CBRE Group (CBRE) FY2023 results: revenue $31.9 billion, up 3.6% on the year
CBRE Group, Inc. (CBRE) reported revenue of $31.9 billion for fiscal 2023, the year ended 31 December 2023, up 3.6% on the year before. Net income was $986 million, down 29.9%, and diluted earnings per share $3.15. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$31.9 billion
+3.6% on the year
FY2016FY2023
Operating margin
3.5%
4.9% a year earlier
FY2016FY2023
Net income
$986 million
-29.9% on the year
FY2016FY2023
Diluted EPS
$3.15
-26.6% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
480
1,629
2,364
-70.5%
Capital expenditure
305
260
210
+17.2%
Free cash flow
175
1,369
2,154
-87.2%
Free cash flow margin
0.5%
4.4%
7.8%
Cash from investing
-681
-832
-1,281
Cash from financing
154
-1,766
-491
Depreciation and amortisation
622
613
526
+1.5%
Share-based compensation
96.0
160
185
-40.0%
Buybacks
665
1,850
369
-64.1%
Diluted shares, weighted
313m
328m
340m
-4.6%
Shares outstanding at period end
305m
311m
333m
-2.0%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
8,267
7,853
8,528
+5.3%
Non-controlling interest
800
752
831
+6.3%
Redeemable equity
0.0
0.0
0.0
Debt
3,495
2,183
2,848
+60.1%
Operating lease liabilities
1,089
1,080
1,117
+0.8%
Finance lease liabilities
72.0
58.1
73.3
+23.9%
Other liabilities
8,825
8,586
8,676
+2.8%
Total liabilities and equity
22,548
20,513
22,073
+9.9%
Fixed assets
907
836
816
+8.5%
Goodwill
5,129
4,868
4,995
+5.4%
Intangible assets
2,081
2,193
2,409
-5.1%
Cash and equivalents
1,265
1,318
2,431
-4.0%
Receivables
6,370
5,327
5,150
+19.6%
Other assets
6,796
5,971
6,271
+13.8%
Total assets
22,548
20,513
22,073
+9.9%
10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.