0.8%, a 7.0% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 10.8%). Cushman & Wakefield Ltd. produced more free cash flow last quarter ($234.3M vs $178.0M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% 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.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
CWK vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $1.6B |
| Net Profit | $-22.4M | $101.0M |
| Gross Margin | — | 25.9% |
| Operating Margin | 6.1% | 5.2% |
| Net Margin | -0.8% | 6.2% |
| Revenue YoY | 10.8% | 22.0% |
| Net Profit YoY | -119.8% | 215.6% |
| EPS (diluted) | $-0.10 | $0.18 |
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 | $1.6B | ||
| Q3 25 | $2.6B | $1.6B | ||
| Q2 25 | $2.5B | $1.6B | ||
| Q1 25 | $2.3B | $1.3B | ||
| Q4 24 | $2.6B | $1.3B | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.2B | $1.1B |
| Q4 25 | $-22.4M | $101.0M | ||
| Q3 25 | $51.4M | $105.0M | ||
| Q2 25 | $57.3M | $80.0M | ||
| Q1 25 | $1.9M | $56.0M | ||
| Q4 24 | $112.9M | $32.0M | ||
| Q3 24 | $33.7M | $56.0M | ||
| Q2 24 | $13.5M | $14.0M | ||
| Q1 24 | $-28.8M | $-83.0M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
| Q4 25 | 6.1% | 5.2% | ||
| Q3 25 | 4.1% | 5.1% | ||
| Q2 25 | 4.9% | 5.2% | ||
| Q1 25 | 2.0% | 3.2% | ||
| Q4 24 | 6.6% | 2.5% | ||
| Q3 24 | 3.2% | 2.6% | ||
| Q2 24 | 3.1% | 0.4% | ||
| Q1 24 | 0.9% | -5.2% |
| Q4 25 | -0.8% | 6.2% | ||
| Q3 25 | 2.0% | 6.4% | ||
| Q2 25 | 2.3% | 5.2% | ||
| Q1 25 | 0.1% | 4.2% | ||
| Q4 24 | 4.3% | 2.4% | ||
| Q3 24 | 1.4% | 4.3% | ||
| Q2 24 | 0.6% | 1.1% | ||
| Q1 24 | -1.3% | -7.7% |
| Q4 25 | $-0.10 | $0.18 | ||
| Q3 25 | $0.22 | $0.16 | ||
| Q2 25 | $0.25 | $0.13 | ||
| Q1 25 | $0.01 | $0.09 | ||
| Q4 24 | $0.49 | $0.09 | ||
| Q3 24 | $0.14 | $0.07 | ||
| Q2 24 | $0.06 | $0.02 | ||
| Q1 24 | $-0.13 | $-0.15 |
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 | $1.4B |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $2.0B | $2.1B |
| Total Assets | $7.7B | $3.1B |
| Debt / EquityLower = less leverage | 1.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.2M | $1.4B | ||
| Q3 25 | $634.4M | $1.4B | ||
| Q2 25 | $618.2M | $1.2B | ||
| Q1 25 | $623.2M | $1.0B | ||
| Q4 24 | $793.3M | $903.0M | ||
| Q3 24 | $775.4M | $761.0M | ||
| Q2 24 | $567.3M | $691.0M | ||
| Q1 24 | $553.5M | $578.0M |
| 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 | $2.1B | ||
| Q3 25 | $2.0B | $2.0B | ||
| Q2 25 | $1.9B | $1.8B | ||
| Q1 25 | $1.8B | $1.7B | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | $1.7B | $1.4B | ||
| Q2 24 | $1.6B | $1.3B | ||
| Q1 24 | $1.6B | $1.2B |
| Q4 25 | $7.7B | $3.1B | ||
| Q3 25 | $7.7B | $3.0B | ||
| Q2 25 | $7.6B | $2.8B | ||
| Q1 25 | $7.4B | $2.6B | ||
| Q4 24 | $7.5B | $2.4B | ||
| Q3 24 | $7.5B | $2.2B | ||
| Q2 24 | $7.3B | $2.2B | ||
| Q1 24 | $7.5B | $2.1B |
| 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 | $194.0M |
| Free Cash FlowOCF − Capex | $234.3M | $178.0M |
| FCF MarginFCF / Revenue | 8.0% | 10.9% |
| Capex IntensityCapex / Revenue | 0.8% | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $293.0M | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $257.3M | $194.0M | ||
| Q3 25 | $235.5M | $165.0M | ||
| Q2 25 | $9.6M | $223.0M | ||
| Q1 25 | $-162.0M | $79.0M | ||
| Q4 24 | $115.2M | $147.0M | ||
| Q3 24 | $196.1M | $109.0M | ||
| Q2 24 | $21.8M | $124.0M | ||
| Q1 24 | $-125.1M | $-20.0M |
| Q4 25 | $234.3M | $178.0M | ||
| Q3 25 | $225.0M | $153.0M | ||
| Q2 25 | $300.0K | $208.0M | ||
| Q1 25 | $-166.6M | $69.0M | ||
| Q4 24 | $105.9M | $134.0M | ||
| Q3 24 | $186.7M | $97.0M | ||
| Q2 24 | $10.0M | $108.0M | ||
| Q1 24 | $-135.6M | $-33.0M |
| Q4 25 | 8.0% | 10.9% | ||
| Q3 25 | 8.6% | 9.4% | ||
| Q2 25 | 0.0% | 13.4% | ||
| Q1 25 | -7.3% | 5.2% | ||
| Q4 24 | 4.0% | 10.0% | ||
| Q3 24 | 8.0% | 7.4% | ||
| Q2 24 | 0.4% | 8.7% | ||
| Q1 24 | -6.2% | -3.1% |
| Q4 25 | 0.8% | 1.0% | ||
| Q3 25 | 0.4% | 0.7% | ||
| Q2 25 | 0.4% | 1.0% | ||
| Q1 25 | 0.2% | 0.7% | ||
| Q4 24 | 0.4% | 1.0% | ||
| Q3 24 | 0.4% | 0.9% | ||
| Q2 24 | 0.5% | 1.3% | ||
| Q1 24 | 0.5% | 1.2% |
| Q4 25 | — | 1.92× | ||
| Q3 25 | 4.58× | 1.57× | ||
| Q2 25 | 0.17× | 2.79× | ||
| Q1 25 | -85.26× | 1.41× | ||
| Q4 24 | 1.02× | 4.59× | ||
| Q3 24 | 5.82× | 1.95× | ||
| Q2 24 | 1.61× | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
