CBRE Group (CBRE) FY2020 results: revenue $23.8 billion, down 0.3% on the year
CBRE Group, Inc. (CBRE) reported revenue of $23.8 billion for fiscal 2020, the year ended 31 December 2020, down 0.3% on the year before. Net income was $752 million, down 41.4%, and diluted earnings per share $2.22. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$23.8 billion
-0.3% on the year
FY2013FY2020
Operating margin
4.1%
5.3% a year earlier
FY2013FY2020
Net income
$752 million
-41.4% on the year
FY2013FY2020
Diluted EPS
$2.22
-41.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
23,826
23,894
21,340
-0.3%
Cost of revenue
19,048
18,689
16,449
+1.9%
Gross profit
4,779
5,205
4,891
-8.2%
Gross margin
20.1%
21.8%
22.9%
Operating income
970
1,260
1,088
-23.0%
Operating margin
4.1%
5.3%
5.1%
Interest expense
n/a
n/a
107
Pre-tax income
970
1,361
1,379
-28.7%
Income tax
214
69.9
313
+206.3%
Effective tax rate
22.1%
5.1%
22.7%
Net income
752
1,282
1,063
-41.4%
Net margin
3.2%
5.4%
5.0%
Diluted EPS
$2.22
$3.77
$3.10
-41.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,831
1,223
1,131
+49.6%
Capital expenditure
267
294
228
-9.2%
Free cash flow
1,564
930
903
+68.2%
Free cash flow margin
6.6%
3.9%
4.2%
Cash from investing
-744
-721
-561
Cash from financing
-223
-272
-507
Depreciation and amortisation
502
439
452
+14.2%
Share-based compensation
60.4
128
128
-52.7%
Buybacks
50.0
145
161
-65.5%
Diluted shares, weighted
338m
341m
343m
-0.6%
Shares outstanding at period end
336m
335m
337m
+0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
7,078
6,233
4,939
+13.6%
Non-controlling interest
41.8
40.4
71.1
+3.3%
Redeemable equity
386
0.0
n/a
Debt
2,771
2,745
3,099
+1.0%
Operating lease liabilities
1,117
1,058
n/a
+5.6%
Finance lease liabilities
78.9
60.0
n/a
+31.5%
Other liabilities
6,567
6,062
5,348
+8.3%
Total liabilities and equity
18,039
16,197
13,457
+11.4%
Fixed assets
815
836
722
-2.5%
Goodwill
3,822
3,753
3,652
+1.8%
Intangible assets
1,368
1,380
1,441
-0.8%
Cash and equivalents
1,896
972
777
+95.1%
Receivables
4,395
4,467
3,669
-1.6%
Other assets
5,743
4,789
3,196
+19.9%
Total assets
18,039
16,197
13,457
+11.4%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.