CBRE Group (CBRE) FY2017 results: revenue $18.6 billion, up 7.3% on the year
CBRE Group, Inc. (CBRE) reported revenue of $18.6 billion for fiscal 2017, the year ended 31 December 2017, up 7.3% on the year before. Net income was $697 million, up 21.9%, and diluted earnings per share $2.05. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2018.
Revenue
$18.6 billion
+7.3% on the year
FY2010FY2017
Operating margin
5.8%
4.7% a year earlier
FY2010FY2017
Net income
$697 million
+21.9% on the year
FY2010FY2017
Diluted EPS
$2.05
+21.3% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
18,629
17,369
10,856
+7.3%
Cost of revenue
14,305
78.5
40.4
+18,133.3%
Gross profit
4,324
17,291
10,815
-75.0%
Gross margin
23.2%
99.5%
99.6%
Operating income
1,079
815
836
+32.3%
Operating margin
5.8%
4.7%
7.7%
Interest expense
137
145
119
-5.5%
Pre-tax income
1,171
881
880
+33.0%
Income tax
468
297
321
+57.7%
Effective tax rate
39.9%
33.7%
36.5%
Net income
697
572
547
+21.9%
Net margin
3.7%
3.3%
5.0%
Diluted EPS
$2.05
$1.69
$1.63
+21.3%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
894
617
652
+45.0%
Capital expenditure
178
191
139
-6.9%
Free cash flow
716
426
512
+68.2%
Free cash flow margin
3.8%
2.5%
4.7%
Cash from investing
-303
-151
n/a
Cash from financing
-628
-221
n/a
Depreciation and amortisation
406
367
314
+10.7%
Share-based compensation
93.1
63.5
74.7
+46.6%
Diluted shares, weighted
341m
338m
336m
+0.7%
Shares outstanding at period end
339m
337m
334m
+0.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
4,114
3,014
2,713
+36.5%
Non-controlling interest
60.1
42.8
46.4
+40.6%
Debt
2,910
3,803
4,430
-23.5%
Other liabilities
4,633
3,920
3,829
+18.2%
Total liabilities and equity
11,718
10,780
11,018
+8.7%
Fixed assets
618
561
530
+10.2%
Goodwill
3,255
2,981
3,086
+9.2%
Intangible assets
1,399
1,411
1,450
-0.8%
Cash and equivalents
752
763
540
-1.4%
Receivables
3,112
2,606
2,472
+19.4%
Other assets
2,583
2,458
2,940
+5.1%
Total assets
11,718
10,780
11,018
+8.7%
10-K for the year ended 31 December 2017, filed 1 March 2018: the filing.