CBRE GROUP, INC.

CBRE 10-Q · Q1 2026

CBRE Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Revenue 10,527 8,875 +18.6%
Show Business Segments breakouts
Advisory Services · Operating Segments 2,024 1,659 +22.0%
Building Operations & Experience · Operating Segments 6,491 5,393 +20.4%
Project Management · Operating Segments 1,838 1,594 +15.3%
Real Estate Investments · Operating Segments 199 233 -14.6%
Show Geography breakouts
All other countries 3,099 2,507 +23.6%
GB 1,447 1,234 +17.3%
US 5,981 5,134 +16.5%
Show Consolidation Items breakouts
Corporate, other and eliminations -25 -4 -525.0%
Intersegment Elimination -25 -4 -525.0%
Operating Segments 10,527 8,875 +18.6%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 857 761 +12.6%
Cost of Revenue 8,675 7,265 +19.4%
Operating Administrative And Other Expenses 1,460 1,192 +22.5%
Depreciation And Amortization 182 142 +28.2%
Show Business Segments breakouts
Advisory Services · Operating Segments 33 32 +3.1%
Building Operations & Experience · Operating Segments 107 70 +52.9%
Project Management · Operating Segments 26 25 +4.0%
Real Estate Investments · Operating Segments 4 3 +33.3%
Show Consolidation Items breakouts
Corporate Non Segment 12 12 0.0%
Cost And Expenses Excluding Gain On Disposition Of Real Estate Assets 10,317 8,599 +20.0%
Gains Losses On Sales Of Investment Real Estate 301
Show Business Segments breakouts
Real Estate Investments · Operating Segments 281
Show Consolidation Items breakouts
Intersegment Elimination 20
Operating Segments 301
Operating Income 511 276 +85.1%
Show Business Segments breakouts
Advisory Services · Operating Segments 375 279 +34.4%
Building Operations & Experience · Operating Segments 280 218 +28.4%
Project Management · Operating Segments 135 112 +20.5%
Real Estate Investments · Operating Segments 180 25 +620.0%
Show Consolidation Items breakouts
Intersegment Elimination -144 -96 -50.0%
Operating Segments 826 538 +53.5%
Income Loss From Equity Method Investments -9 16 -156.2%
Show Business Segments breakouts
Advisory Services · Operating Segments -1 1 -200.0%
Building Operations & Experience · Operating Segments 2 1 +100.0%
Real Estate Investments · Operating Segments -7 -7 0.0%
Show Consolidation Items breakouts
Corporate Non Segment -3 21 -114.3%
Intersegment Elimination -3 21 -114.3%
Operating Segments -9 16 -156.2%
Other Non-Operating Income (Expense) 11 1 +1000.0%
Show Business Segments breakouts
Advisory Services · Operating Segments 1 1 0.0%
Building Operations & Experience · Operating Segments 11 1 +1000.0%
Show Consolidation Items breakouts
Intersegment Elimination -1 -1 0.0%
Operating Segments 11 1 +1000.0%
Interest Income Expense Nonoperating Net 59 50 +18.0%
Income Before Taxes 454 243 +86.8%
Income Tax Expense (Benefit) 112 52 +115.4%
Show Consolidation Items breakouts
Operating Segments 112 52 +115.4%
Net Income 342 191 +79.1%
Show Consolidation Items breakouts
Operating Segments 342 191 +79.1%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees -60 191 -131.4%
Net Income Loss Attributable To Noncontrolling Interest 24 28 -14.3%
Show Consolidation Items breakouts
Operating Segments 24 28 -14.3%
Net Income 318 163 +95.1%
Show Consolidation Items breakouts
Operating Segments 318 163 +95.1%
EPS (Basic) 1.08 0.54 +100.0%
Wtd Avg Shares (Basic) 294,377,494 300,288,602 -2.0%
EPS (Diluted) 1.07 0.54 +98.1%
Wtd Avg Shares (Diluted) 296,987,404 302,914,671 -2.0%
Revenue 10,424 8,778 +18.8%
Show Product Lines breakouts
Advisory leasing 1,035 862 +20.1%
Advisory leasing · Advisory Services 1,035 862 +20.1%
Advisory sales 513 360 +42.5%
Advisory sales · Advisory Services 513 360 +42.5%
Commercial mortgage origination 61 42 +45.2%
Commercial mortgage origination · Advisory Services 61 42 +45.2%
Critical infrastructure 578 338 +71.0%
Critical infrastructure · Building Operations & Experience 578 338 +71.0%
Development services 45 74 -39.2%
Development services · Real Estate Investments 45 74 -39.2%
Facilities management 5,229 4,469 +17.0%
Facilities management · Building Operations & Experience 5,229 4,469 +17.0%
Investment management 154 154 0.0%
Investment management · Real Estate Investments 154 154 0.0%
Loan servicing 37 39 -5.1%
Loan servicing · Advisory Services 37 39 -5.1%
Other portfolio services 75 81 -7.4%
Other portfolio services · Advisory Services 75 81 -7.4%
Project management 1,838 1,594 +15.3%
Project management · Project Management 1,838 1,594 +15.3%
Property management 659 582 +13.2%
Property management · Building Operations & Experience 684 586 +16.7%
Property management · Corporate, other and eliminations -25 -4 -525.0%
Valuation 200 183 +9.3%
Valuation · Advisory Services 200 183 +9.3%
Show Business Segments breakouts
Advisory Services · Operating Segments 1,921 1,567 +22.6%
Building Operations & Experience · Operating Segments 6,491 5,393 +20.4%
Project Management · Operating Segments 1,838 1,594 +15.3%
Real Estate Investments · Operating Segments 199 228 -12.7%
Show Consolidation Items breakouts
Corporate, other and eliminations -25 -4 -525.0%
Other Revenue 103 97 +6.2%
Show Product Lines breakouts
Commercial mortgage origination 20 11 +81.8%
Commercial mortgage origination · Advisory Services 20 11 +81.8%
Loan servicing 83 81 +2.5%
Loan servicing · Advisory Services 83 81 +2.5%
Show Business Segments breakouts
Advisory Services · Operating Segments 103 92 +12.0%
Operating Expenses (Q)
Show Business Segments breakouts
Advisory Services · Operating Segments 469 428 +9.6%
Building Operations & Experience · Operating Segments 377 300 +25.7%
Project Management · Operating Segments 127 115 +10.4%
Real Estate Investments · Operating Segments 287 166 +72.9%
Show Consolidation Items breakouts
Intersegment Elimination 200 183 +9.3%
Operating Segments 1,460 1,192 +22.5%
Comprehensive Income 198 180 +10.0%
Foreign Currency Transaction Gain Loss Before Tax -6 10 -160.0%
Interest Income Expense Net (Q)
Show Consolidation Items breakouts
Operating Segments 59 50 +18.0%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 1,664
Restricted Cash And Cash Equivalents At Carrying Value 131
Accounts Receivable 8,404
Loan Receivable Mortgage Warehouse Lending Current 950
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 950
Contract With Customer Asset Net Current 475
Prepaid Expense Current 379
Income Taxes Receivable 192
Other Assets Current 539
Total Current Assets 12,734
Non-Current Assets
Property, Plant & Equipment 1,040
Goodwill 7,024
Operating Lease Right-of-Use Assets 2,064
Contract With Customer Asset Net Noncurrent 101
Income Taxes Receivable Noncurrent 98
Deferred Tax Assets 724
Other Non-Current Assets 1,804
Total Assets 30,170
Other Assets
Intangible Assets Net Excluding Goodwill 2,915
Equity Method Investments 844
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Other 94
Real estate investments 750
Real Estate Held For Development And Sale 822
Current Liabilities
Accounts Payable And Other Accrued Liabilities Current 4,725
Other Employee Related Liabilities Current 1,623
Accrued Bonuses Current 1,028
Operating Lease Liability Current 293
Deferred Revenue (Current) 471
Accrued Income Taxes Current 271
Warehouse Agreement Borrowings 940
Show Debt Instrument breakouts
Bank of America, Pricing · Bank of America (BofA) 145
Fannie Mae Multifamily ASAP Program, Pricing · Fannie Mae ASAP Program 62
JP Morgan Chase Bank, N.A. (JP Morgan), Pricing · JP Morgan 254
Scotia Bank, Pricing · Scotia Bank 440
TD Bank, Pricing · TD Bank 39
Show Short Term Debt Type breakouts
Warehouse Agreement Borrowings 940
Commercial Paper And Other Short Term Borrowings 1,922
Current Portion of Long-Term Debt 70
Other Liabilities Current 410
Total Current Liabilities 11,753
Commercial Paper (Q)
Show Short Term Debt Type breakouts
Commercial Paper 1,918 1,596 +20.2%
Non-Current Liabilities
Long-Term Debt 5,021
Operating Lease Liabilities 2,112
Liability For Uncertain Tax Positions Noncurrent 196
Deferred Tax Liabilities 239
Other Non-Current Liabilities 1,542
Total Liabilities 20,863
Stockholders' Equity
Redeemable Noncontrolling Interest Equity Carrying Amount 447
Common Stock 3
Retained Earnings 9,678
Accumulated Other Comprehensive Income -1,161
Total Stockholders' Equity 8,520
Minority Interest 340
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 8,860 8,633 +2.6%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -1,161 -1,107 -4.9%
Common Stock 3 3 0.0%
Noncontrolling Interest 340 351 -3.1%
Retained Earnings 9,678 9,386 +3.1%
Total Liabilities & Equity 30,170

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Adjustment For Amortization 51 48 +6.2%
Gain Loss On Sale Of Other Assets 22 2 +1000.0%
Stock-Based Compensation 48 21 +128.6%
Other Non-Cash Items 16 8 +100.0%
Proceeds From Sale Of Mortgage Loans Held For Sale 4,338 1,976 +119.5%
Payments For Origination Of Mortgage Loans Held For Sale -3,673 -2,599 -41.3%
Increase Decrease In Warehouse Lines Of Credit -669 626 -206.9%
Increase Decrease In Receivables Prepaid Expenses And Other Assets Including Contract Assets -254 218 -216.5%
Increase Decrease In Accounts Payable And Accrued Liabilities -89 -225 +60.4%
Increase Decrease In Employee Related Liabilities -844 -859 +1.7%
Increase Decrease In Income Taxes Receivable -3 -76 +96.1%
Net Cash from Operations -825 -546 -51.1%
Investing Activities
Payments To Acquire Productive Assets -81 -64 -26.6%
Payments To Acquire Interest In Joint Venture -17 -51 +66.7%
Payments To Acquire And Develop Real Estate -165 -66 -150.0%
Proceeds From Sale Of Real Estate Heldforinvestment 321 13 +2369.2%
Other Investing Activities 6 9 -33.3%
Net Cash from Investing 64 -462 +113.9%
Financing Activities
Proceeds From Repayments Of Commercial Paper 1,066 1,421 -25.0%
Repayments Of Secured Debt -18 -33 +45.5%
Share Repurchases -530 -418 -26.8%
Proceeds From Payments For Other Financing Activities 27 -167 +116.2%
Net Cash from Financing 545 1,256 -56.6%
Supplemental
Interest Paid 98 102 -3.9%
Income Taxes Paid 105 131 -19.8%
Deferred Purchase Consideration -2 27 -107.4%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations -3 44 -106.8%
Net Change in Cash -219 292 -175.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,795 1,513 +18.6%

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

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