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CBRECBRE Group

Real estate · Real Estate · NYSE
CBRE quote by TradingView
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FY2025 at a glance

Sales up 13.4%, free cash flow down to $1.2B

XBRL, from each 10-K
RevenueStatements ↓
$40.5B
from $35.8B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.2B
from $968.0M in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.2B
from $1.4B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$3.85
from $3.14 in FY2024
FY2016FY2025
Operating marginStatements ↓
4.3%
from 4.0% in FY2024
FY2016FY2025
Total debtStatements ↓
$7.6B
from $4.2B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)4.67Sales (ttm)45.0BNet income (ttm)1.4BSales growth+13.4%EPS growth+22.6%Sales Q/Q+12.7%
Free cash flow938.0MGross margin17.1%Oper. margin4.6%Net margin3.1%FCF margin2.1%ROE15.9%
ROA4.4%R&D / sales-Dividend-Debt/Eq0.91Curr. ratio1.17Cash1.7B
Op. cash flow (ttm)1.4BEBITDA2.5BEBITDA margin6.1%Net debt6.2BQuick ratio1.17Interest cover3.91
ROIC8.5%Tax rate19.9%Stock pay / sales0.3%Shares out.288.2MShares Y/Y-2.4%Book / share30.09
Cash / share5.84Sales / share156.17Asset turnover1.44Days sales out.75Sales 3Y CAGR+9.6%Sales 5Y CAGR+11.2%
EPS 3Y CAGR-3.5%EPS 5Y CAGR+11.6%Employees155,000Sales / employee290K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 81%$4.2B → $7.6B · Short-term + long-term debt at year end
What management wrote about it → · Every company →

CBRE against Real estate peers

Ten years, side by side → · All 30 →
GrowthProfitBalanceCleanInsiders
CBREPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth
+13.4%4th of 29 · median +5.1%
Net margin
3.1%28th of 29 · median 21.7%
Return on equity
15.9%5th of 27 · median 7.8%
Free cash flow margin
2.1%9th of 12 · median 24.1%
Debt / equity (less is better)
0.9115th of 24 · median 0.84
CBRE and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
CBRE CBRE Group$45.0B +13.4%17.1%3.1%15.9%2.1%0.91
WELL Welltower$13.8B +35.6%22.2%12.1%3.4%-0.37
AMT American Tower$11.0B +5.1%-30.1%94.2%36.0%10.69
EQIX Equinix$10.1B +5.4%51.6%16.4%11.3%-1.4%1.57
PLD Prologis$8.9B +7.2%-41.5%6.9%-0.65
IRM Iron Mountain$7.8B +12.2%-5.9%--6.9%-
Where each dollar goes

From $27.7B of sales to $1.8B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $6.2BRevenue to Cost of revenue: $21.6BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $4.5BOperating profit to Net profit: $1.1BOperating profit to Tax: $568.0MOther income to Net profit: $768.0M Revenue: $27.7B Revenue$27.7B +16% Y/Y Gross profit: $6.2B · 22% margin Gross profit$6.2B22% margin Cost of revenue: $21.6B · 78% of revenue Cost of revenue$21.6B78% of revenue Operating profit: $1.6B · 6% margin Operating profit$1.6B6% margin +69% Y/Y Other income: $768.0M · 3% of revenue Other income$768.0M3% of revenue Operating expenses: $4.5B · 16% of revenue Operating expenses$4.5B16% of revenue Net profit: $1.8B · 7% margin Net profit$1.8B7% margin +144% Y/Y Tax: $568.0M · 2% of revenue Tax$568.0M2% of revenue

Swipe sideways for the whole flow →

From $30.8B of sales to $1.4B of profit

FY2022, from the 10-K income statement and revenue by segment
Advisory Services to Revenue: $9.3BReal Estate Investments to Revenue: $999.0MGlobal Workplace Solutions to Revenue: $19.9BRevenue to Gross profit: $6.6BRevenue to Cost of revenue: $24.2BGross profit to Operating profit: $1.5BGross profit to Operating expenses: $5.1BOperating profit to Net profit: $1.4BOperating profit to Tax & other: $105.0M Advisory Services: $9.3B · 31% Advisory Services$9.3B31% Real Estate Investments: $999.0M · 3% Real Estate Investments$999.0M3% Global Workplace Solutions: $19.9B · 66% Global Workplace Soluti…$19.9B66% Revenue: $30.8B Revenue$30.8B +11% Y/Y Gross profit: $6.6B · 21% margin Gross profit$6.6B21% margin Cost of revenue: $24.2B · 79% of revenue Cost of revenue$24.2B79% of revenue Operating profit: $1.5B · 5% margin Operating profit$1.5B5% margin −8% Y/Y Operating expenses: $5.1B · 16% of revenue Operating expenses$5.1B16% of revenue Net profit: $1.4B · 5% margin Net profit$1.4B5% margin −23% Y/Y Tax & other: $105.0M · 0% of revenue Tax & other$105.0M0% of revenue

Swipe sideways for the whole flow →

From $31.9B of sales to $986.0M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $6.3BRevenue to Cost of revenue: $25.7BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $5.2BOperating profit to Net profit: $986.0MOperating profit to Tax & other: $131.0M Revenue: $31.9B Revenue$31.9B +4% Y/Y Gross profit: $6.3B · 20% margin Gross profit$6.3B20% margin Cost of revenue: $25.7B · 80% of revenue Cost of revenue$25.7B80% of revenue Operating profit: $1.1B · 3% margin Operating profit$1.1B3% margin −26% Y/Y Operating expenses: $5.2B · 16% of revenue Operating expenses$5.2B16% of revenue Net profit: $986.0M · 3% margin Net profit$986.0M3% margin −30% Y/Y Tax & other: $131.0M · 0% of revenue Tax & other$131.0M0% of revenue

Swipe sideways for the whole flow →

From $35.8B of sales to $968.0M of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $7.0BRevenue to Cost of revenue: $28.8BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $5.5BOperating profit to Net profit: $968.0MOperating profit to Tax & other: $445.0M Revenue: $35.8B Revenue$35.8B +12% Y/Y Gross profit: $7.0B · 19% margin Gross profit$7.0B19% margin Cost of revenue: $28.8B · 81% of revenue Cost of revenue$28.8B81% of revenue Operating profit: $1.4B · 4% margin Operating profit$1.4B4% margin +26% Y/Y Operating expenses: $5.5B · 15% of revenue Operating expenses$5.5B15% of revenue Net profit: $968.0M · 3% margin Net profit$968.0M3% margin −2% Y/Y Tax & other: $445.0M · 1% of revenue Tax & other$445.0M1% of revenue

Swipe sideways for the whole flow →

From $40.5B of sales to $1.2B of profit

FY2025, from the 10-K income statement and revenue by segment
Building Operations Experience to Revenue: $23.2BAdvisory Services to Revenue: $8.2BProject Management to Revenue: $7.7BReal Estate Investments to Revenue: $868.0MRevenue to Gross profit: $7.6BRevenue to Cost of revenue: $33.0BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $5.8BOperating profit to Net profit: $1.2BOperating profit to Tax & other: $596.0M Building Operations Experience: $23.2B · 58% Building Operations Exp…$23.2B58% Advisory Services: $8.2B · 21% Advisory Services$8.2B21% Project Management: $7.7B · 19% Project Management$7.7B19% Real Estate Investments: $868.0M · 2% Real Estate Investments$868.0M2% Revenue: $40.5B Revenue$40.5B +13% Y/Y Gross profit: $7.6B · 19% margin Gross profit$7.6B19% margin Cost of revenue: $33.0B · 81% of revenue Cost of revenue$33.0B81% of revenue Operating profit: $1.8B · 4% margin Operating profit$1.8B4% margin +24% Y/Y Operating expenses: $5.8B · 14% of revenue Operating expenses$5.8B14% of revenue Net profit: $1.2B · 3% margin Net profit$1.2B3% margin +20% Y/Y Tax & other: $596.0M · 1% of revenue Tax & other$596.0M1% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Net profit
  • Tax & other

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • !
    Net margin below the peer median3.1% vs 21.7%
  • ✓
    Return on equity above 15%15.9%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 3.3% → 2.9%

Balance sheet

2 of 4
  • !
    Interest covered less than 5 timesOperating income is 3.9× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.91 on the latest balance sheet (peer median 0.84)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.17
  • !
    Net debt over 3 years of free cash flow$6.2B net debt, 6.6 years
Debt / equity at each year end, FY2016 to FY2025: 1.27 → 0.85
What the debt is made of ↓

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$1.2B last year
  • ✓
    Share count down over 5 years−11.1%
  • ✓
    Cash from operations above net income$1.6B vs $1.2B
Free cash flow, FY2016 to FY2025: 425.8M → 1.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$7.6B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 40.5B Net income 1.2B
FY2016 revenue 17.4B · Revenues, 0001564590-19-005666 FY2016 net income 573.1M · NetIncomeLoss, 0001564590-19-005666 17.4B FY2016 FY2017 revenue 18.6B · Revenues, 0001564590-20-008056 FY2017 net income 697.1M · NetIncomeLoss, 0001564590-20-008056 18.6B FY2017 FY2018 revenue 21.3B · Revenues, 0001138118-21-000012 FY2018 net income 1.1B · NetIncomeLoss, 0001138118-21-000012 21.3B FY2018 FY2019 revenue 23.9B · Revenues, 0001138118-22-000010 FY2019 net income 1.3B · NetIncomeLoss, 0001138118-22-000010 23.9B FY2019 FY2020 revenue 23.8B · Revenues, 0001138118-23-000009 FY2020 net income 752.0M · NetIncomeLoss, 0001138118-23-000009 23.8B FY2020 FY2021 revenue 27.7B · Revenues, 0001138118-24-000006 FY2021 net income 1.8B · NetIncomeLoss, 0001138118-24-000006 27.7B FY2021 FY2022 revenue 30.8B · Revenues, 0001138118-25-000005 FY2022 net income 1.4B · NetIncomeLoss, 0001138118-25-000005 30.8B FY2022 FY2023 revenue 31.9B · Revenues, 0001138118-26-000005 FY2023 net income 986.0M · NetIncomeLoss, 0001138118-26-000005 31.9B FY2023 FY2024 revenue 35.8B · Revenues, 0001138118-26-000005 FY2024 net income 968.0M · NetIncomeLoss, 0001138118-26-000005 35.8B FY2024 FY2025 revenue 40.5B · Revenues, 0001138118-26-000005 FY2025 net income 1.2B · NetIncomeLoss, 0001138118-26-000005 40.5B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

CBRE's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue40.5B
FY2016: 17.4BFY2017: 18.6BFY2018: 21.3BFY2019: 23.9BFY2020: 23.8BFY2021: 27.7BFY2022: 30.8BFY2023: 31.9BFY2024: 35.8BFY2025: 40.5B FY2017FY2019FY2021FY2023FY2025
Net income1.2B
FY2016: 573.1MFY2017: 697.1MFY2018: 1.1BFY2019: 1.3BFY2020: 752.0MFY2021: 1.8BFY2022: 1.4BFY2023: 986.0MFY2024: 968.0MFY2025: 1.2B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.2B
FY2016: 425.8MFY2017: 716.4MFY2018: 903.4MFY2019: 929.9MFY2020: 1.6BFY2021: 2.2BFY2022: 1.4BFY2023: 175.0MFY2024: 1.4BFY2025: 1.2B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)3.85
FY2016: 1.69FY2017: 2.05FY2018: 3.10FY2019: 3.77FY2020: 2.22FY2021: 5.41FY2022: 4.29FY2023: 3.15FY2024: 3.14FY2025: 3.85 FY2017FY2019FY2021FY2023FY2025
Diluted shares300.8M
FY2016: 338.4MFY2017: 340.8MFY2018: 343.1MFY2019: 340.5MFY2020: 338.4MFY2021: 339.7MFY2022: 327.7MFY2023: 312.6MFY2024: 308.0MFY2025: 300.8M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-12

Compared with the 10-K of Feb 14, 2025: new segments Building Operations Experience, Project Management; no longer reported: Global Workplace Solutions.

In addition, on January 16, 2025, we acquired full ownership of Industrious, a provider of premium flexible workplace solutions, and established a new business segment, Building Operations & Experience (BOE), comprised of enterprise and local facilities management, property management and flexible workplace solutions. 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Building Operations Experience 23.2B57.3% +14.9%
Advisory Services 8.2B20.2% +14.6%
Project Management 7.7B18.9% +12.5%
Real Estate Investments 868.0M2.1% -15.2%

10-K 0001138118-26-000005, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Facilities management 20.6B50.9% +13.2%
Project management 7.7B18.9% +12.5%
Advisory leasing 4.5B11.1% +15.5%
Property management 2.5B6.2% +29.1%
Advisory sales 2.1B5.2% +20.0%
Valuation 815.0M2.0% +8.5%
Investment management 602.0M1.5% -7.4%
Servicing fees 357.0M0.9% +8.5%
Other portfolio services 354.0M0.9% -9.0%
Development services 266.0M0.7% -28.7%
Commercial mortgage origination 251.0M0.6% +28.1%
Loan servicing 164.0M0.4% +2.5%

10-K 0001138118-26-000005, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 22.8B56.3% +13.3%
All other countries 12.0B29.6% +12.7%
United Kingdom 5.7B14.1% +14.9%

10-K 0001138118-26-000005, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue17.4B18.6B21.3B23.9B23.8B27.7B30.8B31.9B35.8B40.5B
Cost of revenue78.5M14.3B16.4B18.7B19.0B21.6B24.2B25.7B28.8B33.0B
Operating income816.8M1.1B1.1B1.3B969.8M1.6B1.5B1.1B1.4B1.8B
Interest expense144.9M136.8M107.3M86.7M67.5M41.0M89.0M191.0M396.0M448.0M
Pretax income882.1M1.2B1.4B1.4B970.0M2.4B1.7B1.3B1.2B1.6B
Income tax296.9M467.8M313.1M69.9M214.1M568.0M234.0M250.0M182.0M317.0M
Net income573.1M697.1M1.1B1.3B752.0M1.8B1.4B986.0M968.0M1.2B
EPS (diluted)1.692.053.103.772.225.414.293.153.143.85
Diluted shares338.4M340.8M343.1M340.5M338.4M339.7M327.7M312.6M308.0M300.8M
Depreciation & amortization366.9M406.1M452.0M439.2M501.7M526.0M613.0M622.0M674.0M729.0M
EBITDA1.2B1.5B1.5B1.7B1.5B2.2B2.1B1.7B2.1B2.5B
Operating margin4.7%5.8%5.1%5.3%4.1%5.9%4.9%3.5%4.0%4.3%
Net margin3.3%3.7%5.0%5.4%3.2%6.6%4.6%3.1%2.7%2.9%
Revenue growth-+7.3%+14.6%+12.0%-0.3%+16.5%+11.1%+3.6%+12.0%+13.4%
EPS growth-+21.3%+51.2%+21.6%-41.1%+144%-20.7%-26.6%-0.3%+22.6%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash762.6M751.8M777.2M971.8M1.9B2.4B1.3B1.3B1.1B1.9B
Receivables2.6B3.1B3.7B4.5B4.4B5.2B5.3B6.4B7.0B8.3B
Current assets5.1B5.6B6.8B7.5B8.8B10.1B8.5B9.7B10.0B13.5B
Property & equipment560.8M617.7M721.7M836.2M815.0M816.1M836.0M907.0M914.0M1.0B
Goodwill3.0B3.3B3.7B3.8B3.8B5.0B4.9B5.1B5.6B7.1B
Total assets10.8B11.7B13.5B16.2B18.0B22.1B20.5B22.5B24.4B30.9B
Current liabilities4.5B4.7B5.8B6.4B7.1B8.4B8.2B8.2B9.3B12.3B
Total debt3.8B2.9B3.1B2.7B2.8B2.8B2.2B3.5B4.2B7.6B
Total liabilities7.7B7.5B8.4B9.9B10.5B12.7B11.9B13.5B15.2B21.3B
Shareholders' equity3.0B4.1B4.9B6.2B7.1B8.5B7.9B8.3B8.4B8.9B
Retained earnings2.7B3.4B4.5B5.8B6.5B8.4B8.8B9.2B9.6B9.9B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow617.0M894.4M1.1B1.2B1.8B2.4B1.6B480.0M1.7B1.6B
Capital spending191.2M178.0M227.8M293.5M266.6M209.9M260.1M305.0M307.0M366.0M
Free cash flow425.8M716.4M903.4M929.9M1.6B2.2B1.4B175.0M1.4B1.2B
Stock-based pay (added back)63.5M93.1M128.2M127.7M60.4M185.0M160.0M96.0M146.0M120.0M
Buybacks--161.0M145.1M50.0M369.0M1.9B665.0M627.0M968.0M
Acquisitions10.5M---------
Debt raised---00492.3M0---
Debt repaid--820.0M0499.7M00---
Investing cash flow-150.5M-302.6M-560.7M-721.0M-744.1M-1.3B-832.0M-681.0M-1.5B-1.6B
Financing cash flow-220.7M-627.7M-506.6M-271.9M-222.8M-490.0M-1.8B154.0M-221.0M796.0M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)63.5M93.1M128.2M127.7M60.4M185.0M160.0M96.0M146.0M120.0M
Stock-based pay / revenue0.4%0.5%0.6%0.5%0.3%0.7%0.5%0.3%0.4%0.3%
Operating lease cost-----196.7M196.0M220.0M230.0M319.0M
Operating lease cash paid---167.7M170.3M202.7M237.0M237.0M238.0M343.0M
Finance lease principal paid---31.0M40.3M41.2M38.0M38.0M44.0M56.0M
Right-of-use assets---998.0M1.0B1.0B1.0B1.0B1.2B2.1B
Operating lease liabilities---1.2B1.3B1.3B1.3B1.3B1.5B2.4B
Finance lease liabilities---95.0M118.2M111.4M91.1M108.0M165.0M236.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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