CBRE Group
CBRE NYSE Real Estate Services Financials FY2016–FY2025
CBRE Group's revenue rose 13.4% to $40.5 billion in fiscal 2025. Its operating margin was 4.3%, up from 4.0% a year earlier. Free cash flow was $1.2 billion, down 14.8%. It paid out $968 million in dividends and buybacks, 81% of free cash flow. The diluted share count fell 2.4%.
About these figures. CBRE's 2016 cost of revenue is taken from its cost of services line; another figure tagged for that year is a small part of it.
What CBRE Group does
CBRE is a commercial real estate services company. It helps businesses and investors lease, buy, sell, finance, value, operate and manage office, industrial, retail, apartment and specialty properties such as data centers, laboratories and government facilities. It says it works in more than 100 countries, and that it is the world's largest firm of its kind based on 2025 revenue.
CBRE reports four segments. Advisory Services handles leasing, property sales, mortgage origination, loan servicing and valuation. Building Operations & Experience, set up in 2025, runs facilities and property management, services for data centers, and flexible workspaces through Industrious, which CBRE fully acquired in January 2025. Project Management oversees construction and other projects through Turner & Townsend, of which CBRE owns 70%. Real Estate Investments covers CBRE's own real estate investment programs and co-investments.
Fees from these services are its main source of revenue, and most project work is delivered for a fee. CBRE says it has numerous local, regional and global competitors in all its business lines. Its recent deals include Turner & Townsend, J&J Worldwide Services, Direct Line Global, Industrious and, in November 2025, Pearce Services, which provides technical services for digital and power infrastructure.
- Legal name
- CBRE GROUP, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Accession · CIK
- 0001138118-26-000005
0001138118
Revenue and margins
CBRE Group had $40.6B of revenue in fiscal 2025, up 13.4% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 9.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.2B in fiscal 2025, 2.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
CBRE Group returned $968M to shareholders in fiscal 2025, 81% of free cash flow. The diluted share count fell 2.4%.
Value CBRE Group yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$6.0B and divides by 300.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 26.4x · peers 26.9x · sector 28.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably CBRE Group can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.4B | $1.3B | $1.3B | $1.1B | $1.9B |
| Debt incl. finance leases | $3.0B | $2.3B | $3.6B | $4.4B | $7.8B |
| Net debt / EBITDA | 0.2x | 0.5x | 1.3x | 1.6x | 2.4x |
| Debt / equity | 0.4x | 0.3x | 0.4x | 0.5x | 0.9x |
| Interest coverage | 39.9x | 17.0x | 5.9x | 3.6x | 3.9x |
| Current ratio | 1.2x | 1.0x | 1.2x | 1.1x | 1.1x |
| Quick ratio | 1.2x | 1.0x | 1.2x | 1.1x | 1.1x |
| Total assets | $22.1B | $20.5B | $22.5B | $24.4B | $30.9B |
| Total liabilities | $12.7B | $11.9B | $13.5B | $15.2B | $21.3B |
| Shareholders' equity | $8.5B | $7.9B | $8.3B | $8.4B | $8.9B |
| Net debt (− = net cash) | $529M | $956M | $2.3B | $3.2B | $6.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$2.7M
3 insiders
Of sales under plans
100%
$2.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Chad J DoellingerChief Legal & Admin. Officer | Sold plan | 228 | $148.29 | $0.0M | Form 4 |
| Aug 13, 2026 | Emma E. GiamartinoCFO & Chief Investment Officer | Sold plan | 2,250 | $148.29 | $0.3M | Form 4 |
| Jul 29, 2026 | Vikramaditya KohliCOO & CEO, Advisory Services | Sold plan | 2,666 | $150.00 | $0.4M | Form 4 |
| May 15, 2026 | Emma E. GiamartinoCFO & Chief Investment Officer | Sold plan | 2,250 | $130.74 | $0.3M | Form 4 |
| May 5, 2026 | Chad J DoellingerChief Legal & Admin. Officer | Sold plan | 107 | $140.35 | $0.0M | Form 4 |
| Mar 12, 2026 | Chad J DoellingerChief Legal & Admin. Officer | Sold plan | 116 | $130.06 | $0.0M | Form 4 |
| Mar 11, 2026 | Chad J DoellingerChief Legal & Admin. Officer | Sold plan | 471 | $133.51 | $0.1M | Form 4 |
| Feb 26, 2026 | Emma E. GiamartinoCFO & Chief Investment Officer | Sold plan | 9,223 | $148.61 | $1.4M | Form 4 |
| Nov 10, 2025 | Vikramaditya KohliCOO & CEO, Advisory Services | Sold plan | 1,000 | $152.41 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 5 / 9 | 5 / 9 | 7 / 9 |
| Accruals ratio | 2.4% | −3.2% | −1.5% |
| Altman Z'' | 2.78 | 2.49 | 2.13 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| CBRE Group CBRE | $36.0B | 13.4% | 4.3% | 2.9% | 10.2% | 26.4x | 7 | |
| Jones Lang LaSalle JLL | $14.1B | 11.5% | 4.2% | — | 11.6% | 14.4x | 8 | Compare → |
| Cushman & Wakefield CWK | $2.8B | 8.9% | 4.4% | 2.9% | 8.8% | 39.4x | 5 | Compare → |
| Compass COMP | $8.2B | 23.7% | −0.9% | 2.9% | — | 162.5x | — | Compare → |
| Newmark Group NMRK | $2.9B | 20.3% | 7.1% | 4.3% | 8.6% | 14.4x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $17.4B | $18.6B | $21.3B | $23.9B | $23.8B | $27.7B | $30.8B | $31.9B | $35.8B | $40.6B |
| Gross profit | $3.9B | $4.3B | $4.9B | $5.2B | $4.8B | $6.2B | $6.6B | $6.3B | $7.0B | $7.6B |
| Operating income | $817M | $1.1B | $1.1B | $1.3B | $970M | $1.6B | $1.5B | $1.1B | $1.4B | $1.8B |
| Interest expense | $145M | $137M | $107M | $86.7M | $67.5M | $41.0M | $89.0M | $191M | $396M | $448M |
| Pretax income | $882M | $1.2B | $1.4B | $1.4B | $970M | $2.4B | $1.7B | $1.3B | $1.2B | $1.6B |
| Income tax | $297M | $468M | $313M | $69.9M | $214M | $568M | $234M | $250M | $182M | $317M |
| Net income | $573M | $697M | $1.1B | $1.3B | $752M | $1.8B | $1.4B | $986M | $968M | $1.2B |
| Diluted EPS | $1.69 | $2.05 | $3.10 | $3.77 | $2.22 | $5.41 | $4.29 | $3.15 | $3.14 | $3.85 |
| Diluted shares | 0.34B | 0.34B | 0.34B | 0.34B | 0.34B | 0.34B | 0.33B | 0.31B | 0.31B | 0.30B |
| Cash flow | ||||||||||
| Cash from operations | $617M | $894M | $1.1B | $1.2B | $1.8B | $2.4B | $1.6B | $480M | $1.7B | $1.6B |
| Capital expenditure | $191M | $178M | $228M | $294M | $267M | $210M | $260M | $305M | $307M | $366M |
| Free cash flow | $426M | $716M | $903M | $930M | $1.6B | $2.2B | $1.4B | $175M | $1.4B | $1.2B |
| Depreciation and amortization | $367M | $406M | $452M | $439M | $502M | $526M | $613M | $622M | $674M | $729M |
| Stock-based compensation | $63.5M | $93.1M | $128M | $128M | $60.4M | $185M | $160M | $96.0M | $146M | $120M |
| Acquisitions | $10.5M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $161M | $145M | $50.0M | $369M | $1.9B | $665M | $627M | $968M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $161M | $145M | $50.0M | $369M | $1.9B | $665M | $627M | $968M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $763M | $752M | $777M | $972M | $1.9B | $2.4B | $1.3B | $1.3B | $1.1B | $1.9B |
| Total debt | $3.8B | $2.9B | $3.1B | $2.7B | $2.8B | $2.8B | $2.2B | $3.5B | $4.2B | $7.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $95.0M | $118M | $111M | $91.1M | $108M | $165M | $236M |
| Current assets | $5.1B | $5.6B | $6.8B | $7.5B | $8.8B | $10.1B | $8.5B | $9.7B | $10.0B | $13.5B |
| Current liabilities | $4.5B | $4.7B | $5.8B | $6.4B | $7.1B | $8.4B | $8.2B | $8.2B | $9.3B | $12.3B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $561M | $618M | $722M | $836M | $815M | $816M | $836M | $907M | $914M | $1.0B |
| Total assets | $10.8B | $11.7B | $13.5B | $16.2B | $18.0B | $22.1B | $20.5B | $22.5B | $24.4B | $30.9B |
| Total liabilities | $7.7B | $7.5B | $8.4B | $9.9B | $10.5B | $12.7B | $11.9B | $13.5B | $15.2B | $21.3B |
| Shareholders' equity | $3.0B | $4.1B | $4.9B | $6.2B | $7.1B | $8.5B | $7.9B | $8.3B | $8.4B | $8.9B |
| Margins | ||||||||||
| Gross margin | 22.7% | 23.2% | 22.9% | 21.8% | 20.1% | 22.2% | 21.4% | 19.6% | 19.5% | 18.7% |
| Operating margin | 4.7% | 5.8% | 5.1% | 5.3% | 4.1% | 5.9% | 4.9% | 3.5% | 4.0% | 4.3% |
| EBITDA margin | 6.8% | 8.0% | 7.2% | 7.1% | 6.2% | 7.8% | 6.9% | 5.4% | 5.8% | 6.1% |
| Net margin | 3.3% | 3.7% | 5.0% | 5.4% | 3.2% | 6.6% | 4.6% | 3.1% | 2.7% | 2.9% |
| FCF margin | 2.5% | 3.9% | 4.2% | 3.9% | 6.6% | 7.8% | 4.4% | 0.6% | 3.9% | 2.9% |
| Returns | ||||||||||
| Return on capital | 8.4% | 10.3% | 12.3% | 15.5% | 9.3% | 13.9% | 13.4% | 8.6% | 10.1% | 10.2% |
| Return on capital employed | 13.3% | 16.3% | 14.8% | 14.5% | 9.4% | 13.3% | 11.7% | 8.4% | 9.6% | 10.4% |
| Return on equity | 20.0% | 19.6% | 23.5% | 23.0% | 11.3% | 23.5% | 17.2% | 12.2% | 11.6% | 13.4% |
| Return on assets | 5.3% | 6.2% | 8.5% | 8.7% | 4.4% | 9.2% | 6.6% | 4.6% | 4.1% | 4.2% |
| Growth | ||||||||||
| Revenue growth | 60.0% | 7.3% | 14.6% | 12.0% | −0.3% | 16.5% | 11.1% | 3.6% | 12.0% | 13.4% |
| Net income growth | 4.7% | 21.6% | 52.5% | 20.6% | −41.4% | 144.3% | −23.4% | −29.9% | −1.8% | 19.5% |
| EPS growth | 3.7% | 21.3% | 51.2% | 21.6% | −41.1% | 143.7% | −20.7% | −26.6% | −0.3% | 22.6% |
| FCF growth | −16.9% | 68.3% | 26.1% | 2.9% | 68.2% | 37.7% | −36.5% | −87.2% | 700.6% | −14.9% |
| Share count change | 0.6% | 0.7% | 0.7% | −0.8% | −0.6% | 0.4% | −3.5% | −4.6% | −1.5% | −2.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.6x | 1.5x | 1.5x | 1.1x | 0.7x | 0.2x | 0.5x | 1.3x | 1.6x | 2.4x |
| Debt / equity | 1.3x | 0.7x | 0.6x | 0.5x | 0.4x | 0.4x | 0.3x | 0.4x | 0.5x | 0.9x |
| Interest coverage | 5.6x | 7.9x | 10.1x | 14.5x | 14.4x | 39.9x | 17.0x | 5.9x | 3.6x | 3.9x |
| Current ratio | 1.1x | 1.2x | 1.2x | 1.2x | 1.2x | 1.2x | 1.0x | 1.2x | 1.1x | 1.1x |
| Quick ratio | 1.1x | 1.2x | 1.2x | 1.2x | 1.2x | 1.2x | 1.0x | 1.2x | 1.1x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.1% | 1.0% | 1.1% | 1.2% | 1.1% | 0.8% | 0.8% | 1.0% | 0.9% | 0.9% |
| Stock comp / revenue | 0.4% | 0.5% | 0.6% | 0.5% | 0.3% | 0.7% | 0.5% | 0.3% | 0.4% | 0.3% |
| Payouts / FCF | 0.0% | 0.0% | 17.8% | 15.6% | 3.2% | 17.1% | 135.2% | 380.0% | 44.8% | 81.1% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 8.0 | 6.0 | 6.0 | 6.0 | 7.0 | 5.0 | 5.0 | 5.0 | 7.0 |
| Altman Z'' | 2.1 | 2.7 | 2.7 | 2.8 | 2.9 | 3.0 | 2.8 | 2.8 | 2.5 | 2.1 |
| Accruals ratio | −0.4% | −1.8% | −0.5% | 0.4% | −6.3% | −2.6% | −1.0% | 2.4% | −3.2% | −1.5% |
Source: SEC EDGAR XBRL filings (CIK 0001138118). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.