# CBRE GROUP, INC. (CBRE) Informational only - not investment advice. CIK: 0001138118 SIC: 6500 Real Estate SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Real Estate](/major-group/65/) > [SIC 6500 Real Estate](/industry/6500/) Latest 10-K filed: 2026-02-12 SEC page: https://www.sec.gov/edgar/browse/?CIK=1138118 Filing source: https://www.sec.gov/Archives/edgar/data/1138118/000113811826000005/cbre-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0001138118-26-000005 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001138118.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 40,550,000,000 USD | 2025 | verified | | Net income | 1,157,000,000 USD | 2025 | verified | | Assets | 30,877,000,000 USD | 2025 | verified | | Free cash flow | 1,193,000,000 USD | 2025 | computed | | Net margin | 2.85% | 2025 | computed | | Operating margin | 4.32% | 2025 | computed | | Revenue YoY | +13.37% | 2025 | computed | | ROE | 13.03% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | CBRE | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 2.9% | 8.9% | 37 | 20 | | Operating margin | 4.3% | 10.4% | 33 | 10 | | Revenue growth | 13.4% | 8.9% | 67 | 19 | | FCF margin | 2.9% | -11.0% | 80 | 11 | | ROE | 13.0% | 5.5% | 95 | 20 | | ROA | 3.7% | 1.4% | 79 | 20 | | Liabilities / equity | 2.39 | 1.39 | 68 | 20 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6500 Real Estate, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 40550000000 | USD | 2025 | 2026-02-12 | | Net income | 1157000000 | USD | 2025 | 2026-02-12 | | Assets | 30877000000 | USD | 2025 | 2026-02-12 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001138118.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 17,369,108,000 | 18,628,787,000 | 21,340,088,000 | 23,894,091,000 | 23,826,195,000 | 27,746,000,000 | 30,828,000,000 | 31,949,000,000 | 35,767,000,000 | 40,550,000,000 | | Net income | | 573,079,000 | 697,109,000 | 1,063,219,000 | 1,282,357,000 | 751,989,000 | 1,837,000,000 | 1,407,000,000 | 986,000,000 | 968,000,000 | 1,157,000,000 | | Operating income | | 816,831,000 | 1,078,682,000 | 1,087,989,000 | 1,259,875,000 | 969,759,000 | 1,637,000,000 | 1,512,000,000 | 1,117,000,000 | 1,413,000,000 | 1,753,000,000 | | Diluted EPS | | 1.69 | 2.05 | 3.10 | 3.77 | 2.22 | 5.41 | 4.29 | 3.15 | 3.14 | 3.85 | | Operating cash flow | | 616,985,000 | 894,411,000 | 1,131,249,000 | 1,223,380,000 | 1,830,779,000 | 2,364,000,000 | 1,629,000,000 | 480,000,000 | 1,708,000,000 | 1,559,000,000 | | Capital expenditures | | | | | | | 210,000,000 | 260,000,000 | 305,000,000 | 307,000,000 | 366,000,000 | | Share buybacks | 16,628,000 | | | 161,034,000 | 145,137,000 | 50,028,000 | 369,000,000 | 1,850,000,000 | 665,000,000 | 627,000,000 | 968,000,000 | | Assets | | 10,779,587,000 | 11,718,396,000 | 13,456,793,000 | 16,197,196,000 | 18,039,143,000 | 22,073,491,000 | 20,513,000,000 | 22,548,000,000 | 24,383,000,000 | 30,877,000,000 | | Liabilities | | 7,722,342,000 | 7,543,782,000 | 8,446,891,000 | 9,924,084,000 | 10,533,483,000 | 12,714,374,000 | 11,907,000,000 | 13,481,000,000 | 15,191,000,000 | 21,251,000,000 | | Stockholders' equity | | 3,014,487,000 | 4,114,496,000 | 4,938,797,000 | 6,232,693,000 | 7,078,326,000 | 8,528,193,000 | 7,853,000,000 | 8,267,000,000 | 8,411,000,000 | 8,878,000,000 | | Cash and cash equivalents | | 762,576,000 | 751,774,000 | 777,219,000 | 971,781,000 | 1,896,188,000 | 2,430,951,000 | 1,318,000,000 | 1,265,000,000 | 1,114,000,000 | 1,864,000,000 | | Free cash flow | | | | | | | 2,154,000,000 | 1,369,000,000 | 175,000,000 | 1,401,000,000 | 1,193,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 3.30% | 3.74% | 4.98% | 5.37% | 3.16% | 6.62% | 4.56% | 3.09% | 2.71% | 2.85% | | Operating margin | | 4.70% | 5.79% | 5.10% | 5.27% | 4.07% | 5.90% | 4.90% | 3.50% | 3.95% | 4.32% | | Return on equity | | 19.01% | 16.94% | 21.53% | 20.57% | 10.62% | 21.54% | 17.92% | 11.93% | 11.51% | 13.03% | | Return on assets | | 5.32% | 5.95% | 7.90% | 7.92% | 4.17% | 8.32% | 6.86% | 4.37% | 3.97% | 3.75% | | Liabilities / equity | | 2.56 | 1.83 | 1.71 | 1.59 | 1.49 | 1.49 | 1.52 | 1.63 | 1.81 | 2.39 | | Current ratio | | 1.13 | 1.19 | 1.16 | 1.17 | 1.24 | 1.20 | 1.03 | 1.17 | 1.07 | 1.09 | ## As-reported value updates 5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/CBRE/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001138118.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 1.38 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.37 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.64 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 7,868,046,000 | 190,553,000 | 0.61 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 8,949,975,000 | 477,151,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 7,935,000,000 | 126,000,000 | 0.41 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 8,391,000,000 | 130,000,000 | 0.42 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 9,036,000,000 | 225,000,000 | 0.73 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 10,404,000,000 | 487,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 8,910,000,000 | 163,000,000 | 0.54 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 9,754,000,000 | 215,000,000 | 0.72 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 10,258,000,000 | 363,000,000 | 1.21 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 11,629,000,000 | 416,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 10,527,000,000 | 318,000,000 | 1.07 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 11,226,000,000 | 204,000,000 | 0.69 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CBRE's latest 10-K: [/company/CBRE/business/](/company/CBRE/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CBRE's latest 10-K: [/company/CBRE/risk-factors/](/company/CBRE/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1138118/000113811826000024/cbre-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-29 Report date: 2026-06-30 Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) provides the reader with management’s perspective on our financial condition, results of operations, liquidity and certain other factors that may affect future results. The MD&A in this Quarterly Report on Form 10-Q (Quarterly Report) for CBRE Group, Inc. for the three and six months ended June 30, 2026 should be read in conjunction with our consolidated financial statements and related notes included in our 2025 Annual Report on Form 10-K (2025 Annual Report) as well as the unaudited financial statements included elsewhere in this Quarterly Report. In addition, the statements and assumptions in this Quarterly Report that are not statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about our plans, strategies and prospects as well as estimates of industry growth for the next quarter and beyond. For important information regarding these forward-looking statements, please see the discussion below under the caption “Cautionary Note on Forward-Looking Statements.” Beginning with first-quarter 2026 results, we reclassified amortization associated with MSRs (mortgage servicing rights) to net against the related revenue (commercial mortgage origination). Historically, we have recognized the corresponding MSR intangible asset as an amortization expense over the estimated mortgage service period. Prior year amounts have been reclassified to conform with the 2026 presentation. Business Environment The strong recovery of the commercial real estate market continued in the first half of 2026. This is reflected in increased property leasing and sales activity, particularly in the U.S. Leasing activity in the U.S. remained strong across all property types, led by industrial and office, while global activity continued to strengthen in international markets as well. During the second quarter, investment sales activity improved significantly in the U.S., while growth was more modest in overseas markets. Investment activity has been supported by broad capital availability, improved occupancy market fundamentals and narrower bid-ask spreads. Large occupiers’ growing appetite for outsourcing services continued to underpin demand for facilities management and project management activities, while the outsized growth of Artificial Intelligence investments and data center buildouts has fueled continued strong demand for critical infrastructure services. Through the first half of 2026, the ongoing Middle East conflict has had limited impact on CBRE’s business except for a slowdown in fundraising from capital sources based in the region. Capital Allocation We deployed $988 million in 2026 to repurchase 6,984,186 shares as of July 27, 2026. 37 Table of contents Results of Operations The following table sets forth items derived from our consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (dollars in millions): [[GREPCENT_TABLE]] [["","Three Months Ended June 30, (1)","","Six Months Ended June 30, (1)"],["","2026","","2025","","2026","","2025"],["Revenue:"],["Facilities management","$5,311","","47.3%","","$4,784","","49.2%","","$10,540","","48.5%","","$9,253","","49.8%"],["Property management","699","","6.2%","","646","","6.6%","","1,383","","6.4%","","1,232","","6.6%"],["Critical infrastructure","676","","6.0%","","403","","4.1%","","1,254","","5.8%","","741","","4.0%"],["Project management","2,045","","18.2%","","1,717","","17.7%","","3,883","","17.9%","","3,311","","17.8%"],["Advisory leasing","1,229","","10.9%","","995","","10.2%","","2,264","","10.4%","","1,857","","10.0%"],["Valuation","220","","2.0%","","196","","2.0%","","420","","1.9%","","379","","2.0%"],["Loan servicing","121","","1.1%","","122","","1.3%","","241","","1.1%","","242","","1.3%"],["Other portfolio services","88","","0.8%","","97","","1.0%","","163","","0.7%","","178","","1.0%"],["Capital markets:"],["Advisory sales","551","","4.9%","","459","","4.7%","","1,064","","4.9%","","819","","4.4%"],["Commercial mortgage origination","97","","0.9%","","90","","0.9%","","178","","0.8%","","143","","0.8%"],["Investment management","149","","1.3%","","145","","1.5%","","303","","1.4%","","299","","1.6%"],["Development services","44","","0.4%","","70","","0.7%","","89","","0.4%","","149","","0.8%"],["Corporate, other and eliminations","(4)","","0.0%","","(7)","","(0.1)%","","(29)","","(0.1)%","","(11)","","(0.1)%"],["Total revenue","11,226","","100.0%","","9,717","","100.0%","","21,753","","100.0%","","18,592","","100.0%"],["Costs and expenses:"],["Pass-through costs (2)","4,622","","41.2%","","4,085","","42.0%","","9,070","","41.7%","","7,883","","42.4%"],["Cost of revenue, excluding pass-through costs","4,518","","40.2%","","3,857","","39.7%","","8,745","","40.2%","","7,324","","39.4%"],["Operating, administrative and other","1,536","","13.7%","","1,275","","13.1%","","2,996","","13.8%","","2,467","","13.3%"],["Depreciation and amortization","190","","1.7%","","145","","1.5%","","372","","1.7%","","287","","1.5%"],["Total costs and expenses","10,866","","96.8%","","9,362","","96.3%","","21,183","","97.4%","","17,961","","96.6%"],["Gain on disposition of real estate","5","","0.0%","","19","","0.2%","","306","","1.4%","","19","","0.1%"],["Operating income","365","","3.3%","","374","","3.8%","","876","","4.0%","","650","","3.5%"],["Equity income (loss) from unconsolidated subsidiaries","4","","0.0%","","(18)","","(0.2)%","","(5)","","0.0%","","(2)","","\u2014%"],["Other income","6","","0.1%","","6","","0.1%","","17","","0.1%","","7","","0.0%"],["Interest expense, net of interest income","60","","0.5%","","59","","0.6%","","119","","0.5%","","109","","0.6%"],["Write-off of financing costs on extinguished debt","\u2014","","0.0%","","2","","0.0%","","\u2014","","0.0%","","2","","0.0%"],["Income before provision for income taxes","315","","2.8%","","301","","3.1%","","769","","3.5%","","544","","2.9%"],["Provision for income taxes","68","","0.6%","","61","","0.6%","","180","","0.8%","","113","","0.6%"],["Net income","247","","2.2%","","240","","2.5%","","589","","2.7%","","431","","2.3%"],["Less: Net income attributable to non-controlling interests","43","","0.4%","","25","","0.3%","","67","","0.3%","","53","","0.3%"],["Net income attributable to CBRE Group, Inc.","$204","","1.8%","","$215","","2.2%","","$522","","2.4%","","$378","","2.0%"],["Core EBITDA","$836","","7.4%","","$626","","6.4%","","$1,667","","7.7%","","$1,144","","6.2%"]] [[/GREPCENT_TABLE]] ________________________________________________________________________________________________________________________________________ (1)Calculated as a percentage of total revenue. (2)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue. 38 Table of contents Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 We reported consolidated net income of $204 million for the quarter, on revenue of $11.2 billion as compared to consolidated net income of $215 million on revenue of $9.7 billion in the prior year. Revenue increased 15.5% reflecting double-digit growth across the Advisory Services, Building Operations & Experience (BOE) and Project Management segments, partially offset by a decrease in revenue in the Real Estate Investments (REI) segment. Foreign currency translation had a 1.2% positive impact on revenue, reflecting strength in the euro, Australian dollar and British pound sterling partially offset by weakness in the Indian rupee. Pass-through costs increased 13.1% during the quarter as compared to the same period in prior year primarily due to revenue growth in the BOE and Project Management segments. Foreign currency translation had a 1.1% negative impact on pass-through costs. Cost of revenue, excluding pass-through costs increased 17.1% during the quarter as compared to the same period in prior year primarily reflecting business growth and higher employee compensation and commission expenses. Foreign currency translation had a 1.3% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass- through costs increased to 40.2% of total revenue from 39.7% driven by higher costs to support growth in revenues. Operating, administrative and other expenses increased 20.5% during the quarter as compared to the same period in prior year. The increase was primarily due to an increase in the provision related to fire safety remediation efforts for buildings historically developed by our subsidiary, Telford Homes (see Note 17 – Telford Fire Safety Remediation). In addition, operating, administrative and other expenses increased due to higher employee compensation expense, driven by business growth. Foreign currency translation had a 1.3% negative impact on total operating expenses during the quarter. Operating, administrative and other expenses as a percentage of revenue increased to 13.7% in the second quarter 2026 from 13.1% in the second quarter 2025, as operating expenses grew higher than revenue. Depreciation and amortization expense increased by 31.0% during the quarter, as compared to the same period in prior year, reflecting higher amortization expense related to intangible assets from recent acquisitions, such as Pearce. Gain on disposition of real estate decreased by $14 million during the quarter, driven by lower sales of real estate development assets in the REI segment, compared to the prior year. We recorded equity income from unconsolidated subsidiaries of approximately $4 million, compared to equity loss of $18 million in the second quarter 2025. Interest expense, net of interest income, increased by 1.7%, compared with the second quarter 2025. This increase was primarily attributable to increased commercial paper borrowings and the issuance of $750 million in senior notes, offset by the impact of net investment hedging activity. Our provision for income taxes on a consolidated basis was $68 million for the three months ended June 30, 2026 as compared to a provision for income taxes of $61 million for the three months ended June 30, 2025. The increase of $7 million is primarily related to an increase in earnings. Our effective tax rate increased to 21.6% for the three months ended June 30, 2026 from 20.3% for the three months ended June 30, 2025. Our effective tax rate for the three months ended June 30, 2026 is different than the U.S. federal statutory tax rate of 21.0% primarily due to the U.S. state taxes and permanent book tax differences. Legislative Developments The Organization for Economic Co-operation & Development (OECD) Pillar Two Model Rules established a minimum global effective tax rate of 15% on country-by-country profits of large multinational companies. European Union member states along with many other countries adopted or expect to adopt the OECD Pillar Two Model effective January 1, 2024 or thereafter. In January 2026, the OECD issued a comprehensive Side by Side Package, which introduces additional administrative guidance intended to enhance coordination and simplify aspects of the global minimum tax framework. The package includes several new safe harbors including the new Side by Side and Ultimate Parent Entity safe harbors that may deem certain top-up taxes to be zero in jurisdictions with qualifying minimum tax regimes, such as the United States. We will 39 Table of contents continue to monitor additional admin [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1138118/000113811826000005/cbre-20251231.htm Complete FY 2025 MD&A: /company/CBRE/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-12 Report date: 2025-12-31 Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion provides an analysis of the company’s financial condition and results of operations from management’s perspective and should be read in conjunction with the consolidated financial statements and related notes included in this Annual Report. Discussion regarding our financial condition and results of operations for the year ended December 31, 2024 and comparisons between the years ended December 31, 2024 and 2023 are included in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s 2024 Annual Report was filed with the SEC on February 14, 2025. Overview CBRE is the world’s largest commercial real estate services and investment firm (based on 2025 revenue). In 2025, we served clients through four business segments – Advisory Services, Building Operations & Experience (BOE), Project Management and Real Estate Investments (REI) – which are described in “Item 1. Business” in this Annual Report. We generate revenue from both resilient sources and non-recurring sources, including commissions generated by transactions. Our revenue mix has become more weighted towards resilient revenue sources, particularly occupier outsourcing and project management, and we are less dependent on cyclical property sales and lease transaction revenue. Non-recurring transactional revenue and earnings within our Advisory Services segment (notably property sales and leasing) have historically been highest in the year’s fourth quarter due to a focus on completing transactions prior to year-end, but such seasonality has decreased as transactions have comprised a smaller proportion of our total revenue. Business Environment The operating environment for commercial real estate improved considerably in 2025. This is evident in markedly increased property leasing and sales activity compared with 2024 levels. Occupier demand for office, industrial and data center space in the U.S. was notably strong throughout the year. Broader capital availability, lower borrowing costs and improved occupancy market fundamentals buoyed investor sentiment and led to increased real estate sales and financing activity in 2025. Large occupiers’ growing appetite for outsourcing services continued to underpin demand for facilities management and project management activities. Capital Allocation We deployed approximately $2.7 billion of capital in 2025. Our largest deployments for the year were approximately $1.2 billion for the acquisition of Pearce, a leading provider of advanced technical services for digital and power infrastructure, and approximately $468 million to acquire the remaining 60% equity interest in Industrious, a flexible-workplace solutions and workplace experience platform. In addition, we deployed $956 million in 2025 to repurchase 7,052,481 shares. Results of Operations The following presents highlights of CBRE’s performance for the year ended December 31, 2025 (percentages represent comparison to 2024 results): [[GREPCENT_TABLE]] [["Revenue","","GAAP Net Income","","Core EBITDA (1)"],["$40.6B","","$1.2B","","$3.3B"],["13.4%","","19.5%","","22.3%"],["GAAP Earnings Per Share (EPS)","","Core EPS (1)"],["$3.85","","$6.38"],["22.6%","","25.1%"]] [[/GREPCENT_TABLE]] An improved operating environment supported strong growth for CBRE in 2025. Overall, revenue increased 13.4%. This included 13.4% revenue growth in our resilient businesses (including facilities management, project management, property management, loan servicing, valuations, other portfolio services, and recurring investment management fees), and 13.6% revenue growth in our transactional businesses (property sales, leasing, mortgage origination, carried interest and incentive fees in our investment management business, and development fees). ________________________________________________________________________________________________________________________________________ (1)See “Non-GAAP Financial Measures.” 26 Table of Contents The following table sets forth items derived from our consolidated statements of operations for the years ended December 31, 2025 and 2024 (dollars in millions): [[GREPCENT_TABLE]] [["","","","Year Ended December 31, (1)"],["","","","","","2025","","2024"],["Revenue:"],["Facilities management","","","","","","","","","$","20,645","","","50.9","%","","$","18,232","","","51.0","%"],["Property management","","","","","","","","","2,579","","","6.4","%","","1,976","","","5.5","%"],["Project management","","","","","","","","","7,657","","","18.9","%","","6,809","","","19.0","%"],["Advisory leasing","","","","","","","","","4,497","","","11.1","%","","3,895","","","10.9","%"],["Valuation","","","","","","","","","815","","","2.0","%","","751","","","2.1","%"],["Loan servicing","","","","","","","","","503","","","1.2","%","","497","","","1.4","%"],["Other portfolio services","","","","","","","","","354","","0.9","%","","389","","1.1","%"],["Capital markets:"],["Advisory sales","","","","","","","","","2,120","","","5.2","%","","1,767","","","4.9","%"],["Commercial mortgage origination","","","","","","","","","551","","","1.4","%","","430","","","1.2","%"],["Investment management","","","","","","","","","602","","","1.5","%","","650","","","1.8","%"],["Development services","","","","","","","","","277","","","0.7","%","","388","","","1.1","%"],["Corporate, other and eliminations","","","","","","","","","(50)","","","(0.1)","%","","(17)","","","0.0","%"],["Total revenue","","","","","","","","","40,550","","","100.0","%","","35,767","","","100.0","%"],["Costs and expenses:"],["Pass-through costs (2)","","","","","","","","","16,746","","","41.3","%","","14,899","","","41.7","%"],["Cost of revenue, excluding pass-through costs","","","","","","","","","16,238","","","40.0","%","","13,912","","","38.9","%"],["Operating, administrative and other","","","","","","","","","5,543","","","13.7","%","","5,011","","","14.0","%"],["Depreciation and amortization","","","","","","","","","729","","","1.8","%","","674","","","1.9","%"],["Total costs and expenses","","","","","","","","","39,256","","","96.8","%","","34,496","","","96.4","%"],["Gain on disposition of real estate","","","","","","","","","459","","","1.1","%","","142","","","0.4","%"],["Operating income","","","","","","","","","1,753","","","4.3","%","","1,413","","","4.0","%"],["Equity income (loss) from unconsolidated subsidiaries","","","","","","","","","40","","","0.1","%","","(19)","","","(0.1)","%"],["Other income","","","","","","","","","19","","","0.0","%","","39","","","0.1","%"],["Interest expense, net of interest income","","","","","","","","","216","","","0.5","%","","215","","","0.6","%"],["Write-off of financing costs on extinguished debt","","","","","","","","","2","","","0.0","%","","\u2014","","","0.0","%"],["Income before provision for income taxes","","","","","","","","","1,594","","","3.9","%","","1,218","","","3.4","%"],["Provision for income taxes","","","","","","","","","317","","","0.8","%","","182","","","0.5","%"],["Net income","","","","","","","","","1,277","","","3.1","%","","1,036","","","2.9","%"],["Less: Net income attributable to non-controlling interests","","","","","","","","","120","","","0.3","%","","68","","","0.2","%"],["Net income attributable to CBRE Group, Inc.","","","","","","","","","$","1,157","","","2.9","%","","$","968","","","2.7","%"],["Core EBITDA","","","","","","","","","$","3,308","","","8.2","%","","$","2,704","","","7.6","%"]] [[/GREPCENT_TABLE]] ________________________________________________________________________________________________________________________________________ (1)Calculated as a percentage of Total Revenue. (2)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue. 27 Table of Contents Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 We reported consolidated net income of $1.2 billion for the year ended December 31, 2025 on revenue of $40.6 billion as compared to consolidated net income of $968 million on revenue of $35.8 billion for the year ended December 31, 2024. Revenue increased 13.4%, reflecting double-digit growth across the Advisory Services, BOE and Project Management segments, partially offset by a decrease in revenue in the REI segment. Foreign currency translation had a 0.7% positive impact on total revenue during the year ended December 31, 2025, primarily driven by strength in the British pound sterling and euro, partially offset by weakness in the Indian rupee, Canadian dollar and Australian dollar. Pass-through costs increased 12.4% during the year ended December 31, 2025 as compared to the same period in 2024 primarily due to revenue growth in the BOE and Project Management segments. Foreign currency translation had a 0.7% negative impact on pass-through costs. Cost of revenue, excluding pass-through costs increased 16.7% during the year ended December 31, 2025 as compared to the same period in 2024 primarily due to revenue growth consisting of higher commission expense and employee compensation, as well as higher indirect reimbursed costs. Foreign currency translation had a 0.6% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-through costs increased slightly to 40.0% of total revenue from 38.9%. Operating, administrative and other expenses increased 10.6% during the year ended December 31, 2025 as compared to the same period last year primarily due to an increase in employee compensation driven by revenue growth, third-party fees related to acquisitions and integration activities, along with an increase in Telford’s fire safety provision. Foreign currency translation had a 0.7% negative impact on total operating expenses during the year ended December 31, 2025. Operating, administrative and other expenses as a percentage of revenue decreased to 13.7% from 14.0%, as operating expenses grew slower than revenue. Depreciation and amortization expense increased by 8.2% during the year ended December 31, 2025 as compared to the same period in 2024, reflecting higher depreciation and amortization expense related to assets acquired from recent acquisitions, such as Pearce and Industrious. Gain on disposition of real estate increased by $317 million during the year ended December 31, 2025, driven by monetization of real estate development projects and land sites in the REI segment. We reported equity income of $40 million during the year ended December 31, 2025 compared to equity loss of $19 million in the same period in 2024. This was primarily driven by positive co-investment returns and sales in the current period, compared to higher unrealized equity losses in the prior period, driven by a fair value adjustment related to our non-core strategic equity investment in Altus Power, Inc. (Altus). Other income decreased by 51.3% during the year ended December 31, 2025 as compared to the same period in 2024, primarily due to prior year positive fair value adjustments on certain investments. Interest expense, net of interest income, increased by 0.5% for the year ended December 31, 2025, compared to the same period in 2024. This increase from the impact of increased commercial paper borrowings and issuance of senior term loans and new senior unsecured notes was essentially offset by the impact of net investment hedging activity. Our provision for income taxes on a consolidated basis was $317 million for the year ended December 31, 2025 as compared to $182 million in 2024. Our effective tax rate increased to 19.9% in 2025 from 15.0% in 2024. The increase was primarily related to the benefit recognized in 202 [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/CBRE/mda/fy2025/ All MD&A years: /company/CBRE/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/CBRE/mda/fy2024/): filed 2025-02-14; accession 0001138118-25-000005 (https://www.sec.gov/Archives/edgar/data/1138118/000113811825000005/cbre-20241231.htm) - [FY 2023 MD&A](/company/CBRE/mda/fy2023/): filed 2024-02-20; accession 0001138118-24-000006 (https://www.sec.gov/Archives/edgar/data/1138118/000113811824000006/cbre-20231231.htm) - [FY 2022 MD&A](/company/CBRE/mda/fy2022/): filed 2023-02-27; accession 0001138118-23-000009 (https://www.sec.gov/Archives/edgar/data/1138118/000113811823000009/cbre-20221231.htm) - [FY 2021 MD&A](/company/CBRE/mda/fy2021/): filed 2022-03-01; accession 0001138118-22-000010 (https://www.sec.gov/Archives/edgar/data/1138118/000113811822000010/cbre-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6500 Real Estate) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Housing & construction](/thread/housing-construction/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CBRE.md · JSON record: /company/CBRE.json · verified financials: /company/CBRE/financials.json / /company/CBRE/financials.csv · machine TOC for the whole site: /llms.txt