CBRE Group (CBRE) FY2019 results: revenue $23.9 billion, up 12.0% on the year
CBRE Group, Inc. (CBRE) reported revenue of $23.9 billion for fiscal 2019, the year ended 31 December 2019, up 12.0% on the year before. Net income was $1.3 billion, up 20.6%, and diluted earnings per share $3.77. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$23.9 billion
+12.0% on the year
FY2012FY2019
Operating margin
5.3%
5.1% a year earlier
FY2012FY2019
Net income
$1.3 billion
+20.6% on the year
FY2012FY2019
Diluted EPS
$3.77
+21.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
23,894
21,340
18,629
+12.0%
Cost of revenue
18,689
16,449
14,305
+13.6%
Gross profit
5,205
4,891
4,324
+6.4%
Gross margin
21.8%
22.9%
23.2%
Operating income
1,260
1,088
1,079
+15.8%
Operating margin
5.3%
5.1%
5.8%
Interest expense
n/a
107
137
Pre-tax income
1,361
1,379
1,171
-1.3%
Income tax
69.9
313
468
-77.7%
Effective tax rate
5.1%
22.7%
39.9%
Net income
1,282
1,063
697
+20.6%
Net margin
5.4%
5.0%
3.7%
Diluted EPS
$3.77
$3.10
$2.05
+21.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,223
1,131
894
+8.1%
Capital expenditure
294
228
178
+28.8%
Free cash flow
930
903
716
+2.9%
Free cash flow margin
3.9%
4.2%
3.8%
Cash from investing
-721
-561
-303
Cash from financing
-272
-507
-628
Depreciation and amortisation
439
452
406
-2.8%
Share-based compensation
128
128
93.1
-0.3%
Buybacks
145
161
n/a
-9.9%
Diluted shares, weighted
341m
343m
341m
-0.8%
Shares outstanding at period end
335m
337m
339m
-0.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
6,233
4,939
4,114
+26.2%
Non-controlling interest
40.4
71.1
60.1
-43.2%
Redeemable equity
0.0
n/a
n/a
Debt
2,745
3,099
2,910
-11.4%
Operating lease liabilities
1,058
n/a
n/a
Finance lease liabilities
60.0
n/a
n/a
Other liabilities
6,062
5,348
4,633
+13.3%
Total liabilities and equity
16,197
13,457
11,718
+20.4%
Fixed assets
836
722
618
+15.9%
Goodwill
3,753
3,652
3,255
+2.8%
Intangible assets
1,380
1,441
1,399
-4.3%
Cash and equivalents
972
777
752
+25.0%
Receivables
4,467
3,669
3,112
+21.8%
Other assets
4,789
3,196
2,583
+49.9%
Total assets
16,197
13,457
11,718
+20.4%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.