CWK — what changed in the latest 10-Q
A section-by-section comparison of CWK's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-04 vs the prior 10-Q · 2026-08-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +50 | −49 | ~29 | 72 |
| Market risk (Item 3) | Text added/removed | +1 | 0 | ~5 | 5 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +2 | −1 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-04
•Leasing revenue increased 15%, principally driven by 19% growth in the Americas spread across all deal sizes, with continued strength in office and industrial leasing, including data centers.
•Capital markets revenue increased 18%, primarily due to 24% revenue growth in the Americas, which experienced growth in all major asset classes.
•Services revenue increased 5%, reflecting growth across all segments, led by higher global facilities management revenue and project management revenue, especially in EMEA and APAC.
In August 2026, the Company completed a partial redemption of $50.0 million of the aggregate principal amount of the 2028 Notes. On October 21, 2026, the Company fully redeemed the remaining $150.0 million principal amount outstanding of the 2028 Notes, completing the retirement of the 2028 Notes an…
Demand for our services is largely dependent on the relative strength of the global and regional commercial real estate markets, which are highly sensitive to general macroeconomic conditions. During the nine months ended September 30, 2026, improvements in certain underlying macroeconomic factors c…
Text removed vs the prior filing · source: 10-Q · 2026-08-05
•Revenue of $2.8 billion for the second quarter of 2026 increased 11% from the second quarter of 2025.
◦Services revenue increased 8%, reflecting sustained momentum across all segments, led by higher facilities management and project management revenue.
◦Leasing revenue increased 27%, driven by growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers.
◦Capital markets revenue decreased 1%, resulting from a 6% decline in the Americas driven primarily by declines in mid-sized transactions, most notably in the multi-family sector, partially offset by strength in EMEA and APAC.
•Net income of $52.7 million for the second quarter of 2026 decreased $4.6 million or 8% from the second quarter of 2025. Diluted earnings per share (“EPS”) was $0.22 for the second quarter of 2026, down $0.03, compared to $0.25 for the second quarter of 2025.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-11-04
Three Months Ended September 30,Nine Months Ended September 30,
Other information
Text added vs the prior filing · source: 10-Q · 2026-11-04
On August 31, 2026, Neil Johnston, Executive Vice President, Chief Financial Officer of the Company, adopted a written plan for the sale of securities of the Company as part of his long-term asset diversification, tax, and financial planning strategies. This trading arrangement was entered into duri…
Other than Mr. Johnston’s plan, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any “Rule 10b5-1 trading arrangement” and/or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408(c) of Regulation S-K) during the quarter ended Sep…
Text removed vs the prior filing · source: 10-Q · 2026-08-05
During the fiscal quarter ended June 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of R…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice