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

CBRE and 9 peers, year by year

The 9 Real estate companies closest to CBRE in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
CBRE CBRE Group	FY2025	$40.5B	+13.4%	-	4.3%	2.9%	2.9%	13.0%	0.85
WELL Welltower	FY2025	$10.8B	+40.2%	-	-	8.6%	-	2.2%	0.46
AMT American Tower	FY2025	$10.6B	+20.8%	-	45.5%	23.8%	35.5%	69.3%	10.19
EQIX Equinix	FY2025	$9.2B	+5.4%	-	20.0%	14.6%	−4.3%	9.5%	0.14
PLD Prologis	FY2025	$8.8B	+7.2%	-	49.6%	37.9%	-	6.3%	0.66
IRM Iron Mountain	FY2025	$6.9B	+12.2%	-	16.9%	2.1%	−13.5%	n/m	n/m
SPG Simon Property Group	FY2025	$6.4B	+6.7%	-	49.9%	72.7%	50.3%	88.8%	5.46
WY Weyerhaeuser	FY2025	$6.9B	−3.1%	14.8%	10.6%	4.7%	-	3.4%	0.59
VTR Ventas	FY2025	$5.8B	+18.5%	-	-	4.3%	−22.0%	2.0%	1.04
DLR Digital Realty	FY2025	$6.1B	+10.0%	-	10.8%	21.4%	-	5.7%	-

Revenuepeer median $6.9B

Sales growthpeer median +10.0%

Operating marginpeer median 20.0%

Net marginpeer median 14.6%

FCF marginpeer median −4.3%

Return on equitypeer median 6.0%

Debt / equitypeer median 0.66

AMT 10.19
SPG 5.46
VTR 1.04
CBRE 0.85
PLD 0.66
WY 0.59
WELL 0.46
EQIX 0.14
IRM n/m
DLR -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBRE Dec	$17.4B	$18.6B	$21.3B	$23.9B	$23.8B	$27.7B	$30.8B	$31.9B	$35.8B	$40.5B
WELL Dec	$4.3B	$4.3B	$4.7B	$5.1B	$4.6B	$4.7B	$5.9B	$6.6B	$8.0B	$10.8B
AMT Dec	$5.8B	$6.7B	$7.4B	$7.6B	$8.0B	$9.4B	$9.6B	$10.0B	$10.1B	$10.6B
EQIX Dec	$3.6B	$4.4B	$5.1B	$5.6B	$6.0B	$6.6B	$7.3B	$8.2B	$8.7B	$9.2B
PLD Dec	$2.5B	$2.6B	$2.8B	$3.3B	$4.4B	$4.8B	$6.0B	$8.0B	$8.2B	$8.8B
IRM Dec	$3.5B	$3.8B	$4.2B	$4.3B	$4.1B	$4.5B	$5.1B	$5.5B	$6.1B	$6.9B
SPG Dec	$5.4B	$5.5B	$5.6B	$5.8B	$4.6B	$5.1B	$5.3B	$5.7B	$6.0B	$6.4B
WY Dec	$6.4B	$7.2B	$7.5B	$6.6B	$7.5B	$10.2B	$10.2B	$7.7B	$7.1B	$6.9B
VTR Dec	$3.4B	$3.6B	$3.7B	$3.9B	$3.8B	$3.8B	$4.1B	$4.5B	$4.9B	$5.8B
DLR Dec	$2.1B	$2.5B	$3.0B	$3.2B	$3.9B	$4.4B	$4.7B	$5.5B	$5.6B	$6.1B
Peer median	$3.6B	$4.3B	$4.7B	$5.1B	$4.6B	$4.8B	$5.9B	$6.6B	$7.1B	$6.9B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBRE Dec	+20.4%	+7.2%	+14.5%	+12.0%	−0.4%	+16.3%	+12.0%	+4.1%	+11.7%	+13.4%
WELL Dec	+10.9%	+0.8%	+8.9%	+9.0%	−10.1%	+3.0%	+30.5%	+13.9%	+26.8%	+40.2%
AMT Dec	+21.3%	+15.2%	+11.6%	+1.9%	−6.0%	+44.7%	+19.2%	−11.1%	+3.7%	+20.8%
EQIX Dec	+32.5%	+20.9%	+16.1%	+9.7%	+7.8%	+10.6%	+9.5%	+12.7%	+6.8%	+5.4%
PLD Dec	-	+3.4%	+7.1%	+18.8%	+33.3%	+7.2%	+25.5%	+34.3%	+2.2%	+7.2%
IRM Dec	+16.7%	+9.5%	+9.9%	−1.4%	−11.9%	+8.3%	+13.6%	+7.4%	+12.2%	+12.2%
SPG Dec	+3.2%	+1.9%	+2.1%	+1.9%	−19.9%	+11.1%	+3.4%	+6.9%	+5.4%	+6.7%
WY Dec	+21.3%	+13.1%	+3.9%	−12.3%	+14.9%	+35.4%	−0.2%	−24.6%	−7.2%	−3.1%
VTR Dec	+4.8%	+3.8%	+4.8%	+3.4%	−2.0%	+0.9%	+7.9%	+8.9%	+9.5%	+18.5%
DLR Dec	+21.5%	+14.7%	+23.9%	+5.3%	+21.6%	+13.4%	+6.0%	+16.7%	+1.4%	+10.0%
Peer median	+19.0%	+9.5%	+8.9%	+3.4%	−2.0%	+10.6%	+9.5%	+8.9%	+5.4%	+10.0%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBRE Dec	-	-	-	-	-	-	-	-	-	-
WELL Dec	-	-	-	-	-	-	-	-	-	-
AMT Dec	-	-	-	-	-	-	-	-	-	-
EQIX Dec	-	-	-	-	-	-	-	-	-	-
PLD Dec	-	-	-	-	-	-	-	-	-	-
IRM Dec	-	-	-	-	-	-	-	-	-	-
SPG Dec	-	-	-	-	-	-	-	-	-	-
WY Dec	21.8%	26.4%	25.2%	17.4%	27.7%	40.2%	35.5%	21.9%	18.4%	14.8%
VTR Dec	-	-	-	-	-	-	-	-	-	-
DLR Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBRE Dec	4.7%	5.8%	5.1%	5.3%	4.1%	5.9%	4.9%	3.5%	4.0%	4.3%
WELL Dec	-	-	-	-	-	-	-	-	-	-
AMT Dec	32.0%	30.0%	25.6%	35.5%	35.9%	33.5%	28.4%	31.2%	44.6%	45.5%
EQIX Dec	17.1%	18.5%	19.3%	21.0%	17.6%	16.7%	16.5%	17.6%	15.2%	20.0%
PLD Dec	26.4%	74.6%	60.2%	55.5%	47.7%	67.4%	58.0%	46.2%	53.8%	49.6%
IRM Dec	14.3%	16.5%	19.1%	18.3%	22.5%	19.0%	20.6%	16.8%	16.4%	16.9%
SPG Dec	50.1%	50.7%	51.8%	50.6%	42.8%	47.2%	48.8%	49.6%	51.9%	49.9%
WY Dec	12.9%	15.7%	18.6%	9.9%	22.7%	35.7%	30.2%	15.5%	9.6%	10.6%
VTR Dec	-	-	-	-	-	-	-	-	-	-
DLR Dec	23.2%	18.4%	18.0%	18.5%	14.3%	15.7%	12.6%	9.6%	8.5%	10.8%
Peer median	23.2%	18.5%	19.3%	21.0%	22.7%	33.5%	28.4%	17.6%	16.4%	20.0%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBRE Dec	3.3%	3.7%	5.0%	5.4%	3.2%	6.6%	4.6%	3.1%	2.7%	2.9%
WELL Dec	23.6%	10.7%	16.1%	24.1%	21.3%	7.1%	2.4%	5.1%	11.9%	8.6%
AMT Dec	16.5%	18.6%	16.6%	24.9%	21.0%	27.4%	18.3%	14.8%	22.3%	23.8%
EQIX Dec	3.5%	5.3%	7.2%	9.1%	6.2%	7.5%	9.7%	11.8%	9.3%	14.6%
PLD Dec	47.8%	63.1%	58.8%	47.2%	33.4%	61.8%	56.3%	38.1%	45.5%	37.9%
IRM Dec	3.0%	4.4%	8.4%	6.3%	8.3%	10.0%	10.9%	3.4%	2.9%	2.1%
SPG Dec	33.8%	35.2%	43.2%	36.5%	24.1%	43.9%	40.4%	40.3%	39.7%	72.7%
WY Dec	16.1%	8.1%	10.0%	−1.2%	10.6%	25.6%	18.5%	10.9%	5.6%	4.7%
VTR Dec	18.9%	38.0%	10.9%	11.2%	11.6%	1.3%	−1.1%	−0.9%	1.6%	4.3%
DLR Dec	19.9%	10.1%	10.9%	18.1%	9.1%	38.6%	8.0%	17.3%	10.8%	21.4%
Peer median	18.9%	10.7%	10.9%	18.1%	11.6%	25.6%	10.9%	11.8%	10.8%	14.6%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBRE Dec	$425.8M	$716.4M	$903.4M	$929.9M	$1.6B	$2.2B	$1.4B	$175.0M	$1.4B	$1.2B
WELL Dec	-	-	-	-	-	-	-	-	-	-
AMT Dec	$2.0B	$2.1B	$2.8B	$2.8B	$2.8B	$3.4B	$1.8B	$2.9B	$3.7B	$3.8B
EQIX Dec	−$94.0M	$60.5M	−$280.7M	−$86.8M	$27.3M	−$204.3M	$685.0M	$436.0M	$183.0M	−$400.0M
PLD Dec	-	-	-	-	-	-	-	-	-	-
IRM Dec	$215.3M	$377.8M	$475.5M	$273.7M	$549.4M	$147.8M	$52.3M	−$225.7M	−$594.9M	−$931.6M
SPG Dec	$2.6B	$2.9B	$3.0B	$2.9B	$1.8B	$3.1B	$3.1B	$3.1B	$3.1B	$3.2B
WY Dec	$284.0M	$843.0M	$744.0M	-	-	-	-	-	-	-
VTR Dec	$1.2B	$1.3B	$1.2B	$1.3B	$842.9M	−$775.9M	$219.5M	$470.4M	−$1.2B	−$1.3B
DLR Dec	-	-	-	-	-	-	-	-	-	-
Peer median	$760.6M	$1.1B	$996.8M	$1.3B	$842.9M	$147.8M	$685.0M	$470.4M	$183.0M	−$400.0M

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBRE Dec	2.5%	3.8%	4.2%	3.9%	6.6%	7.8%	4.4%	0.5%	3.9%	2.9%
WELL Dec	-	-	-	-	-	-	-	-	-	-
AMT Dec	34.9%	31.8%	38.1%	36.4%	35.4%	36.8%	18.9%	29.2%	36.5%	35.5%
EQIX Dec	−2.6%	1.4%	−5.5%	−1.6%	0.5%	−3.1%	9.4%	5.3%	2.1%	−4.3%
PLD Dec	-	-	-	-	-	-	-	-	-	-
IRM Dec	6.1%	9.8%	11.3%	6.4%	13.2%	3.3%	1.0%	−4.1%	−9.7%	−13.5%
SPG Dec	47.4%	51.8%	52.6%	50.9%	40.0%	60.8%	58.9%	55.4%	51.3%	50.3%
WY Dec	4.5%	11.7%	10.0%	-	-	-	-	-	-	-
VTR Dec	35.9%	36.3%	33.4%	33.1%	22.2%	−20.3%	5.3%	10.5%	−24.4%	−22.0%
DLR Dec	-	-	-	-	-	-	-	-	-	-
Peer median	20.5%	21.8%	22.3%	33.1%	22.2%	3.3%	9.4%	10.5%	2.1%	−4.3%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBRE Dec	19.0%	16.9%	21.5%	20.6%	10.6%	21.5%	17.9%	11.9%	11.5%	13.0%
WELL Dec	6.8%	3.2%	5.2%	7.9%	6.1%	1.9%	0.7%	1.3%	3.0%	2.2%
AMT Dec	14.1%	19.8%	23.2%	37.3%	41.3%	50.5%	31.7%	35.3%	66.7%	69.3%
EQIX Dec	2.9%	3.4%	5.1%	5.7%	3.5%	4.6%	6.1%	7.8%	6.0%	9.5%
PLD Dec	8.1%	10.6%	7.4%	6.9%	4.6%	8.8%	6.3%	5.8%	6.9%	6.3%
IRM Dec	5.4%	7.4%	19.0%	18.3%	30.1%	52.6%	87.5%	87.0%	n/m	n/m
SPG Dec	42.6%	52.8%	73.9%	83.1%	36.5%	66.8%	68.1%	75.4%	80.5%	88.8%
WY Dec	11.2%	6.5%	8.3%	−0.9%	9.1%	24.2%	17.5%	8.2%	4.1%	3.4%
VTR Dec	6.2%	12.5%	4.0%	4.1%	4.3%	0.5%	−0.5%	−0.4%	0.8%	2.0%
DLR Dec	8.4%	2.4%	3.4%	5.9%	2.0%	9.5%	2.1%	5.0%	2.8%	5.7%
Peer median	8.1%	7.4%	7.4%	6.9%	6.1%	9.5%	6.3%	7.8%	5.0%	6.0%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBRE Dec	1.27	0.71	0.63	0.44	0.39	0.33	0.28	0.42	0.50	0.85
WELL Dec	0.79	0.77	0.83	0.86	0.15	0.79	0.73	0.62	0.49	0.46
AMT Dec	2.74	3.24	3.97	0.00	7.15	8.56	6.98	9.24	10.79	10.19
EQIX Dec	1.22	1.24	1.37	1.18	1.00	1.08	1.12	1.11	1.13	0.14
PLD Dec	0.71	0.60	0.50	0.53	0.53	0.01	0.45	0.55	0.57	0.66
IRM Dec	3.23	3.07	4.38	5.92	7.66	10.83	16.60	n/m	n/m	n/m
SPG Dec	5.33	6.68	7.07	9.56	8.79	7.53	7.95	8.61	8.25	5.46
WY Dec	0.72	0.67	0.65	0.75	0.63	0.47	0.47	0.50	0.52	0.59
VTR Dec	1.06	1.04	1.05	1.22	1.17	1.13	1.25	1.42	1.26	1.04
DLR Dec	-	-	-	-	-	-	-	-	-	-
Peer median	1.14	1.14	1.21	1.02	1.08	1.11	1.19	1.11	1.13	0.66

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBRE Dec	$1.69	$2.05	$3.10	$3.77	$2.22	$5.41	$4.29	$3.15	$3.14	$3.85
WELL Dec	$2.81	$1.26	$2.02	$3.05	$2.33	$0.78	$0.30	$0.66	$1.57	$1.39
AMT Dec	$1.98	$2.67	$2.77	$4.24	$3.79	$5.66	$3.82	$3.18	$4.82	$5.40
EQIX Dec	$1.79	$3.00	$4.56	$5.99	$4.18	$5.53	$7.67	$10.31	$8.50	$13.76
PLD Dec	$2.27	$3.06	$2.87	$2.46	$2.01	$3.94	$4.25	$3.29	$4.01	$3.56
IRM Dec	$0.42	$0.64	$1.23	$0.93	$1.19	$1.55	$1.90	$0.63	$0.61	$0.49
SPG Dec	$5.87	$6.24	$7.87	$6.81	$3.59	$6.84	$6.52	$6.98	$7.26	$14.17
WY Dec	$1.39	$0.77	$0.99	−$0.10	$1.07	$3.47	$2.53	$1.15	$0.54	$0.45
VTR Dec	$1.86	$3.78	$1.14	$1.17	$1.17	$0.13	−$0.12	−$0.10	$0.19	$0.54
DLR Dec	$2.20	$0.99	$1.21	$2.35	$1.00	$5.94	$1.11	$2.88	$1.61	$3.58
Peer median	$1.98	$2.67	$2.02	$2.46	$2.01	$3.94	$2.53	$2.88	$1.61	$3.56

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out CBRE and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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