CBRE GROUP, INC.CBRE
CBRE GROUP, INC. Goodwill & Intangibles Disclosure
10. Goodwill and Other Intangible Assets
We test each of our reporting units for goodwill impairment annually at October 1st, or upon a triggering event, in accordance with ASC Topic 350, “Intangibles – Goodwill and Other.” We performed the 2025, 2024 and 2023 annual assessments as of October 1 and determined that no impairment existed as the estimated fair value of our reporting units was in excess of their carrying value.
As of January 1, 2025, we reorganized our business into four reportable segments (see Note 20 – Segments for further discussion). This changed the composition of our reporting units which resulted in the reallocation of goodwill from our Advisory Services and Global Workplace Solutions reportable segments to our newly created BOE and Project Management reportable segments as of January 1, 2025. Additionally, the change in composition of our reporting units was considered a triggering event requiring an interim goodwill impairment test as of January 1, 2025. We determined that no impairment existed as the estimated fair values of our reporting units were in excess of their respective carrying values, both before and after the reorganization.
The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024 (dollars in millions):
| Advisory Services | Global Workplace Solutions | Building Operations & Experience | Project Management | Real Estate Investments | Total Consolidated | ||||||||||||||||||||||||||||||
| Balance as of December 31, 2023 | |||||||||||||||||||||||||||||||||||
| Goodwill | $ | 3,383 | $ | 2,260 | $ | — | $ | — | $ | 606 | $ | 6,249 | |||||||||||||||||||||||
| Accumulated impairment losses | (762) | (175) | — | — | (183) | (1,120) | |||||||||||||||||||||||||||||
| 2,621 | 2,085 | — | — | 423 | 5,129 | ||||||||||||||||||||||||||||||
| Acquisitions | 8 | 589 | — | — | — | 597 | |||||||||||||||||||||||||||||
| Foreign exchange movement | (33) | (60) | — | — | (12) | (105) | |||||||||||||||||||||||||||||
| Balance as of December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Goodwill | 3,358 | 2,789 | — | — | 594 | 6,741 | |||||||||||||||||||||||||||||
| Accumulated impairment losses | (762) | (175) | — | — | (183) | (1,120) | |||||||||||||||||||||||||||||
Balance as of December 31, 2024 (1) | 2,596 | 2,614 | — | — | 411 | 5,621 | |||||||||||||||||||||||||||||
| Reallocation | (290) | (2,614) | 1,578 | 1,326 | — | — | |||||||||||||||||||||||||||||
| Acquisitions | 37 | — | 1,195 | — | — | 1,232 | |||||||||||||||||||||||||||||
| Foreign exchange movement | 58 | — | 77 | 52 | 11 | 198 | |||||||||||||||||||||||||||||
| Balance as of December 31, 2025 | $ | 2,401 | $ | — | $ | 2,850 | $ | 1,378 | $ | 422 | $ | 7,051 | |||||||||||||||||||||||
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(1) Beginning goodwill balance is presented net of prior accumulated impairment losses of $673 million, $175 million, $89 million, and $183 million related to the Advisory Services, BOE, Project Management, and REI segments, respectively.
Other intangible assets totaled $3.0 billion, net of accumulated amortization of $2.8 billion as of December 31, 2025, and $2.3 billion, net of accumulated amortization of $2.5 billion as of December 31, 2024 and are comprised of the following (dollars in millions):
| December 31, | |||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||
| Management contracts | $ | 66 | $ | 58 | |||||||||||||||||||
| Trademarks | 322 | 309 | |||||||||||||||||||||
| 388 | 367 | ||||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||
| Customer relationships | 2,708 | $ | (1,226) | 2,021 | $ | (1,031) | |||||||||||||||||
| Mortgage servicing rights | 1,182 | (702) | 1,134 | (648) | |||||||||||||||||||
| Trademarks/Trade names | 539 | (216) | 342 | (177) | |||||||||||||||||||
| Management contracts | 84 | (84) | 133 | (133) | |||||||||||||||||||
| Other | 835 | (536) | 795 | (505) | |||||||||||||||||||
| 5,348 | (2,764) | 4,425 | (2,494) | ||||||||||||||||||||
| Total intangible assets | $ | 5,736 | $ | (2,764) | $ | 4,792 | $ | (2,494) | |||||||||||||||
Indefinite-lived intangible assets include management contracts identified as a result of the ING Group N.V. (ING) Real Estate Investment Management (REIM) operations in Europe and Asia, as well as substantially all of Clarion Real Estate Securities (CRES) acquisition in 2011 (collectively referred to as the REIM Acquisitions) relating to relationships with open-end funds, a trademark separately identified as a result of the CBRE Services, Inc. (CBRE Services) in 2001 (the 2001 Acquisition), a trade name separately identified in connection with the REIM Acquisitions and a trademark separately identified as part of the Turner & Townsend transaction.
Customer relationships relate to existing relationships acquired through acquisitions mainly in our BOE segment that are being amortized over useful lives of up to 20 years.
Mortgage servicing rights represent the carrying value of servicing assets in the U.S. in our Advisory Services segment. The mortgage servicing rights are being amortized over the estimated period that net servicing income is expected to be received, which is typically up to 10 years. See Mortgage Servicing Rights discussion within Note 2 – Significant Accounting Policies for additional information.
Amortizable trademarks are primarily from our 2015 acquisition of the Global Workplace Solutions business from Johnson Controls, Inc., which are being amortized over 20 years.
Amortizable management contracts consist primarily of asset management contracts relating to relationships with closed-end funds and separate accounts in the U.S., Europe and Asia that were separately identified as a result of the REIM Acquisitions. These management contracts have been fully amortized.
Other amortizable intangible assets mainly represent upfront transition costs incurred to obtain or fulfill contracts prior to services being rendered which primarily get amortized to cost of revenue over the life of the associated contract. It also includes a backlog and management agreements identified as intangible assets from the Turner & Townsend and Industrious acquisitions.
Amortization expense related to intangible assets, excluding amortization of transition costs, was $393 million, $363 million and $322 million for the years ended December 31, 2025, 2024 and 2023, respectively. The estimated annual amortization expense, excluding amortization of transition costs, for each of the years ending December 31, 2026 through December 31, 2030 and thereafter approximates $376 million, $322 million, $292 million, $260 million, $236 million and $885 million, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.