WeWork has successfully navigated its post-bankruptcy era, emerging as a private company in June 2024, free of debt and with a new majority owner, real estate tech giant Yardi Systems. CEO John Santora, a veteran from Cushman & Wakefield, has been instrumental in this transformation, bringing a disciplinary approach to the company's financials and operations. The company reported $2.2 billion in revenue in 2024, with its first-ever break-even from an EBITDA perspective in the last quarter, and has maintained positive EBITDA for six consecutive months. This financial stability marks a significant departure from its past, which was characterized by billions in losses and a reputation for fast-and-loose business practices under co-founder Adam Neumann.
Santora's leadership emphasizes WeWork as a real estate company, not a tech firm, aiming to restore trust with landlords and members. The company has invested in upgrading its spaces, planning to spend between $80 million and $100 million in 2025 across its global portfolio. WeWork is now strategically expanding, adding locations after years of paring down its portfolio. Its occupancy level in New York is around 85%, which is considered a significant profitability margin when it exceeds the mid-$70s. The company is actively seeking a new "quasi-trophy asset" in New York City, possibly near prominent transportation hubs like Grand Central, to further enhance its presence.
WeWork has also secured significant enterprise clients, notably Amazon, with whom it has partnered on multiple large leases. These include 304,000 square feet at 330 West 34th Street, 112,000 square feet at 5 Manhattan West, and 150,000 square feet in Dallas, among others globally. Santora highlights that WeWork's ability to quickly provide and customize space for clients like Amazon by utilizing already built-out locations rather than raw spaces has been key to these partnerships. The company's restructuring helped it to shed unprofitable leases and approximately $12 billion in rent obligations, allowing it to move forward with a more focused and disciplined approach to growth and profitability. The worldwide revenue increased from $2.2 billion in 2024 to $2.3 billion in 2025.
