CBRE Group, Inc. (CBRE)
CBRE is a commercial real estate services and investments firm, working in more than 100 countries for both the investors who own property and the occupiers who use it. The filing describes it as the world's largest such firm based on 2025 revenue. Its clients in 2025 included nearly 90 percent of Fortune 100 companies and many of the world's largest institutional real estate investors. It had more than 155,000 employees at the end of 2025.
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Latest results
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CBRE Group (CBRE) reported revenue of $40.5 billion for fiscal 2025, the year ended 31 December 2025, up 13.4% on the year before. Net income was $1.2 billion and diluted earnings per share $3.85. Revenue was $35.8 billion in fiscal 2024, $31.9 billion in fiscal 2023, $30.8 billion in fiscal 2022 and $27.7 billion in fiscal 2021. Net income in the same years was $968 million, $986 million, $1.4 billion and $1.8 billion. Over the twelve months to 30 September 2026, CBRE Group reported revenue of $44.9 billion and net income of $1.4 billion. Revenue grew 11.2% a year, compounded, over the five years to fiscal 2025. CBRE Group had 288 million shares outstanding at the latest filed count. At 30 September 2026 it carried $7.9 billion of debt and $1.7 billion of cash. At the close of 6 November 2026 the market cap of CBRE Group was $39.1 billion, 29.0 times its earnings over the last twelve months.Ratios
From the filings
ROE15.9%
ROCE12.4%
Operating margin4.6%
Net margin3.1%
FCF margin2.1%
Interest cover8.7x
Debt to equity0.91x
Cash conversion1.02x
Share count, last 12 months-3.1%
Sales CAGR, 3 years9.6%
Profit CAGR, 3 years-6.3%
EPS, TTM$4.67
At the close of 6 November 2026
Price$135.51
Market cap$39.1 billion
Stock P/E29.0x
Price to book4.5x
EV / EBITDA16.2x
Dividend yieldn/a
Market cap / sales0.87x
52-week high$171.61
52-week low$121.65
Price, 1 year-9.7%
Price CAGR, 3 years22.2%
Price CAGR, 5 years4.9%
29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of CBRE Group, Inc.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.CBREgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.Quarterly results
| Q4 FY2021 * | Q1 FY2022 | Q2 FY2022 | Q3 FY2022 | Q4 FY2022 * | Q1 FY2023 † | Q2 FY2023 † | Q3 FY2023 † | Q4 FY2023 * | Q1 FY2024 † | Q2 FY2024 † | Q3 FY2024 | Q4 FY2024 * † | Q1 FY2025 † | Q2 FY2025 † | Q3 FY2025 † | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8,550 | 7,333 | 7,771 | 7,530 | 8,194 | 7,411 | 7,720 | 7,868 | 8,950 | 7,935 | 8,391 | 9,036 | 10,405 | 8,875 | 9,717 | 10,221 | 11,628 | 10,527 | 11,226 | 11,517 |
| Cost of revenue | 6,584 | 5,752 | 6,054 | 5,934 | 6,499 | 6,006 | 6,179 | 6,397 | 7,092 | 6,475 | 6,793 | 7,252 | 8,291 | 7,265 | 7,942 | 8,304 | 9,473 | 8,675 | 9,140 | 9,392 |
| Gross profit | 1,966 | 1,581 | 1,717 | 1,595 | 1,696 | 1,405 | 1,540 | 1,471 | 1,858 | 1,460 | 1,598 | 1,784 | 2,114 | 1,610 | 1,775 | 1,917 | 2,155 | 1,852 | 2,086 | 2,125 |
| Gross margin | 23% | 22% | 22% | 21% | 21% | 19% | 20% | 19% | 21% | 18% | 19% | 20% | 20% | 18% | 18% | 19% | 19% | 18% | 19% | 18% |
| Operating income | 592 | 377 | 517 | 374 | 244 | 37.0 | 306 | 269 | 504 | 204 | 246 | 368 | 595 | 276 | 374 | 481 | 622 | 511 | 365 | 561 |
| Operating margin | 7% | 5% | 7% | 5% | 3% | 0% | 4% | 3% | 6% | 3% | 3% | 4% | 6% | 3% | 4% | 5% | 5% | 5% | 3% | 5% |
| Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 36.0 | 63.0 | 64.0 | 52.0 | 50.0 | 59.0 | 50.0 | 57.0 | 59.0 | 60.0 | 62.0 |
| Pre-tax income | 917 | 393 | 611 | 594 | 60.6 | 153 | 261 | 232 | 631 | 119 | 174 | 312 | 613 | 243 | 301 | 486 | 564 | 454 | 315 | 611 |
| Tax rate | 24% | -1% | 20% | 24% | -42% | 18% | 21% | 13% | 22% | -24% | 18% | 21% | 18% | 21% | 20% | 19% | 20% | 25% | 22% | 21% |
| Net income | 692 | 392 | 487 | 447 | 81.1 | 117 | 201 | 191 | 477 | 126 | 130 | 225 | 487 | 163 | 215 | 363 | 416 | 318 | 204 | 443 |
| Net margin | 8% | 5% | 6% | 6% | 1% | 2% | 3% | 2% | 5% | 2% | 2% | 2% | 5% | 2% | 2% | 4% | 4% | 3% | 2% | 4% |
| Diluted EPS | $2.05 | $1.16 | $1.48 | $1.38 | $0.25 | $0.37 | $0.64 | $0.61 | $1.55 | $0.41 | $0.42 | $0.73 | $1.58 | $0.54 | $0.72 | $1.21 | $1.39 | $1.07 | $0.69 | $1.52 |
| Operating cash flow | 1,164 | -394 | 454 | 754 | 814 | -745 | -10.9 | 382 | 853 | -492 | 287 | 573 | 1,340 | -546 | 57.0 | 827 | 1,221 | -825 | 138 | 869 |
| Capital expenditure | 88.4 | 42.1 | 54.7 | 64.3 | 99.1 | 60.3 | 74.7 | 76.3 | 93.7 | 68.0 | 67.0 | 79.0 | 93.0 | 64.0 | 74.0 | 84.0 | 144 | 81.0 | 114 | 126 |
| Free cash flow | 1,076 | -436 | 400 | 690 | 715 | -805 | -85.6 | 306 | 760 | -560 | 220 | 494 | 1,247 | -610 | -17.0 | 743 | 1,077 | -906 | 24.0 | 743 |
| Buybacks | 180 | 368 | 626 | 411 | 446 | 130 | 0.0 | 516 | 19.1 | 0.0 | 47.0 | 63.0 | 517 | 418 | 262 | 0.0 | 288 | 530 | 410 | 218 |
| Shares outstanding | 333m | 330m | 322m | 317m | 311m | 311m | 311m | 305m | 305m | 307m | 306m | 306m | 302m | 300m | 298m | 298m | 296m | 293m | 290m | 288m |
| Filing | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.Income statement (profit and loss)
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the last twelve months as filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 32 peers in Real Estate (7.9% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 25 peers in Real Estate (24.6). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 † | FY2015 | FY2016 † | FY2017 † | FY2018 | FY2019 | FY2020 † | FY2021 † | FY2022 † | FY2023 † | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,129 | 4,166 | 5,115 | 5,905 | 6,514 | 7,185 | 9,050 | 10,856 | 17,369 | 18,629 | 21,340 | 23,894 | 23,826 | 27,746 | 30,828 | 31,949 | 35,767 | 40,550 | 44,898 |
| Cost of revenue | 2,927 | 2,448 | 2,960 | 3,457 | 3,743 | 4,189 | 5,611 | 40.4 | 78.5 | 14,305 | 16,449 | 18,689 | 19,048 | 21,580 | 24,239 | 25,675 | 28,811 | 32,984 | 36,680 |
| Gross profit | 2,202 | 1,718 | 2,155 | 2,448 | 2,772 | 2,995 | 3,439 | 10,815 | 17,291 | 4,324 | 4,891 | 5,205 | 4,779 | 6,167 | 6,589 | 6,274 | 6,956 | 7,566 | 8,218 |
| Gross margin | 42.9% | 41.2% | 42.1% | 41.5% | 42.5% | 41.7% | 38.0% | 99.6% | 99.5% | 23.2% | 22.9% | 21.8% | 20.1% | 22.2% | 21.4% | 19.6% | 19.4% | 18.7% | 18.3% |
| Operating income | -788 | 242 | 446 | 463 | 585 | 616 | 792 | 836 | 815 | 1,079 | 1,088 | 1,260 | 970 | 1,637 | 1,512 | 1,117 | 1,413 | 1,753 | 2,059 |
| Operating margin | -15.4% | 5.8% | 8.7% | 7.8% | 9.0% | 8.6% | 8.8% | 7.7% | 4.7% | 5.8% | 5.1% | 5.3% | 4.1% | 5.9% | 4.9% | 3.5% | 4.0% | 4.3% | 4.6% |
| Interest expense | 167 | 189 | 191 | 150 | 175 | 135 | 112 | 119 | 145 | 137 | 107 | n/a | n/a | n/a | 69.0 | 149 | 215 | 216 | 238 |
| Pre-tax income | n/a | -0.6 | 272 | 430 | 489 | 509 | 777 | 880 | 881 | 1,171 | 1,379 | 1,361 | 970 | 2,409 | 1,658 | 1,277 | 1,218 | 1,594 | 1,944 |
| Income tax | 50.8 | 27.0 | 130 | 189 | 185 | 187 | 264 | 321 | 297 | 468 | 313 | 69.9 | 214 | 568 | 234 | 250 | 182 | 317 | 424 |
| Effective tax rate | n/a | n/a | 47.9% | 44.0% | 37.9% | 36.8% | 33.9% | 36.5% | 33.7% | 39.9% | 22.7% | 5.1% | 22.1% | 23.6% | 14.1% | 19.6% | 14.9% | 19.9% | 21.8% |
| Net income | -1,012 | 33.3 | 200 | 239 | 316 | 317 | 485 | 547 | 572 | 697 | 1,063 | 1,282 | 752 | 1,837 | 1,407 | 986 | 968 | 1,157 | 1,381 |
| Net margin | -19.7% | 0.8% | 3.9% | 4.0% | 4.8% | 4.4% | 5.4% | 5.0% | 3.3% | 3.7% | 5.0% | 5.4% | 3.2% | 6.6% | 4.6% | 3.1% | 2.7% | 2.9% | 3.1% |
| Diluted EPS | -$4.81 | $0.12 | $0.63 | $0.74 | $0.97 | $0.95 | $1.45 | $1.63 | $1.69 | $2.05 | $3.10 | $3.77 | $2.22 | $5.41 | $4.29 | $3.15 | $3.14 | $3.85 | $4.67 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
From each year's 10-K, linked; TTM is the last four quarters.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.Revenue by segment FY2016 to FY2025
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Building Operations & Experience | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 17,807 | 20,208 | 23,224 | 57.2% |
| Advisory Services | n/a | n/a | n/a | 8,655 | 7,215 | 9,575 | 9,883 | 6,907 | 7,729 | 8,840 | 21.8% |
| Project Management | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 6,300 | 6,809 | 7,657 | 18.9% |
| Real Estate Investments | n/a | n/a | n/a | 661 | 832 | 1,092 | 1,110 | 952 | 1,038 | 879 | 2.2% |
| Americas | 11,070 | 11,791 | 13,132 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Asia Pacific | 1,730 | 1,983 | 2,208 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Development Services | 70.9 | 79.5 | 100 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| EMEA | 4,129 | 4,397 | 5,466 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Global Investment Management | 370 | 378 | 434 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Global Workplace Solutions | n/a | n/a | n/a | 14,602 | 15,808 | 17,099 | 19,851 | n/a | n/a | n/a | n/a |
Building Operations & Experience FY2023 to FY2025Advisory Services FY2019 to FY2025Project Management FY2023 to FY2025Real Estate Investments FY2019 to FY2025Global Workplace Solutions FY2019 to FY2022Americas FY2016 to FY2018EMEA FY2016 to FY2018Asia Pacific FY2016 to FY2018Global Investment Management FY2016 to FY2018Development Services FY2016 to FY2018
$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Profit by segment FY2019 to FY2025
The operating profit each segment reports. Costs CBRE Group does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Margin FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Building Operations & Experience | n/a | n/a | n/a | n/a | 715 | 894 | 1,094 | 4.7% |
| Advisory Services | 1,691 | 1,348 | 2,063 | 1,910 | 1,226 | 1,502 | 1,834 | 20.7% |
| Project Management | n/a | n/a | n/a | n/a | 429 | 500 | 561 | 7.3% |
| Real Estate Investments | 210 | 258 | 520 | 518 | 239 | 261 | 324 | 36.9% |
| Global Workplace Solutions | 476 | 575 | 708 | 899 | n/a | n/a | n/a | n/a |
Building Operations & Experience FY2023 to FY2025Global Workplace Solutions FY2019 to FY2022Advisory ServicesProject Management FY2023 to FY2025Real Estate Investments
$ million; the figure over a bar is all the segments together. Hover a block for its profit, sales and margin.
FY2025Share of salesShare of profit
Building Operations & Experience57%29%
Advisory Services22%48%
Project Management19%15%
Real Estate Investments2%8%
Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.Revenue by product or service FY2016 to FY2025
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Facilities management | n/a | n/a | n/a | 12,284 | 13,485 | 14,167 | 15,201 | 16,131 | 18,232 | 20,645 | 51.3% |
| Project management | n/a | n/a | n/a | 2,318 | 2,323 | 2,932 | 4,650 | 6,300 | 6,809 | 7,657 | 19.0% |
| Advisory leasing | n/a | 2,592 | 3,080 | 3,375 | 2,458 | 3,308 | 3,875 | 3,468 | 3,895 | 4,497 | 11.2% |
| Property management | 1,056 | n/a | n/a | 1,679 | 1,633 | 1,717 | 1,830 | 1,659 | 1,959 | 2,529 | 6.3% |
| Advisory sales | n/a | 1,870 | 1,981 | 2,165 | 1,664 | 2,790 | 2,523 | 1,606 | 1,767 | 2,120 | 5.3% |
| Valuation | 504 | 556 | 599 | 631 | 614 | 733 | 765 | 716 | 751 | 815 | 2.0% |
| Investment management | 370 | 378 | 434 | 425 | 475 | 556 | 595 | 592 | 650 | 602 | 1.5% |
| Servicing fees | 115 | 144 | 168 | 192 | 213 | 288 | 309 | 315 | 329 | 357 | 0.9% |
| Other portfolio services | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 376 | 389 | 354 | 0.9% |
| Development services | 55.6 | 79.5 | 100 | 213 | 341 | 390 | 404 | 345 | 373 | 266 | 0.7% |
| Commercial mortgage origination | 118 | 117 | 137 | 154 | 131 | 314 | 274 | 138 | 196 | 251 | 0.6% |
| Loan servicing | n/a | 19.8 | 24.2 | 30.9 | 45.7 | 43.0 | 57.0 | 174 | 160 | 164 | 0.4% |
| Global Workplace Solutions | n/a | 10,792 | 12,365 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Leasing | 2,652 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Occupier Outsourcing | 10,374 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Property and advisory project management | n/a | 1,749 | 2,057 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Sales | 1,701 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Not assigned to a part in the filing | 424 | 332 | 394 | 428 | 443 | 508 | n/a | n/a | n/a | n/a | n/a |
Facilities management FY2019 to FY2025Project management FY2019 to FY2025Advisory leasing FY2017 to FY2025Property management FY2016 to FY2025Advisory sales FY2017 to FY2025ValuationInvestment managementGlobal Workplace Solutions FY2017 to FY2018Property and advisory project management FY2017 to FY2018Occupier Outsourcing FY2016Leasing FY2016Sales FY2016Other
$ billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Not assigned to a part in the filing is the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart.Revenue by region FY2009 to FY2025
| FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | 2,533 | 3,084 | 3,492 | 3,932 | 4,359 | 5,027 | 5,992 | 10,435 | 10,955 | 12,264 | 13,852 | 13,472 | 15,700 | 17,464 | 17,458 | 20,162 | 22,848 | 56.3% |
| All other countries | 1,240 | 1,586 | 1,929 | 2,036 | 2,193 | 2,395 | 3,003 | 4,784 | 5,431 | 6,489 | 7,069 | 7,270 | 8,428 | 9,280 | 10,098 | 10,637 | 11,993 | 29.6% |
| United Kingdom | 392 | 445 | 484 | 546 | 632 | 1,627 | 1,861 | 2,150 | 2,243 | 2,587 | 2,973 | 3,084 | 3,618 | 4,084 | 4,393 | 4,968 | 5,709 | 14.1% |
United StatesAll other countriesUnited Kingdom
$ billion; hover a block for its figure and share
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Cash flow
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the last twelve months as filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 32 peers in Real Estate (7.9% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 † | FY2015 | FY2016 † | FY2017 † | FY2018 | FY2019 | FY2020 † | FY2021 † | FY2022 † | FY2023 † | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -130 | 214 | 617 | 361 | 291 | 745 | 662 | 652 | 617 | 894 | 1,131 | 1,223 | 1,831 | 2,364 | 1,629 | 480 | 1,708 | 1,559 | 1,403 |
| Capital expenditure | 51.5 | 28.2 | 68.5 | 148 | 150 | 156 | 171 | 139 | 191 | 178 | 228 | 294 | 267 | 210 | 260 | 305 | 307 | 366 | 465 |
| Free cash flow | -182 | 185 | 548 | 213 | 141 | 589 | 491 | 512 | 426 | 716 | 903 | 930 | 1,564 | 2,154 | 1,369 | 175 | 1,401 | 1,193 | 938 |
| Free cash flow margin | -3.5% | 4.5% | 10.7% | 3.6% | 2.2% | 8.2% | 5.4% | 4.7% | 2.5% | 3.8% | 4.2% | 3.9% | 6.6% | 7.8% | 4.4% | 0.5% | 3.9% | 2.9% | 2.1% |
| Cash from investing | -419 | -119 | -62.5 | -480 | -198 | -465 | -152 | n/a | -151 | -303 | -561 | -721 | -744 | -1,281 | -832 | -681 | -1,514 | -1,627 | -1,327 |
| Cash from financing | 374 | 477 | -784 | 711 | -101 | -866 | -232 | n/a | -221 | -628 | -507 | -272 | -223 | -491 | -1,766 | 154 | -221 | 796 | -58.0 |
| Depreciation and amortisation | 103 | 99.5 | 108 | 116 | 170 | 190 | 265 | 314 | 367 | 406 | 452 | 439 | 502 | 526 | 613 | 622 | 674 | 729 | 745 |
| Share-based compensation | n/a | n/a | n/a | 44.3 | 51.7 | 48.4 | 59.8 | 74.7 | 63.5 | 93.1 | 128 | 128 | 60.4 | 185 | 160 | 96.0 | 146 | 120 | 168 |
| Buybacks | n/a | n/a | n/a | n/a | n/a | -16.6 | n/a | n/a | n/a | n/a | 161 | 145 | 50.0 | 369 | 1,850 | 665 | 627 | 968 | 1,446 |
| Diluted shares, weighted | 211m | 280m | 319m | 324m | 327m | 332m | 334m | 336m | 338m | 341m | 343m | 341m | 338m | 340m | 328m | 313m | 308m | 301m | 292m |
| Shares outstanding at period end | n/a | 322m | 324m | 328m | 330m | 332m | 333m | 334m | 337m | 339m | 337m | 335m | 336m | 333m | 311m | 305m | 302m | 296m | 288m |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
Cash paid in the year, from the cash flow statement.
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The dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.Balance sheet
| FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 † | FY2015 | FY2016 † | FY2017 † | FY2018 | FY2019 | FY2020 † | FY2021 † | FY2022 † | FY2023 † | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funded by | |||||||||||||||||||
| Shareholders' equity | 346 | 629 | 908 | 1,151 | 1,539 | 1,896 | 2,260 | 2,713 | 3,014 | 4,114 | 4,939 | 6,233 | 7,078 | 8,528 | 7,853 | 8,267 | 8,411 | 8,878 | 8,672 |
| Non-controlling interest | n/a | 155 | 158 | 266 | 143 | 40.2 | 41.6 | 46.4 | 42.8 | 60.1 | 71.1 | 40.4 | 41.8 | 831 | 752 | 800 | 781 | 315 | 344 |
| Redeemable equity | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 0.0 | 386 | 0.0 | 0.0 | 0.0 | 0.0 | 433 | 461 |
| Short-term borrowings | n/a | 340 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Debt | n/a | 2,121 | 2,516 | 3,583 | 3,751 | 2,488 | 2,381 | 4,430 | 3,803 | 2,910 | 3,099 | 2,745 | 2,771 | 2,848 | 2,183 | 3,495 | 4,187 | 7,586 | 7,914 |
| Operating lease liabilities | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 1,058 | 1,117 | 1,117 | 1,080 | 1,089 | 1,307 | 2,121 | 2,222 |
| Finance lease liabilities | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 60.0 | 78.9 | 73.3 | 58.1 | 72.0 | 122 | 167 | 139 |
| Other liabilities | n/a | 1,795 | 1,540 | 2,219 | 2,376 | 2,574 | 2,885 | 3,829 | 3,920 | 4,633 | 5,348 | 6,062 | 6,567 | 8,676 | 8,586 | 8,825 | 9,575 | 11,377 | 11,577 |
| Total liabilities and equity | n/a | 5,039 | 5,122 | 7,219 | 7,810 | 6,998 | 7,568 | 11,018 | 10,780 | 11,718 | 13,457 | 16,197 | 18,039 | 22,073 | 20,513 | 22,548 | 24,383 | 30,877 | 31,329 |
| Owned | |||||||||||||||||||
| Fixed assets | n/a | 179 | 188 | 295 | 379 | 459 | 498 | 530 | 561 | 618 | 722 | 836 | 815 | 816 | 836 | 907 | 914 | 1,049 | 1,075 |
| Goodwill | n/a | 1,306 | 1,324 | 1,828 | 1,890 | 2,290 | 2,334 | 3,086 | 2,981 | 3,255 | 3,652 | 3,753 | 3,822 | 4,995 | 4,868 | 5,129 | 5,621 | 7,051 | 6,992 |
| Intangible assets | n/a | 323 | 333 | 794 | 787 | 841 | 802 | 1,450 | 1,411 | 1,399 | 1,441 | 1,380 | 1,368 | 2,409 | 2,193 | 2,081 | 2,298 | 2,972 | 2,770 |
| Investments | n/a | 32.9 | 35.0 | 37.4 | 57.8 | 56.8 | 60.2 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Securities held for sale or to maturity | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 43.0 | 47.0 | 48.0 |
| Trading assets | n/a | n/a | n/a | n/a | n/a | 58.4 | 62.8 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Cash and equivalents | 159 | 742 | 507 | 1,093 | 1,089 | 492 | 741 | 540 | 763 | 752 | 777 | 972 | 1,896 | 2,431 | 1,318 | 1,265 | 1,114 | 1,864 | 1,683 |
| Receivables | n/a | 776 | 940 | 1,135 | 1,263 | 1,486 | 1,736 | 2,472 | 2,606 | 3,112 | 3,669 | 4,467 | 4,395 | 5,150 | 5,327 | 6,370 | 7,005 | 8,284 | 9,048 |
| Other assets | n/a | 1,681 | 1,795 | 2,035 | 2,344 | 1,314 | 1,334 | 2,940 | 2,458 | 2,583 | 3,196 | 4,789 | 5,743 | 6,271 | 5,971 | 6,796 | 7,388 | 9,610 | 9,713 |
| Total assets | n/a | 5,039 | 5,122 | 7,219 | 7,810 | 6,998 | 7,568 | 11,018 | 10,780 | 11,718 | 13,457 | 16,197 | 18,039 | 22,073 | 20,513 | 22,548 | 24,383 | 30,877 | 31,329 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | |
At the fiscal year end; the TTM column is the latest quarter end.
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Both totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | 14.1% | 11.2% | 9.6% | 14.5% |
| Profit growth, compounded | 7.8% | 9.0% | -6.3% | 12.5% |
| Return on equity, average | 16.5% | 15.2% | 12.2% | 13.0% |
Yearly growth, compounded; TTM is the last four quarters against the four before.
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Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.Questions
What was CBRE Group's revenue in fiscal 2025?
CBRE Group (CBRE) reported revenue of $40.5 billion for fiscal 2025, the year ended 31 December 2025, up 13.4% on the year before.
How much did CBRE Group earn in fiscal 2025?
Net income was $1.2 billion for fiscal 2025, and diluted earnings per share $3.85.
What is CBRE Group's P/E ratio?
At the close of 6 November 2026, CBRE Group traded at 29.0 times its earnings over the twelve months to 30 September 2026.
What is CBRE Group's market cap?
The market cap of CBRE Group was $39.1 billion at the close of 6 November 2026.
How much debt does CBRE Group have?
At 30 September 2026 CBRE Group carried $7.9 billion of debt and $1.7 billion of cash.
Peers: Real Estate
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| CBRE Group, Inc. CBRE | $39.1 billion | 29.02 | 15.9% | 4.6% | 14.5% | 0.91 | n/a |
| Terreno Realty Corp. TRNO | $7.3 billion | 19.76 | 7.7% | 41.6% | 17.2% | 0.20 | 3.2% |
| Millrose Properties, Inc. MRP | $4.3 billion | 8.59 | 8.6% | 85.2% | n/a | 0.53 | 11.8% |
| Curbline Properties Corp. CURB | $3.6 billion | 122.33 | 1.2% | 17.6% | 50.6% | 0.26 | 2.4% |
| Cushman & Wakefield Ltd. CWK | $3.3 billion | 48.14 | 3.3% | 4.5% | 10.2% | 1.24 | n/a |
| Urban Edge Properties UE | $2.6 billion | 24.61 | 7.4% | n/a | 5.5% | 1.21 | 4.0% |
| Getty Realty Corp. GTY | $1.9 billion | 17.42 | 8.0% | 63.5% | 12.3% | 0.93 | 6.8% |
| Innovative Industrial Properties Inc. IIPR | $1.5 billion | 12.37 | 7.7% | 51.4% | -4.4% | 0.38 | 13.9% |
| Ellington Financial Inc. EFC | $1.5 billion | 6.79 | 10.3% | 38.7% | 48.5% | 2.03 | 13.8% |
| Forestar Group Inc. FOR | $1.2 billion | 7.13 | 9.2% | n/a | 11.8% | 0.43 | n/a |
| Sky Harbour Group Corp. SKYH | $788 million | n/a | 0.6% | -80.8% | 62.2% | 1.09 | n/a |
| Five Point Holdings, LLC FPH | $631 million | 10.92 | 1.3% | -2.9% | -39.1% | 0.19 | n/a |
All 38 in Real Estate
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Brookfield Corporation BN * | $92.4 billion | 84.47 | 0.8% | n/a | -12.7% | 0.09 | 0.8% |
| CBRE Group, Inc. CBRE | $39.1 billion | 29.02 | 15.9% | 4.6% | 14.5% | 0.91 | n/a |
| KE Holdings Inc. BEKE * | $21.2 billion | 48.55 | 4.5% | 2.2% | 1.2% | 0.02 | 1.9% |
| Jones Lang Lasalle Inc. JLL | $16.9 billion | 16.04 | 14.3% | 4.9% | 11.4% | 0.28 | n/a |
| Invitation Homes Inc. INVH | $15.8 billion | 23.76 | 7.7% | 11.5% | 7.2% | 0.99 | 4.4% |
| Compass, Inc. COMP | $7.8 billion | 72.93 | 4.2% | -1.4% | 89.8% | 1.00 | n/a |
| Terreno Realty Corp. TRNO | $7.3 billion | 19.76 | 7.7% | 41.6% | 17.2% | 0.20 | 3.2% |
| Millrose Properties, Inc. MRP | $4.3 billion | 8.59 | 8.6% | 85.2% | n/a | 0.53 | 11.8% |
| St. Joe Co. JOE | $4.0 billion | 33.16 | 15.8% | 32.0% | 11.1% | 0.71 | 0.9% |
| Marriott Vacations Worldwide Corp. VAC | $3.8 billion | n/a | -11.8% | -0.9% | 4.6% | 2.55 | 2.9% |
| Curbline Properties Corp. CURB | $3.6 billion | 122.33 | 1.2% | 17.6% | 50.6% | 0.26 | 2.4% |
| Cushman & Wakefield Ltd. CWK | $3.3 billion | 48.14 | 3.3% | 4.5% | 10.2% | 1.24 | n/a |
| Urban Edge Properties UE | $2.6 billion | 24.61 | 7.4% | n/a | 5.5% | 1.21 | 4.0% |
| Newmark Group, Inc. NMRK | $2.1 billion | 14.35 | 10.3% | 7.4% | 17.5% | 1.50 | 1.5% |
| Getty Realty Corp. GTY | $1.9 billion | 17.42 | 8.0% | 63.5% | 12.3% | 0.93 | 6.8% |
| Innovative Industrial Properties Inc. IIPR | $1.5 billion | 12.37 | 7.7% | 51.4% | -4.4% | 0.38 | 13.9% |
| Ellington Financial Inc. EFC | $1.5 billion | 6.79 | 10.3% | 38.7% | 48.5% | 2.03 | 13.8% |
| Opendoor Technologies Inc. OPEN | $1.3 billion | n/a | -278.5% | -19.0% | -28.8% | 5.17 | n/a |
| Piedmont Realty Trust, Inc. PDM | $1.2 billion | n/a | -6.1% | 13.8% | 2.9% | 1.62 | 1.3% |
| Forestar Group Inc. FOR | $1.2 billion | 7.13 | 9.2% | n/a | 11.8% | 0.43 | n/a |
| Marcus & Millichap, Inc. MMI | $1.1 billion | 71.31 | 2.6% | 1.3% | 10.0% | 0.00 | 1.8% |
| Sky Harbour Group Corp. SKYH | $788 million | n/a | 0.6% | -80.8% | 62.2% | 1.09 | n/a |
| Five Point Holdings, LLC FPH | $631 million | 10.92 | 1.3% | -2.9% | -39.1% | 0.19 | n/a |
| Agnt, Inc. AGNT | $510 million | n/a | -9.2% | -0.3% | 7.7% | 0.00 | 6.5% |
| Gladstone Commercial Corp. GOOD | $493 million | 51.87 | 12.5% | n/a | 10.6% | 5.80 | 11.8% |
| Tejon Ranch Co. TRC | $461 million | 58.81 | 1.6% | 5.8% | 45.4% | 0.20 | n/a |
| Hudson Pacific Properties, Inc. HPP | $460 million | n/a | -25.1% | n/a | 2.8% | 1.31 | 0.0% |
| American Realty Investors Inc. ARL | $363 million | 43.16 | 1.3% | -18.3% | 6.8% | 0.35 | 0.0% |
| FRP Holdings, Inc. FRPH | $359 million | 1,868.00 | 0.0% | 11.6% | 2.5% | 0.50 | n/a |
| Maui Land & Pineapple Co. Inc. MLP | $303 million | n/a | -14.9% | -36.3% | -4.1% | 0.28 | n/a |
| Alico, Inc. ALCO | $275 million | 168.55 | 1.5% | -138.0% | -61.4% | 0.81 | 0.5% |
| Claros Mortgage Trust, Inc. CMTG | $231 million | n/a | -44.3% | n/a | -31.1% | 1.85 | n/a |
| Douglas Elliman Inc. DOUG | $143 million | 5.41 | 14.9% | 3.5% | -2.7% | 0.00 | n/a |
| Amrep Corp. AXR | $114 million | 19.68 | 4.2% | 14.8% | -15.3% | 0.00 | n/a |
| Seritage Growth Properties SRG | $97 million | n/a | -20.1% | -172.0% | -23.7% | 0.17 | n/a |
| Mobile Infrastructure Corp. BEEP | $94 million | n/a | -18.0% | n/a | -4.1% | 1.52 | n/a |
| Star Holdings STHO | $92 million | n/a | -14.0% | -9.4% | -10.2% | 0.67 | n/a |
| Intergroup Corp. INTG | $83 million | 50.94 | n/a | 16.0% | 14.9% | n/a | n/a |
18 companies share its SEC industry code (Real Estate); the rest are the names nearest in size in its wider industry, Real Estate, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
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By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.The public record on CBRE
| Dividends | no dividend in its filings for fiscal 2008 onward |
| Filings | 25 in twelve months: 17 current reports (8-K), about 6 material agreement; 4 new financial obligation; 4 results of operations; 3 regulation FD disclosure; 3 officer or director change |
| Planned insider sales | 12 Form 144 notices in twelve months, $4.0 million; latest 4 November 2026 |
| Options tape | put/call 0.73 by open interest at the 6 November 2026 close; the straddle prices a 6.3% move to 20 November 2026 |
| 13F holders | 1,079 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc. |
| Insider trading | 9 sales and 0 purchases on Form 4 in twelve months |
| Congress | 0 House trades disclosed in six months |
| Short interest | 4.3 million shares short, 2.05 days to cover at 15 October 2026 |
| Documents | the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked |
Filings
| Filing | Period | Filed | Where |
|---|---|---|---|
| 10-Q | 30 September 2026 | 22 October 2026 | EDGAR |
| 10-Q | 30 June 2026 | 29 July 2026 | EDGAR |
| 10-Q | 31 March 2026 | 23 April 2026 | EDGAR |
| 10-K | 31 December 2025 | 12 February 2026 | EDGAR |
| 10-Q | 30 September 2025 | 23 October 2025 | EDGAR |
| 10-Q | 30 June 2025 | 29 July 2025 | EDGAR |
| 10-Q | 31 March 2025 | 24 April 2025 | EDGAR |
| 10-K | 31 December 2024 | 14 February 2025 | EDGAR |
| 10-Q | 30 September 2024 | 24 October 2024 | EDGAR |
| 10-Q | 30 June 2024 | 25 July 2024 | EDGAR |
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