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

The biggest changes in the 10-K filed 2026-02-12, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Net income

+19.5% Big change FY to 2025-12-31 vs 2024-12-31

“Other income decreased by 51.3% during the year ended December 31, 2025 as compared to the same period in 2024, primarily due to prior year positive fair value adjustments on certain investments.”
Read it in the 10-K ↗

Revenue

+13.4% Big change FY to 2025-12-31 vs 2024-12-31

“Revenue increased 13.4%, reflecting double-digit growth across the Advisory Services, BOE and Project Management segments, partially offset by a decrease in revenue in the REI segment.”
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“Cost of revenue, excluding pass-through costs increased 16.7% during the year ended December 31, 2025 as compared to the same period in 2024 primarily due to revenue growth consisting of higher commission expense and employee compensation, as well as higher indirect reimbursed costs.”
Read it in the 10-K ↗

Cash from operations

-8.7% FY to 2025-12-31 vs 2024-12-31

“The decrease in net cash provided by operating activities was driven by net outflows associated with working capital movements, largely due to the costs associated with onboarding new clients and the timing of cash collections and vendor payments, offset by higher cash inflows from earnings, driven by strong revenue growth.”
Read it in the 10-K ↗

Operating margin

4.0% → 4.4% (+0.4 pts) FY to 2025-12-31 vs 2024-12-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. 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.