CBRECBRE Group

Real estate · Real Estate · NYSE

CBRE is the world’s largest commercial real estate services and investments firm (based on 2025 revenue). 10-K, Item 1

Employees: 155,000
Headquarters: Dallas, TX
CEO: Robert E. Sulentic
Next results: around Feb 11, 2027

What the 10-K filed 2026-02-12 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-14.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

Pending cases, settlements and what the company has set aside for them.

“We believe that any losses in excess of the amounts accrued as liabilities on our consolidated financial statements are unlikely to be significant, but litigation is inherently uncertain and there is the potential for a material adverse effect on our consolidated financial statements if one or more matters are resolved in a particular period in an amount materially in excess of what we anticipated.”
Read it in the 10-K ↗

Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“In addition, we have contracts for facilities management services based on fixed fees or guaranteed maximum prices.”
Read it in the 10-K ↗

“Fixed fee contracts are typically structured where an agreed upon scope of work is delivered for a fixed price while guaranteed maximum price contracts are structured with an agreed upon scope of work that will be provided to the client for a not to exceed price.”
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“As of December 31, 2025 and 2024, CBRE MCI had $165 million and $160 million, respectively, of letters of credit under this reserve arrangement and had recorded a liability of approximately $79 million and $63 million as of December 31, 2025 and 2024, respectively, for its loan loss guarantee obligation under such arrangement.”
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“We had guarantees totaling $203 million as of December 31, 2025, excluding guarantees related to pension liabilities, operating leases, consolidated indebtedness and other obligations for which we have outstanding liabilities already accrued on our consolidated balance sheets.”
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Debt covenants

1 new

Conditions in loan agreements that, if broken, can make debt due early.

New “On June 24, 2025, CBRE Group, CBRE Services and Relam Borrower entered into Amendment No. 3 to the 2023 Credit Agreement, for the purpose of, among other things, amending the financial covenants to remove the interest coverage ratio covenant and to increase certain baskets and thresholds in the 2023 Credit Agreement in a manner consistent with the terms of the Revolving Credit Agreements described below.”
Read it in the 10-K ↗

“In addition, the 2023 Credit Agreement also contains other customary affirmative and negative covenants and events of default.”
Read it in the 10-K ↗

“We were in compliance with the covenants under this agreement as of December 31, 2025.”
Read it in the 10-K ↗

“The indentures also contain other customary affirmative and negative covenants and events of default.”
Read it in the 10-K ↗

“We were in compliance with the covenants under our debt instruments as of December 31, 2025.”
Read it in the 10-K ↗

Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on CBRE in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CBRE/export.csv") into a cell.