greeksoup/ stock research
Stock research / United States / CBRE / FY2025

CBRE Group (CBRE) FY2025 results: revenue $40.5 billion, up 13.4% on the year

CBRE Group, Inc. (CBRE) reported revenue of $40.5 billion for fiscal 2025, the year ended 31 December 2025, up 13.4% on the year before. Net income was $1.2 billion, up 19.5%, and diluted earnings per share $3.85. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$40.5 billion
+13.4% on the year
FY2018FY2025
Operating margin
4.3%
4.0% a year earlier
FY2018FY2025
Net income
$1.2 billion
+19.5% on the year
FY2018FY2025
Diluted EPS
$3.85
+22.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Building Operations profit up 20%: BOE revenue was $6,311m, up 14.6%; segment operating profit was $332m, up 19.9%. Full-year BOE revenue was $23,224m, up 14.9%, with segment operating profit of $1,094m, up 22.4%.
  • Resilient growth seen continuing: Management said its resilient businesses continued to post double-digit revenue growth and that it sees this trend continuing.
Read the Q4 FY2025 earnings call summary

From this 10-K

CBRE is a commercial real estate services and investments firm, working in more than 100 countries for both the investors who own property and the occupiers who use it. The filing describes it as the world's largest such firm based on 2025 revenue. Its clients in 2025 included nearly 90 percent of Fortune 100 companies and many of the world's largest institutional real estate investors. It had more than 155,000 employees at the end of 2025.

CBRE Group, Inc., the 10-K for 2025

CBRE is a commercial real estate services and investments firm, working in more than 100 countries for both the investors who own property and the occupiers who use it. The filing describes it as the world's largest such firm based on 2025 revenue. Its clients in 2025 included nearly 90 percent of Fortune 100 companies and many of the world's largest institutional real estate investors. It had more than 155,000 employees at the end of 2025.

Four segments plus corporate

Advisory Services, Building Operations & Experience, Project Management, and Real Estate Investments, with a Corporate and other segment holding the platform and non-core investments.

Advisory Services

Leasing, capital markets meaning property sales and mortgage origination, loan servicing, and valuation, across offices, industrial and logistics, retail, multi-family and critical facilities such as data centres, laboratories and government buildings. Clients range from large occupiers and investors contracting across multi-market portfolios down to local market clients served one deal at a time. The company says it often brings property sales, mortgage origination, leasing, valuation and property management together for a single investor client.

Building Operations & Experience

Established in 2025 to bring building operations, workplace experience and property management together across all property sectors and building types. It holds enterprise facilities management, local facilities management, property management, digital infrastructure services, and flexible workplace and workplace experience. The company attributes the segment's tailwind to large occupiers and investors wanting to outsource and consolidate real estate services.

The costs associated with approximately 61 percent of CBRE employees, excluding Turner & Townsend employees, are reimbursed by clients, and are mainly in this segment. About 18 percent of employees worldwide, again excluding Turner & Townsend, were subject to collective bargaining agreements at the end of 2025.

Project Management

Program management, project management and cost consultancy, delivered globally through Turner & Townsend, acquired in 2021. In January 2025 CBRE merged its own wholly owned project management business into Turner & Townsend, made Project Management a separate reportable segment, and now owns 70 percent of the combined entity. The work runs from billion-dollar advanced manufacturing plants and infrastructure such as data centres, airports and power stations, through energy and sustainability work, down to repairs and refurbishments in corporate facilities. Project management means overseeing a single project start to finish; program management means coordinating many simultaneous projects for one client with consistent processes, reporting and quality standards. Cost consultancy uses proprietary databases and global benchmarks to set construction cost baselines and find savings. Most of it is fee-for-service, with some turnkey and consulting agreements.

Real Estate Investments

Two business lines: investment management and real estate development.

What has been bought

The filing names five acquisitions as examples of expanding into what it calls secularly favoured and resilient businesses: Turner & Townsend, in which CBRE holds a majority interest; J&J Worldwide Services, now CBRE Government & Defense Services, which increased the facilities services it provides to the US federal government; Direct Line Global, in technical facilities management for data centres; Industrious National Management, a flexible workplace and workplace experience platform fully acquired in January 2025; and Pearce Services, in advanced technical services for digital and power infrastructure, acquired in November 2025. It has also added scale in Japan and India and in data centres.

How the revenue behaves

CBRE earns from both resilient and non-recurring sources, the latter being commissions on transactions. It says the mix has moved towards resilient sources, particularly occupier outsourcing and project management, leaving it less dependent on cyclical property sales and lease transactions. Non-recurring transactional revenue within Advisory Services, notably property sales and leasing, has historically been highest in the fourth quarter.

From CBRE's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue40,55035,76731,949+13.4%
Cost of revenue32,98428,81125,675+14.5%
Gross profit7,5666,9566,274+8.8%
Gross margin18.7%19.4%19.6%
Operating income1,7531,4131,117+24.1%
Operating margin4.3%4.0%3.5%
Interest expense216215149+0.5%
Pre-tax income1,5941,2181,277+30.9%
Income tax317182250+74.2%
Effective tax rate19.9%14.9%19.6%
Net income1,157968986+19.5%
Net margin2.9%2.7%3.1%
Diluted EPS$3.85$3.14$3.15+22.6%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,5591,708480-8.7%
Capital expenditure366307305+19.2%
Free cash flow1,1931,401175-14.8%
Free cash flow margin2.9%3.9%0.5%
Cash from investing-1,627-1,514-681
Cash from financing796-221154
Depreciation and amortisation729674622+8.2%
Share-based compensation12014696.0-17.8%
Buybacks968627665+54.4%
Diluted shares, weighted301m308m313m-2.4%
Shares outstanding at period end296m302m305m-2.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity8,8788,4118,267+5.6%
Non-controlling interest315781800-59.7%
Redeemable equity4330.00.0
Debt7,5864,1873,495+81.2%
Operating lease liabilities2,1211,3071,089+62.3%
Finance lease liabilities16712272.0+36.9%
Other liabilities11,3779,5758,825+18.8%
Total liabilities and equity30,87724,38322,548+26.6%
Fixed assets1,049914907+14.8%
Goodwill7,0515,6215,129+25.4%
Intangible assets2,9722,2982,081+29.3%
Securities held for sale or to maturity47.043.0n/a+9.3%
Cash and equivalents1,8641,1141,265+67.3%
Receivables8,2847,0056,370+18.3%
Other assets9,6107,3886,796+30.1%
Total assets30,87724,38322,548+26.6%

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