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Side-by-side financial comparison of Cushman & Wakefield Ltd. (CWK) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Cushman & Wakefield Ltd. is the larger business by last-quarter revenue ($2.9B vs $137.5M, roughly 21.2× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs -0.8%, a 115.9% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs 10.8%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% 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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
CWK vs TRNO — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $137.5M |
| Net Profit | $-22.4M | $158.2M |
| Gross Margin | — | — |
| Operating Margin | 6.1% | — |
| Net Margin | -0.8% | 115.1% |
| Revenue YoY | 10.8% | 32.6% |
| Net Profit YoY | -119.8% | 107.9% |
| EPS (diluted) | $-0.10 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $2.6B | $116.2M | ||
| Q2 25 | $2.5B | $112.2M | ||
| Q1 25 | $2.3B | $110.4M | ||
| Q4 24 | $2.6B | $103.7M | ||
| Q3 24 | $2.3B | $99.6M | ||
| Q2 24 | $2.3B | $94.2M | ||
| Q1 24 | $2.2B | $85.0M |
| Q4 25 | $-22.4M | $158.2M | ||
| Q3 25 | $51.4M | $103.4M | ||
| Q2 25 | $57.3M | $93.3M | ||
| Q1 25 | $1.9M | $48.1M | ||
| Q4 24 | $112.9M | $76.1M | ||
| Q3 24 | $33.7M | $36.6M | ||
| Q2 24 | $13.5M | $35.7M | ||
| Q1 24 | $-28.8M | $36.1M |
| Q4 25 | 6.1% | — | ||
| Q3 25 | 4.1% | — | ||
| Q2 25 | 4.9% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 3.2% | — | ||
| Q2 24 | 3.1% | — | ||
| Q1 24 | 0.9% | — |
| Q4 25 | -0.8% | 115.1% | ||
| Q3 25 | 2.0% | 88.9% | ||
| Q2 25 | 2.3% | 83.1% | ||
| Q1 25 | 0.1% | 43.6% | ||
| Q4 24 | 4.3% | 73.4% | ||
| Q3 24 | 1.4% | 36.8% | ||
| Q2 24 | 0.6% | 37.9% | ||
| Q1 24 | -1.3% | 42.4% |
| Q4 25 | $-0.10 | $1.54 | ||
| Q3 25 | $0.22 | $1.00 | ||
| Q2 25 | $0.25 | $0.90 | ||
| Q1 25 | $0.01 | $0.47 | ||
| Q4 24 | $0.49 | $0.78 | ||
| Q3 24 | $0.14 | $0.37 | ||
| Q2 24 | $0.06 | $0.37 | ||
| Q1 24 | $-0.13 | $0.40 |
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 | $25.0M |
| Total DebtLower is stronger | $2.7B | $943.3M |
| Stockholders' EquityBook value | $2.0B | $4.1B |
| Total Assets | $7.7B | $5.4B |
| Debt / EquityLower = less leverage | 1.40× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.2M | $25.0M | ||
| Q3 25 | $634.4M | $26.2M | ||
| Q2 25 | $618.2M | $128.4M | ||
| Q1 25 | $623.2M | $156.5M | ||
| Q4 24 | $793.3M | $18.1M | ||
| Q3 24 | $775.4M | $243.7M | ||
| Q2 24 | $567.3M | $182.0M | ||
| Q1 24 | $553.5M | $649.6M |
| Q4 25 | $2.7B | $943.3M | ||
| Q3 25 | $2.8B | $1.0B | ||
| Q2 25 | $3.0B | $742.4M | ||
| Q1 25 | $3.0B | $741.9M | ||
| Q4 24 | $3.0B | $823.4M | ||
| Q3 24 | $3.1B | $672.2M | ||
| Q2 24 | $3.1B | $772.0M | ||
| Q1 24 | $3.2B | $771.8M |
| Q4 25 | $2.0B | $4.1B | ||
| Q3 25 | $2.0B | $4.0B | ||
| Q2 25 | $1.9B | $3.9B | ||
| Q1 25 | $1.8B | $3.9B | ||
| Q4 24 | $1.8B | $3.7B | ||
| Q3 24 | $1.7B | $3.6B | ||
| Q2 24 | $1.6B | $3.4B | ||
| Q1 24 | $1.6B | $3.4B |
| Q4 25 | $7.7B | $5.4B | ||
| Q3 25 | $7.7B | $5.3B | ||
| Q2 25 | $7.6B | $5.0B | ||
| Q1 25 | $7.4B | $4.9B | ||
| Q4 24 | $7.5B | $4.8B | ||
| Q3 24 | $7.5B | $4.6B | ||
| Q2 24 | $7.3B | $4.5B | ||
| Q1 24 | $7.5B | $4.4B |
| Q4 25 | 1.40× | 0.23× | ||
| Q3 25 | 1.45× | 0.26× | ||
| Q2 25 | 1.57× | 0.19× | ||
| Q1 25 | 1.70× | 0.19× | ||
| Q4 24 | 1.73× | 0.22× | ||
| Q3 24 | 1.81× | 0.19× | ||
| Q2 24 | 1.91× | 0.22× | ||
| Q1 24 | 1.96× | 0.22× |
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 | $70.3M |
| Free Cash FlowOCF − Capex | $234.3M | — |
| FCF MarginFCF / Revenue | 8.0% | — |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | — | 0.44× |
| TTM Free Cash FlowTrailing 4 quarters | $293.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $257.3M | $70.3M | ||
| Q3 25 | $235.5M | $79.5M | ||
| Q2 25 | $9.6M | $60.6M | ||
| Q1 25 | $-162.0M | $61.4M | ||
| Q4 24 | $115.2M | $51.3M | ||
| Q3 24 | $196.1M | $70.0M | ||
| Q2 24 | $21.8M | $64.3M | ||
| Q1 24 | $-125.1M | $47.0M |
| Q4 25 | $234.3M | — | ||
| Q3 25 | $225.0M | — | ||
| Q2 25 | $300.0K | — | ||
| Q1 25 | $-166.6M | — | ||
| Q4 24 | $105.9M | — | ||
| Q3 24 | $186.7M | — | ||
| Q2 24 | $10.0M | — | ||
| Q1 24 | $-135.6M | — |
| Q4 25 | 8.0% | — | ||
| Q3 25 | 8.6% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | -7.3% | — | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 8.0% | — | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | -6.2% | — |
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.5% | — |
| Q4 25 | — | 0.44× | ||
| Q3 25 | 4.58× | 0.77× | ||
| Q2 25 | 0.17× | 0.65× | ||
| Q1 25 | -85.26× | 1.28× | ||
| Q4 24 | 1.02× | 0.67× | ||
| Q3 24 | 5.82× | 1.91× | ||
| Q2 24 | 1.61× | 1.80× | ||
| Q1 24 | — | 1.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWK
Segment breakdown not available.
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
