Chandni Luthra - Investors Steve Iaco - Media
FOR IMMEDIATE RELEASE For further information: Chandni Luthra - Investors Steve Iaco - Media 212.984.8113 212.984.6535 Chandni.Luthra@cbre.com Steven.Iaco@cbre.com
— CBRE Group, Inc. (NYSE: CBRE) today reported financial results for the third quarter ended September 30, 2026.
• Infrastructure services revenue up 50% to $4.5 billion on a trailing 12-month basis
• Cash flow from operations of $1.4 billion and free cash flow of $1.8 billion, both on a trailing 12-month basis
“CBRE produced another quarter of strong financial results and continued to make strategic gains in targeted areas of our business,” said Bob Sulentic, CBRE’s chair and chief executive officer. “Financially, core earnings per share improved 28% on a 13% revenue increase, with both resilient (1) and transactional (1) businesses growing by double digits. Strategically, we continued to advance both our Critical Infrastructure Services business line as well as the broader infrastructure services work we perform across the company.”
The following table presents highlights of CBRE performance (dollars in millions, except per share data):
The following table presents highlights of the Advisory Services segment performance (dollars in millions):
• Revenue and segment operating profit increased by 11% (same local currency) and 16% (same local currency), respectively. • Global leasing revenue increased 6% (same local currency). EMEA revenue grew 21% (22% local currency), driven by the U.K. U.S. revenue rose 4% overall, led by industrial, up 16%, while office was down 2%. APAC revenue was up 2% (same local currency).
• Global property sales revenue rose 28% (29% local currency). U.S. revenue was up 37%, driven by accelerated growth in industrial and retail. APAC revenue rose 10% (14% local currency), while EMEA revenue grew 8% (9% local currency).
• Mortgage origination revenue edged up 1% (same local currency). Increased activity with private capital sources was largely offset by lower government agency lending.
• The loan servicing portfolio rose 8% during the quarter to more than $500 billion. Revenue was down slightly as lower escrow income offset higher loan servicing fees. • Valuations revenue rose 6% (same local currency), driven by the U.S.
The following table presents highlights of the BOE segment performance (dollars in millions):
Revenue and segment operating profit increased by 17% (18% local currency) and 21% (same local currency), respectively. • Revenue from critical infrastructure services surged 80% (same local currency), driven by continued strong growth in data center services solutions and contributions from Pearce Services, acquired in November 2025.
• Facilities management revenue rose 13% (same local currency). Solid double- digit growth was achieved in both the enterprise business, led by technology, financial services and energy clients, and the local business, driven by the Americas, Asia Pacific and Western Europe. • Property management revenue rose 8% (same local currency).
The following table presents highlights of the Project Management segment performance (dollars in millions):
• Revenue increased by 3% (same local currency), while pass-through costs declined 4% (same local currency). • Growth was driven by continued strong demand for program management and cost consulting services for infrastructure assets.
• The overall growth rate was tempered by a slowdown in corporate capital spending on real estate. • Segment operating profit increased 9% (10% local currency), including a one- time cost in APAC that lowered the growth rate by six percentage points.
The following table presents highlights of the REI segment performance (dollars in millions):
• Operating profit (8) totaled $128 million, up significantly from the third quarter of 2025, reflecting strong data center land sale activity and monetization of other assets. • The portfolio of in-process projects and pipeline ended the third quarter at $29.6 billion, unchanged from the second quarter. Excluding fee development, the overall portfolio stands at $20.2 billion.
• Revenue increased 4% (5% local currency), reflecting higher recurring asset management fees as well as increased incentive fees. • Operating profit (8) totaled $38 million, down from third-quarter 2025. Higher asset management fees were offset by lower co-investment returns.
• Assets under management (AUM) ended the third quarter at more than $155 billion.
Core corporate operating loss increased by approximately $9 million for the quarter, primarily driven by higher incentive compensation, reflecting the company’s strong performance in 2026.
– Free cash flow totaled $1.8 billion for the 12 months ended September 30, 2026.
– CBRE’s net leverage ratio (net debt (9) to trailing twelve-month core EBITDA) was 1.36x as of September 30, 2026. The net leverage ratio is computed as follows (dollars in millions):
– At the end of the third quarter, the company had $5.0 billion of total liquidity. (10)
The company’s third quarter earnings webcast and conference call will be held today, Thursday, October 22, 2026 at 8:30 a.m. Eastern Time. Investors are encouraged to access the webcast via this link or they can click this link beginning at 8:15 a.m. Eastern Time for automated access to the conference call.
Alternatively, investors may dial into the conference call using these operator- assisted phone numbers: 877.407.8037 (U.S.) or 201.689.8037 (International). A replay of the call will be available starting at 1:00 p.m. Eastern Time on October 22, 2026. The replay is accessible by dialing 877.660.6853 (U.S.) or 201.612.7415 (International) and using the access code: 13762549#. A transcript of the call will be available on the company’s Investor Relations website at
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, critical infrastructure); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the economic outlook, the company’s future growth momentum, operations and business outlook. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this press release. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the company does update one or more forward-looking statements, no inference should
be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: disruptions in general economic, political and regulatory conditions and significant public health events, particularly in geographies or industry sectors where our business may be concentrated; volatility or adverse developments in the securities, capital or credit markets, interest rate increases and conditions affecting the value of real estate assets, inside and outside the United States; poor performance of real estate investments or other conditions that negatively impact clients’ willingness to make real estate or long-term contractual commitments; cost and availability of capital for investment in real estate; foreign currency fluctuations and changes in currency restrictions, trade sanctions and import/export and transfer pricing rules; our ability to compete globally, or in specific geographic markets or business segments that are material to us; our ability to identify, acquire and integrate accretive businesses; costs and potential future capital requirements relating to businesses we may acquire; integration challenges arising out of companies we may acquire; increases in unemployment and general slowdowns in economic or commercial activity; trends in pricing and risk assumption for commercial real estate services; the effect of significant changes in supply/demand and capitalization rates across different property types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance; client actions to restrain project spending and reduce outsourced staffing levels; our ability to further diversify our revenue model to offset cyclical economic trends in the commercial real estate industry; our ability to attract new occupier and investor clients; our ability to retain major clients and renew related contracts; our ability to leverage our global services platform to maximize and sustain long-term cash flow; our ability to continue investing in our platform and client service offerings; our ability to maintain expense discipline; the emergence of disruptive business models and technologies; negative publicity or harm to our brand and reputation; the failure by third parties to comply with service level agreements or regulatory or legal requirements; the ability of our investment management business to maintain and grow assets under management and achieve desired investment returns for our investors, and any potential related litigation, liabilities or reputational harm possible if we fail to do so; our ability to manage fluctuations in net earnings and cash flow, which could result from poor performance in our investment programs, including our participation as a principal in real estate investments; the ability of our indirect wholly-owned subsidiary, CBRE Capital Markets, Inc. to periodically amend, or replace, on satisfactory terms, the agreements for its warehouse lines of credit; declines in lending activity of U.S. Government Sponsored Enterprises, regulatory oversight of such activity and our loan servicing revenue from the commercial real estate mortgage market; changes in U.S. and international law and regulatory environments (including relating to anti-corruption, anti-money laundering, trade sanctions, tariffs, currency controls and other trade control laws), particularly in Asia, Africa, Russia, Eastern Europe and the Middle East, due to the level of political instability in those regions; litigation and its financial and reputational risks to us; our exposure to liabilities in connection with real estate advisory and property management activities and our ability to procure sufficient insurance coverage on acceptable terms; our ability to retain, attract and incentivize key personnel; our ability to manage organizational challenges associated with our size; liabilities under guarantees, or for construction defects, that we incur in our development services business; our leverage under our debt instruments as well as the limited restrictions therein on our ability to incur additional debt, and the potential increased borrowing costs to us from a credit-rating downgrade; our and our employees’ ability to execute on, and adapt to, information technology strategies and trends; cybersecurity threats or other threats to our information technology networks, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption; our ability to comply with laws and regulations related to our global operations, including real estate licensure, tax, labor and employment laws and regulations, fire and safety building requirements and regulations, as well as data privacy and protection regulations, sustainability matters, and the anti-corruption laws and trade sanctions of the U.S. and other countries; changes in applicable tax or accounting requirements; any inability for us to implement and maintain effective internal controls over financial reporting; the effect of implementation of new accounting rules and standards or the impairment of our goodwill and intangible assets; and the performance of our equity investments in companies we do not control.
Additional information concerning factors that may influence the company’s financial information is discussed under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Cautionary Note on Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2025, our quarterly reports on Form 10-Q, as well as in the company’s press releases and other periodic filings with the Securities and Exchange Commission (SEC). Such filings are available publicly and may be obtained on the company’s website at www.cbre.com or upon written request from CBRE’s Investor Relations Department at
The terms “core adjusted net income,” “core EBITDA,” “core EPS,” “business line operating profit (loss),” “net debt” and “free cash flow,” all of which CBRE uses in this press release, are non-GAAP financial measures under SEC guidelines, and you should refer to the footnotes below as well as the “Non-GAAP Financial Measures” section in this press release for a further explanation of these measures. We have also included in that section reconciliations of these measures in specific periods to their most directly comparable financial measure calculated and presented in accordance with GAAP for those periods.
(1) Resilient Businesses include facilities management, critical infrastructure services, property management, project management, loan servicing, valuations, other portfolio services and recurring investment management fees. Transactional Businesses include property sales, leasing, mortgage origination, carried interest and incentive fees in the investment management business, and development fees.
(2) Local currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results.
(3) 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.
(4) Core adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of select items from U.S. GAAP net income and U.S. GAAP earnings per diluted share. Adjustments during the periods presented included non-cash amortization expense related to intangible assets attributable to acquisitions, interest expense related to indirect tax audits and settlements, write-off of financing costs on extinguished debt, impact of adjustments on non- controlling interest, the tax impact of adjusted items and strategic non-core investments, net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, impact of fair value non-cash adjustments related to unconsolidated equity investments, business and finance transformation, costs associated with efficiency and cost-reduction initiatives, provision associated with Telford’s fire safety remediation efforts, and net fair value adjustments on strategic non-core investments.
(5) Core EBITDA represents earnings before the portion attributable to non- controlling interests, depreciation and amortization, asset impairments, net interest expense, write-off of financing costs on extinguished debt, income taxes, further adjusted for net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, impact of fair value non-cash adjustments related to unconsolidated equity investments, business and finance transformation, non-cash pension buy-out settlement loss, costs associated with efficiency and cost- reduction initiatives, provision associated with Telford’s fire safety remediation efforts and net fair value adjustments on strategic non-core investments.
(6) Free cash flow is calculated as cash flow provided by operations, plus gain on sale of real estate assets, less capital expenditures (reflected in the investing section of the consolidated statement of cash flows).
(7) Segment operating profit (SOP) is the measure reported to the chief operating decision maker (CODM) for purposes of assessing performance and allocating resources to each segment. SOP represents earnings, inclusive of non- controlling interests, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments, as well as adjustments related to the following: net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, the impact of fair value non-cash adjustments related to unconsolidated equity investments, business and finance transformation, costs associated with efficiency and cost-reduction initiatives, and provision associated with Telford’s fire safety remediation efforts.
(9) Net debt is calculated as total debt (excluding non-recourse debt) less cash and cash equivalents.
(10) Includes cash available for company use, as well as availability under the company’s revolving credit facilities and commercial paper program.
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── -Unaudited ASSETS Current Assets: Cash and cash $ 1,683 $ 1,864 equivalents Restricted cash 137 150 Receivables, net 9,048 8,284 Warehouse 945 1,630 receivables(1) Contract assets 565 462 Prepaid expenses 422 372 Income taxes 186 175 receivable Other current 679 552 assets Total Current 13,665 13,489 Assets Property and 1,075 1,049 equipment, net Goodwill 6,992 7,051 Other intangible 2,770 2,972 assets, net Operating lease 2,184 2,062 assets Investments in unconsolidated 913 870 subsidiaries Non-current 71 103 contract assets Real estate under 1,048 646 development Non-current income taxes 122 106 receivable Deferred tax 756 697 assets, net Other assets 1,733 1,832 Total Assets $ 31,329 $ 30,877 LIABILITIES AND EQUITY Current Liabilities: Accounts payable and accrued $ 5,006 $ 4,838 expenses Compensation and employee benefits 1,594 1,630 payable Accrued bonus and 1,579 1,879 profit sharing Operating lease 331 284 liabilities Contract 489 448 liabilities Income taxes 76 258 payable Warehouse lines of credit (which fund loans that U.S. Government 936 1,609 Sponsored Enterprises have committed to purchase)(1) Other short-term 1,199 856 borrowings Current maturities of 69 71 long-term debt Other current 399 447 liabilities Total Current 11,678 12,320 Liabilities Long-term debt, net of current 5,710 5,050 maturities Non-current operating lease 2,222 2,121 liabilities Non-current tax 213 183 liabilities Deferred tax 229 238 liabilities, net Other liabilities 1,800 1,339 Total Liabilities 21,852 21,251 Mezzanine Equity: Redeemable non-controlling interests in 461 433 consolidated entities Equity: CBRE Group, Inc. Stockholders’ Equity: Class A common 3 3 stock Additional — — paid-in capital Accumulated 9,783 9,916 earnings Accumulated other comprehensive -1,114 -1,041 loss Total CBRE Group, Inc. 8,672 8,878 Stockholders’ Equity Non-controlling 344 315 interests Total Equity 9,016 9,193 Total Liabilities $ 31,329 $ 30,877 and Equity
(1) Represents loan receivables, the majority of which are offset by borrowings under related warehouse line of credit facilities.
Nine Months Ended CASH FLOWS FROM September 30, OPERATING ACTIVITIES: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 1,069 $ 827 Reconciliation of net income to net cash provided by operating activities: Depreciation and 556 432 amortization Amortization of other 149 152 assets Net non-cash mortgage servicing rights 12 -18 and premiums on loan sales Deferred income taxes -36 -69 Stock-based 158 110 compensation expense Equity income from -99 -50 investments Gain on sale of real -490 -55 estate assets Other non-cash 120 43 adjustments Sale of mortgage loans 10,747 9,984 Origination of -10,045 -11,041 mortgage loans Changes in: Warehouse lines of -673 1,072 credit Receivables, prepaid expenses and other -1,039 -419 assets Accounts payable, accrued liabilities 285 5 and other liabilities Accrued compensation -312 -431 expenses Income taxes, net -220 -204 Net cash provided by operating 182 338 activities CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures -321 -222 Payments for business acquired, net of -6 -331 cash acquired Capital contributions related to -125 -93 investments Acquisition and development of real -432 -240 estate assets Proceeds from disposition of real 436 104 estate assets Other investing 84 118 activities, net Net cash used in -364 -664 investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of revolving — -132 credit facility Proceeds from 343 910 commercial paper, net Proceeds from 742 1,668 long-term debt Repayment of long-term -53 -651 debt Repurchase of common -1,158 -680 stock Other financing 104 -283 activities, net Net cash (used in) provided by financing -22 832 activities Effect of currency exchange rate changes on cash and cash 10 82 equivalents and restricted cash NET CHANGE IN CASH, CASH EQUIVALENTS AND -194 588 RESTRICTED CASH CASH, CASH EQUIVALENTS AND RESTRICTED 2,014 1,221 CASH, AT BEGINNING OF PERIOD CASH, CASH EQUIVALENTS AND RESTRICTED $ 1,820 $ 1,809 CASH, AT END OF PERIOD SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 351 $ 326 Income tax payments, $ 549 $ 457 net Non-cash investing and financing activities: Deferred and/or contingent $ -2 $ 37 consideration
The following measures are considered “non-GAAP financial measures” under SEC guidelines:
(i) Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (which we also refer to as “core adjusted net income”)
These measures are not recognized measurements under United States generally accepted accounting principles (GAAP). When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with GAAP. Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.
Our management generally uses these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes. The company believes these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The company further uses certain of these measures, and believes that they are useful to investors, for purposes described below.
With respect to core EBITDA, core EPS, core adjusted net income, and business line operating profit/loss, the company believes that investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, the effects of financings, income taxes and the accounting effects of capital spending. The presentation of core adjusted net income, excluding amortization of intangible assets acquired in business combinations, is useful to investors as a supplemental measure to evaluate the company’s ongoing operating performance. While amortization expense of acquisition-related intangible assets is excluded from core adjusted net income, the revenue generated from the acquired intangible assets is not excluded. All of these measures may vary for different companies for reasons unrelated to overall operating performance. In the case of core EBITDA, this measure is not intended to be a measure of free cash flow for our management’s discretionary use because it does not consider cash requirements such as tax and debt service payments. The core EBITDA measure calculated herein may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt. The company also uses segment operating profit and core EPS as significant components when measuring our operating performance under our employee incentive compensation programs.
With respect to free cash flow, the company believes that investors may find this measure useful to analyze the cash flow generated from operations and real estate investment and development activities after accounting for cash outflows to support operations and capital expenditures. With respect to net debt, the company believes that investors use this measure when calculating the company’s net leverage ratio.
With respect to core EBITDA, core EPS and core adjusted net income, the company believes that investors may find these measures useful to analyze the underlying performance of operations without the impact of strategic non-core equity investments that are not directly related to our business segments. These can be volatile and are often non-cash in nature.
Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (or core adjusted net income), and core EPS, are calculated as follows (in millions, except share and per share data):
Three Nine Months Months Ended Ended September September 2026 30, 2025 2026 30, 2025 ────────────────────────────────────────────────────────────────────────────── Net income attribut… $ 443 $ 363 $ 965 $ 741 to CBRE Group, Inc. Net income attribut… 37 33 104 86 to non-cont… interests Net 480 396 1,069 827 income Adjustme… Deprecia… and 184 145 556 432 amortiza… Interest expense, net of 62 50 181 159 interest income Write-off of financing — — — 2 costs on extingui… debt Provision for 131 90 311 203 income taxes Net non-cash mortgage 6 -5 29 12 servicing rights Integrat… and other costs 76 60 190 204 related to acquisit… Carried interest incentive compensa… expense 12 3 2 10 to align with the timing of associat… revenue Charges related to indirect — — — -1 tax audits and settleme… Net results related to the 6 30 36 44 wind-down of certain business… Impact of fair value non-cash adjustme… — — — 2 related to unconsol… equity investme… Business and 35 10 105 38 finance transfor… Costs associat… with efficien… — — 6 13 and cost-red… initiati… Provision associat… with Telford’s — — 168 — fire safety remediat… efforts Net fair value adjustme… on 9 — 15 -22 strategic non-core investme… Core $ 1,001 $ 779 $ 2,668 $ 1,923 EBITDA
Core EBITDA for the trailing twelve months ended September 30, 2026 is calculated as follows (in millions):
Trailing Twelve Months Ended September 30, 2026 ────────────────────────────────────────────────────────────────────────────── Net income attributable to CBRE Group, $ 1,381 Inc. Net income attributable to 138 non-controlling interests Net income 1,519 Adjustments: Depreciation and amortization 707 Interest expense, net of 238 interest income Provision for income taxes 425 Net non-cash mortgage servicing 12 rights Integration and other costs related to 289 acquisitions Carried interest incentive compensation expense to align with the timing 2 of associated revenue Net results related to the wind-down of 66 certain businesses Business and finance 168 transformation Non-cash pension buy-out 147 settlement loss Costs associated with efficiency and -7 cost-reduction initiatives Provision associated with Telford’s fire 300 safety remediation efforts Net fair value adjustments on strategic 36 non-core investments Core EBITDA $ 3,902
Below represents a reconciliation of REI business line operating profitability/loss to REI segment operating profit (in millions):
Real Estate Three Months Ended Investments September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Investment management $ 38 $ 43 operating profit Global real estate development 128 35 operating profit Segment overhead (and related — -5 adjustments) Real estate investments $ 166 $ 73 segment operating profit
Below represents a reconciliation of cash flow provided by (used in) operations to free cash flow for the trailing twelve months ended September 30, 2026 (in millions):
Full text with the tables
EXHIBIT 99.1
Press Release
FOR IMMEDIATE RELEASE
For further information:
Chandni Luthra - Investors Steve Iaco - Media
212.984.8113 212.984.6535
Chandni.Luthra@cbre.com Steven.Iaco@cbre.com
CBRE GROUP, INC. REPORTS FINANCIAL RESULTS FOR Q3 2026
Dallas – October 22, 2026
— CBRE Group, Inc. (NYSE: CBRE) today reported financial results for the third
quarter ended September 30, 2026.
Key Highlights:
• GAAP EPS up 26% to $1.52 and Core EPS up 28% to $2.05
• Revenue up 13% to $11.5 billion
• Infrastructure services revenue up 50% to $4.5 billion on a trailing 12-month
basis
• Cash flow from operations of $1.4 billion and free cash flow of $1.8 billion,
both on a trailing 12-month basis
“CBRE produced another quarter of strong financial results and continued to make
strategic gains in targeted areas of our business,” said Bob Sulentic, CBRE’s
chair and chief executive officer. “Financially, core earnings per share
improved 28% on a 13% revenue increase, with both resilient (1) and
transactional (1) businesses growing by double digits. Strategically, we
continued to advance both our Critical Infrastructure Services business line as
well as the broader infrastructure services work we perform across the company.”
CBRE Press Release
October 22, 2026
Page 2
Consolidated Financial Results Overview
The following table presents highlights of CBRE performance (dollars in
millions, except per share data):
%
Oper… Q3 Q3 Chan…
Resu… 2026 2025 USD LC(2)
──────────────────────────────────────────────────────────────────────────────
Reve… $ 11,517 $ 10,221 12.7 % 12.9 %
Pass… 4,691 4,212 11.4 % 11.8 %
cost…
GAAP
net 443 363 22.0 % 23.4 %
inco…
Core
adju… 599 481 24.5 % 25.6 %
net
inco…
GAAP 1.52 1.21 25.6 % 27.3 %
EPS
Core 2.05 1.60 28.1 % 29.4 %
EPS(…
Core 1,001 779 28.5 % 29.1 %
EBIT…
Cash
Flow
Resu…
Cash
flow
prov… $ 869 $ 827 5.1 %
by
oper…
Gain
on
disp… 184 36 411.1 %
of
real
esta…
Less:
Capi… 126 84 50.0 %
expe…
Free
cash $ 927 $ 779 19.0 %
flow…
Advisory Services Segment
The following table presents highlights of the Advisory Services segment
performance (dollars in millions):
%
Q3 Q3 Change
2026 2025 USD LC
──────────────────────────────────────────────────────────────────────────────
Reve… $ 2,441 $ 2,199 11.0% 11.2%
Pass… 16 14 14.3% 14.3%
costs
Segm…
oper… 467 403 15.9% 16.4%
prof…
• Revenue and segment operating profit increased by 11% (same local currency)
and 16% (same local currency), respectively.
• Global leasing revenue increased 6% (same local currency). EMEA revenue grew
21% (22% local currency), driven by the U.K. U.S. revenue rose 4% overall, led
by industrial, up 16%, while office was down 2%. APAC revenue was up 2% (same
local currency).
• Global property sales revenue rose 28% (29% local currency). U.S. revenue was
up 37%, driven by accelerated growth in industrial and retail. APAC revenue rose
10% (14% local currency), while EMEA revenue grew 8% (9% local currency).
• Mortgage origination revenue edged up 1% (same local currency). Increased
activity with private capital sources was largely offset by lower government
agency lending.
• The loan servicing portfolio rose 8% during the quarter to more than $500
billion. Revenue was down slightly as lower escrow income offset higher loan
servicing fees.
• Valuations revenue rose 6% (same local currency), driven by the U.S.
CBRE Press Release
October 22, 2026
Page 3
Building Operations & Experience (BOE)
Segment
The following table presents highlights of the BOE segment performance (dollars
in millions):
Q3 2026 Q3 2025 % Change USD LC
──────────────────────────────────────────────────────────────────────────────
Revenue $ 6,856 $ 5,842 17.4% 17.5%
Pass-thr… 3,641 3,118 16.8% 17.1%
costs
Segment
operating 349 289 20.8% 21.1%
profit
•
Revenue and segment operating profit increased by 17% (18% local currency) and
21% (same local currency), respectively.
• Revenue from critical infrastructure services surged 80% (same local
currency), driven by continued strong growth in data center services solutions
and contributions from Pearce Services, acquired in November 2025.
• Facilities management revenue rose 13% (same local currency). Solid double-
digit growth was achieved in both the enterprise business, led by technology,
financial services and energy clients, and the local business, driven by the
Americas, Asia Pacific and Western Europe.
• Property management revenue rose 8% (same local currency).
Project Management
Segment
The following table presents highlights of the Project Management segment
performance (dollars in millions):
Q3 2026 Q3 2025 % Change USD LC
──────────────────────────────────────────────────────────────────────────────
Revenue $ 2,035 $ 1,978 2.9% 3.2%
Pass-t… 1,034 1,080 (4.3)% (3.8)%
costs
Segment
operat… 162 148 9.5% 9.5%
profit
• Revenue increased by 3% (same local currency), while pass-through costs
declined 4% (same local currency).
• Growth was driven by continued strong demand for program management and cost
consulting services for infrastructure assets.
• The overall growth rate was tempered by a slowdown in corporate capital
spending on real estate.
• Segment operating profit increased 9% (10% local currency), including a one-
time cost in APAC that lowered the growth rate by six percentage points.
CBRE Press Release
October 22, 2026
Page 4
Real Estate Investments (REI) Segment
The following table presents highlights of the REI segment performance (dollars
in millions):
Q3 2026 Q3 2025 % Change USD LC
──────────────────────────────────────────────────────────────────────────────
Revenue $ 203 $ 211 -3.8 % -2.8 %
Segment
operating 166 73 127.4 % 128.8 %
profit
Real Estate Development
• Operating profit (8) totaled $128 million, up significantly from the third
quarter of 2025, reflecting strong data center land sale activity and
monetization of other assets.
• The portfolio of in-process projects and pipeline ended the third quarter at
$29.6 billion, unchanged from the second quarter. Excluding fee development, the
overall portfolio stands at $20.2 billion.
Investment Management
• Revenue increased 4% (5% local currency), reflecting higher recurring asset
management fees as well as increased incentive fees.
• Operating profit (8) totaled $38 million, down from third-quarter 2025. Higher
asset management fees were offset by lower co-investment returns.
• Assets under management (AUM) ended the third quarter at more than $155
billion.
Core Corporate Segment
Core corporate operating loss increased by approximately $9 million for the
quarter, primarily driven by higher incentive compensation, reflecting the
company’s strong performance in 2026.
Capital Allocation Overview
•
Free Cash Flow
– Free cash flow totaled $1.8 billion for the 12 months ended September 30,
2026.
•
Stock Repurchase Program
– Year-to-date, the company repurchased nearly $1.2 billion worth of shares.
CBRE Press Release
October 22, 2026
Page 5
Leverage and Financing Overview
•
Leverage
– CBRE’s net leverage ratio (net debt (9) to trailing twelve-month core EBITDA)
was 1.36x as of September 30, 2026. The net leverage ratio is computed as
follows (dollars in millions):
As of
September 30, 2026
────────────────────────────────────────────────────────────────────────────
Total debt $ 6,978
Less: Cash and cash equivalents 1,683
Net debt(9) $ 5,295
Divided by: Trailing twelve-month Core $ 3,902
EBITDA
Net leverage ratio 1.36x
•
Liquidity
– At the end of the third quarter, the company had $5.0 billion of total
liquidity. (10)
Conference Call Details
The company’s third quarter earnings webcast and conference call will be held
today, Thursday, October 22, 2026 at 8:30 a.m. Eastern Time. Investors are
encouraged to access the webcast via this link or they can click this link
beginning at 8:15 a.m. Eastern Time for automated access to the conference call.
Alternatively, investors may dial into the conference call using these operator-
assisted phone numbers: 877.407.8037 (U.S.) or 201.689.8037 (International). A
replay of the call will be available starting at 1:00 p.m. Eastern Time on
October 22, 2026. The replay is accessible by dialing 877.660.6853 (U.S.) or
201.612.7415 (International) and using the access code: 13762549#. A transcript
of the call will be available on the company’s Investor Relations website at
https://ir.cbre.com
.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered
in Dallas, is the world’s largest commercial real estate services and investment
firm and a premier provider of critical infrastructure services. The company has
more than 155,000 employees serving clients in more than 100 countries. CBRE
serves clients through four business segments: Advisory (leasing, sales, debt
origination, mortgage servicing, valuations); Building Operations & Experience
(facilities management, property management, flex space & experience, critical
infrastructure); Project Management (program management, project management,
cost consulting); Real Estate Investments (investment management, development).
Please visit our website at www.cbre.com. We routinely post important
information on our website, including corporate and investor presentations and
financial information. We intend to use our website as a means of disclosing
material, non-public information and for complying with our disclosure
obligations under Regulation FD. Such disclosures will be included in the
Investor Relations section of our website at https://ir.cbre.com. Accordingly,
investors should monitor such portion of our website, in addition to following
our press releases, Securities and Exchange Commission filings and public
conference calls and webcasts.
Safe Harbor and Footnotes
This press release contains forward-looking statements within the meaning of the
“safe harbor” provisions of the Private Securities Litigation Reform Act of
1995, including statements regarding the economic outlook, the company’s future
growth momentum, operations and business outlook. These forward-looking
statements involve known and unknown risks, uncertainties and other factors that
may cause the company’s actual results and performance in future periods to be
materially different from any future results or performance suggested in
forward-looking statements in this press release. Any forward-looking statements
speak only as of the date of this press release and, except to the extent
required by applicable securities laws, the company expressly disclaims any
obligation to update or revise any of them to reflect actual results, any
changes in expectations or any change in events. If the company does update one
or more forward-looking statements, no inference should
CBRE Press Release
October 22, 2026
Page 6
be drawn that it will make additional updates with respect to those or other
forward-looking statements. Factors that could cause results to differ
materially include, but are not limited to: disruptions in general economic,
political and regulatory conditions and significant public health events,
particularly in geographies or industry sectors where our business may be
concentrated; volatility or adverse developments in the securities, capital or
credit markets, interest rate increases and conditions affecting the value of
real estate assets, inside and outside the United States; poor performance of
real estate investments or other conditions that negatively impact clients’
willingness to make real estate or long-term contractual commitments; cost and
availability of capital for investment in real estate; foreign currency
fluctuations and changes in currency restrictions, trade sanctions and
import/export and transfer pricing rules; our ability to compete globally, or in
specific geographic markets or business segments that are material to us; our
ability to identify, acquire and integrate accretive businesses; costs and
potential future capital requirements relating to businesses we may acquire;
integration challenges arising out of companies we may acquire; increases in
unemployment and general slowdowns in economic or commercial activity; trends in
pricing and risk assumption for commercial real estate services; the effect of
significant changes in supply/demand and capitalization rates across different
property types; a reduction by companies in their reliance on outsourcing for
their commercial real estate needs, which would affect our revenues and
operating performance; client actions to restrain project spending and reduce
outsourced staffing levels; our ability to further diversify our revenue model
to offset cyclical economic trends in the commercial real estate industry; our
ability to attract new occupier and investor clients; our ability to retain
major clients and renew related contracts; our ability to leverage our global
services platform to maximize and sustain long-term cash flow; our ability to
continue investing in our platform and client service offerings; our ability to
maintain expense discipline; the emergence of disruptive business models and
technologies; negative publicity or harm to our brand and reputation; the
failure by third parties to comply with service level agreements or regulatory
or legal requirements; the ability of our investment management business to
maintain and grow assets under management and achieve desired investment returns
for our investors, and any potential related litigation, liabilities or
reputational harm possible if we fail to do so; our ability to manage
fluctuations in net earnings and cash flow, which could result from poor
performance in our investment programs, including our participation as a
principal in real estate investments; the ability of our indirect wholly-owned
subsidiary, CBRE Capital Markets, Inc. to periodically amend, or replace, on
satisfactory terms, the agreements for its warehouse lines of credit; declines
in lending activity of U.S. Government Sponsored Enterprises, regulatory
oversight of such activity and our loan servicing revenue from the commercial
real estate mortgage market; changes in U.S. and international law and
regulatory environments (including relating to anti-corruption, anti-money
laundering, trade sanctions, tariffs, currency controls and other trade control
laws), particularly in Asia, Africa, Russia, Eastern Europe and the Middle East,
due to the level of political instability in those regions; litigation and its
financial and reputational risks to us; our exposure to liabilities in
connection with real estate advisory and property management activities and our
ability to procure sufficient insurance coverage on acceptable terms; our
ability to retain, attract and incentivize key personnel; our ability to manage
organizational challenges associated with our size; liabilities under
guarantees, or for construction defects, that we incur in our development
services business; our leverage under our debt instruments as well as the
limited restrictions therein on our ability to incur additional debt, and the
potential increased borrowing costs to us from a credit-rating downgrade; our
and our employees’ ability to execute on, and adapt to, information technology
strategies and trends; cybersecurity threats or other threats to our information
technology networks, including the potential misappropriation of assets or
sensitive information, corruption of data or operational disruption; our ability
to comply with laws and regulations related to our global operations, including
real estate licensure, tax, labor and employment laws and regulations, fire and
safety building requirements and regulations, as well as data privacy and
protection regulations, sustainability matters, and the anti-corruption laws and
trade sanctions of the U.S. and other countries; changes in applicable tax or
accounting requirements; any inability for us to implement and maintain
effective internal controls over financial reporting; the effect of
implementation of new accounting rules and standards or the impairment of our
goodwill and intangible assets; and the performance of our equity investments in
companies we do not control.
Additional information concerning factors that may influence the company’s
financial information is discussed under “Risk Factors,” “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,”
“Quantitative and Qualitative Disclosures About Market Risk” and “Cautionary
Note on Forward-Looking Statements” in our Annual Report on Form 10-K for the
year ended December 31, 2025, our quarterly reports on Form 10-Q, as well as in
the company’s press releases and other periodic filings with the Securities and
Exchange Commission (SEC). Such filings are available publicly and may be
obtained on the company’s website at www.cbre.com or upon written request from
CBRE’s Investor Relations Department at
investorrelations@cbre.com
.
The terms “core adjusted net income,” “core EBITDA,” “core EPS,” “business line
operating profit (loss),” “net debt” and “free cash flow,” all of which CBRE
uses in this press release, are non-GAAP financial measures under SEC
guidelines, and you should refer to the footnotes below as well as the “Non-GAAP
Financial Measures” section in this press release for a further explanation of
these measures. We have also included in that section reconciliations of these
measures in specific periods to their most directly comparable financial measure
calculated and presented in accordance with GAAP for those periods.
CBRE Press Release
October 22, 2026
Page 7
(1) Resilient Businesses include facilities management, critical infrastructure
services, property management, project management, loan servicing, valuations,
other portfolio services and recurring investment management fees. Transactional
Businesses include property sales, leasing, mortgage origination, carried
interest and incentive fees in the investment management business, and
development fees.
(2) Local currency percentage change is calculated by comparing current-period
results at prior-period exchange rates versus prior-period results.
(3) 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.
(4) Core adjusted net income and core earnings per diluted share (or core EPS)
exclude the effect of select items from U.S. GAAP net income and U.S. GAAP
earnings per diluted share. Adjustments during the periods presented included
non-cash amortization expense related to intangible assets attributable to
acquisitions, interest expense related to indirect tax audits and settlements,
write-off of financing costs on extinguished debt, impact of adjustments on non-
controlling interest, the tax impact of adjusted items and strategic non-core
investments, net non-cash mortgage servicing rights, integration and other costs
related to acquisitions, carried interest incentive compensation expense to
align with the timing of associated revenue, charges related to indirect tax
audits and settlements, net results related to the wind-down of certain
businesses, impact of fair value non-cash adjustments related to unconsolidated
equity investments, business and finance transformation, costs associated with
efficiency and cost-reduction initiatives, provision associated with Telford’s
fire safety remediation efforts, and net fair value adjustments on strategic
non-core investments.
(5) Core EBITDA represents earnings before the portion attributable to non-
controlling interests, depreciation and amortization, asset impairments, net
interest expense, write-off of financing costs on extinguished debt, income
taxes, further adjusted for net non-cash mortgage servicing rights, integration
and other costs related to acquisitions, carried interest incentive compensation
expense to align with the timing of associated revenue, charges related to
indirect tax audits and settlements, net results related to the wind-down of
certain businesses, impact of fair value non-cash adjustments related to
unconsolidated equity investments, business and finance transformation, non-cash
pension buy-out settlement loss, costs associated with efficiency and cost-
reduction initiatives, provision associated with Telford’s fire safety
remediation efforts and net fair value adjustments on strategic non-core
investments.
(6) Free cash flow is calculated as cash flow provided by operations, plus gain
on sale of real estate assets, less capital expenditures (reflected in the
investing section of the consolidated statement of cash flows).
(7) Segment operating profit (SOP) is the measure reported to the chief
operating decision maker (CODM) for purposes of assessing performance and
allocating resources to each segment. SOP represents earnings, inclusive of non-
controlling interests, before net interest expense, write-off of financing costs
on extinguished debt, income taxes, depreciation and amortization and asset
impairments, as well as adjustments related to the following: net non-cash
mortgage servicing rights, integration and other costs related to acquisitions,
carried interest incentive compensation expense to align with the timing of
associated revenue, charges related to indirect tax audits and settlements, net
results related to the wind-down of certain businesses, the impact of fair value
non-cash adjustments related to unconsolidated equity investments, business and
finance transformation, costs associated with efficiency and cost-reduction
initiatives, and provision associated with Telford’s fire safety remediation
efforts.
(8) Represents line of business profitability/losses, as adjusted.
(9) Net debt is calculated as total debt (excluding non-recourse debt) less cash
and cash equivalents.
(10) Includes cash available for company use, as well as availability under the
company’s revolving credit facilities and commercial paper program.
CBRE Press Release
October 22, 2026
Page 8
CBRE GROUP, INC.
OPERATING RESULTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(in millions, except share and per share data)
(Unaudited)
Three Nine
Months Months
Ended Ended
Septem… Septem…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Reven… $ 11,517 $ 10,221 $ 33,270 $ 28,813
Costs
and
expen…
Cost
of 9,392 8,304 27,207 23,511
reven…
Opera…
admin… 1,564 1,327 4,560 3,794
and
other
Depre…
and 184 145 556 432
amort…
Total
costs 11,140 9,776 32,323 27,737
and
expen…
Gain
on
dispo… 184 36 490 55
of
real
estate
Opera… 561 481 1,437 1,131
income
Equity
income
from 104 52 99 50
uncon…
subsi…
Other 8 3 25 10
income
Inter…
expen…
net of 62 50 181 159
inter…
income
Write…
of
finan…
costs — — — 2
on
extin…
debt
Income
before
provi… 611 486 1,380 1,030
for
income
taxes
Provi…
for 131 90 311 203
income
taxes
Net 480 396 1,069 827
income
Less:
Net
income
attri… 37 33 104 86
to
non-c…
inter…
Net
income
attri…
to $ 443 $ 363 $ 965 $ 741
CBRE
Group,
Inc.
Basic
income
per
share:
Net
income
per
share
attri… $ 1.53 $ 1.22 $ 3.31 $ 2.48
to
CBRE
Group,
Inc.
Weigh…
shares
outst…
for 289,27… 297,557… 291,78… 298,589…
basic
income
per
share
Dilut…
income
per
share:
Net
income
per
share
attri… $ 1.52 $ 1.21 $ 3.28 $ 2.46
to
CBRE
Group,
Inc.
Weigh…
shares
outst…
for 291,60… 300,257… 294,11… 301,050…
dilut…
income
per
share
Core $ 1,001 $ 779 $ 2,668 $ 1,923
EBITDA
CBRE Press Release
October 22, 2026
Page 9
CBRE GROUP, INC.
SEGMENT RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026
(in millions)
(Unaudited)
T…
M…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
B… R…
A… O… P… E… C… T… O… T…
S… & M… I… C… C…
E…
… $ 2… $ 6… $ 2… $ … $ … $ … $ — $ …
… 16 3… 1… — — … — …
…
…
…
… 1… 2… 7… 3 … … — …
…
…
…
…
… 4… 4… 1… … … … 7 …
…
…
…
… 30 1… 26 5 … … — …
…
…
…
… — — — … … … — …
…
…
…
…
… 4… 1… 1… … … … … …
…
…
…
… 1 3 — … — … … …
…
…
…
…
… 2 4 1 2 — 9 … 8
…
…
… 30 1… 26 5 … … — …
…
…
…
…
…
… 6 — — — — 6 — 6
…
…
…
…
…
… — 29 2 5 … … — …
…
…
…
…
…
…
…
…
…
… — — — … — … — …
…
…
…
…
…
…
…
…
…
…
… — 1 — 5 — 6 — 6
…
…
…
…
…
… 1 11 — — … … — …
…
…
…
…
… $ 4… $ 3… $ 1… $ … $ … $ … $ …
…
…
… $ …
…
_______________
(1) Includes elimination of inter-segment revenue and expense.
CBRE Press Release
October 22, 2026
Page 10
CBRE GROUP, INC.
SEGMENT RESULTS—(CONTINUED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025
(in millions)
(Unaudited)
T…
M…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
B… R…
A… O… P… E… C… T… O… T…
S… & M… I… C… C…
E…
… $ 2… $ 5… $ 1… $ … $ … $ … $ — $ …
… 14 3… 1… — — … — …
…
…
…
… 1… 2… 6… … … … — …
…
…
…
…
… 4… 3… 1… … … … — …
…
…
…
… 33 65 27 2 … … — …
…
…
…
… — — — … 3 … — …
…
…
…
…
… 3… 1… 1… … … … — …
…
…
…
… — 2 — … — … 1 …
…
…
…
… 1 2 — — 1 4 … 3
…
…
… 33 65 27 2 … … — …
…
…
…
…
…
… -5 — — — — … — …
…
…
…
…
…
… — 16 2 — … … — …
…
…
…
…
…
…
…
…
…
… — — — 3 — 3 — 3
…
…
…
…
…
…
…
…
…
…
… — 22 — 8 — … — …
…
…
…
…
…
… — — — — … … — …
…
…
…
…
… $ 4… $ 2… $ 1… $ … $ … $ — $ …
…
…
… $ …
…
_______________
(1) Includes elimination of inter-segment revenue and expense.
CBRE Press Release
October 22, 2026
Page 11
CBRE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
-Unaudited
ASSETS
Current Assets:
Cash and cash $ 1,683 $ 1,864
equivalents
Restricted cash 137 150
Receivables, net 9,048 8,284
Warehouse 945 1,630
receivables(1)
Contract assets 565 462
Prepaid expenses 422 372
Income taxes 186 175
receivable
Other current 679 552
assets
Total Current 13,665 13,489
Assets
Property and 1,075 1,049
equipment, net
Goodwill 6,992 7,051
Other intangible 2,770 2,972
assets, net
Operating lease 2,184 2,062
assets
Investments in
unconsolidated 913 870
subsidiaries
Non-current 71 103
contract assets
Real estate under 1,048 646
development
Non-current
income taxes 122 106
receivable
Deferred tax 756 697
assets, net
Other assets 1,733 1,832
Total Assets $ 31,329 $ 30,877
LIABILITIES AND
EQUITY
Current
Liabilities:
Accounts payable
and accrued $ 5,006 $ 4,838
expenses
Compensation and
employee benefits 1,594 1,630
payable
Accrued bonus and 1,579 1,879
profit sharing
Operating lease 331 284
liabilities
Contract 489 448
liabilities
Income taxes 76 258
payable
Warehouse lines
of credit (which
fund
loans that U.S.
Government 936 1,609
Sponsored
Enterprises have
committed to
purchase)(1)
Other short-term 1,199 856
borrowings
Current
maturities of 69 71
long-term debt
Other current 399 447
liabilities
Total Current 11,678 12,320
Liabilities
Long-term debt,
net of current 5,710 5,050
maturities
Non-current
operating lease 2,222 2,121
liabilities
Non-current tax 213 183
liabilities
Deferred tax 229 238
liabilities, net
Other liabilities 1,800 1,339
Total Liabilities 21,852 21,251
Mezzanine Equity:
Redeemable
non-controlling
interests in 461 433
consolidated
entities
Equity:
CBRE Group, Inc.
Stockholders’
Equity:
Class A common 3 3
stock
Additional — —
paid-in capital
Accumulated 9,783 9,916
earnings
Accumulated other
comprehensive -1,114 -1,041
loss
Total CBRE Group,
Inc. 8,672 8,878
Stockholders’
Equity
Non-controlling 344 315
interests
Total Equity 9,016 9,193
Total Liabilities $ 31,329 $ 30,877
and Equity
________________________________________________________________________________
________________________________________________________
(1) Represents loan receivables, the majority of which are offset by borrowings
under related warehouse line of credit facilities.
CBRE Press Release
October 22, 2026
Page 12
CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Nine Months Ended
CASH FLOWS FROM September 30,
OPERATING ACTIVITIES: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 1,069 $ 827
Reconciliation of net
income to net cash
provided by operating
activities:
Depreciation and 556 432
amortization
Amortization of other 149 152
assets
Net non-cash mortgage
servicing rights 12 -18
and premiums on loan
sales
Deferred income taxes -36 -69
Stock-based 158 110
compensation expense
Equity income from -99 -50
investments
Gain on sale of real -490 -55
estate assets
Other non-cash 120 43
adjustments
Sale of mortgage loans 10,747 9,984
Origination of -10,045 -11,041
mortgage loans
Changes in:
Warehouse lines of -673 1,072
credit
Receivables, prepaid
expenses and other -1,039 -419
assets
Accounts payable,
accrued liabilities 285 5
and other liabilities
Accrued compensation -312 -431
expenses
Income taxes, net -220 -204
Net cash provided by
operating 182 338
activities
CASH FLOWS FROM
INVESTING ACTIVITIES:
Capital expenditures -321 -222
Payments for business
acquired, net of -6 -331
cash acquired
Capital contributions
related to -125 -93
investments
Acquisition and
development of real -432 -240
estate assets
Proceeds from
disposition of real 436 104
estate
assets
Other investing 84 118
activities, net
Net cash used in -364 -664
investing activities
CASH FLOWS FROM
FINANCING ACTIVITIES:
Repayment of revolving — -132
credit facility
Proceeds from 343 910
commercial paper, net
Proceeds from 742 1,668
long-term debt
Repayment of long-term -53 -651
debt
Repurchase of common -1,158 -680
stock
Other financing 104 -283
activities, net
Net cash (used in)
provided by financing -22 832
activities
Effect of currency
exchange rate changes
on cash and cash 10 82
equivalents and
restricted cash
NET CHANGE IN CASH,
CASH EQUIVALENTS AND -194 588
RESTRICTED CASH
CASH, CASH EQUIVALENTS
AND RESTRICTED 2,014 1,221
CASH, AT BEGINNING OF
PERIOD
CASH, CASH EQUIVALENTS
AND RESTRICTED $ 1,820 $ 1,809
CASH, AT END OF PERIOD
SUPPLEMENTAL
DISCLOSURES OF CASH
FLOW
INFORMATION:
Cash paid during the
period for:
Interest $ 351 $ 326
Income tax payments, $ 549 $ 457
net
Non-cash investing and
financing
activities:
Deferred and/or
contingent $ -2 $ 37
consideration
CBRE Press Release
October 22, 2026
Page 13
Non-GAAP Financial Measures
The following measures are considered “non-GAAP financial measures” under SEC
guidelines:
(i) Core net income attributable to CBRE Group, Inc. stockholders, as adjusted
(which we also refer to as “core adjusted net income”)
(ii) Core EBITDA
(iii) Core EPS
(iv) Business line operating profit/loss
(v) Net debt
(vi) Free cash flow
These measures are not recognized measurements under United States generally
accepted accounting principles (GAAP). When analyzing our operating performance,
investors should use these measures in addition to, and not as an alternative
for, their most directly comparable financial measure calculated and presented
in accordance with GAAP. Because not all companies use identical calculations,
our presentation of these measures may not be comparable to similarly titled
measures of other companies.
Our management generally uses these non-GAAP financial measures to evaluate
operating performance and for other discretionary purposes. The company believes
these measures provide a more complete understanding of ongoing operations,
enhance comparability of current results to prior periods and may be useful for
investors to analyze our financial performance because they eliminate the impact
of selected charges that may obscure trends in the underlying performance of our
business. The company further uses certain of these measures, and believes that
they are useful to investors, for purposes described below.
With respect to core EBITDA, core EPS, core adjusted net income, and business
line operating profit/loss, the company believes that investors may find these
measures useful in evaluating our operating performance compared to that of
other companies in our industry because their calculations generally eliminate
the accounting effects of acquisitions, which would include impairment charges
of goodwill and intangibles created from acquisitions, the effects of
financings, income taxes and the accounting effects of capital spending. The
presentation of core adjusted net income, excluding amortization of intangible
assets acquired in business combinations, is useful to investors as a
supplemental measure to evaluate the company’s ongoing operating performance.
While amortization expense of acquisition-related intangible assets is excluded
from core adjusted net income, the revenue generated from the acquired
intangible assets is not excluded. All of these measures may vary for different
companies for reasons unrelated to overall operating performance. In the case of
core EBITDA, this measure is not intended to be a measure of free cash flow for
our management’s discretionary use because it does not consider cash
requirements such as tax and debt service payments. The core EBITDA measure
calculated herein may also differ from the amounts calculated under similarly
titled definitions in our credit facilities and debt instruments, which amounts
are further adjusted to reflect certain other cash and non-cash charges and are
used by us to determine compliance with financial covenants therein and our
ability to engage in certain activities, such as incurring additional debt. The
company also uses segment operating profit and core EPS as significant
components when measuring our operating performance under our employee incentive
compensation programs.
With respect to free cash flow, the company believes that investors may find
this measure useful to analyze the cash flow generated from operations and real
estate investment and development activities after accounting for cash outflows
to support operations and capital expenditures. With respect to net debt, the
company believes that investors use this measure when calculating the company’s
net leverage ratio.
With respect to core EBITDA, core EPS and core adjusted net income, the company
believes that investors may find these measures useful to analyze the underlying
performance of operations without the impact of strategic non-core equity
investments that are not directly related to our business segments. These can be
volatile and are often non-cash in nature.
Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (or
core adjusted net income), and core EPS, are calculated as follows (in millions,
except share and per share data):
CBRE Press Release
October 22, 2026
Page 14
Th… Ni…
Mo… Mo…
En… En…
Se… Se…
2026 30, 20… 2026 30, 20…
──────────────────────────────────────────────────────────────────────────────
N…
i…
a…
to $ 443 $ 363 $ 965 $ 741
C…
G…
I…
A…
N…
a…
e…
r…
to 56 55 172 169
i…
a…
a…
to
a…
I…
e…
r…
to
i… 4 1 8 4
t…
a…
a…
s…
W…
of
f…
c… — — — 2
on
e…
d…
N…
n…
m… 6 -5 29 12
s…
r…
I…
a…
o…
c… 76 60 190 204
r…
to
a…
C…
i…
i…
c…
e…
to
a… 12 3 2 10
w…
t…
t…
of
a…
r…
C…
r…
to
i… — — — -1
t…
a…
a…
s…
N…
r…
r…
to
t… 6 30 36 44
w…
of
c…
b…
I…
of
f…
v…
n…
a… — — — 2
r…
to
u…
e…
i…
B…
a… 35 10 105 38
f…
t…
C…
a…
w…
e… — — 6 13
a…
c…
i…
P…
a…
w…
T… — — 168 —
f…
s…
r…
e…
N…
f…
v…
a… 9 — 15 -22
on
s…
n…
i…
T…
i…
of
a…
i… -48 -36 -1… -105
a…
s…
n…
i…
C…
n…
i…
a…
to $ 599 $ 481 $ 1,… $ 1,1…
C…
G…
I…
as
a…
C…
d…
i…
p…
s…
a… $ 2.… $ 1.60 $ 5.… $ 3.69
to
C…
G…
I…
as
a…
W…
s…
o…
f… 291… 30… 294… 30…
d…
i…
p…
s…
CBRE Press Release
October 22, 2026
Page 15
Core EBITDA is calculated as follows (in millions):
Three Nine
Months Months
Ended Ended
September September
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
attribut… $ 443 $ 363 $ 965 $ 741
to CBRE
Group,
Inc.
Net
income
attribut… 37 33 104 86
to
non-cont…
interests
Net 480 396 1,069 827
income
Adjustme…
Deprecia…
and 184 145 556 432
amortiza…
Interest
expense,
net of 62 50 181 159
interest
income
Write-off
of
financing — — — 2
costs on
extingui…
debt
Provision
for 131 90 311 203
income
taxes
Net
non-cash
mortgage 6 -5 29 12
servicing
rights
Integrat…
and other
costs 76 60 190 204
related
to
acquisit…
Carried
interest
incentive
compensa…
expense 12 3 2 10
to align
with the
timing of
associat…
revenue
Charges
related
to
indirect — — — -1
tax
audits
and
settleme…
Net
results
related
to the 6 30 36 44
wind-down
of
certain
business…
Impact of
fair
value
non-cash
adjustme… — — — 2
related
to
unconsol…
equity
investme…
Business
and 35 10 105 38
finance
transfor…
Costs
associat…
with
efficien… — — 6 13
and
cost-red…
initiati…
Provision
associat…
with
Telford’s — — 168 —
fire
safety
remediat…
efforts
Net fair
value
adjustme…
on 9 — 15 -22
strategic
non-core
investme…
Core $ 1,001 $ 779 $ 2,668 $ 1,923
EBITDA
Core EBITDA for the trailing twelve months ended September 30, 2026 is
calculated as follows (in millions):
Trailing
Twelve Months Ended September 30,
2026
──────────────────────────────────────────────────────────────────────────────
Net income attributable to CBRE
Group, $ 1,381
Inc.
Net income attributable to 138
non-controlling interests
Net income 1,519
Adjustments:
Depreciation and amortization 707
Interest expense, net of 238
interest income
Provision for income taxes 425
Net non-cash mortgage servicing 12
rights
Integration and other costs
related to 289
acquisitions
Carried interest incentive
compensation
expense to align with the timing 2
of
associated revenue
Net results related to the
wind-down of 66
certain businesses
Business and finance 168
transformation
Non-cash pension buy-out 147
settlement loss
Costs associated with efficiency
and -7
cost-reduction initiatives
Provision associated with
Telford’s fire 300
safety remediation efforts
Net fair value adjustments on
strategic 36
non-core investments
Core EBITDA $ 3,902
CBRE Press Release
October 22, 2026
Page 16
Below represents a reconciliation of REI business line operating
profitability/loss to REI segment operating profit (in millions):
Real Estate Three Months Ended
Investments September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Investment
management $ 38 $ 43
operating profit
Global real estate
development 128 35
operating
profit
Segment overhead
(and related — -5
adjustments)
Real estate
investments $ 166 $ 73
segment
operating profit
Below represents a reconciliation of cash flow provided by (used in) operations
to free cash flow for the trailing twelve months ended September 30, 2026 (in
millions):
Cash Trai…
Flow Q4 Q1 Q2 Q3 Twel…
Res… 2025 2026 2026 2026 Mont…
──────────────────────────────────────────────────────────────────────────────
Cash
flow
pro…
by $ 1,221 $ -825 $ 138 $ 869 $ 1,4…
(us…
in)
ope…
Gai…
on
dis…
of 404 301 5 184 894
real
est…
sal…
Les…
Cap… 144 81 114 126 465
exp…
Free
cash $ 1,481 $ -605 $ 29 $ 927 $ 1,8…
flow