CBRE Group (CBRE) Financials

$128.23 -2.26 (-1.73%)

As of 05/20/2025 03:59 PM Eastern

Annual Income Statements for CBRE Group

This table shows CBRE Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	968	986	1,407	1,837	752	1,282	1,063	697	573	547
Consolidated Net Income / (Loss)	1,036	1,027	1,424	1,842	756	1,291	1,066	704	585	559
Net Income / (Loss) Continuing Operations	1,036	1,027	1,424	1,842	756	1,291	1,066	704	585	559
Total Pre-Tax Income	1,218	1,277	1,658	2,410	970	1,361	1,379	1,171	882	880
Total Operating Income	1,413	1,117	1,512	1,637	970	1,260	1,088	1,079	817	836
Total Gross Profit	6,956	6,274	6,589	6,166	4,779	5,205	4,891	4,324	3,948	3,773
Total Revenue	35,767	31,949	30,828	27,746	23,826	23,894	21,340	18,629	17,369	10,856
Operating Revenue	35,767	31,949	30,828	27,746	23,826	23,894	21,340	18,629	17,369	10,856
Total Cost of Revenue	28,811	25,675	24,239	21,580	19,048	18,689	16,449	14,305	13,421	7,083
Operating Cost of Revenue	28,811	25,675	24,239	21,580	19,048	18,689	16,449	14,305	13,421	7,083
Total Operating Expenses	5,543	5,157	5,077	4,529	3,809	3,945	3,803	3,245	3,131	2,937
Selling, General & Admin Expense	5,011	4,562	4,649	4,074	3,306	3,436	3,366	2,859	2,780	2,634
Depreciation Expense	674	622	613	526	502	439	452	406	367	314
Other Operating Expenses / (Income)	-142	-27	-244	-71	-88	-20	-15	-20	-16	-11
Impairment Charge	0.00	0.00	59	0.00	89	90	0.00	0.00	-	-
Total Other Income / (Expense), net	-195	160	146	773	0.21	101	291	93	65	44
Interest Expense	0.00	0.00	2.00	50	143	88	127	127	145	122
Interest & Investment Income	-234	99	160	619	126	161	325	210	205	169
Other Income / (Expense), net	39	61	-12	204	17	29	93	9.41	4.69	-3.81
Income Tax Expense	182	250	234	568	214	70	313	468	297	321
Net Income / (Loss) Attributable to Noncontrolling Interest	68	41	17	5.00	3.88	9.09	2.73	6.47	12	12
Basic Earnings per Share	$3.16	$3.20	$4.36	$5.48	$2.24	$3.82	$3.13	$2.06	$1.71	$1.64
Weighted Average Basic Shares Outstanding	305.86M	308.43M	322.81M	335.23M	335.20M	335.80M	339.32M	337.66M	335.41M	332.62M
Diluted Earnings per Share	$3.14	$3.15	$4.29	$5.41	$2.22	$3.77	$3.10	$2.05	$1.69	$1.63
Weighted Average Diluted Shares Outstanding	308.03M	312.55M	327.70M	339.72M	338.39M	340.52M	343.12M	340.78M	338.42M	336.41M
Weighted Average Basic & Diluted Shares Outstanding	300.04M	305.70M	309.89M	332.32M	335.60M	334.79M	335.83M	339.51M	337.83M	334.24M

This table shows CBRE Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	163	487	225	130	126	477	191	201	117	81	447
Consolidated Net Income / (Loss)	191	501	245	142	148	495	201	206	125	86	452
Net Income / (Loss) Continuing Operations	191	501	245	142	148	495	201	206	125	86	452
Total Pre-Tax Income	243	613	312	174	119	631	232	261	153	60	594
Total Operating Income	276	595	368	246	204	505	269	306	37	244	374
Total Gross Profit	1,645	2,114	1,784	1,598	1,460	1,857	1,471	1,541	1,405	1,696	1,595
Total Revenue	8,910	10,405	9,036	8,391	7,935	8,950	7,868	7,720	7,411	8,194	7,530
Operating Revenue	8,910	10,405	9,036	8,391	7,935	8,950	7,868	7,720	7,411	-	-
Total Cost of Revenue	7,265	8,291	7,252	6,793	6,475	7,093	6,397	6,179	6,006	6,498	5,934
Operating Cost of Revenue	7,265	8,291	7,252	6,793	6,475	7,093	6,397	6,179	6,006	6,498	5,934
Total Operating Expenses	1,369	1,519	1,416	1,352	1,256	1,352	1,202	1,235	1,368	1,452	1,221
Selling, General & Admin Expense	1,192	1,472	1,237	1,191	1,111	1,206	1,058	1,089	1,209	1,314	1,080
Depreciation Expense	177	177	178	161	158	156	149	155	162	159	142
Other Operating Expenses / (Income)	0.00	-	-	-	-13	-	-	-	-3.00	-43	-1.75
Total Other Income / (Expense), net	-33	18	-56	-72	-85	126	-37	-45	116	-183	220
Interest & Investment Income	-34	-157	-4.00	-15	-58	-22	-13	-8.00	142	-236	234
Other Income / (Expense), net	1.00	12	12	6.00	9.00	39	14	6.00	2.00	1.53	7.84
Income Tax Expense	52	112	67	32	-29	136	31	55	28	-26	143
Net Income / (Loss) Attributable to Noncontrolling Interest	28	14	20	12	22	18	10	5.00	8.00	5.39	5.04
Basic Earnings per Share	$0.54	$1.60	$0.73	$0.42	$0.41	$1.55	$0.62	$0.65	$0.38	$0.28	$1.40
Weighted Average Basic Shares Outstanding	300.29M	305.86M	306.25M	306.75M	305.81M	308.43M	307.85M	310.86M	310.46M	322.81M	319.83M
Diluted Earnings per Share	$0.54	$1.58	$0.73	$0.42	$0.41	$1.53	$0.61	$0.64	$0.37	$0.27	$1.38
Weighted Average Diluted Shares Outstanding	302.91M	308.03M	308.31M	308.04M	308.50M	312.55M	312.22M	314.28M	315.36M	327.70M	324.74M
Weighted Average Basic & Diluted Shares Outstanding	298.10M	300.04M	306.02M	306.43M	306.82M	305.70M	304.79M	309.84M	310.83M	309.89M	315.95M

This table details how cash moves in and out of CBRE Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-150	-34	-1,135	501	946	230	39	-6.59	218	1,667
Net Cash From Operating Activities	1,708	480	1,629	2,364	1,831	1,223	1,131	894	617	1,019
Net Cash From Continuing Operating Activities	1,708	480	1,629	2,364	1,831	1,223	1,131	894	617	1,019
Net Income / (Loss) Continuing Operations	1,036	1,027	1,424	1,842	756	1,291	1,066	704	585	559
Consolidated Net Income / (Loss)	1,036	1,027	1,424	1,842	756	1,291	1,066	704	585	559
Depreciation Expense	674	622	613	526	502	439	452	406	367	314
Non-Cash Adjustments To Reconcile Net Income	-517	-796	-130	-978	300	-741	-869	-608	-406	-150
Changes in Operating Assets and Liabilities, net	515	-373	-278	966	190	225	447	382	60	284
Net Cash From Investing Activities	-1,514	-681	-832	-1,281	-744	-721	-561	-303	-151	-154
Net Cash From Continuing Investing Activities	-1,514	-681	-832	-1,281	-744	-721	-561	-303	-151	-154
Purchase of Property, Plant & Equipment	-696	-476	-260	-210	-267	-294	-228	-178	-191	-139
Acquisitions	-1,203	-330	-558	-1,116	-174	-462	-385	-187	-88	-232
Sale of Property, Plant & Equipment	235	77	0.00	0.00	-	-	-	-	44	-
Sale and/or Maturity of Investments	91	54	87	-144	89	33	62	95	82	188
Other Investing Activities, net	59	-6.00	-101	-24	11	1.07	-9.22	2.39	40	30
Net Cash From Financing Activities	-221	154	-1,766	-490	-223	-272	-507	-628	-221	802
Net Cash From Continuing Financing Activities	-221	154	-1,766	-490	-223	-272	-507	-628	-221	802
Repayment of Debt	-4,051	-4,693	-1,677	-453	-1,402	-4,025	-4,578	-2,292	-3,064	-3,302
Repurchase of Common Equity	-627	-665	-1,850	-369	-50	-145	-161	0.00	0.00	-
Issuance of Debt	4,843	5,729	1,833	519	836	3,909	4,261	1,721	2,909	4,139
Other Financing Activities, net	-386	-217	-72	-183	396	-54	-40	-54	-27	-25
Effect of Exchange Rate Changes	-123	13	-166	-92	82	-0.61	-25	29	-	-
Cash Interest Paid	396	191	89	41	67	87	104	117	126	-
Cash Income Taxes Paid	467	467	604	330	52	365	376	357	295	286

This table details how cash moves in and out of CBRE Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	292	64	124	-94	-244	18	-4.00	37	-85	182	-108
Net Cash From Operating Activities	-546	1,340	573	287	-492	853	383	-11	-745	814	754
Net Cash From Continuing Operating Activities	-546	1,340	573	287	-492	853	383	-11	-745	814	754
Net Income / (Loss) Continuing Operations	191	501	245	142	148	495	201	206	125	86	452
Consolidated Net Income / (Loss)	191	501	245	142	148	495	201	206	125	86	452
Depreciation Expense	177	177	178	161	158	157	149	154	162	159	142
Amortization Expense	48	-	2.00	1.00	2.00	-	2.00	1.00	1.00	-	3.13
Non-Cash Adjustments To Reconcile Net Income	190	-560	-214	-65	322	-645	-77	-38	-36	87	-44
Changes in Operating Assets and Liabilities, net	-1,152	1,227	362	48	-1,122	850	108	-334	-997	488	201
Net Cash From Investing Activities	-462	-20	-187	-407	-900	-144	-167	-255	-115	-228	-275
Net Cash From Continuing Investing Activities	-462	-20	-187	-407	-900	-144	-167	-255	-115	-228	-275
Purchase of Property, Plant & Equipment	-130	-270	-155	-144	-127	-162	-179	-75	-60	-99	-64
Acquisitions	-354	-41	-38	-313	-811	-55	-49	-152	-74	-75	-217
Other Investing Activities, net	22	19	-13	37	16	25	-1.00	-34	4.00	-94	1.57
Net Cash From Financing Activities	1,256	-1,148	-315	50	1,192	-752	-169	314	761	-553	-452
Net Cash From Continuing Financing Activities	1,256	-1,148	-315	50	1,192	-752	-169	314	761	-553	-452
Repayment of Debt	-332	-1,474	-980	-1,326	-271	-805	-1,029	-2,196	-663	-1,626	-22
Repurchase of Common Equity	-418	-517	-63	-47	0.00	-19	-516	-	-130	-446	-411
Issuance of Debt	2,006	1,135	708	1,435	1,565	169	1,379	2,521	1,660	1,550	-27
Effect of Exchange Rate Changes	44	-108	53	-24	-44	61	-51	-11	14	149	-135
Cash Interest Paid	102	89	137	70	100	63	37	52	39	20	41
Cash Income Taxes Paid	131	116	107	154	90	84	80	221	82	96	171

This table presents CBRE Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	24,383	22,548	20,513	22,073	18,039	16,197	13,457	11,718	10,780	11,018
Total Current Assets	9,970	9,666	8,529	10,082	8,846	7,534	6,754	5,631	5,122	5,305
Cash & Equivalents	1,114	1,265	1,318	2,431	1,896	972	777	752	763	540
Restricted Cash	107	106	87	109	143	122	87	73	69	73
Accounts Receivable	7,005	6,370	5,327	5,150	4,395	4,467	3,669	3,112	2,606	2,472
Prepaid Expenses	332	333	311	334	295	283	255	215	184	173
Current Deferred & Refundable Income Taxes	130	159	82	44	94	94	72	50	46	59
Other Current Assets	1,282	1,433	1,404	2,014	2,023	1,597	1,895	1,429	1,456	1,988
Plant, Property, & Equipment, net	914	907	836	816	815	836	722	618	561	530
Total Noncurrent Assets	13,499	11,975	11,148	11,175	8,379	7,827	5,981	5,470	5,096	5,183
Long-Term Investments	1,295	1,374	1,318	1,196	452	427	216	238	232	218
Goodwill	5,621	5,129	4,868	4,995	3,822	3,753	3,652	3,255	2,981	3,086
Intangible Assets	2,298	2,081	2,193	2,409	1,368	1,380	1,441	1,399	1,411	1,450
Noncurrent Deferred & Refundable Income Taxes	613	439	318	190	135	213	52	99	105	135
Other Noncurrent Operating Assets	3,672	2,952	2,451	2,384	2,602	2,054	619	479	366	293
Total Liabilities & Shareholders' Equity	24,383	22,548	20,513	22,073	18,039	16,197	13,457	11,718	10,780	11,018
Total Liabilities	15,191	13,481	11,907	12,714	10,533	9,924	8,447	7,544	7,722	8,259
Total Current Liabilities	9,287	8,243	8,242	8,419	7,144	6,436	5,803	4,713	4,525	4,994
Short-Term Debt	390	25	649	33	1,391	6.35	3.15	911	0.03	1,785
Accounts Payable	4,102	3,562	3,079	2,916	2,693	2,436	1,920	1,574	1,446	1,484
Accrued Expenses	1,695	1,556	1,691	1,695	1,184	1,262	1,189	1,078	890	867
Current Deferred & Payable Income Tax Liabilities	209	217	184	246	58	30	68	71	58	82
Current Employee Benefit Liabilities	1,419	1,459	1,459	1,539	1,287	-	1,121	904	773	705
Other Current Liabilities	1,472	1,424	1,180	1,990	531	2,702	1,502	175	1,357	71
Total Noncurrent Liabilities	5,904	5,238	3,665	4,296	3,390	3,488	2,644	2,831	3,197	3,265
Long-Term Debt	3,245	2,804	1,086	1,538	1,380	1,761	1,767	2,000	2,548	2,645
Noncurrent Deferred Revenue	0.00	30	55	55	55	86	0.00	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	407	412	431	550	212	35	280	288	125	189
Other Noncurrent Operating Liabilities	2,252	1,992	2,093	2,152	1,742	1,606	596	543	524	431
Total Equity & Noncontrolling Interests	9,192	9,067	8,606	9,359	7,120	6,273	5,010	4,175	3,057	2,759
Total Preferred & Common Equity	8,411	8,267	7,853	8,528	7,078	6,233	4,939	4,114	3,014	2,713
Total Common Equity	8,411	8,267	7,853	8,528	7,078	6,233	4,939	4,114	3,014	2,713
Common Stock	3.00	3.00	3.00	802	1,078	1,119	1,152	1,224	1,149	1,110
Retained Earnings	9,567	9,188	8,833	8,367	6,530	5,793	4,505	3,443	2,657	2,088
Accumulated Other Comprehensive Income / (Loss)	-1,159	-924	-983	-641	-530	-680	-718	-552	-791	-486
Noncontrolling Interest	781	800	753	831	42	40	71	60	43	46

This table presents CBRE Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	26,366	24,383	24,845	23,462	22,964	22,548	21,687	21,732	21,030	20,513	20,215
Total Current Assets	10,831	9,970	10,616	9,653	9,444	9,666	9,327	9,470	9,046	8,529	8,590
Cash & Equivalents	1,382	1,114	1,025	928	1,044	1,265	1,252	1,261	1,231	1,318	1,125
Restricted Cash	131	107	132	105	83	106	101	96	88	87	98
Accounts Receivable	6,753	7,005	6,705	6,304	6,172	6,370	5,708	5,553	5,469	5,327	4,936
Prepaid Expenses	332	332	361	342	308	333	324	353	329	311	312
Current Deferred & Refundable Income Taxes	103	130	157	190	162	159	180	193	141	82	20
Other Current Assets	2,130	1,282	2,236	1,784	1,675	1,433	1,761	2,014	1,787	1,404	2,099
Plant, Property, & Equipment, net	950	914	936	895	900	907	852	849	833	836	768
Total Noncurrent Assets	14,585	13,499	13,293	12,914	12,620	11,975	11,509	11,414	11,150	11,148	10,857
Long-Term Investments	982	1,295	1,334	1,309	1,298	1,374	1,316	1,307	1,295	1,318	1,461
Goodwill	6,260	5,621	5,778	5,667	5,554	5,129	4,962	5,044	4,934	4,868	4,661
Intangible Assets	2,497	2,298	2,372	2,385	2,298	2,081	2,064	2,130	2,153	2,193	2,146
Noncurrent Deferred & Refundable Income Taxes	636	613	460	415	438	439	404	372	334	318	202
Other Noncurrent Operating Assets	4,210	3,672	3,349	3,138	3,032	2,952	2,763	2,561	2,434	2,451	2,387
Total Liabilities & Shareholders' Equity	26,366	24,383	24,845	23,462	22,964	22,548	21,687	21,732	21,030	20,513	20,215
Total Liabilities	17,362	15,191	15,289	14,273	13,865	13,481	13,227	12,838	12,388	11,907	11,576
Total Current Liabilities	10,868	9,287	9,430	8,629	8,233	8,243	7,867	8,153	8,717	8,242	7,756
Short-Term Debt	2,264	390	725	975	846	25	1,672	2,023	2,442	649	321
Accounts Payable	3,939	4,102	3,851	3,568	3,415	3,562	2,901	2,886	3,008	3,079	2,720
Accrued Expenses	942	1,695	1,223	974	829	1,556	1,180	1,014	933	1,691	1,297
Current Deferred & Payable Income Tax Liabilities	111	209	75	128	187	217	162	169	193	184	120
Current Employee Benefit Liabilities	1,357	1,419	1,241	1,230	1,342	1,459	1,286	1,366	1,411	1,459	1,404
Other Current Liabilities	2,255	1,472	2,315	1,754	1,614	1,424	665	696	731	1,180	1,893
Total Noncurrent Liabilities	6,494	5,904	5,859	5,644	5,632	5,238	5,360	4,685	3,670	3,665	3,820
Long-Term Debt	3,207	3,245	3,277	3,272	3,282	2,804	2,796	2,060	1,086	1,086	1,477
Noncurrent Deferred & Payable Income Tax Liabilities	412	407	408	396	394	412	409	419	432	431	418
Other Noncurrent Operating Liabilities	2,875	2,252	2,174	1,976	1,926	1,992	2,124	2,176	2,098	2,093	1,870
Redeemable Noncontrolling Interest	371	-	-	-	-	-	-	-	-	-	-
Total Equity & Noncontrolling Interests	8,633	9,192	9,556	9,189	9,099	9,067	8,461	8,894	8,642	8,606	8,640
Total Preferred & Common Equity	8,282	8,411	8,692	8,356	8,261	8,267	7,684	8,098	7,860	7,853	7,936
Total Common Equity	8,282	8,411	8,692	8,356	8,261	8,267	7,684	8,098	7,860	7,853	7,936
Common Stock	3.00	3.00	3.00	3.00	3.00	3.00	3.05	16	3.11	3.00	3.17
Retained Earnings	9,386	9,567	9,584	9,384	9,263	9,188	8,725	9,011	8,810	8,833	9,156
Accumulated Other Comprehensive Income / (Loss)	-1,107	-1,159	-895	-1,031	-1,005	-924	-1,044	-929	-953	-983	-1,223
Noncontrolling Interest	351	781	864	833	838	800	777	796	783	753	704

This table displays calculated financial ratios and metrics derived from CBRE Group's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.95%	3.64%	11.11%	16.45%	-0.28%	11.97%	14.55%	7.25%	60.00%	19.95%
EBITDA Growth	18.11%	-14.81%	-11.03%	51.12%	-9.51%	4.11%	10.84%	25.48%	3.53%	7.01%
EBIT Growth	23.26%	-21.47%	-18.52%	86.50%	-23.40%	9.13%	8.54%	64.90%	-1.28%	3.44%
NOPAT Growth	33.79%	-30.82%	3.79%	65.57%	-36.77%	42.12%	29.80%	19.57%	2.04%	1.46%
Net Income Growth	0.88%	-27.88%	-22.69%	143.69%	-41.47%	21.16%	51.50%	20.23%	4.70%	8.84%
EPS Growth	-0.32%	-26.57%	-20.70%	143.69%	-41.11%	21.61%	51.22%	21.30%	3.68%	12.41%
Operating Cash Flow Growth	255.83%	-70.53%	-31.09%	29.13%	49.65%	8.14%	26.48%	44.96%	-39.48%	-0.78%
Free Cash Flow Firm Growth	106.59%	-172.59%	-52.48%	461.85%	-235.71%	-67.74%	239.70%	-135.30%	209.39%	-872.83%
Invested Capital Growth	12.68%	20.13%	5.88%	-7.59%	19.40%	14.39%	-5.35%	65.19%	-28.57%	73.19%
Revenue Q/Q Growth	4.24%	2.42%	-1.14%	6.28%	-0.87%	3.58%	3.87%	-12.34%	34.15%	9.18%
EBITDA Q/Q Growth	3.71%	19.27%	-20.36%	12.73%	2.40%	3.43%	3.52%	9.62%	13.29%	-6.08%
EBIT Q/Q Growth	4.54%	33.97%	-26.04%	21.44%	-6.47%	4.84%	4.48%	10.88%	20.95%	-11.18%
NOPAT Q/Q Growth	9.00%	20.05%	-13.53%	9.17%	-26.03%	24.87%	27.95%	-21.92%	26.13%	-12.42%
Net Income Q/Q Growth	0.58%	66.15%	-29.88%	25.78%	-29.99%	23.37%	27.97%	-12.96%	16.68%	-3.97%
EPS Q/Q Growth	1.62%	66.67%	-29.32%	26.40%	-30.19%	24.42%	27.05%	-25.53%	16.55%	-4.12%
Operating Cash Flow Q/Q Growth	39.89%	8.80%	-17.67%	10.44%	-5.58%	52.22%	11.88%	-10.73%	-22.39%	0.77%
Free Cash Flow Firm Q/Q Growth	-85.80%	63.84%	216.88%	-14.51%	-181.57%	-21.35%	-13.78%	-189.59%	279.82%	-1,140.60%
Invested Capital Q/Q Growth	-6.83%	-10.80%	-1.76%	10.20%	3.29%	2.94%	-2.63%	-8.00%	-30.94%	31.50%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.45%	19.64%	21.37%	22.22%	20.06%	21.78%	22.92%	46.42%	22.73%	34.75%
EBITDA Margin	5.94%	5.63%	6.85%	8.56%	6.60%	7.27%	7.82%	8.08%	6.91%	10.67%
Operating Margin	3.95%	3.50%	4.90%	5.90%	4.07%	5.27%	5.10%	11.58%	4.70%	7.70%
EBIT Margin	4.06%	3.69%	4.87%	6.64%	4.14%	5.39%	5.53%	5.84%	4.73%	7.67%
Profit (Net Income) Margin	2.90%	3.21%	4.62%	6.64%	3.17%	5.40%	5.00%	7.55%	3.37%	5.15%
Tax Burden Percent	85.06%	80.42%	85.89%	76.43%	77.93%	94.87%	77.30%	120.13%	66.34%	63.53%
Interest Burden Percent	83.88%	108.40%	110.53%	130.91%	98.26%	105.63%	116.77%	0.00%	107.37%	105.72%
Effective Tax Rate	14.94%	19.58%	14.11%	23.57%	22.07%	5.13%	22.70%	79.87%	33.66%	36.47%
Return on Invested Capital (ROIC)	12.35%	10.71%	17.54%	16.71%	10.57%	19.56%	14.35%	12.27%	9.94%	10.59%
ROIC Less NNEP Spread (ROIC-NNEP)	-15.22%	-17.73%	9.58%	-45.96%	10.63%	40.10%	32.08%	36.12%	11.65%	11.71%
Return on Net Nonoperating Assets (RNNOA)	-1.00%	0.91%	-1.68%	5.14%	0.41%	3.33%	8.86%	7.19%	10.18%	11.50%
Return on Equity (ROE)	11.35%	11.62%	15.85%	21.84%	10.97%	22.89%	23.21%	38.92%	20.12%	22.09%
Cash Return on Invested Capital (CROIC)	0.43%	-7.58%	11.82%	24.60%	-7.12%	6.14%	19.84%	-0.36%	43.27%	-42.99%
Operating Return on Assets (OROA)	6.19%	5.47%	7.04%	9.18%	5.77%	8.69%	9.38%	19.35%	7.54%	8.95%
Return on Assets (ROA)	4.42%	4.77%	6.69%	9.18%	4.42%	8.71%	8.47%	6.25%	5.37%	6.01%
Return on Common Equity (ROCE)	10.37%	10.60%	14.46%	20.21%	10.60%	22.67%	22.88%	38.36%	19.81%	21.70%
Return on Equity Simple (ROE_SIMPLE)	12.32%	12.42%	18.13%	21.60%	10.68%	20.72%	21.58%	34.20%	19.41%	20.60%
Net Operating Profit after Tax (NOPAT)	1,202	898	1,299	1,251	756	1,195	841	648	542	531
NOPAT Margin	3.36%	2.81%	4.21%	4.51%	3.17%	5.00%	3.94%	6.96%	3.12%	4.89%
Net Nonoperating Expense Percent (NNEP)	27.57%	28.45%	7.95%	62.66%	-0.06%	-20.54%	-17.73%	0.00%	-1.70%	-1.12%
Return On Investment Capital (ROIC_SIMPLE)	9.37%	7.55%	12.56%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	80.55%	80.36%	78.63%	77.78%	79.94%	78.22%	77.08%	153.58%	77.27%	65.25%
SG&A Expenses to Revenue	14.01%	14.28%	15.08%	14.68%	13.88%	14.38%	15.77%	30.69%	16.01%	24.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.50%	16.14%	16.47%	16.32%	15.99%	16.51%	17.82%	34.84%	18.03%	27.05%
Earnings before Interest and Taxes (EBIT)	1,452	1,178	1,500	1,841	987	1,289	1,181	1,088	822	832
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,126	1,800	2,113	2,375	1,572	1,737	1,668	1,505	1,199	1,159
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.78	3.43	3.10	4.26	2.97	3.29	2.76	3.57	3.52	4.26
Price to Tangible Book Value (P/TBV)	81.66	26.84	30.70	32.32	11.14	18.66	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.12	0.89	0.79	1.31	0.88	0.86	0.64	1.58	0.61	1.06
Price to Earnings (P/E)	41.51	28.78	17.28	19.77	27.98	16.00	12.84	21.09	18.53	21.12
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.41%	3.48%	5.79%	5.06%	3.57%	6.25%	7.79%	9.46%	5.40%	4.73%
Enterprise Value to Invested Capital (EV/IC)	4.08	3.20	3.16	4.86	2.79	3.19	2.53	6.26	2.67	2.39
Enterprise Value to Revenue (EV/Rev)	1.18	0.92	0.78	1.26	0.91	0.87	0.68	1.79	0.70	1.40
Enterprise Value to EBITDA (EV/EBITDA)	19.79	16.25	11.40	14.73	13.84	11.98	8.64	11.04	10.13	13.12
Enterprise Value to EBIT (EV/EBIT)	28.98	24.84	16.05	19.00	22.03	16.14	12.20	15.27	14.79	18.27
Enterprise Value to NOPAT (EV/NOPAT)	35.01	32.57	18.54	27.96	28.78	17.41	17.13	51.36	22.42	28.62
Enterprise Value to Operating Cash Flow (EV/OCF)	24.64	60.95	14.78	14.80	11.88	17.01	12.74	37.21	19.69	14.91
Enterprise Value to Free Cash Flow (EV/FCFF)	1,005.14	0.00	27.51	18.99	0.00	55.46	12.39	0.00	5.15	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.40	0.31	0.20	0.17	0.37	0.28	0.35	0.00	0.83	1.61
Long-Term Debt to Equity	0.35	0.31	0.13	0.16	0.18	0.28	0.35	0.00	0.83	0.96
Financial Leverage	0.07	-0.05	-0.18	-0.11	0.04	0.08	0.28	0.00	0.87	0.98
Leverage Ratio	2.57	2.44	2.37	2.38	2.48	2.63	2.74	6.22	3.75	3.67
Compound Leverage Factor	2.16	2.64	2.62	3.11	2.44	2.78	3.20	0.00	4.02	3.88
Debt to Total Capital	28.34%	23.78%	16.78%	14.37%	26.96%	21.98%	26.11%	82.16%	45.46%	61.62%
Short-Term Debt to Total Capital	3.04%	0.21%	6.28%	0.30%	13.53%	0.08%	0.05%	0.00%	0.00%	24.83%
Long-Term Debt to Total Capital	25.30%	23.57%	10.50%	14.07%	13.43%	21.90%	26.06%	0.00%	45.46%	36.79%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	6.09%	6.72%	7.28%	7.60%	4.16%	0.50%	1.05%	0.00%	0.76%	0.65%
Common Equity to Total Capital	65.57%	69.49%	75.94%	78.03%	68.88%	77.51%	72.84%	0.00%	53.78%	37.73%
Debt to EBITDA	1.71	1.57	0.82	0.66	1.76	1.02	1.06	1.93	2.12	3.82
Net Debt to EBITDA	0.53	0.05	-0.47	-0.91	0.18	0.14	0.41	2.46	1.24	3.11
Long-Term Debt to EBITDA	1.53	1.56	0.51	0.65	0.88	1.01	1.06	2.66	2.12	2.28
Debt to NOPAT	3.02	3.15	1.34	1.26	3.67	1.48	2.11	8.98	4.70	8.34
Net Debt to NOPAT	0.93	0.09	-0.76	-1.73	0.37	0.21	0.82	5.70	2.74	6.78
Long-Term Debt to NOPAT	2.70	3.12	0.84	1.23	1.83	1.47	2.10	6.17	4.70	4.98
Altman Z-Score	3.83	3.50	3.59	3.87	3.32	3.56	3.40	0.00	3.10	2.37
Noncontrolling Interest Sharing Ratio	8.66%	8.79%	8.82%	7.46%	3.39%	0.99%	1.43%	2.85%	1.53%	1.74%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.07	1.17	1.03	1.20	1.24	1.17	1.16	2.39	1.13	1.06
Quick Ratio	0.87	0.93	0.81	0.90	0.88	0.84	0.77	0.00	0.74	0.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	42	-635	875	1,842	-509	375	1,163	-833	2,358	-2,156
Operating Cash Flow to CapEx	370.50%	120.30%	626.54%	1,125.71%	686.78%	416.80%	496.59%	1,004.72%	420.06%	730.93%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	437.67	36.84	-3.55	4.25	9.18	-6.56	16.28	-17.74
Operating Cash Flow to Interest Expense	0.00	0.00	814.50	47.28	12.77	13.85	8.93	14.09	4.26	8.39
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	684.50	43.08	10.91	10.52	7.13	11.28	3.25	7.24
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.52	1.48	1.45	1.38	1.39	1.61	1.70	3.31	1.59	1.17
Accounts Receivable Turnover	5.35	5.46	5.88	5.81	5.38	5.87	6.29	13.03	6.84	5.16
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	39.28	36.66	37.32	34.02	28.86	30.67	31.86	31.61	31.85	21.13
Accounts Payable Turnover	7.52	7.73	8.09	7.69	7.43	8.58	9.42	9.47	9.16	6.13
Days Sales Outstanding (DSO)	68.25	66.82	62.03	62.79	67.88	62.14	57.99	56.02	53.35	70.74
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	48.55	47.20	45.14	47.44	49.14	42.54	38.76	77.06	39.85	59.56
Cash Conversion Cycle (CCC)	19.70	19.61	16.89	15.35	18.73	19.60	19.23	17.49	13.50	11.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,311	9,151	7,617	7,194	7,785	6,520	5,700	6,022	4,542	6,358
Invested Capital Turnover	3.68	3.81	4.16	3.70	3.33	3.91	3.64	3.53	3.19	2.16
Increase / (Decrease) in Invested Capital	1,160	1,534	423	-591	1,265	820	-322	1,480	-1,817	2,687
Enterprise Value (EV)	42,077	29,257	24,081	34,980	21,747	20,804	14,410	16,610	12,148	15,201
Market Capitalization	40,177	28,373	24,315	36,315	21,040	20,517	13,649	14,702	10,621	11,555
Book Value per Share	$27.49	$27.12	$24.86	$25.48	$21.10	$18.62	$14.49	$12.12	$8.94	$8.12
Tangible Book Value per Share	$1.61	$3.47	$2.51	$3.36	$5.63	$3.29	($0.45)	($1.59)	($4.09)	($5.46)
Total Capital	12,827	11,896	10,341	10,930	10,277	8,041	6,780	7,085	5,605	7,189
Total Debt	3,635	2,829	1,735	1,571	2,771	1,768	1,770	2,910	2,548	4,430
Total Long-Term Debt	3,245	2,804	1,086	1,538	1,380	1,761	1,767	2,000	2,548	2,645
Net Debt	1,119	84	-988	-2,165	279	247	690	1,848	1,485	3,599
Capital Expenditures (CapEx)	461	399	260	210	267	294	228	178	147	139
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-148	77	-469	-844	1,053	11	90	1,004	-234	1,483
Debt-free Net Working Capital (DFNWC)	1,073	1,448	936	1,696	3,092	1,104	954	1,828	597	2,096
Net Working Capital (NWC)	683	1,423	287	1,663	1,702	1,098	951	918	597	311
Net Nonoperating Expense (NNE)	166	-129	-125	-591	-0.16	-96	-225	-56	-43	-28
Net Nonoperating Obligations (NNO)	1,119	84	-989	-2,165	279	247	690	1,848	1,485	3,599
Total Depreciation and Amortization (D&A)	674	622	613	534	584	448	487	417	378	326
Debt-free, Cash-free Net Working Capital to Revenue	-0.41%	0.24%	-1.52%	-3.04%	4.42%	0.04%	0.42%	5.39%	-1.35%	13.66%
Debt-free Net Working Capital to Revenue	3.00%	4.53%	3.04%	6.11%	12.98%	4.62%	4.47%	19.63%	3.44%	19.31%
Net Working Capital to Revenue	1.91%	4.45%	0.93%	6.00%	7.14%	4.60%	4.46%	4.93%	3.44%	2.87%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.16	$3.20	$4.36	$5.48	$2.24	$3.82	$3.13	$2.05	$1.71	$1.64
Adjusted Weighted Average Basic Shares Outstanding	305.86M	308.43M	322.81M	335.23M	335.20M	335.80M	339.32M	337.66M	335.41M	332.62M
Adjusted Diluted Earnings per Share	$3.14	$3.15	$4.29	$5.41	$2.22	$3.77	$3.10	$2.03	$1.69	$1.63
Adjusted Weighted Average Diluted Shares Outstanding	308.03M	312.55M	327.70M	339.72M	338.39M	340.52M	343.12M	340.78M	338.42M	336.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	300.04M	305.70M	309.89M	332.32M	335.60M	334.79M	335.83M	339.51M	337.83M	334.24M
Normalized Net Operating Profit after Tax (NOPAT)	1,202	898	1,349	1,251	825	1,280	841	648	542	531
Normalized NOPAT Margin	3.36%	2.81%	4.38%	4.51%	3.46%	5.36%	3.94%	6.96%	3.12%	4.89%
Pre Tax Income Margin	3.41%	4.00%	5.38%	8.69%	4.07%	5.70%	6.46%	12.58%	5.08%	8.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	750.00	36.82	6.89	14.59	9.32	17.14	5.67	6.85
NOPAT to Interest Expense	0.00	0.00	649.30	25.02	5.27	13.53	6.64	5.10	3.74	4.37
EBIT Less CapEx to Interest Expense	0.00	0.00	620.00	32.62	5.03	11.26	7.53	7.17	4.66	5.70
NOPAT Less CapEx to Interest Expense	0.00	0.00	519.30	20.82	3.41	10.20	4.84	3.70	2.73	3.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.27%	0.57%	0.31%	1.26%	1.24%	6.86%	2.97%
Augmented Payout Ratio	60.52%	64.75%	129.92%	20.30%	7.19%	11.54%	16.37%	1.24%	6.86%	2.97%

This table displays calculated financial ratios and metrics derived from CBRE Group's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.29%	16.26%	14.84%	8.69%	7.07%	9.22%	4.50%	-0.66%	1.06%	-4.16%	10.76%
EBITDA Growth	20.10%	11.84%	29.03%	-11.35%	84.65%	73.19%	-17.72%	-30.73%	-60.64%	-56.87%	-2.63%
EBIT Growth	30.05%	11.58%	34.28%	-19.23%	446.15%	121.78%	-25.95%	-38.83%	-89.24%	-68.28%	-8.43%
NOPAT Growth	-14.50%	22.73%	23.99%	-16.83%	738.75%	14.14%	-18.08%	-41.88%	-92.06%	-22.26%	-9.32%
Net Income Growth	29.05%	1.21%	21.89%	-31.07%	18.40%	474.69%	-55.50%	-57.95%	-68.46%	-87.57%	3.45%
EPS Growth	31.71%	3.27%	19.67%	-34.38%	10.81%	466.67%	-55.80%	-56.76%	-68.10%	-86.83%	7.81%
Operating Cash Flow Growth	-10.98%	57.09%	49.61%	2,709.09%	33.96%	4.77%	-49.20%	-102.42%	-89.32%	-30.05%	-22.52%
Free Cash Flow Firm Growth	3.18%	40.78%	77.17%	68.71%	-349.61%	-1,398.54%	-141.48%	-126.75%	89.48%	-107.31%	-171.16%
Invested Capital Growth	10.90%	12.68%	7.87%	7.58%	13.04%	20.13%	32.31%	25.55%	2.70%	5.88%	18.77%
Revenue Q/Q Growth	-14.37%	15.15%	7.69%	5.75%	-11.34%	13.75%	1.92%	4.17%	-9.56%	8.83%	-3.11%
EBITDA Q/Q Growth	-35.97%	40.00%	35.27%	10.99%	-46.94%	61.52%	-7.07%	131.19%	-50.27%	-23.26%	-21.76%
EBIT Q/Q Growth	-54.37%	59.74%	50.79%	18.31%	-60.84%	92.23%	-9.29%	700.00%	-84.10%	-35.82%	-25.06%
NOPAT Q/Q Growth	-55.42%	68.38%	44.14%	-20.93%	-35.95%	70.12%	-3.32%	697.41%	-91.30%	22.10%	-31.40%
Net Income Q/Q Growth	-61.88%	104.49%	72.54%	-4.05%	-70.10%	146.27%	-2.43%	64.80%	45.12%	-80.93%	-7.80%
EPS Q/Q Growth	-65.82%	116.44%	73.81%	2.44%	-73.20%	150.82%	-4.69%	72.97%	37.04%	-80.43%	-6.76%
Operating Cash Flow Q/Q Growth	-140.75%	133.86%	99.65%	158.33%	-157.65%	122.72%	3,581.82%	98.52%	-191.50%	8.00%	65.90%
Free Cash Flow Firm Q/Q Growth	-42.68%	-29.80%	10.72%	41.45%	12.78%	49.96%	-22.36%	-741.25%	-190.92%	91.94%	-14.89%
Invested Capital Q/Q Growth	16.19%	-6.83%	-0.24%	2.70%	18.04%	-10.80%	-0.51%	7.91%	25.45%	-1.76%	-5.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.46%	20.32%	19.74%	19.04%	18.40%	20.75%	18.70%	19.96%	18.96%	20.70%	21.18%
EBITDA Margin	5.63%	7.53%	6.20%	4.93%	4.70%	7.83%	5.52%	6.05%	2.73%	4.94%	7.01%
Operating Margin	3.10%	5.72%	4.07%	2.93%	2.57%	5.64%	3.42%	3.96%	0.50%	2.97%	4.97%
EBIT Margin	3.11%	5.83%	4.21%	3.00%	2.68%	6.08%	3.60%	4.04%	0.53%	2.99%	5.08%
Profit (Net Income) Margin	2.14%	4.82%	2.71%	1.69%	1.87%	5.53%	2.55%	2.67%	1.69%	1.05%	6.00%
Tax Burden Percent	78.60%	81.73%	78.53%	81.61%	124.37%	78.45%	86.64%	78.93%	81.70%	142.51%	76.00%
Interest Burden Percent	87.73%	100.99%	82.11%	69.05%	55.87%	115.99%	81.98%	83.65%	392.31%	24.64%	155.51%
Effective Tax Rate	21.40%	18.22%	21.47%	18.51%	-24.29%	21.49%	13.36%	21.23%	18.30%	-42.51%	24.00%
Return on Invested Capital (ROIC)	7.85%	17.19%	10.29%	7.40%	10.19%	16.88%	10.26%	10.40%	1.34%	17.65%	16.50%
ROIC Less NNEP Spread (ROIC-NNEP)	6.74%	19.59%	7.63%	3.88%	2.13%	-4.90%	3.23%	0.89%	21.59%	34.21%	4.38%
Return on Net Nonoperating Assets (RNNOA)	1.74%	1.29%	1.40%	0.71%	0.31%	0.25%	0.17%	0.04%	1.13%	-6.01%	-0.71%
Return on Equity (ROE)	9.60%	18.48%	11.69%	8.11%	10.51%	17.13%	10.43%	10.44%	2.46%	11.64%	15.79%
Cash Return on Invested Capital (CROIC)	0.14%	0.43%	2.76%	2.45%	-1.59%	-7.58%	-19.51%	-14.22%	7.44%	11.82%	3.87%
Operating Return on Assets (OROA)	4.63%	8.89%	6.20%	4.40%	3.96%	9.02%	5.36%	5.91%	0.77%	4.33%	7.93%
Return on Assets (ROA)	3.19%	7.34%	4.00%	2.48%	2.75%	8.21%	3.80%	3.90%	2.47%	1.52%	9.37%
Return on Common Equity (ROCE)	8.77%	16.88%	10.63%	7.38%	9.55%	15.63%	9.53%	9.53%	2.24%	10.61%	14.73%
Return on Equity Simple (ROE_SIMPLE)	13.03%	0.00%	11.85%	11.80%	12.71%	0.00%	8.04%	10.73%	14.67%	0.00%	25.59%
Net Operating Profit after Tax (NOPAT)	217	487	289	200	254	396	233	241	30	347	284
NOPAT Margin	2.43%	4.68%	3.20%	2.39%	3.20%	4.43%	2.96%	3.12%	0.41%	4.24%	3.78%
Net Nonoperating Expense Percent (NNEP)	1.11%	-2.40%	2.66%	3.52%	8.07%	21.78%	7.03%	9.51%	-20.25%	-16.57%	12.12%
Return On Investment Capital (ROIC_SIMPLE)	1.54%	3.79%	-	-	-	3.33%	-	-	-	3.36%	-
Cost of Revenue to Revenue	81.54%	79.68%	80.26%	80.96%	81.60%	79.25%	81.30%	80.04%	81.04%	79.30%	78.82%
SG&A Expenses to Revenue	13.38%	14.15%	13.69%	14.19%	14.00%	13.47%	13.45%	14.11%	16.31%	16.03%	14.35%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.36%	14.60%	15.67%	16.11%	15.83%	15.11%	15.28%	16.00%	18.46%	17.72%	16.21%
Earnings before Interest and Taxes (EBIT)	277	607	380	252	213	544	283	312	39	245	382
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	502	784	560	414	373	701	434	467	202	405	527
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.74	4.78	4.39	3.27	3.59	3.43	2.98	3.10	2.87	3.10	2.73
Price to Tangible Book Value (P/TBV)	0.00	81.66	70.38	89.94	72.46	26.84	34.77	27.14	29.19	30.70	19.21
Price to Revenue (P/Rev)	1.07	1.12	1.11	0.82	0.91	0.89	0.73	0.81	0.73	0.79	0.70
Price to Earnings (P/E)	39.04	41.51	39.82	29.59	29.79	28.78	38.80	29.68	19.94	17.28	10.74
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.56%	2.41%	2.51%	3.38%	3.36%	3.48%	2.58%	3.37%	5.02%	5.79%	9.31%
Enterprise Value to Invested Capital (EV/IC)	3.58	4.08	3.66	2.71	2.98	3.20	2.48	2.65	2.54	3.16	2.77
Enterprise Value to Revenue (EV/Rev)	1.17	1.18	1.18	0.91	0.99	0.92	0.82	0.88	0.78	0.78	0.69
Enterprise Value to EBITDA (EV/EBITDA)	19.44	19.79	19.77	15.63	16.28	16.25	16.87	17.03	13.40	11.40	8.10
Enterprise Value to EBIT (EV/EBIT)	28.32	28.98	29.17	23.28	23.80	24.84	28.96	27.90	20.62	16.05	10.60
Enterprise Value to NOPAT (EV/NOPAT)	35.96	35.01	36.75	28.81	29.67	32.57	34.02	34.96	25.47	18.54	14.32
Enterprise Value to Operating Cash Flow (EV/OCF)	25.96	24.64	33.19	29.17	43.90	60.95	57.71	33.62	18.99	14.78	10.87
Enterprise Value to Free Cash Flow (EV/FCFF)	2,654.46	1,005.14	137.44	114.59	0.00	0.00	0.00	0.00	34.58	27.51	77.83
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.40	0.42	0.46	0.45	0.31	0.53	0.46	0.41	0.20	0.21
Long-Term Debt to Equity	0.36	0.35	0.34	0.36	0.36	0.31	0.33	0.23	0.13	0.13	0.17
Financial Leverage	0.26	0.07	0.18	0.18	0.15	-0.05	0.05	0.04	0.05	-0.18	-0.16
Leverage Ratio	2.73	2.57	2.58	2.50	2.48	2.44	2.45	2.37	2.35	2.37	2.34
Compound Leverage Factor	2.39	2.60	2.12	1.73	1.39	2.83	2.01	1.98	9.23	0.58	3.65
Debt to Total Capital	37.80%	28.34%	29.52%	31.61%	31.21%	23.78%	34.56%	31.46%	28.99%	16.78%	17.23%
Short-Term Debt to Total Capital	15.64%	3.04%	5.35%	7.26%	6.40%	0.21%	12.93%	15.59%	20.07%	6.28%	3.08%
Long-Term Debt to Total Capital	22.16%	25.30%	24.17%	24.35%	24.81%	23.57%	21.63%	15.87%	8.93%	10.50%	14.15%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.99%	6.09%	6.37%	6.20%	6.34%	6.72%	6.01%	6.13%	6.43%	7.28%	6.74%
Common Equity to Total Capital	57.22%	65.57%	64.11%	62.19%	62.46%	69.49%	59.43%	62.41%	64.58%	75.94%	76.03%
Debt to EBITDA	2.48	1.71	1.95	2.21	2.09	1.57	2.96	2.55	1.95	0.82	0.68
Net Debt to EBITDA	1.35	0.53	0.74	0.99	0.86	0.05	1.19	0.89	0.50	-0.47	-0.33
Long-Term Debt to EBITDA	1.45	1.53	1.60	1.70	1.66	1.56	1.85	1.29	0.60	0.51	0.56
Debt to NOPAT	4.58	3.02	3.63	4.07	3.81	3.15	5.97	5.23	3.70	1.34	1.20
Net Debt to NOPAT	2.49	0.93	1.37	1.82	1.57	0.09	2.40	1.82	0.96	-0.76	-0.59
Long-Term Debt to NOPAT	2.69	2.70	2.97	3.13	3.03	3.12	3.74	2.64	1.14	0.84	0.98
Altman Z-Score	3.28	3.72	3.53	3.21	3.36	3.41	3.16	3.29	3.17	3.39	3.41
Noncontrolling Interest Sharing Ratio	8.62%	8.66%	9.11%	9.01%	9.13%	8.79%	8.66%	8.74%	8.90%	8.82%	6.70%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.00	1.07	1.13	1.12	1.15	1.17	1.19	1.16	1.04	1.03	1.11
Quick Ratio	0.75	0.87	0.82	0.84	0.88	0.93	0.88	0.84	0.77	0.81	0.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-961	-673	-519	-581	-993	-1,137	-2,272	-1,857	-221	-76	-941
Operating Cash Flow to CapEx	-420.00%	3,268.29%	369.68%	199.31%	-387.40%	609.29%	308.87%	-14.67%	-1,241.67%	822.38%	1,172.94%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-8.11	-9.22	-27.57	0.00	-59.80	-43.19	-7.88	0.00	-43.13
Operating Cash Flow to Interest Expense	0.00	0.00	8.95	4.56	-13.67	0.00	10.08	-0.26	-26.61	0.00	34.55
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	6.53	2.27	-17.19	0.00	6.82	-2.00	-28.75	0.00	31.61
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.49	1.52	1.47	1.47	1.48	1.48	1.49	1.46	1.47	1.45	1.56
Accounts Receivable Turnover	5.69	5.35	5.53	5.59	5.58	5.46	5.86	5.78	5.86	5.88	6.65
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	39.72	39.28	38.39	38.01	37.47	36.66	38.51	37.92	38.01	37.32	41.83
Accounts Payable Turnover	8.05	7.52	8.18	8.29	8.14	7.73	8.92	8.62	8.32	8.09	9.14
Days Sales Outstanding (DSO)	64.20	68.25	66.02	65.29	65.42	66.82	62.27	63.14	62.25	62.03	54.91
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	45.34	48.55	44.63	44.02	44.84	47.20	40.91	42.34	43.89	45.14	39.95
Cash Conversion Cycle (CCC)	18.86	19.70	21.39	21.27	20.58	19.61	21.37	20.80	18.36	16.89	14.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,980	10,311	11,067	11,094	10,802	9,151	10,259	10,312	9,556	7,617	7,754
Invested Capital Turnover	3.23	3.68	3.22	3.10	3.19	3.81	3.46	3.33	3.28	4.16	4.37
Increase / (Decrease) in Invested Capital	1,178	1,160	808	782	1,246	1,534	2,506	2,098	251	423	1,226
Enterprise Value (EV)	42,937	42,077	40,520	30,079	32,179	29,257	25,460	27,301	24,259	24,081	21,500
Market Capitalization	39,239	40,177	38,145	27,341	29,638	28,373	22,885	25,087	22,563	24,315	21,682
Book Value per Share	$27.60	$27.49	$28.37	$27.23	$27.01	$27.12	$24.80	$26.05	$25.36	$24.86	$24.71
Tangible Book Value per Share	($1.58)	$1.61	$1.77	$0.99	$1.34	$3.47	$2.12	$2.97	$2.49	$2.51	$3.51
Total Capital	14,475	12,827	13,558	13,436	13,227	11,896	12,929	12,976	12,171	10,341	10,438
Total Debt	5,471	3,635	4,002	4,247	4,128	2,829	4,468	4,082	3,528	1,735	1,798
Total Long-Term Debt	3,207	3,245	3,277	3,272	3,282	2,804	2,796	2,060	1,086	1,086	1,477
Net Debt	2,976	1,119	1,511	1,905	1,703	84	1,798	1,418	914	-988	-886
Capital Expenditures (CapEx)	130	41	155	144	127	140	124	75	60	99	64
Debt-free, Cash-free Net Working Capital (DFCFNWC)	714	-148	754	966	930	77	1,779	1,982	1,451	-469	-67
Debt-free Net Working Capital (DFNWC)	2,227	1,073	1,911	1,999	2,057	1,448	3,132	3,339	2,771	936	1,156
Net Working Capital (NWC)	-37	683	1,186	1,024	1,211	1,423	1,460	1,317	329	287	834
Net Nonoperating Expense (NNE)	26	-14	44	58	106	-99	32	35	-95	261	-167
Net Nonoperating Obligations (NNO)	2,976	1,119	1,511	1,905	1,703	84	1,798	1,418	914	-989	-886
Total Depreciation and Amortization (D&A)	225	177	180	162	160	157	151	155	163	159	145
Debt-free, Cash-free Net Working Capital to Revenue	1.94%	-0.41%	2.20%	2.91%	2.86%	0.24%	5.70%	6.42%	4.70%	-1.52%	-0.22%
Debt-free Net Working Capital to Revenue	6.06%	3.00%	5.57%	6.03%	6.33%	4.53%	10.04%	10.82%	8.97%	3.04%	3.71%
Net Working Capital to Revenue	-0.10%	1.91%	3.46%	3.09%	3.73%	4.45%	4.68%	4.27%	1.06%	0.93%	2.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.54	$1.60	$0.73	$0.42	$0.41	$1.55	$0.62	$0.65	$0.38	$0.28	$1.40
Adjusted Weighted Average Basic Shares Outstanding	300.29M	305.86M	306.25M	306.75M	305.81M	308.43M	307.85M	310.86M	310.46M	322.81M	319.83M
Adjusted Diluted Earnings per Share	$0.54	$1.58	$0.73	$0.42	$0.41	$1.53	$0.61	$0.64	$0.37	$0.27	$1.38
Adjusted Weighted Average Diluted Shares Outstanding	302.91M	308.03M	308.31M	308.04M	308.50M	312.55M	312.22M	314.28M	315.36M	327.70M	324.74M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	298.10M	300.04M	306.02M	306.43M	306.82M	305.70M	304.79M	309.84M	310.83M	309.89M	315.95M
Normalized Net Operating Profit after Tax (NOPAT)	217	487	290	200	143	396	229	234	30	186	284
Normalized NOPAT Margin	2.43%	4.68%	3.21%	2.39%	1.80%	4.43%	2.91%	3.03%	0.41%	2.27%	3.78%
Pre Tax Income Margin	2.73%	5.89%	3.45%	2.07%	1.50%	7.05%	2.95%	3.38%	2.06%	0.74%	7.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	5.94	4.00	5.92	0.00	7.45	7.26	1.39	0.00	17.52
NOPAT to Interest Expense	0.00	0.00	4.52	3.18	7.04	0.00	6.13	5.61	1.08	0.00	13.04
EBIT Less CapEx to Interest Expense	0.00	0.00	3.52	1.71	2.39	0.00	4.18	5.51	-0.75	0.00	14.57
NOPAT Less CapEx to Interest Expense	0.00	0.00	2.09	0.90	3.52	0.00	2.87	3.86	-1.06	0.00	10.09
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	7.77%	7.20%	0.00%	0.00%	0.20%	0.19%	0.00%	0.00%	0.08%
Augmented Payout Ratio	96.85%	60.52%	20.29%	66.23%	50.95%	64.75%	176.80%	113.70%	139.85%	129.92%	78.14%

Frequently Asked Questions About CBRE Group's Financials

When does CBRE Group's fiscal year end?

According to the most recent income statement we have on file, CBRE Group's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has CBRE Group's net income changed over the last 9 years?

CBRE Group's net income appears to be on an upward trend, with a most recent value of $1.04 billion in 2024, rising from $558.88 million in 2015. The previous period was $1.03 billion in 2023. View CBRE Group's forecast to see where analysts expect CBRE Group to go next.

What is CBRE Group's operating income?

CBRE Group's total operating income in 2024 was $1.41 billion, based on the following breakdown:

Total Gross Profit: $6.96 billion
Total Operating Expenses: $5.54 billion

How has CBRE Group revenue changed over the last 9 years?

Over the last 9 years, CBRE Group's total revenue changed from $10.86 billion in 2015 to $35.77 billion in 2024, a change of 229.5%.

How much debt does CBRE Group have?

CBRE Group's total liabilities were at $15.19 billion at the end of 2024, a 12.7% increase from 2023, and a 83.9% increase since 2015.

How much cash does CBRE Group have?

In the past 9 years, CBRE Group's cash and equivalents has ranged from $540.40 million in 2015 to $2.43 billion in 2021, and is currently $1.11 billion as of their latest financial filing in 2024.

How has CBRE Group's book value per share changed over the last 9 years?

Over the last 9 years, CBRE Group's book value per share changed from 8.12 in 2015 to 27.49 in 2024, a change of 238.6%.

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This page (NYSE:CBRE) was last updated on 5/21/2025 by MarketBeat.com Staff

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CBRE Group (CBRE) Financials

Frequently Asked Questions About CBRE Group's Financials

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CBRE Group (CBRE) Financials

Annual Income Statements for CBRE Group

Quarterly Income Statements for CBRE Group

Annual Cash Flow Statements for CBRE Group

Quarterly Cash Flow Statements for CBRE Group

Annual Balance Sheets for CBRE Group

Quarterly Balance Sheets for CBRE Group

Annual Metrics And Ratios for CBRE Group

Quarterly Metrics And Ratios for CBRE Group

Frequently Asked Questions About CBRE Group's Financials

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