CBRE Group (CBRE) Q2 FY2026 earnings: revenue $11.2 billion, up 15.5% on the year

CBRE Group, Inc. (CBRE) reported revenue of $11.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 15.5% on the same quarter a year earlier. Net income was $204 million, down 5.1% on the year, and diluted earnings per share $0.69. The figures are the company's own, from the 10-Q it filed with the SEC on 29 July 2026.

Revenue

$11.2 billion

+15.5% on the year · +6.6% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

3.3%

3.8% a year earlier

Q3 FY2024Q2 FY2026

Net income

$204 million

-5.1% on the year · -35.8% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.69

-4.2% on the year · -35.5% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 1 raised.

Core EPS rose on higher core EBITDA: Core EPS was $1.56, against $1.20 a year earlier. Core EBITDA was $836 million, against $626 million. GAAP EPS was $0.69, against $0.72.
Fire-safety reserve reduced GAAP net income: A $168 million non-cash increase in a U.K. development fire-safety reserve reduced GAAP net income to $204 million. Without it, GAAP net income would have risen 53%.
Advisory profit rose 29%: Advisory revenue rose 18% to $2,306 million, and segment operating profit rose 29% to $449 million. Global leasing and property sales revenue both grew.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	11,226	10,527	9,717	+6.6%	+15.5%
Cost of revenue	9,140	8,675	7,942	+5.4%	+15.1%
Gross profit	2,086	1,852	1,775	+12.6%	+17.5%
Gross margin	18.6%	17.6%	18.3%
Operating income	365	511	374	-28.6%	-2.4%
Operating margin	3.3%	4.9%	3.8%
Interest expense	60.0	59.0	59.0	+1.7%	+1.7%
Pre-tax income	315	454	301	-30.6%	+4.7%
Income tax	68.0	112	61.0	-39.3%	+11.5%
Effective tax rate	21.6%	24.7%	20.3%
Net income	204	318	215	-35.8%	-5.1%
Net margin	1.8%	3.0%	2.2%
Diluted EPS	$0.69	$1.07	$0.72	-35.5%	-4.2%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	138	-825	57.0		+142.1%
Capital expenditure	114	81.0	74.0	+40.7%	+54.1%
Free cash flow	24.0	-906	-17.0
Free cash flow margin	0.2%	-8.6%	-0.2%
Cash from investing	-273	64.0	-5.0
Cash from financing	-18.0	545	-96.0
Depreciation and amortisation	190	182	182	+4.4%	+4.4%
Share-based compensation	59.0	48.0	42.0	+22.9%	+40.5%
Buybacks	410	530	262	-22.6%	+56.5%
Diluted shares, weighted	294m	297m	300m	-1.1%	-2.0%
Shares outstanding at period end	290m	293m	298m	-1.0%	-2.6%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	8,398	8,520	8,253	-1.4%	+1.8%
Non-controlling interest	322	340	332	-5.3%	-3.0%
Redeemable equity	454	447	408	+1.6%	+11.3%
Debt	8,093	7,953	7,205	+1.8%	+12.3%
Operating lease liabilities	2,161	2,112	2,053	+2.3%	+5.3%
Finance lease liabilities	155	153	138	+1.3%	+12.3%
Other liabilities	10,888	10,645	9,304	+2.3%	+17.0%
Total liabilities and equity	30,471	30,170	27,693	+1.0%	+10.0%
Fixed assets	1,043	1,040	972	+0.3%	+7.3%
Goodwill	6,998	7,024	6,410	-0.4%	+9.2%
Intangible assets	2,844	2,915	2,485	-2.4%	+14.4%
Securities held for sale or to maturity	48.0	47.0	n/a	+2.1%
Cash and equivalents	1,489	1,664	1,395	-10.5%	+6.7%
Receivables	8,783	8,404	7,319	+4.5%	+20.0%
Other assets	9,266	9,076	9,112	+2.1%	+1.7%
Total assets	30,471	30,170	27,693	+1.0%	+10.0%

Questions

What was CBRE Group's revenue in Q2 FY2026?

CBRE Group (CBRE) reported revenue of $11.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 15.5% on the same quarter a year earlier.

How much did CBRE Group earn in Q2 FY2026?

Net income for Q2 FY2026 was $204 million, down 5.1% on the year, and diluted earnings per share $0.69.

When did CBRE Group report Q2 FY2026 results?

CBRE Group filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 29 July 2026.

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-Q for the period ended 30 June 2026, filed 29 July 2026: the filing.