CBRE GROUP, INC.CBRE
CBRE GROUP, INC. Segments Disclosure
20. Segments
In January 2025, we combined our project management business with our Turner & Townsend majority-owned subsidiary and created a fourth reportable segment, Project Management. In addition, on January 16, 2025, we acquired full ownership of Industrious, a provider of premium flexible workplace solutions and established a new business segment, BOE, comprised of enterprise and local facilities management, property management and digital infrastructure.
In connection with the transactions described above, we reorganized our operations around and publicly report our financial results on four reportable segments – Advisory Services, BOE, Project Management and REI. We have recast prior period segment results to conform with the current presentation. In addition, we also have a “Corporate, other and eliminations” segment. Our Corporate segment primarily consists of corporate costs for leadership and certain other central functions. We track our strategic non-core equity investments in “other” which is considered an operating segment and reported together with Corporate as it does not meet the aggregation criteria for presentation as a separate reportable segment. These activities are not allocated to the other business segments. Corporate and other also includes eliminations related to inter-segment revenue.
Segment operating profit (SOP) is the measure reported to Robert Sulentic, CBRE’s Chair and Chief Executive Officer (CEO), who is our chief operating decision maker (CODM) for purposes of assessing performance and allocating resources to each segment. The CODM uses SOP results compared to prior periods and previously forecasted amounts to assess performance and identify trends of ongoing operations within each segment. SOP excludes the impact of certain costs and charges that may obscure the underlying performance of our businesses and related trends, including restructuring charges and other costs incurred, which are outside the ordinary course of business. SOP represents earnings, inclusive of amounts attributable to non-controlling interests, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization, and asset impairments. In addition, management excludes the following costs from SOP (Other segment adjustments):
•integration and other costs related to acquisitions,
•carried interest incentive compensation expense (reversal) 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 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,
•costs incurred related to legal entity restructuring,
•provision associated with Telford’s fire safety remediation efforts, and
•a one-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired.
There have been no significant changes to the measurement methods of expenses or methods of allocating expenses to segments during 2025.
Summarized financial information by segment is as follows (dollars in millions):.
| Year Ended December 31, 2025 | Advisory Services | Building Operations & Experience | Project Management | Real Estate Investments | Corporate, other and eliminations (3) | Consolidated | |||||||||||||||||||||||||||||
Revenue | $ | 8,840 | $ | 23,224 | $ | 7,657 | $ | 879 | $ | (50) | $ | 40,550 | |||||||||||||||||||||||
Pass-through costs (1) | 50 | 12,529 | 4,167 | — | — | 16,746 | |||||||||||||||||||||||||||||
Cost of revenue, excluding pass-through costs | 5,247 | 8,370 | 2,453 | 161 | 7 | 16,238 | |||||||||||||||||||||||||||||
| Operating expenses and allocations | 1,866 | 1,353 | 501 | 1,061 | 762 | 5,543 | |||||||||||||||||||||||||||||
| Other adjustments to segment operating profit (loss): | |||||||||||||||||||||||||||||||||||
Equity (loss) income from unconsolidated subsidiaries | — | (11) | — | 48 | 3 | 40 | |||||||||||||||||||||||||||||
Other income | 6 | 11 | 2 | — | — | 19 | |||||||||||||||||||||||||||||
| Gain on disposition of real estate | — | — | — | 432 | 27 | 459 | |||||||||||||||||||||||||||||
Other segment adjustments (2) | 151 | 122 | 23 | 187 | 285 | 768 | |||||||||||||||||||||||||||||
Segment operating profit (loss) | $ | 1,834 | $ | 1,094 | $ | 561 | $ | 324 | $ | (504) | $ | 3,309 | |||||||||||||||||||||||
| Year Ended December 31, 2024 | Advisory Services | Building Operations & Experience | Project Management | Real Estate Investments | Corporate, other and eliminations (3) | Consolidated | |||||||||||||||||||||||||||||
Revenue | $ | 7,729 | $ | 20,208 | $ | 6,809 | $ | 1,038 | $ | (17) | $ | 35,767 | |||||||||||||||||||||||
Pass-through costs (1) | 61 | 11,168 | 3,670 | — | — | 14,899 | |||||||||||||||||||||||||||||
Cost of revenue, excluding pass-through costs | 4,416 | 7,066 | 2,180 | 224 | 26 | 13,912 | |||||||||||||||||||||||||||||
| Operating expenses and allocations | 1,793 | 1,194 | 439 | 862 | 723 | 5,011 | |||||||||||||||||||||||||||||
| Other adjustments to segment operating profit (loss): | |||||||||||||||||||||||||||||||||||
Equity (loss) income from unconsolidated subsidiaries | (8) | 6 | — | 117 | (134) | (19) | |||||||||||||||||||||||||||||
Other income | 2 | 4 | 2 | 6 | 25 | 39 | |||||||||||||||||||||||||||||
| Gain on disposition of real estate | — | — | — | 142 | — | 142 | |||||||||||||||||||||||||||||
Other segment adjustments (2) | 49 | 104 | (22) | 44 | 305 | 480 | |||||||||||||||||||||||||||||
Segment operating profit (loss) | $ | 1,502 | $ | 894 | $ | 500 | $ | 261 | $ | (570) | $ | 2,587 | |||||||||||||||||||||||
| Year Ended December 31, 2023 | Advisory Services | Building Operations & Experience | Project Management | Real Estate Investments | Corporate, other and eliminations (3) | Consolidated | |||||||||||||||||||||||||||||
Revenue | $ | 6,907 | $ | 17,807 | $ | 6,300 | $ | 952 | $ | (17) | $ | 31,949 | |||||||||||||||||||||||
Pass-through costs (1) | 50 | 10,178 | 3,445 | — | — | 13,673 | |||||||||||||||||||||||||||||
Cost of revenue, excluding pass-through costs | 3,946 | 5,892 | 1,981 | 186 | (3) | 12,002 | |||||||||||||||||||||||||||||
| Operating expenses and allocations | 1,769 | 1,081 | 468 | 784 | 460 | 4,562 | |||||||||||||||||||||||||||||
| Other adjustments to segment operating profit (loss): | |||||||||||||||||||||||||||||||||||
Equity income from unconsolidated subsidiaries | 2 | 2 | 1 | 216 | 27 | 248 | |||||||||||||||||||||||||||||
Other income | 38 | 8 | 2 | — | 13 | 61 | |||||||||||||||||||||||||||||
| Gain on disposition of real estate | — | — | — | 27 | — | 27 | |||||||||||||||||||||||||||||
Other segment adjustments (2) | 44 | 49 | 20 | 14 | 66 | 193 | |||||||||||||||||||||||||||||
Segment operating profit (loss) | $ | 1,226 | $ | 715 | $ | 429 | $ | 239 | $ | (368) | $ | 2,241 | |||||||||||||||||||||||
________________________________________________________________________________________________________________________________________
(1)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.
(2)Other segment adjustments, as defined above.
(3)Eliminations represent revenue from transactions between operating segments.
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Depreciation and Amortization | |||||||||||||||||
| Advisory Services | $ | 274 | $ | 259 | $ | 272 | |||||||||||
Building Operations & Experience (1) | 269 | 234 | 158 | ||||||||||||||
| Project Management | 104 | 111 | 121 | ||||||||||||||
| Real Estate Investments | 12 | 13 | 15 | ||||||||||||||
Corporate, other and eliminations | 70 | 57 | 56 | ||||||||||||||
| Total depreciation and amortization | $ | 729 | $ | 674 | $ | 622 | |||||||||||
| Equity income (loss) from unconsolidated subsidiaries | |||||||||||||||||
| Advisory Services | $ | — | $ | (8) | $ | 2 | |||||||||||
Building Operations & Experience | (11) | 6 | 2 | ||||||||||||||
| Project Management | — | — | 1 | ||||||||||||||
| Real Estate Investments | 48 | 117 | 216 | ||||||||||||||
| Corporate, other and eliminations | 3 | (134) | 27 | ||||||||||||||
| Equity income (loss) from unconsolidated subsidiaries | $ | 40 | $ | (19) | $ | 248 | |||||||||||
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(1)Excludes $75 million, $56 million and $59 million for the years ended December 31, 2025, 2024 and 2023, respectively, of amortization on vehicle finance leases utilized in client outsourcing arrangements and amortization of transition costs recorded in Cost of Revenue line item in the accompanying consolidated statement of operations.
Reconciliation of total segment operating profit to net income is as follows (dollars in millions):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net income attributable to CBRE Group, Inc. | $ | 1,157 | $ | 968 | $ | 986 | |||||||||||
| Net income attributable to non-controlling interests | 120 | 68 | 41 | ||||||||||||||
| Net income | 1,277 | 1,036 | 1,027 | ||||||||||||||
| Adjustments to increase (decrease) net income: | |||||||||||||||||
| Depreciation and amortization | 729 | 674 | 622 | ||||||||||||||
| Interest expense, net of interest income | 216 | 215 | 149 | ||||||||||||||
| Write-off of financing costs on extinguished debt | 2 | — | — | ||||||||||||||
| Provision for income taxes | 317 | 182 | 250 | ||||||||||||||
Integration and other costs related to acquisitions | 303 | 93 | 62 | ||||||||||||||
| Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue | 10 | 8 | (7) | ||||||||||||||
| Charges related to indirect tax audits and settlements | (1) | 76 | — | ||||||||||||||
Net results related to the wind-down of certain businesses (1) | 74 | — | — | ||||||||||||||
| Impact of fair value non-cash adjustments related to unconsolidated equity investments | 2 | 9 | — | ||||||||||||||
| Business and finance transformation | 101 | — | — | ||||||||||||||
Non-cash pension buy-out settlement loss | 147 | — | — | ||||||||||||||
| Costs associated with efficiency and cost-reduction initiatives | — | 259 | 159 | ||||||||||||||
| Costs incurred related to legal entity restructuring | — | 2 | 13 | ||||||||||||||
| 132 | 33 | — | |||||||||||||||
| One-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired | — | — | (34) | ||||||||||||||
| Total segment operating profit | $ | 3,309 | $ | 2,587 | $ | 2,241 | |||||||||||
________________________________________________________________________________________________________________________________________
(1) In 2025, management made the decision to wind down the legacy Telford Homes’ construction self-delivery business. In addition, management made the decision to wind down certain businesses within the BOE Segment.
(2)See Note 22 – Telford Fire Safety Remediation for additional information.
Our CODM is not provided with total asset information by segment and accordingly, does not measure or allocate total assets on a segment basis. As a result, we have not disclosed any asset information by segment.
Geographic Information
Revenue in the table below is allocated based upon the country in which services are performed (dollars in millions):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenue | |||||||||||||||||
| United States | $ | 22,848 | $ | 20,162 | $ | 17,458 | |||||||||||
| United Kingdom | 5,709 | 4,968 | 4,393 | ||||||||||||||
| All other countries | 11,993 | 10,637 | 10,098 | ||||||||||||||
| Total revenue | $ | 40,550 | $ | 35,767 | $ | 31,949 | |||||||||||
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.