CBRE GROUP, INC.

Listed Company

CBRECIK 0001138118NYSELarge AcceleratedReal EstateDelawareFY ends Dec 31

Period

FY 2025

Revenue

$40.55B

Net Income

$1.16B

Total Assets

$30.88B

Equity

$8.88B

Shares Out

292.82M

Op. Cash Flow

$1.56B

Business

CBRE GROUP, INC. provides integrated commercial real estate services and investment management, serving real estate investors and occupiers globally. It offers property leasing, capital markets, valuation, mortgage servicing, property and facilities management, project and program management, real estate development and investment management, and flexible workplace solutions. The company operates through four principal segments: Advisory Services; Building Operations & Experience (facilities and property management); Project Management; and Real Estate Investments (investment management and development). CBRE distributes services worldwide across direct client engagements, long‑term enterprise contracts, local market work and digital platforms.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	40,550	35,767	31,949	30,828	27,746
Cost of revenue	32,984	28,811	25,675	24,239	21,580
Operating, administrative and other	5,543	5,011	4,562	4,649	4,074
Depreciation and amortization	729	674	622	613	526
Total costs and expenses	39,256	34,496	30,859	29,560	26,180
Gain on disposition of real estate	459	142	27	244	71
Operating income	1,753	1,413	1,117	1,512	1,637
Equity income (loss) from unconsolidated subsidiaries	40	−19	248	229	619
Other income	19	39	61	−12	204
Interest expense, net of interest income	216	215	149	69	—
Write-off of financing costs on extinguished debt	2	0	0	2	0
Income before provision for income taxes	1,594	1,218	1,277	1,658	2,410
Provision for income taxes	317	182	250	234	568
Net income	1,277	1,036	1,027	1,424	1,842
Less: Net income attributable to non-controlling interests	120	68	41	17	5
Net income attributable to CBRE Group, Inc.	1,157	968	986	1,407	1,837
Net income per share attributable to CBRE Group, Inc. (in dollars per share)	3.88	3.16	3.2	4.36	5.48
Weighted average shares outstanding for basic income per share (in shares)	298	306	308	323	335
Net income per share attributable to CBRE Group, Inc. (in dollars per share)	3.85	3.14	3.15	4.29	5.41
Weighted average shares outstanding for diluted income per share (in shares)	301	308	313	328	340

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,864	1,114	1,265	1,318	2,431
Restricted cash	150	107	106	87	109
Receivables, less allowance for doubtful accounts of $125 and $101 at December 31, 2025 and 2024, respectively	8,284	7,005	6,370	5,327	5,150
Warehouse receivables	1,630	561	675	455	1,304
Contract assets	462	400	443	392	339
Prepaid expenses	372	332	333	311	334
Income taxes receivable	175	130	159	82	44
Other current assets	552	321	315	557	372
Total Current Assets	13,489	9,970	9,666	8,529	10,082
Property and equipment, net of accumulated depreciation and amortization of $2,137 and $1,795 at December 31, 2025 and 2024, respectively	1,049	914	907	836	816
Goodwill	7,051	5,621	5,129	4,868	4,995
Other intangible assets, net of accumulated amortization of $2,764 and $2,494 at December 31, 2025 and 2024, respectively	3,000	2,300	2,100	2,200	2,400
Operating lease assets	2,062	1,198	1,030	1,033	1,046
Investments in unconsolidated subsidiaries (with $421 and $890 at fair value at December 31, 2025 and 2024, respectively)	870	1,295	1,374	1,318	1,196
Non-current contract assets	103	89	75	137	136
Real estate under development	646	505	300	172	326
Non-current income taxes receivable	106	75	78	52	33
Deferred tax assets, net	697	538	361	266	157
Other assets	1,832	1,880	1,547	1,109	876
Total assets	30,877	24,383	22,548	20,513	22,073
Accounts payable and accrued expenses	4,838	4,102	3,562	3,079	2,916
Compensation and employee benefits payable	1,630	1,419	1,459	1,459	1,539
Accrued bonus and profit sharing	1,879	1,695	1,556	1,691	1,695
Operating lease liabilities	284	200	242	230	232
Contract liabilities	448	375	298	276	281
Income taxes payable	258	209	217	184	246
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase)	1,609	552	666	448	1,277
Revolving credit facilities	0	132	0	178	0
Other short-term borrowings	856	222	16	—	—
Current maturities of long-term debt	71	36	9	428	0
Other current liabilities	447	345	218	226	199
Total Current Liabilities	12,320	9,287	8,243	8,242	8,419
Long-term debt, net of current maturities	5,050	3,245	2,804	1,086	1,538
Non-current operating lease liabilities	2,121	1,307	1,089	1,080	1,117
Non-current income taxes payable	0	0	30	55	55
Non-current tax liabilities	183	160	157	149	145
Deferred tax liabilities, net	238	247	255	282	405
Other liabilities	1,339	945	903	1,013	1,036
Total liabilities	21,251	15,191	13,481	11,907	12,714
Redeemable non-controlling interests in consolidated entities	433	0	—	—	0
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 295,731,478 and 302,052,229 shares issued and outstanding at December 31, 2025 and 2024, respectively	3	3	3	3	3
Additional paid-in capital	0	0	0	0	799
Accumulated earnings	9,916	9,567	9,188	8,833	8,367
Accumulated other comprehensive loss	−1,041	−1,159	−924	−983	−641
Total CBRE Group, Inc. Stockholders Equity	8,878	8,411	8,267	7,853	8,528
Non-controlling interests	315	781	800	753	831
Total Equity	9,193	9,192	9,067	8,606	9,359
Total Liabilities and Equity	30,877	24,383	22,548	20,513	22,073

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of other assets	199	195	168	—	—
Net non-cash mortgage servicing rights and premiums on loan sales	−187	−162	−102	−203	−143
Deferred income taxes	−269	−194	−121	—	—
Stock-based compensation expense	120	146	96	160	185
Other non-cash adjustments	227	8	−18	55	—
Sale of mortgage loans	15,135	12,817	9,714	14,527	17,195
Origination of mortgage loans	−16,163	−12,668	−9,905	−13,652	−17,016
Warehouse lines of credit	1,057	−114	218	−830	−107
Receivables, prepaid expenses and other assets	−882	−597	−702	−503	−766
Accounts payable, accrued liabilities and other liabilities	570	566	34	64	105
Accrued compensation expenses	285	206	−173	−2	730
Income taxes, net	−40	−82	−103	−133	248
Net cash provided by operating activities	1,559	1,708	480	1,629	2,364
Capital expenditures	−366	−307	−305	−260	−210
Payments for business acquired, net of cash acquired	−1,374	−1,067	−203	−173	−781
Capital contributions related to investments	−161	−136	−127	−385	−335
Acquisition and development of real estate assets	−390	−389	−171	0	0
Proceeds from disposition of real estate assets	509	235	77	0	0
Other investing activities, net	155	150	48	−101	−24
Net cash used in investing activities	−1,627	−1,514	−681	−832	−1,281
Proceeds from revolving credit facility	0	4,173	4,006	1,833	27
Repayment of revolving credit facility	−132	−4,041	−4,184	−1,655	0
Proceeds from commercial paper, net	677	175	0	—	—
Proceeds from long-term debt	2,410	495	1,723	0	0
Repayment of long-term debt	−670	−9	−437	0	−300
Repurchase of common stock	−968	−627	−665	−1,850	−369
Other financing activities, net	−521	−387	−289	−22	−44
Net cash provided by (used in) financing activities	796	−221	154	−1,766	−490
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash	65	−123	13	−166	−92
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	793	−150	−34	−1,135	501
Interest	448	396	191	89	41
Income Taxes Paid, Net	599	467	467	604	330
Deferred and/or contingent consideration	183	19	54	0	485

Filings

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