CBRE Group (CBRE) Q4 FY2025 earnings: revenue $11.6 billion, up 11.8% on the year

CBRE Group, Inc. (CBRE) reported revenue of $11.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 11.8% on the same quarter a year earlier. Net income was $416 million, down 14.6% on the year, and diluted earnings per share $1.39. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue

$11.6 billion

+11.8% on the year · +13.8% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

5.3%

5.7% a year earlier

Q1 FY2024Q4 FY2025

Net income

$416 million

-14.6% on the year · +14.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.39

-12.0% on the year · +14.9% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new.

Revenue and Core EPS rose double digits: Q4 revenue was $11,629m, up 11.8% in U.S. dollars. Q4 Core EPS was $2.73 against $2.32 a year earlier, up 17.7%. Q4 Core EBITDA was $1,288m, up 18.6%.
GAAP profit fell on two charges: Q4 GAAP net income was $416m, down 14.6%. The company said it was reduced by $279m from a non-cash U.K. Advisory pension buy-out and a higher U.K. fire-safety reserve; without these items it would have increased 43%.
Leasing reached a new quarterly high: Global leasing revenue rose 14% (13% local currency). EMEA leasing grew 26% (19% local currency); U.S. leasing rose 12%, driven by industrial and data centers.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	11,628	10,221	10,405	+13.8%	+11.8%
Cost of revenue	9,473	8,304	8,291	+14.1%	+14.3%
Gross profit	2,155	1,917	2,114	+12.4%	+1.9%
Gross margin	18.5%	18.8%	20.3%
Operating income	622	481	595	+29.3%	+4.5%
Operating margin	5.3%	4.7%	5.7%
Interest expense	57.0	50.0	52.0	+14.0%	+9.6%
Pre-tax income	564	486	613	+16.0%	-8.0%
Income tax	113	90.0	112	+25.6%	+0.9%
Effective tax rate	20.0%	18.5%	18.3%
Net income	416	363	487	+14.6%	-14.6%
Net margin	3.6%	3.6%	4.7%
Diluted EPS	$1.39	$1.21	$1.58	+14.9%	-12.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,221	827	1,340	+47.6%	-8.9%
Capital expenditure	144	84.0	93.0	+71.4%	+54.8%
Free cash flow	1,077	743	1,247	+45.0%	-13.6%
Free cash flow margin	9.3%	7.3%	12.0%
Cash from investing	-963	-197	-20.0
Cash from financing	-36.0	-328	-1,148
Depreciation and amortisation	189	181	177	+4.4%	+6.8%
Share-based compensation	10.0	47.0	34.0	-78.7%	-70.6%
Buybacks	288	0.0	517		-44.3%
Diluted shares, weighted	300m	300m	307m	-0.1%	-2.4%
Shares outstanding at period end	296m	298m	302m	-0.6%	-2.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	8,878	8,535	8,411	+4.0%	+5.6%
Non-controlling interest	315	349	781	-9.7%	-59.7%
Redeemable equity	433	409	0.0	+5.9%
Debt	7,586	7,106	4,187	+6.8%	+81.2%
Operating lease liabilities	2,121	2,098	1,307	+1.1%	+62.3%
Finance lease liabilities	167	142	122	+17.6%	+36.9%
Other liabilities	11,377	9,927	9,575	+14.6%	+18.8%
Total liabilities and equity	30,877	28,566	24,383	+8.1%	+26.6%
Fixed assets	1,049	976	914	+7.5%	+14.8%
Goodwill	7,051	6,400	5,621	+10.2%	+25.4%
Intangible assets	2,972	2,430	2,298	+22.3%	+29.3%
Securities held for sale or to maturity	47.0	n/a	43.0		+9.3%
Cash and equivalents	1,864	1,669	1,114	+11.7%	+67.3%
Receivables	8,284	7,562	7,005	+9.5%	+18.3%
Other assets	9,610	9,529	7,388	+0.9%	+30.1%
Total assets	30,877	28,566	24,383	+8.1%	+26.6%

Questions

What was CBRE Group's revenue in Q4 FY2025?

CBRE Group (CBRE) reported revenue of $11.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 11.8% on the same quarter a year earlier.

How much did CBRE Group earn in Q4 FY2025?

Net income for Q4 FY2025 was $416 million, down 14.6% on the year, and diluted earnings per share $1.39.

When did CBRE Group report Q4 FY2025 results?

CBRE Group filed its 10-K for the year that ended with the quarter on 12 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 * †	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,550	7,333	7,771	7,530	8,194	7,411	7,720	7,868	8,950	7,935	8,391	9,036	10,405	8,875	9,717	10,221	11,628	10,527	11,226	11,517
Cost of revenue	6,584	5,752	6,054	5,934	6,499	6,006	6,179	6,397	7,092	6,475	6,793	7,252	8,291	7,265	7,942	8,304	9,473	8,675	9,140	9,392
Gross profit	1,966	1,581	1,717	1,595	1,696	1,405	1,540	1,471	1,858	1,460	1,598	1,784	2,114	1,610	1,775	1,917	2,155	1,852	2,086	2,125
Gross margin	23%	22%	22%	21%	21%	19%	20%	19%	21%	18%	19%	20%	20%	18%	18%	19%	19%	18%	19%	18%
Operating income	592	377	517	374	244	37.0	306	269	504	204	246	368	595	276	374	481	622	511	365	561
Operating margin	7%	5%	7%	5%	3%	0%	4%	3%	6%	3%	3%	4%	6%	3%	4%	5%	5%	5%	3%	5%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	36.0	63.0	64.0	52.0	50.0	59.0	50.0	57.0	59.0	60.0	62.0
Pre-tax income	917	393	611	594	60.6	153	261	232	631	119	174	312	613	243	301	486	564	454	315	611
Tax rate	24%	-1%	20%	24%	-42%	18%	21%	13%	22%	-24%	18%	21%	18%	21%	20%	19%	20%	25%	22%	21%
Net income	692	392	487	447	81.1	117	201	191	477	126	130	225	487	163	215	363	416	318	204	443
Net margin	8%	5%	6%	6%	1%	2%	3%	2%	5%	2%	2%	2%	5%	2%	2%	4%	4%	3%	2%	4%
Diluted EPS	$2.05	$1.16	$1.48	$1.38	$0.25	$0.37	$0.64	$0.61	$1.55	$0.41	$0.42	$0.73	$1.58	$0.54	$0.72	$1.21	$1.39	$1.07	$0.69	$1.52
Operating cash flow	1,164	-394	454	754	814	-745	-10.9	382	853	-492	287	573	1,340	-546	57.0	827	1,221	-825	138	869
Capital expenditure	88.4	42.1	54.7	64.3	99.1	60.3	74.7	76.3	93.7	68.0	67.0	79.0	93.0	64.0	74.0	84.0	144	81.0	114	126
Free cash flow	1,076	-436	400	690	715	-805	-85.6	306	760	-560	220	494	1,247	-610	-17.0	743	1,077	-906	24.0	743
Buybacks	180	368	626	411	446	130	0.0	516	19.1	0.0	47.0	63.0	517	418	262	0.0	288	530	410	218
Shares outstanding	333m	330m	322m	317m	311m	311m	311m	305m	305m	307m	306m	306m	302m	300m	298m	298m	296m	293m	290m	288m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 12 February 2026: the filing.