CBRE GROUP, INC.CBRE
CBRE GROUP, INC. Revenue Disclosure
19. Revenue from Contracts with Customers
We account for revenue with customers in accordance with FASB ASC Topic 606, “Revenue from Contracts with Customers” (Topic 606). Revenue is recognized when or as control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services.
Disaggregated Revenue
The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions):
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
Advisory Services | Building Operations & Experience | Project Management | Real Estate Investments | Corporate, other and eliminations | Consolidated | ||||||||||||||||||||||||||||||
| Topic 606 Revenue: | |||||||||||||||||||||||||||||||||||
| Facilities management | $ | — | $ | 20,645 | $ | — | $ | — | $ | — | $ | 20,645 | |||||||||||||||||||||||
| Property management | — | 2,579 | — | — | (50) | 2,529 | |||||||||||||||||||||||||||||
| Project management | — | — | 7,657 | — | — | 7,657 | |||||||||||||||||||||||||||||
| Advisory leasing | 4,497 | — | — | — | — | 4,497 | |||||||||||||||||||||||||||||
| Advisory sales | 2,120 | — | — | — | — | 2,120 | |||||||||||||||||||||||||||||
| Valuation | 815 | — | — | — | — | 815 | |||||||||||||||||||||||||||||
| Other portfolio services | 354 | — | — | — | — | 354 | |||||||||||||||||||||||||||||
Commercial mortgage origination (1) | 251 | — | — | — | — | 251 | |||||||||||||||||||||||||||||
Loan servicing (2) | 164 | — | — | — | — | 164 | |||||||||||||||||||||||||||||
| Investment management | — | — | — | 602 | — | 602 | |||||||||||||||||||||||||||||
| Development services | — | — | — | 266 | — | 266 | |||||||||||||||||||||||||||||
| Topic 606 Revenue | 8,201 | 23,224 | 7,657 | 868 | (50) | 39,900 | |||||||||||||||||||||||||||||
| Out of Scope of Topic 606 Revenue: | |||||||||||||||||||||||||||||||||||
| Commercial mortgage origination | 300 | — | — | — | — | 300 | |||||||||||||||||||||||||||||
| Loan servicing | 339 | — | — | — | — | 339 | |||||||||||||||||||||||||||||
Development services (3) | — | — | — | 11 | — | 11 | |||||||||||||||||||||||||||||
| Total Out of Scope of Topic 606 Revenue | 639 | — | — | 11 | — | 650 | |||||||||||||||||||||||||||||
| Total Revenue | $ | 8,840 | $ | 23,224 | $ | 7,657 | $ | 879 | $ | (50) | $ | 40,550 | |||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
Advisory Services | Building Operations & Experience | Project Management | Real Estate Investments | Corporate, other and eliminations | Consolidated | ||||||||||||||||||||||||||||||
| Topic 606 Revenue: | |||||||||||||||||||||||||||||||||||
| Facilities management | $ | — | $ | 18,232 | $ | — | $ | — | $ | — | $ | 18,232 | |||||||||||||||||||||||
| Property management | — | 1,976 | — | — | (17) | 1,959 | |||||||||||||||||||||||||||||
| Project management | — | — | 6,809 | — | — | 6,809 | |||||||||||||||||||||||||||||
| Advisory leasing | 3,895 | — | — | — | — | 3,895 | |||||||||||||||||||||||||||||
| Advisory sales | 1,767 | — | — | — | — | 1,767 | |||||||||||||||||||||||||||||
| Valuation | 751 | — | — | — | — | 751 | |||||||||||||||||||||||||||||
| Other portfolio services | 389 | — | — | — | — | 389 | |||||||||||||||||||||||||||||
Commercial mortgage origination (1) | 196 | — | — | — | — | 196 | |||||||||||||||||||||||||||||
Loan servicing (2) | 160 | — | — | — | — | 160 | |||||||||||||||||||||||||||||
| Investment management | — | — | — | 650 | — | 650 | |||||||||||||||||||||||||||||
| Development services | — | — | — | 373 | — | 373 | |||||||||||||||||||||||||||||
| Topic 606 Revenue | 7,158 | 20,208 | 6,809 | 1,023 | (17) | 35,181 | |||||||||||||||||||||||||||||
| Out of Scope of Topic 606 Revenue: | |||||||||||||||||||||||||||||||||||
| Commercial mortgage origination | 234 | — | — | — | — | 234 | |||||||||||||||||||||||||||||
| Loan servicing | 337 | — | — | — | — | 337 | |||||||||||||||||||||||||||||
Development services (3) | — | — | — | 15 | — | 15 | |||||||||||||||||||||||||||||
| Total Out of Scope of Topic 606 Revenue | 571 | — | — | 15 | — | 586 | |||||||||||||||||||||||||||||
| Total Revenue | $ | 7,729 | $ | 20,208 | $ | 6,809 | $ | 1,038 | $ | (17) | $ | 35,767 | |||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Advisory Services | Building Operations & Experience | Project Management | Real Estate Investments | Corporate, other and eliminations | Consolidated | ||||||||||||||||||||||||||||||
| Topic 606 Revenue: | |||||||||||||||||||||||||||||||||||
| Facilities management | $ | — | $ | 16,131 | $ | — | $ | — | $ | — | $ | 16,131 | |||||||||||||||||||||||
| Property management | — | 1,676 | — | — | (17) | 1,659 | |||||||||||||||||||||||||||||
| Project management | — | — | 6,300 | — | — | 6,300 | |||||||||||||||||||||||||||||
| Advisory leasing | 3,468 | — | — | — | — | 3,468 | |||||||||||||||||||||||||||||
| Advisory sales | 1,606 | — | — | — | — | 1,606 | |||||||||||||||||||||||||||||
| Valuation | 716 | — | — | — | — | 716 | |||||||||||||||||||||||||||||
| Other portfolio services | 376 | — | — | — | — | 376 | |||||||||||||||||||||||||||||
Commercial mortgage origination (1) | 138 | — | — | — | — | 138 | |||||||||||||||||||||||||||||
Loan servicing (2) | 174 | — | — | — | — | 174 | |||||||||||||||||||||||||||||
| Investment management | — | — | — | 592 | — | 592 | |||||||||||||||||||||||||||||
| Development services | — | — | — | 345 | — | 345 | |||||||||||||||||||||||||||||
| Topic 606 Revenue | 6,478 | 17,807 | 6,300 | 937 | (17) | 31,505 | |||||||||||||||||||||||||||||
| Out of Scope of Topic 606 Revenue: | |||||||||||||||||||||||||||||||||||
| Commercial mortgage origination | 162 | — | — | — | — | 162 | |||||||||||||||||||||||||||||
| Loan servicing | 267 | — | — | — | — | 267 | |||||||||||||||||||||||||||||
Development services (3) | — | — | — | 15 | — | 15 | |||||||||||||||||||||||||||||
| Total Out of Scope of Topic 606 Revenue | 429 | — | — | 15 | — | 444 | |||||||||||||||||||||||||||||
| Total Revenue | $ | 6,907 | $ | 17,807 | $ | 6,300 | $ | 952 | $ | (17) | $ | 31,949 | |||||||||||||||||||||||
________________________________________________________________________________________________________________________________________
(1)We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606.
(2)Loan servicing fees earned from servicing contracts for which we do not hold mortgage servicing rights are in scope of Topic 606.
(3)Out of scope revenue for development services represents selling profit from transfers of sales-type leases in the scope of FASB ASC Topic 842, “Leases.”
Contract Assets and Liabilities
We had contract assets totaling $565 million ($462 million of which was current) and $489 million ($400 million of which was current) as of December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, our contract
assets increased by $76 million, primarily driven by the acquisition of Pearce within our BOE segment, and growth in our Advisory Services segment attributable to lease and sales.
We had contract liabilities totaling $448 million (all of which was current) and $375 million (all of which was current) as of December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, our contract liabilities increased by $73 million, primarily driven by the acquisition of Pearce and Industrious, and continued growth across EMEA. During the year ended December 31, 2025, we recognized revenue of $320 million, that was included in the contract liability balance at December 31, 2024.
Contract Costs
We capitalized $78 million, $56 million and $40 million, respectively, of transition costs during the years ended December 31, 2025, 2024 and 2023. We recorded amortization of transition costs of $43 million, $36 million and $37 million, respectively, during the years ended December 31, 2025, 2024 and 2023.
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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 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.