CBRE GROUP, INC.

CBRE 10-K · Q4 2025
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CBRE Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 11,629 10,404 +11.8%
Show Business Segments breakouts
Advisory Services · Operating Segments 2,915 2,578 +13.1%
Building Operations & Experience · Operating Segments 6,311 5,508 +14.6%
Project Management · Operating Segments 2,213 2,043 +8.3%
Real Estate Investments · Operating Segments 220 276 -20.3%
Show Geography breakouts
All other countries 3,569 3,113 +14.6%
GB 1,643 1,431 +14.8%
US 6,417 5,860 +9.5%
Show Consolidation Items breakouts
Corporate, other and eliminations -30 -1 -2900.0%
Intersegment Elimination -30 -1 -2900.0%
Operating Segments 11,629 10,404 +11.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 789 1,266 -37.7%
Cost of Revenue 9,473 8,290 +14.3%
Operating Administrative And Other Expenses 1,749 1,473 +18.7%
Depreciation And Amortization 189 177 +6.8%
Show Business Segments breakouts
Advisory Services · Operating Segments 71 67 +6.0%
Building Operations & Experience · Operating Segments 73 65 +12.3%
Project Management · Operating Segments 26 28 -7.1%
Real Estate Investments · Operating Segments 4 3 +33.3%
Show Consolidation Items breakouts
Corporate Non Segment 15 14 +7.1%
Cost And Expenses Excluding Gain On Disposition Of Real Estate Assets 11,411 9,940 +14.8%
Gains Losses On Sales Of Investment Real Estate 404 130 +210.8%
Show Business Segments breakouts
Real Estate Investments · Operating Segments 380 130 +192.3%
Show Consolidation Items breakouts
Operating Segments 404 130 +210.8%
Operating Income 622 594 +4.7%
Show Business Segments breakouts
Advisory Services · Operating Segments 709 623 +13.8%
Building Operations & Experience · Operating Segments 332 277 +19.9%
Project Management · Operating Segments 174 168 +3.6%
Real Estate Investments · Operating Segments 201 150 +34.0%
Show Consolidation Items breakouts
Intersegment Elimination -148 -158 +6.3%
Operating Segments 1,268 1,060 +19.6%
Income Loss From Equity Method Investments -10 58 -117.2%
Show Business Segments breakouts
Building Operations & Experience · Operating Segments 3 2 +50.0%
Real Estate Investments · Operating Segments 8 88 -90.9%
Show Consolidation Items breakouts
Corporate Non Segment -21 -32 +34.4%
Intersegment Elimination -21 -32 +34.4%
Operating Segments -10 58 -117.2%
Other Non-Operating Income (Expense) 9 13 -30.8%
Show Business Segments breakouts
Advisory Services · Operating Segments 2 0 —
Building Operations & Experience · Operating Segments 5 3 +66.7%
Project Management · Operating Segments 1 0 —
Show Consolidation Items breakouts
Operating Segments 9 13 -30.8%
Interest Income Expense Nonoperating Net 57 52 +9.6%
Income Before Taxes 564 613 -8.0%
Income Tax Expense (Benefit) 114 112 +1.8%
Show Consolidation Items breakouts
Operating Segments 114 112 +1.8%
Net Income 450 501 -10.2%
Show Consolidation Items breakouts
Operating Segments 450 501 -10.2%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 207 587 -64.7%
Net Income Loss Attributable To Noncontrolling Interest 34 14 +142.9%
Show Consolidation Items breakouts
Operating Segments 34 14 +142.9%
Net Income 416 487 -14.6%
Show Consolidation Items breakouts
Operating Segments 416 487 -14.6%
EPS (Basic) 1.4 1.59 -11.9%
Wtd Avg Shares (Basic) -431,479 -409,806 -5.3%
EPS (Diluted) 1.39 1.58 -12.0%
Wtd Avg Shares (Diluted) -298,800 -247,499 -20.7%
Revenue 11,416 10,195 +12.0%
Show Product Lines breakouts
Advisory leasing 1,496 1,313 +13.9%
Advisory leasing · Advisory Services 1,496 1,313 +13.9%
Advisory sales 756 638 +18.5%
Advisory sales · Advisory Services 756 638 +18.5%
Commercial mortgage origination 96 79 +21.5%
Commercial mortgage origination · Advisory Services 96 79 +21.5%
Development services 62 112 -44.6%
Development services · Real Estate Investments 62 112 -44.6%
Facilities management 5,621 4,969 +13.1%
Facilities management · Building Operations & Experience 5,621 4,969 +13.1%
Investment management 155 156 -0.6%
Investment management · Real Estate Investments 155 156 -0.6%
Loan servicing 28 17 +64.7%
Loan servicing · Advisory Services 28 17 +64.7%
Other portfolio services 87 107 -18.7%
Other portfolio services · Advisory Services 87 107 -18.7%
Project management 2,213 2,043 +8.3%
Project management · Project Management 2,213 2,043 +8.3%
Property management 660 538 +22.7%
Property management · Building Operations & Experience 690 539 +28.0%
Property management · Corporate, other and eliminations -30 -1 -2900.0%
Valuation 242 223 +8.5%
Valuation · Advisory Services 242 223 +8.5%
Show Business Segments breakouts
Advisory Services · Operating Segments 2,705 2,377 +13.8%
Building Operations & Experience · Operating Segments 6,311 5,508 +14.6%
Project Management · Operating Segments 2,213 2,043 +8.3%
Real Estate Investments · Operating Segments 217 268 -19.0%
Show Consolidation Items breakouts
Corporate, other and eliminations -30 -1 -2900.0%
Other Revenue 213 209 +1.9%
Show Product Lines breakouts
Commercial mortgage origination 104 90 +15.6%
Commercial mortgage origination · Advisory Services 104 90 +15.6%
Development services 3 8 -62.5%
Development services · Real Estate Investments 3 8 -62.5%
Loan servicing 106 111 -4.5%
Loan servicing · Advisory Services 106 111 -4.5%
Show Business Segments breakouts
Advisory Services · Operating Segments 210 201 +4.5%
Real Estate Investments · Operating Segments 3 8 -62.5%
Operating Expenses (Q) — — —
Show Business Segments breakouts
Advisory Services · Operating Segments 502 489 +2.7%
Building Operations & Experience · Operating Segments 370 309 +19.7%
Project Management · Operating Segments 136 119 +14.3%
Real Estate Investments · Operating Segments 521 276 +88.8%
Show Consolidation Items breakouts
Intersegment Elimination 220 280 -21.4%
Operating Segments 1,749 1,473 +18.7%
Comprehensive Income 690 223 +209.4%
Interest Income Expense Net (Q) — — —
Show Consolidation Items breakouts
Operating Segments 57 52 +9.6%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 1,864 1,114 +67.3%
Restricted Cash And Cash Equivalents At Carrying Value 150 107 +40.2%
Accounts Receivable 8,284 7,005 +18.3%
Loan Receivable Mortgage Warehouse Lending Current 1,630 561 +190.6%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 1,630 561 +190.6%
Contract With Customer Asset Net Current 462 400 +15.5%
Prepaid Expense Current 372 332 +12.0%
Income Taxes Receivable 175 130 +34.6%
Other Assets Current 552 321 +72.0%
Total Current Assets 13,489 9,970 +35.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 3,951 3,804 +3.9%
Non-Current Assets
Property, Plant & Equipment 1,049 914 +14.8%
Goodwill 7,051 5,621 +25.4%
Show Business Acquisition breakouts
Other Acquisitions 33 — —
Operating Lease Right-of-Use Assets 2,062 1,198 +72.1%
Contract With Customer Asset Net Noncurrent 103 89 +15.7%
Income Taxes Receivable Noncurrent 106 75 +41.3%
Deferred Tax Assets 697 538 +29.6%
Other Non-Current Assets 1,832 1,880 -2.6%
Total Assets 30,877 24,383 +26.6%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 60,289 55,404 +8.8%
Other Assets
Intangible Assets Net Excluding Goodwill 2,972 2,298 +29.3%
Equity Method Investments 870 1,295 -32.8%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Other 98 478 -79.5%
Real estate investments 772 702 +10.0%
Real Estate Held For Development And Sale 646 505 +27.9%
Current Liabilities
Accounts Payable And Other Accrued Liabilities Current 4,838 4,102 +17.9%
Other Employee Related Liabilities Current 1,630 1,419 +14.9%
Accrued Bonuses Current 1,879 1,695 +10.9%
Operating Lease Liability Current 284 200 +42.0%
Deferred Revenue (Current) 448 375 +19.5%
Accrued Income Taxes Current 258 209 +23.4%
Warehouse Agreement Borrowings 1,609 552 +191.5%
Show Debt Instrument breakouts
Bank of America, Pricing · Bank of America (BofA) 335 142 +135.9%
Fannie Mae Multifamily ASAP Program, Pricing · Fannie Mae ASAP Program 221 1 +22000.0%
JP Morgan Chase Bank, N.A. (JP Morgan), Pricing · JP Morgan 804 306 +162.7%
Scotia Bank, Pricing · Scotia Bank 118 — —
TD Bank, Pricing · TD Bank 131 103 +27.2%
Show Short Term Debt Type breakouts
Warehouse Agreement Borrowings 1,609 552 +191.5%
Commercial Paper And Other Short Term Borrowings 856 222 +285.6%
Current Portion of Long-Term Debt 71 36 +97.2%
Other Liabilities Current 447 345 +29.6%
Total Current Liabilities 12,320 9,287 +32.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 2,660 3,378 -21.3%
Commercial Paper (Q) — — —
Show Short Term Debt Type breakouts
Commercial Paper 852 175 +386.9%
Non-Current Liabilities
Long-Term Debt 5,050 3,245 +55.6%
Operating Lease Liabilities 2,121 1,307 +62.3%
Liability For Uncertain Tax Positions Noncurrent 183 160 +14.4%
Deferred Tax Liabilities 238 247 -3.6%
Other Non-Current Liabilities 1,339 945 +41.7%
Total Liabilities 21,251 15,191 +39.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 19,891 21,079 -5.6%
Stockholders' Equity
Redeemable Noncontrolling Interest Equity Carrying Amount 433 — —
Common Stock 3 3 0.0%
Retained Earnings 9,916 9,567 +3.6%
Accumulated Other Comprehensive Income -1,041 -1,159 +10.2%
Total Stockholders' Equity 8,878 8,411 +5.6%
Minority Interest 315 781 -59.7%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 9,193 9,192 0.0%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -1 -113 +99.1%
Accumulated Translation Adjustment -1,040 -1,046 +0.6%
Common Stock 3 3 0.0%
Noncontrolling Interest 315 781 -59.7%
Retained Earnings 9,916 9,567 +3.6%
Total Liabilities & Equity 30,877 24,383 +26.6%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Adjustment For Amortization 47 55 -14.5%
Gain Loss On Sale Of Other Assets -61 -51 -19.6%
Deferred Income Taxes And Tax Credits -200 -84 -138.1%
Stock-Based Compensation 10 34 -70.6%
Other Non-Cash Items 239 10 +2290.0%
Proceeds From Sale Of Mortgage Loans Held For Sale 5,151 5,338 -3.5%
Payments For Origination Of Mortgage Loans Held For Sale -5,122 -4,456 -14.9%
Increase Decrease In Warehouse Lines Of Credit -15 -870 +98.3%
Increase Decrease In Receivables Prepaid Expenses And Other Assets Including Contract Assets -463 -397 -16.6%
Increase Decrease In Accounts Payable And Accrued Liabilities 565 477 +18.4%
Increase Decrease In Employee Related Liabilities 716 731 -2.1%
Increase Decrease In Income Taxes Receivable 164 75 +118.7%
Net Cash from Operations 1,221 1,340 -8.9%
Investing Activities
Payments To Acquire Productive Assets -144 -93 -54.8%
Payments To Acquire Business Two Net Of Cash Acquired -1,043 -15 -6853.3%
Payments To Acquire Interest In Joint Venture -68 -26 -161.5%
Payments To Acquire And Develop Real Estate -150 -177 +15.3%
Other Investing Activities -67 56 -219.6%
Net Cash from Investing -963 -20 -4715.0%
Financing Activities
Repayments Of Lines Of Credit 0 -1,511 +100.0%
Proceeds From Issuance Of Secured Debt 742 0 —
Share Repurchases -288 -517 +44.3%
Proceeds From Payments For Other Financing Activities -238 -246 +3.3%
Net Cash from Financing -36 -1,148 +96.9%
Supplemental
Interest Paid 122 89 +37.1%
Income Taxes Paid 142 116 +22.4%
Deferred Purchase Consideration 146 4 +3550.0%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations -17 -108 +84.3%
Net Change in Cash 205 64 +220.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,014 1,221 +64.9%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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