CBRE Group (CBRE) FY2018 results: revenue $21.3 billion, up 14.6% on the year
CBRE Group, Inc. (CBRE) reported revenue of $21.3 billion for fiscal 2018, the year ended 31 December 2018, up 14.6% on the year before. Net income was $1.1 billion, up 52.5%, and diluted earnings per share $3.10. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$21.3 billion
+14.6% on the year
FY2011FY2018
Operating margin
5.1%
5.8% a year earlier
FY2011FY2018
Net income
$1.1 billion
+52.5% on the year
FY2011FY2018
Diluted EPS
$3.10
+51.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
21,340
18,629
17,369
+14.6%
Cost of revenue
16,449
14,305
78.5
+15.0%
Gross profit
4,891
4,324
17,291
+13.1%
Gross margin
22.9%
23.2%
99.5%
Operating income
1,088
1,079
815
+0.9%
Operating margin
5.1%
5.8%
4.7%
Interest expense
107
137
145
-21.6%
Pre-tax income
1,379
1,171
881
+17.7%
Income tax
313
468
297
-33.1%
Effective tax rate
22.7%
39.9%
33.7%
Net income
1,063
697
572
+52.5%
Net margin
5.0%
3.7%
3.3%
Diluted EPS
$3.10
$2.05
$1.69
+51.2%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,131
894
617
+26.5%
Capital expenditure
228
178
191
+27.9%
Free cash flow
903
716
426
+26.1%
Free cash flow margin
4.2%
3.8%
2.5%
Cash from investing
-561
-303
-151
Cash from financing
-507
-628
-221
Depreciation and amortisation
452
406
367
+11.3%
Share-based compensation
128
93.1
63.5
+37.7%
Buybacks
161
n/a
n/a
Diluted shares, weighted
343m
341m
338m
+0.7%
Shares outstanding at period end
337m
339m
337m
-0.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
4,939
4,114
3,014
+20.0%
Non-controlling interest
71.1
60.1
42.8
+18.3%
Debt
3,099
2,910
3,803
+6.5%
Other liabilities
5,348
4,633
3,920
+15.4%
Total liabilities and equity
13,457
11,718
10,780
+14.8%
Fixed assets
722
618
561
+16.8%
Goodwill
3,652
3,255
2,981
+12.2%
Intangible assets
1,441
1,399
1,411
+3.0%
Cash and equivalents
777
752
763
+3.4%
Receivables
3,669
3,112
2,606
+17.9%
Other assets
3,196
2,583
2,458
+23.7%
Total assets
13,457
11,718
10,780
+14.8%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.