CBRE Group (CBRE) Financials

$155.50 +1.14 (+0.74%)

Closing price 08/8/2025 03:59 PM Eastern

Extended Trading

$155.41 -0.08 (-0.05%)

As of 08/8/2025 06:55 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	485	547	573	697	1,063	1,282	752	1,837	1,407	986	968
Consolidated Net Income / (Loss)	514	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036
Net Income / (Loss) Continuing Operations	514	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036
Total Pre-Tax Income	777	880	882	1,171	1,379	1,361	970	2,410	1,658	1,277	1,218
Total Operating Income	792	836	817	1,079	1,088	1,260	970	1,637	1,512	1,117	1,413
Total Gross Profit	3,439	3,773	3,948	4,324	4,891	5,205	4,779	6,166	6,589	6,274	6,956
Total Revenue	9,050	10,856	17,369	18,629	21,340	23,894	23,826	27,746	30,828	31,949	35,767
Operating Revenue	9,050	10,856	17,369	18,629	21,340	23,894	23,826	27,746	30,828	31,949	35,767
Total Cost of Revenue	5,611	7,083	13,421	14,305	16,449	18,689	19,048	21,580	24,239	25,675	28,811
Operating Cost of Revenue	5,611	7,083	13,421	14,305	16,449	18,689	19,048	21,580	24,239	25,675	28,811
Total Operating Expenses	2,646	2,937	3,131	3,245	3,803	3,945	3,809	4,529	5,077	5,157	5,543
Selling, General & Admin Expense	2,439	2,634	2,780	2,859	3,366	3,436	3,306	4,074	4,649	4,562	5,011
Depreciation Expense	265	314	367	406	452	439	502	526	613	622	674
Other Operating Expenses / (Income)	-58	-11	-16	-20	-15	-20	-88	-71	-244	-27	-142
Impairment Charge	-	-	-	0.00	0.00	90	89	0.00	59	0.00	0.00
Total Other Income / (Expense), net	-15	44	65	93	291	101	0.21	773	146	160	-195
Interest Expense	135	122	145	127	127	88	143	50	2.00	0.00	0.00
Interest & Investment Income	108	169	205	210	325	161	126	619	160	99	-234
Other Income / (Expense), net	12	-3.81	4.69	9.41	93	29	17	204	-12	61	39
Income Tax Expense	264	321	297	468	313	70	214	568	234	250	182
Net Income / (Loss) Attributable to Noncontrolling Interest	29	12	12	6.47	2.73	9.09	3.88	5.00	17	41	68
Basic Earnings per Share	$1.47	$1.64	$1.71	$2.06	$3.13	$3.82	$2.24	$5.48	$4.36	$3.20	$3.16
Weighted Average Basic Shares Outstanding	330.62M	332.62M	335.41M	337.66M	339.32M	335.80M	335.20M	335.23M	322.81M	308.43M	305.86M
Diluted Earnings per Share	$1.45	$1.63	$1.69	$2.05	$3.10	$3.77	$2.22	$5.41	$4.29	$3.15	$3.14
Weighted Average Diluted Shares Outstanding	334.17M	336.41M	338.42M	340.78M	343.12M	340.52M	338.39M	339.72M	327.70M	312.55M	308.03M
Weighted Average Basic & Diluted Shares Outstanding	333.02M	334.24M	337.83M	339.51M	335.83M	334.79M	335.60M	332.32M	309.89M	305.70M	300.04M

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	81	117	201	191	477	126	130	225	487	163	215
Consolidated Net Income / (Loss)	86	125	206	201	495	148	142	245	501	191	239
Net Income / (Loss) Continuing Operations	86	125	206	201	495	148	142	245	501	191	239
Total Pre-Tax Income	60	153	261	232	631	119	174	312	613	243	300
Total Operating Income	244	37	306	269	505	204	246	368	595	276	374
Total Gross Profit	1,696	1,405	1,541	1,471	1,857	1,460	1,598	1,784	2,114	1,645	1,812
Total Revenue	8,194	7,411	7,720	7,868	8,950	7,935	8,391	9,036	10,405	8,910	9,754
Operating Revenue	-	7,411	7,720	7,868	8,950	7,935	8,391	9,036	10,405	8,910	9,754
Total Cost of Revenue	6,498	6,006	6,179	6,397	7,093	6,475	6,793	7,252	8,291	7,265	7,942
Operating Cost of Revenue	6,498	6,006	6,179	6,397	7,093	6,475	6,793	7,252	8,291	7,265	7,942
Total Operating Expenses	1,452	1,368	1,235	1,202	1,352	1,256	1,352	1,416	1,519	1,369	1,438
Selling, General & Admin Expense	1,314	1,209	1,089	1,058	1,206	1,111	1,191	1,237	1,472	1,192	1,275
Depreciation Expense	159	162	155	149	156	158	161	178	177	177	182
Other Operating Expenses / (Income)	-43	-3.00	-	-	-	-13	0.00	-	-	0.00	-19
Total Other Income / (Expense), net	-183	116	-45	-37	126	-85	-72	-56	18	-33	-74
Interest Expense	-51	28	43	38	-109	-	0.00	64	-163	-	2.00
Interest & Investment Income	-236	142	-8.00	-13	-22	-94	-78	-4.00	-157	-34	-77
Other Income / (Expense), net	1.53	2.00	6.00	14	39	9.00	6.00	12	12	1.00	5.00
Income Tax Expense	-26	28	55	31	136	-29	32	67	112	52	61
Net Income / (Loss) Attributable to Noncontrolling Interest	5.39	8.00	5.00	10	18	22	12	20	14	28	24
Basic Earnings per Share	$0.28	$0.38	$0.65	$0.62	$1.55	$0.41	$0.42	$0.73	$1.60	$0.54	$0.72
Weighted Average Basic Shares Outstanding	322.81M	310.46M	310.86M	307.85M	308.43M	305.81M	306.75M	306.25M	305.86M	300.29M	297.95M
Diluted Earnings per Share	$0.27	$0.37	$0.64	$0.61	$1.53	$0.41	$0.42	$0.73	$1.58	$0.54	$0.72
Weighted Average Diluted Shares Outstanding	327.70M	315.36M	314.28M	312.22M	312.55M	308.50M	308.04M	308.31M	308.03M	302.91M	300.01M
Weighted Average Basic & Diluted Shares Outstanding	309.89M	310.83M	309.84M	304.79M	305.70M	306.82M	306.43M	306.02M	300.04M	298.10M	297.55M

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	616	1,667	218	-6.59	39	230	946	501	-1,135	-34	-150
Net Cash From Operating Activities	1,027	1,019	617	894	1,131	1,223	1,831	2,364	1,629	480	1,708
Net Cash From Continuing Operating Activities	1,027	1,019	617	894	1,131	1,223	1,831	2,364	1,629	480	1,708
Net Income / (Loss) Continuing Operations	514	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036
Consolidated Net Income / (Loss)	514	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036
Depreciation Expense	265	314	367	406	452	439	502	526	613	622	674
Non-Cash Adjustments To Reconcile Net Income	-80	-150	-406	-608	-869	-741	300	-978	-130	-796	-517
Changes in Operating Assets and Liabilities, net	316	284	60	382	447	225	190	966	-278	-373	515
Net Cash From Investing Activities	-273	-154	-151	-303	-561	-721	-744	-1,281	-832	-681	-1,514
Net Cash From Continuing Investing Activities	-273	-154	-151	-303	-561	-721	-744	-1,281	-832	-681	-1,514
Purchase of Property, Plant & Equipment	-171	-139	-191	-178	-228	-294	-267	-210	-260	-476	-696
Acquisitions	-206	-232	-88	-187	-385	-462	-174	-1,116	-558	-330	-1,203
Sale of Property, Plant & Equipment	-	-	44	-	-	-	-	0.00	0.00	77	235
Sale and/or Maturity of Investments	104	188	82	95	62	33	89	-144	87	54	91
Other Investing Activities, net	0.58	30	40	2.39	-9.22	1.07	11	-24	-101	-6.00	59
Net Cash From Financing Activities	-139	802	-221	-628	-507	-272	-223	-490	-1,766	154	-221
Net Cash From Continuing Financing Activities	-139	802	-221	-628	-507	-272	-223	-490	-1,766	154	-221
Repayment of Debt	-2,392	-3,302	-3,064	-2,292	-4,578	-4,025	-1,402	-453	-1,677	-4,693	-4,051
Repurchase of Common Equity	-	-	0.00	0.00	-161	-145	-50	-369	-1,850	-665	-627
Issuance of Debt	2,300	4,139	2,909	1,721	4,261	3,909	836	519	1,833	5,729	4,843
Other Financing Activities, net	-17	-25	-27	-54	-40	-54	396	-183	-72	-217	-386
Effect of Exchange Rate Changes	-	-	-	29	-25	-0.61	82	-92	-166	13	-123
Cash Interest Paid	-	-	126	117	104	87	67	41	89	191	396
Cash Income Taxes Paid	331	286	295	357	376	365	52	330	604	467	467

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	182	-85	37	-4.00	18	-244	-94	124	64	292	19
Net Cash From Operating Activities	814	-745	-11	383	853	-492	287	573	1,340	-546	57
Net Cash From Continuing Operating Activities	814	-745	-11	383	853	-492	287	573	1,340	-546	57
Net Income / (Loss) Continuing Operations	86	125	206	201	495	148	142	245	501	191	240
Consolidated Net Income / (Loss)	86	125	206	201	495	148	142	245	501	191	240
Depreciation Expense	159	162	154	149	157	158	161	178	177	177	182
Amortization Expense	-	1.00	1.00	2.00	-	47	1.00	2.00	-	48	55
Non-Cash Adjustments To Reconcile Net Income	87	-36	-38	-77	-645	253	-65	-214	-560	190	-185
Changes in Operating Assets and Liabilities, net	488	-997	-334	108	850	-1,098	48	362	1,227	-1,152	-235
Net Cash From Investing Activities	-228	-115	-255	-167	-144	-900	-407	-187	-20	-462	-5.00
Net Cash From Continuing Investing Activities	-228	-115	-255	-167	-144	-900	-407	-187	-20	-462	-5.00
Purchase of Property, Plant & Equipment	-99	-60	-75	-179	-162	-127	-144	-155	-270	-130	-142
Acquisitions	-75	-74	-152	-49	-55	-811	-313	-38	-41	-354	-42
Other Investing Activities, net	-94	4.00	-34	-1.00	25	38	37	-13	19	22	179
Net Cash From Financing Activities	-553	761	314	-169	-752	1,192	50	-315	-1,148	1,256	-96
Net Cash From Continuing Financing Activities	-553	761	314	-169	-752	1,192	50	-315	-1,148	1,256	-96
Repayment of Debt	-1,626	-663	-2,196	-1,029	-805	-373	-1,326	-980	-1,474	-332	-684
Repurchase of Common Equity	-446	-130	-	-516	-19	0.00	-47	-63	-517	-418	-262
Issuance of Debt	1,550	1,660	2,521	1,379	169	1,565	1,435	708	1,135	2,006	850
Effect of Exchange Rate Changes	149	14	-11	-51	61	-44	-24	53	-108	44	63
Cash Interest Paid	20	39	52	37	63	100	70	137	89	102	124
Cash Income Taxes Paid	96	82	221	80	84	90	154	107	116	131	220

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	7,568	11,018	10,780	11,718	13,457	16,197	18,039	22,073	20,513	22,548	24,383
Total Current Assets	3,372	5,305	5,122	5,631	6,754	7,534	8,846	10,082	8,529	9,666	9,970
Cash & Equivalents	741	540	763	752	777	972	1,896	2,431	1,318	1,265	1,114
Restricted Cash	28	73	69	73	87	122	143	109	87	106	107
Accounts Receivable	1,736	2,472	2,606	3,112	3,669	4,467	4,395	5,150	5,327	6,370	7,005
Prepaid Expenses	143	173	184	215	255	283	295	334	311	333	332
Current Deferred & Refundable Income Taxes	66	59	46	50	72	94	94	44	82	159	130
Other Current Assets	658	1,988	1,456	1,429	1,895	1,597	2,023	2,014	1,404	1,433	1,282
Plant, Property, & Equipment, net	498	530	561	618	722	836	815	816	836	907	914
Total Noncurrent Assets	3,698	5,183	5,096	5,470	5,981	7,827	8,379	11,175	11,148	11,975	13,499
Long-Term Investments	218	218	232	238	216	427	452	1,196	1,318	1,374	1,295
Goodwill	2,334	3,086	2,981	3,255	3,652	3,753	3,822	4,995	4,868	5,129	5,621
Intangible Assets	802	1,450	1,411	1,399	1,441	1,380	1,368	2,409	2,193	2,081	2,298
Noncurrent Deferred & Refundable Income Taxes	99	135	105	99	52	213	135	190	318	439	613
Other Noncurrent Operating Assets	245	293	366	479	619	2,054	2,602	2,384	2,451	2,952	3,672
Total Liabilities & Shareholders' Equity	7,568	11,018	10,780	11,718	13,457	16,197	18,039	22,073	20,513	22,548	24,383
Total Liabilities	5,267	8,259	7,722	7,544	8,447	9,924	10,533	12,714	11,907	13,481	15,191
Total Current Liabilities	2,929	4,994	4,525	4,713	5,803	6,436	7,144	8,419	8,242	8,243	9,287
Short-Term Debt	548	1,785	0.03	911	3.15	6.35	1,391	33	649	25	390
Accounts Payable	828	1,484	1,446	1,574	1,920	2,436	2,693	2,916	3,079	3,562	4,102
Accrued Expenses	789	867	890	1,078	1,189	1,262	1,184	1,695	1,691	1,556	1,695
Current Deferred & Payable Income Tax Liabilities	53	82	58	71	68	30	58	246	184	217	209
Current Employee Benefit Liabilities	624	705	773	904	1,121	-	1,287	1,539	1,459	1,459	1,419
Other Current Liabilities	87	71	1,357	175	1,502	2,702	531	1,990	1,180	1,424	1,472
Total Noncurrent Liabilities	2,338	3,265	3,197	2,831	2,644	3,488	3,390	4,296	3,665	5,238	5,904
Long-Term Debt	1,809	2,645	2,548	2,000	1,767	1,761	1,380	1,538	1,086	2,804	3,245
Noncurrent Deferred & Payable Income Tax Liabilities	89	189	125	288	280	35	212	550	431	412	407
Other Noncurrent Operating Liabilities	441	431	524	543	596	1,606	1,742	2,152	2,093	1,992	2,252
Redeemable Noncontrolling Interest	-	-	-	-	-	0.00	386	-	-	-	0.00
Total Equity & Noncontrolling Interests	2,301	2,759	3,057	4,175	5,010	6,273	7,120	9,359	8,606	9,067	9,192
Total Preferred & Common Equity	2,260	2,713	3,014	4,114	4,939	6,233	7,078	8,528	7,853	8,267	8,411
Total Common Equity	2,260	2,713	3,014	4,114	4,939	6,233	7,078	8,528	7,853	8,267	8,411
Common Stock	1,043	1,110	1,149	1,224	1,152	1,119	1,078	802	3.00	3.00	3.00
Retained Earnings	1,541	2,088	2,657	3,443	4,505	5,793	6,530	8,367	8,833	9,188	9,567
Accumulated Other Comprehensive Income / (Loss)	-324	-486	-791	-552	-718	-680	-530	-641	-983	-924	-1,159
Noncontrolling Interest	42	46	43	60	71	40	42	831	753	800	781

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	20,513	21,030	21,732	21,687	22,548	22,964	23,462	24,845	24,383	26,366	27,693
Total Current Assets	8,529	9,046	9,470	9,327	9,666	9,444	9,653	10,616	9,970	10,831	11,960
Cash & Equivalents	1,318	1,231	1,261	1,252	1,265	1,044	928	1,025	1,114	1,382	1,395
Restricted Cash	87	88	96	101	106	83	105	132	107	131	137
Accounts Receivable	5,327	5,469	5,553	5,708	6,370	6,172	6,304	6,705	7,005	6,753	7,319
Prepaid Expenses	311	329	353	324	333	308	342	361	332	332	420
Current Deferred & Refundable Income Taxes	82	141	193	180	159	162	190	157	130	103	306
Other Current Assets	1,404	1,787	2,014	1,761	1,433	1,675	1,784	2,236	1,282	2,130	2,383
Plant, Property, & Equipment, net	836	833	849	852	907	900	895	936	914	950	972
Total Noncurrent Assets	11,148	11,150	11,414	11,509	11,975	12,620	12,914	13,293	13,499	14,585	14,761
Long-Term Investments	1,318	1,295	1,307	1,316	1,374	1,298	1,309	1,334	1,295	982	858
Goodwill	4,868	4,934	5,044	4,962	5,129	5,554	5,667	5,778	5,621	6,260	6,410
Intangible Assets	2,193	2,153	2,130	2,064	2,081	2,298	2,385	2,372	2,298	2,497	2,485
Noncurrent Deferred & Refundable Income Taxes	318	334	372	404	439	438	415	460	613	636	745
Other Noncurrent Operating Assets	2,451	2,434	2,561	2,763	2,952	3,032	3,138	3,349	3,672	4,210	4,263
Total Liabilities & Shareholders' Equity	20,513	21,030	21,732	21,687	22,548	22,964	23,462	24,845	24,383	26,366	27,693
Total Liabilities	11,907	12,388	12,838	13,227	13,481	13,865	14,273	15,289	15,191	17,362	18,700
Total Current Liabilities	8,242	8,717	8,153	7,867	8,243	8,233	8,629	9,430	9,287	10,868	10,623
Short-Term Debt	649	2,442	2,023	1,672	25	846	975	725	390	2,264	1,433
Accounts Payable	3,079	3,008	2,886	2,901	3,562	3,415	3,568	3,851	4,102	3,939	4,112
Accrued Expenses	1,691	933	1,014	1,180	1,556	829	974	1,223	1,695	942	1,029
Current Deferred & Payable Income Tax Liabilities	184	193	169	162	217	187	128	75	209	111	145
Current Employee Benefit Liabilities	1,459	1,411	1,366	1,286	1,459	1,342	1,230	1,241	1,419	1,357	1,405
Other Current Liabilities	1,180	731	696	665	1,424	1,614	1,754	2,315	1,472	2,255	2,499
Total Noncurrent Liabilities	3,665	3,670	4,685	5,360	5,238	5,632	5,644	5,859	5,904	6,494	8,077
Long-Term Debt	1,086	1,086	2,060	2,796	2,804	3,282	3,272	3,277	3,245	3,207	4,340
Noncurrent Deferred & Payable Income Tax Liabilities	431	432	419	409	412	394	396	408	407	412	433
Other Noncurrent Operating Liabilities	2,093	2,098	2,176	2,124	1,992	1,926	1,976	2,174	2,252	2,875	3,304
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	371	408
Total Equity & Noncontrolling Interests	8,606	8,642	8,894	8,461	9,067	9,099	9,189	9,556	9,192	8,633	8,585
Total Preferred & Common Equity	7,853	7,860	8,098	7,684	8,267	8,261	8,356	8,692	8,411	8,282	8,253
Total Common Equity	7,853	7,860	8,098	7,684	8,267	8,261	8,356	8,692	8,411	8,282	8,253
Common Stock	3.00	3.11	16	3.05	3.00	3.00	3.00	3.00	3.00	3.00	3.00
Retained Earnings	8,833	8,810	9,011	8,725	9,188	9,263	9,384	9,584	9,567	9,386	9,393
Accumulated Other Comprehensive Income / (Loss)	-983	-953	-929	-1,044	-924	-1,005	-1,031	-895	-1,159	-1,107	-1,143
Noncontrolling Interest	753	783	796	777	800	838	833	864	781	351	332

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.96%	19.95%	60.00%	7.25%	14.55%	11.97%	-0.28%	16.45%	11.11%	3.64%	11.95%
EBITDA Growth	26.13%	7.01%	3.53%	25.48%	10.84%	4.11%	-9.51%	51.12%	-11.03%	-14.81%	18.11%
EBIT Growth	27.76%	3.44%	-1.28%	64.90%	8.54%	9.13%	-23.40%	86.50%	-18.52%	-21.47%	23.26%
NOPAT Growth	34.37%	1.46%	2.04%	19.57%	29.80%	42.12%	-36.77%	65.57%	3.79%	-30.82%	33.79%
Net Income Growth	47.22%	8.84%	4.70%	20.23%	51.50%	21.16%	-41.47%	143.69%	-22.69%	-27.88%	0.88%
EPS Growth	52.63%	12.41%	3.68%	21.30%	51.22%	21.61%	-41.11%	143.69%	-20.70%	-26.57%	-0.32%
Operating Cash Flow Growth	14.98%	-0.78%	-39.48%	44.96%	26.48%	8.14%	49.65%	29.13%	-31.09%	-70.53%	255.83%
Free Cash Flow Firm Growth	168.11%	-872.83%	209.39%	-135.30%	239.70%	-67.74%	-235.71%	461.85%	-52.48%	-172.59%	106.59%
Invested Capital Growth	7.13%	73.19%	-28.57%	65.19%	-5.35%	14.39%	19.40%	-7.59%	5.88%	20.13%	12.68%
Revenue Q/Q Growth	6.51%	9.18%	34.15%	-12.34%	3.87%	3.58%	-0.87%	6.28%	-1.14%	2.42%	4.24%
EBITDA Q/Q Growth	50.38%	-6.08%	13.29%	9.62%	3.52%	3.43%	2.40%	12.73%	-20.36%	19.27%	3.71%
EBIT Q/Q Growth	13.79%	-11.18%	20.95%	10.88%	4.48%	4.84%	-6.47%	21.44%	-26.04%	33.97%	4.54%
NOPAT Q/Q Growth	21.49%	-12.42%	26.13%	-21.92%	27.95%	24.87%	-26.03%	9.17%	-13.53%	20.05%	9.00%
Net Income Q/Q Growth	20.44%	-3.97%	16.68%	-12.96%	27.97%	23.37%	-29.99%	25.78%	-29.88%	66.15%	0.58%
EPS Q/Q Growth	21.85%	-4.12%	16.55%	-25.53%	27.05%	24.42%	-30.19%	26.40%	-29.32%	66.67%	1.62%
Operating Cash Flow Q/Q Growth	5.48%	0.77%	-22.39%	-10.73%	11.88%	52.22%	-5.58%	10.44%	-17.67%	8.80%	39.89%
Free Cash Flow Firm Q/Q Growth	153.51%	-1,140.60%	279.82%	-189.59%	-13.78%	-21.35%	-181.57%	-14.51%	216.88%	63.84%	-85.80%
Invested Capital Q/Q Growth	-9.47%	31.50%	-30.94%	-8.00%	-2.63%	2.94%	3.29%	10.20%	-1.76%	-10.80%	-6.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.00%	34.75%	22.73%	46.42%	22.92%	21.78%	20.06%	22.22%	21.37%	19.64%	19.45%
EBITDA Margin	11.96%	10.67%	6.91%	8.08%	7.82%	7.27%	6.60%	8.56%	6.85%	5.63%	5.94%
Operating Margin	8.75%	7.70%	4.70%	11.58%	5.10%	5.27%	4.07%	5.90%	4.90%	3.50%	3.95%
EBIT Margin	8.89%	7.67%	4.73%	5.84%	5.53%	5.39%	4.14%	6.64%	4.87%	3.69%	4.06%
Profit (Net Income) Margin	5.67%	5.15%	3.37%	7.55%	5.00%	5.40%	3.17%	6.64%	4.62%	3.21%	2.90%
Tax Burden Percent	66.07%	63.53%	66.34%	120.13%	77.30%	94.87%	77.93%	76.43%	85.89%	80.42%	85.06%
Interest Burden Percent	96.62%	105.72%	107.37%	0.00%	116.77%	105.63%	98.26%	130.91%	110.53%	108.40%	83.88%
Effective Tax Rate	33.93%	36.47%	33.66%	79.87%	22.70%	5.13%	22.07%	23.57%	14.11%	19.58%	14.94%
Return on Invested Capital (ROIC)	14.75%	10.59%	9.94%	12.27%	14.35%	19.56%	10.57%	16.71%	17.54%	10.71%	12.35%
ROIC Less NNEP Spread (ROIC-NNEP)	14.06%	11.71%	11.65%	36.12%	32.08%	40.10%	10.63%	-45.96%	9.58%	-17.73%	-15.22%
Return on Net Nonoperating Assets (RNNOA)	9.49%	11.50%	10.18%	7.19%	8.86%	3.33%	0.41%	5.14%	-1.68%	0.91%	-1.00%
Return on Equity (ROE)	24.24%	22.09%	20.12%	38.92%	23.21%	22.89%	10.97%	21.84%	15.85%	11.62%	11.35%
Cash Return on Invested Capital (CROIC)	7.86%	-42.99%	43.27%	-0.36%	19.84%	6.14%	-7.12%	24.60%	11.82%	-7.58%	0.43%
Operating Return on Assets (OROA)	11.05%	8.95%	7.54%	19.35%	9.38%	8.69%	5.77%	9.18%	7.04%	5.47%	6.19%
Return on Assets (ROA)	7.05%	6.01%	5.37%	6.25%	8.47%	8.71%	4.42%	9.18%	6.69%	4.77%	4.42%
Return on Common Equity (ROCE)	23.77%	21.70%	19.81%	38.36%	22.88%	22.67%	10.60%	20.21%	14.46%	10.60%	10.37%
Return on Equity Simple (ROE_SIMPLE)	22.72%	20.60%	19.41%	34.20%	21.58%	20.72%	10.68%	21.60%	18.13%	12.42%	12.32%
Net Operating Profit after Tax (NOPAT)	523	531	542	648	841	1,195	756	1,251	1,299	898	1,202
NOPAT Margin	5.78%	4.89%	3.12%	6.96%	3.94%	5.00%	3.17%	4.51%	4.21%	2.81%	3.36%
Net Nonoperating Expense Percent (NNEP)	0.69%	-1.12%	-1.70%	0.00%	-17.73%	-20.54%	-0.06%	62.66%	7.95%	28.45%	27.57%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	12.56%	7.55%	9.37%
Cost of Revenue to Revenue	62.00%	65.25%	77.27%	153.58%	77.08%	78.22%	79.94%	77.78%	78.63%	80.36%	80.55%
SG&A Expenses to Revenue	26.95%	24.26%	16.01%	30.69%	15.77%	14.38%	13.88%	14.68%	15.08%	14.28%	14.01%
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	29.24%	27.05%	18.03%	34.84%	17.82%	16.51%	15.99%	16.32%	16.47%	16.14%	15.50%
Earnings before Interest and Taxes (EBIT)	804	832	822	1,088	1,181	1,289	987	1,841	1,500	1,178	1,452
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,083	1,159	1,199	1,505	1,668	1,737	1,572	2,375	2,113	1,800	2,126
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.04	4.26	3.52	3.57	2.76	3.29	2.97	4.26	3.10	3.43	4.78
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	18.66	11.14	32.32	30.70	26.84	81.66
Price to Revenue (P/Rev)	1.26	1.06	0.61	1.58	0.64	0.86	0.88	1.31	0.79	0.89	1.12
Price to Earnings (P/E)	23.53	21.12	18.53	21.09	12.84	16.00	27.98	19.77	17.28	28.78	41.51
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	4.25%	4.73%	5.40%	9.46%	7.79%	6.25%	3.57%	5.06%	5.79%	3.48%	2.41%
Enterprise Value to Invested Capital (EV/IC)	3.49	2.39	2.67	6.26	2.53	3.19	2.79	4.86	3.16	3.20	4.08
Enterprise Value to Revenue (EV/Rev)	1.42	1.40	0.70	1.79	0.68	0.87	0.91	1.26	0.78	0.92	1.18
Enterprise Value to EBITDA (EV/EBITDA)	11.83	13.12	10.13	11.04	8.64	11.98	13.84	14.73	11.40	16.25	19.79
Enterprise Value to EBIT (EV/EBIT)	15.93	18.27	14.79	15.27	12.20	16.14	22.03	19.00	16.05	24.84	28.98
Enterprise Value to NOPAT (EV/NOPAT)	24.48	28.62	22.42	51.36	17.13	17.41	28.78	27.96	18.54	32.57	35.01
Enterprise Value to Operating Cash Flow (EV/OCF)	12.47	14.91	19.69	37.21	12.74	17.01	11.88	14.80	14.78	60.95	24.64
Enterprise Value to Free Cash Flow (EV/FCFF)	45.92	0.00	5.15	0.00	12.39	55.46	0.00	18.99	27.51	0.00	1,005.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.02	1.61	0.83	0.00	0.35	0.28	0.37	0.17	0.20	0.31	0.40
Long-Term Debt to Equity	0.79	0.96	0.83	0.00	0.35	0.28	0.18	0.16	0.13	0.31	0.35
Financial Leverage	0.68	0.98	0.87	0.00	0.28	0.08	0.04	-0.11	-0.18	-0.05	0.07
Leverage Ratio	3.44	3.67	3.75	6.22	2.74	2.63	2.48	2.38	2.37	2.44	2.57
Compound Leverage Factor	3.32	3.88	4.02	0.00	3.20	2.78	2.44	3.11	2.62	2.64	2.16
Debt to Total Capital	50.60%	61.62%	45.46%	82.16%	26.11%	21.98%	26.96%	14.37%	16.78%	23.78%	28.34%
Short-Term Debt to Total Capital	11.77%	24.83%	0.00%	0.00%	0.05%	0.08%	13.53%	0.30%	6.28%	0.21%	3.04%
Long-Term Debt to Total Capital	38.82%	36.79%	45.46%	0.00%	26.06%	21.90%	13.43%	14.07%	10.50%	23.57%	25.30%
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	0.89%	0.65%	0.76%	0.00%	1.05%	0.50%	4.16%	7.60%	7.28%	6.72%	6.09%
Common Equity to Total Capital	48.51%	37.73%	53.78%	0.00%	72.84%	77.51%	68.88%	78.03%	75.94%	69.49%	65.57%
Debt to EBITDA	2.18	3.82	2.12	1.93	1.06	1.02	1.76	0.66	0.82	1.57	1.71
Net Debt to EBITDA	1.27	3.11	1.24	2.46	0.41	0.14	0.18	-0.91	-0.47	0.05	0.53
Long-Term Debt to EBITDA	1.67	2.28	2.12	2.66	1.06	1.01	0.88	0.65	0.51	1.56	1.53
Debt to NOPAT	4.50	8.34	4.70	8.98	2.11	1.48	3.67	1.26	1.34	3.15	3.02
Net Debt to NOPAT	2.62	6.78	2.74	5.70	0.82	0.21	0.37	-1.73	-0.76	0.09	0.93
Long-Term Debt to NOPAT	3.46	4.98	4.70	6.17	2.10	1.47	1.83	1.23	0.84	3.12	2.70
Altman Z-Score	3.20	2.37	3.10	0.00	3.40	3.56	3.32	3.87	3.59	3.50	3.83
Noncontrolling Interest Sharing Ratio	1.93%	1.74%	1.53%	2.85%	1.43%	0.99%	3.39%	7.46%	8.82%	8.79%	8.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.15	1.06	1.13	2.39	1.16	1.17	1.24	1.20	1.03	1.17	1.07
Quick Ratio	0.85	0.60	0.74	0.00	0.77	0.84	0.88	0.90	0.81	0.93	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	279	-2,156	2,358	-833	1,163	375	-509	1,842	875	-635	42
Operating Cash Flow to CapEx	599.97%	730.93%	420.06%	1,004.72%	496.59%	416.80%	686.78%	1,125.71%	626.54%	120.30%	370.50%
Free Cash Flow to Firm to Interest Expense	2.06	-17.74	16.28	-6.56	9.18	4.25	-3.55	36.84	437.67	0.00	0.00
Operating Cash Flow to Interest Expense	7.60	8.39	4.26	14.09	8.93	13.85	12.77	47.28	814.50	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	6.34	7.24	3.25	11.28	7.13	10.52	10.91	43.08	684.50	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.24	1.17	1.59	3.31	1.70	1.61	1.39	1.38	1.45	1.48	1.52
Accounts Receivable Turnover	5.62	5.16	6.84	13.03	6.29	5.87	5.38	5.81	5.88	5.46	5.35
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	18.92	21.13	31.85	31.61	31.86	30.67	28.86	34.02	37.32	36.66	39.28
Accounts Payable Turnover	6.82	6.13	9.16	9.47	9.42	8.58	7.43	7.69	8.09	7.73	7.52
Days Sales Outstanding (DSO)	64.99	70.74	53.35	56.02	57.99	62.14	67.88	62.79	62.03	66.82	68.25
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)	53.50	59.56	39.85	77.06	38.76	42.54	49.14	47.44	45.14	47.20	48.55
Cash Conversion Cycle (CCC)	11.49	11.18	13.50	17.49	19.23	19.60	18.73	15.35	16.89	19.61	19.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,671	6,358	4,542	6,022	5,700	6,520	7,785	7,194	7,617	9,151	10,311
Invested Capital Turnover	2.55	2.16	3.19	3.53	3.64	3.91	3.33	3.70	4.16	3.81	3.68
Increase / (Decrease) in Invested Capital	244	2,687	-1,817	1,480	-322	820	1,265	-591	423	1,534	1,160
Enterprise Value (EV)	12,812	15,201	12,148	16,610	14,410	20,804	21,747	34,980	24,081	29,257	42,077
Market Capitalization	11,401	11,555	10,621	14,702	13,649	20,517	21,040	36,315	24,315	28,373	40,177
Book Value per Share	$6.79	$8.12	$8.94	$12.12	$14.49	$18.62	$21.10	$25.48	$24.86	$27.12	$27.49
Tangible Book Value per Share	($2.63)	($5.46)	($4.09)	($1.59)	($0.45)	$3.29	$5.63	$3.36	$2.51	$3.47	$1.61
Total Capital	4,658	7,189	5,605	7,085	6,780	8,041	10,277	10,930	10,341	11,896	12,827
Total Debt	2,357	4,430	2,548	2,910	1,770	1,768	2,771	1,571	1,735	2,829	3,635
Total Long-Term Debt	1,809	2,645	2,548	2,000	1,767	1,761	1,380	1,538	1,086	2,804	3,245
Net Debt	1,370	3,599	1,485	1,848	690	247	279	-2,165	-988	84	1,119
Capital Expenditures (CapEx)	171	139	147	178	228	294	267	210	260	399	461
Debt-free, Cash-free Net Working Capital (DFCFNWC)	222	1,483	-234	1,004	90	11	1,053	-844	-469	77	-148
Debt-free Net Working Capital (DFNWC)	991	2,096	597	1,828	954	1,104	3,092	1,696	936	1,448	1,073
Net Working Capital (NWC)	443	311	597	918	951	1,098	1,702	1,663	287	1,423	683
Net Nonoperating Expense (NNE)	9.90	-28	-43	-56	-225	-96	-0.16	-591	-125	-129	166
Net Nonoperating Obligations (NNO)	1,370	3,599	1,485	1,848	690	247	279	-2,165	-989	84	1,119
Total Depreciation and Amortization (D&A)	278	326	378	417	487	448	584	534	613	622	674
Debt-free, Cash-free Net Working Capital to Revenue	2.46%	13.66%	-1.35%	5.39%	0.42%	0.04%	4.42%	-3.04%	-1.52%	0.24%	-0.41%
Debt-free Net Working Capital to Revenue	10.96%	19.31%	3.44%	19.63%	4.47%	4.62%	12.98%	6.11%	3.04%	4.53%	3.00%
Net Working Capital to Revenue	4.90%	2.87%	3.44%	4.93%	4.46%	4.60%	7.14%	6.00%	0.93%	4.45%	1.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.47	$1.64	$1.71	$2.05	$3.13	$3.82	$2.24	$5.48	$4.36	$3.20	$3.16
Adjusted Weighted Average Basic Shares Outstanding	330.62M	332.62M	335.41M	337.66M	339.32M	335.80M	335.20M	335.23M	322.81M	308.43M	305.86M
Adjusted Diluted Earnings per Share	$1.45	$1.63	$1.69	$2.03	$3.10	$3.77	$2.22	$5.41	$4.29	$3.15	$3.14
Adjusted Weighted Average Diluted Shares Outstanding	334.17M	336.41M	338.42M	340.78M	343.12M	340.52M	338.39M	339.72M	327.70M	312.55M	308.03M
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	333.02M	334.24M	337.83M	339.51M	335.83M	334.79M	335.60M	332.32M	309.89M	305.70M	300.04M
Normalized Net Operating Profit after Tax (NOPAT)	523	531	542	648	841	1,280	825	1,251	1,349	898	1,202
Normalized NOPAT Margin	5.78%	4.89%	3.12%	6.96%	3.94%	5.36%	3.46%	4.51%	4.38%	2.81%	3.36%
Pre Tax Income Margin	8.59%	8.10%	5.08%	12.58%	6.46%	5.70%	4.07%	8.69%	5.38%	4.00%	3.41%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.95	6.85	5.67	17.14	9.32	14.59	6.89	36.82	750.00	0.00	0.00
NOPAT to Interest Expense	3.87	4.37	3.74	5.10	6.64	13.53	5.27	25.02	649.30	0.00	0.00
EBIT Less CapEx to Interest Expense	4.69	5.70	4.66	7.17	7.53	11.26	5.03	32.62	620.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	2.61	3.22	2.73	3.70	4.84	10.20	3.41	20.82	519.30	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	6.62%	2.97%	6.86%	1.24%	1.26%	0.31%	0.57%	0.27%	0.00%	0.00%	0.00%
Augmented Payout Ratio	6.62%	2.97%	6.86%	1.24%	16.37%	11.54%	7.19%	20.30%	129.92%	64.75%	60.52%

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.16%	1.06%	-0.66%	4.50%	9.22%	7.07%	8.69%	14.84%	16.26%	12.29%	16.24%
EBITDA Growth	-56.87%	-60.64%	-30.73%	-17.72%	73.19%	84.65%	-11.35%	29.03%	11.84%	20.10%	34.50%
EBIT Growth	-68.28%	-89.24%	-38.83%	-25.95%	121.78%	446.15%	-19.23%	34.28%	11.58%	30.05%	50.40%
NOPAT Growth	-22.26%	-92.06%	-41.88%	-18.08%	14.14%	738.75%	-16.83%	23.99%	22.73%	-14.50%	48.41%
Net Income Growth	-87.57%	-68.46%	-57.95%	-55.50%	474.69%	18.40%	-31.07%	21.89%	1.21%	29.05%	68.31%
EPS Growth	-86.83%	-68.10%	-56.76%	-55.80%	466.67%	10.81%	-34.38%	19.67%	3.27%	31.71%	71.43%
Operating Cash Flow Growth	-30.05%	-89.32%	-102.42%	-49.20%	4.77%	33.96%	2,709.09%	49.61%	57.09%	-10.98%	-80.14%
Free Cash Flow Firm Growth	-107.31%	89.48%	-126.75%	-141.48%	-1,398.54%	-349.61%	68.71%	77.17%	40.78%	3.18%	-69.48%
Invested Capital Growth	5.88%	2.70%	25.55%	32.31%	20.13%	13.04%	7.58%	7.87%	12.68%	10.90%	11.56%
Revenue Q/Q Growth	8.83%	-9.56%	4.17%	1.92%	13.75%	-11.34%	5.75%	7.69%	15.15%	-14.37%	9.47%
EBITDA Q/Q Growth	-23.26%	-50.27%	131.19%	-7.07%	61.52%	-46.94%	10.99%	35.27%	40.00%	-35.97%	22.71%
EBIT Q/Q Growth	-35.82%	-84.10%	700.00%	-9.29%	92.23%	-60.84%	18.31%	50.79%	59.74%	-54.37%	36.82%
NOPAT Q/Q Growth	22.10%	-91.30%	697.41%	-3.32%	70.12%	-35.95%	-20.93%	44.14%	68.38%	-55.42%	37.34%
Net Income Q/Q Growth	-80.93%	45.12%	64.80%	-2.43%	146.27%	-70.10%	-4.05%	72.54%	104.49%	-61.88%	25.13%
EPS Q/Q Growth	-80.43%	37.04%	72.97%	-4.69%	150.82%	-73.20%	2.44%	73.81%	116.44%	-65.82%	33.33%
Operating Cash Flow Q/Q Growth	8.00%	-191.50%	98.52%	3,581.82%	122.72%	-157.65%	158.33%	99.65%	133.86%	-140.75%	110.44%
Free Cash Flow Firm Q/Q Growth	91.94%	-190.92%	-741.25%	-22.36%	49.96%	12.78%	41.45%	10.72%	-29.80%	-42.68%	-2.45%
Invested Capital Q/Q Growth	-1.76%	25.45%	7.91%	-0.51%	-10.80%	18.04%	2.70%	-0.24%	-6.83%	16.19%	3.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.70%	18.96%	19.96%	18.70%	20.75%	18.40%	19.04%	19.74%	20.32%	18.46%	18.58%
EBITDA Margin	4.94%	2.73%	6.05%	5.52%	7.83%	4.70%	4.93%	6.20%	7.53%	5.63%	6.32%
Operating Margin	2.97%	0.50%	3.96%	3.42%	5.64%	2.57%	2.93%	4.07%	5.72%	3.10%	3.83%
EBIT Margin	2.99%	0.53%	4.04%	3.60%	6.08%	2.68%	3.00%	4.21%	5.83%	3.11%	3.89%
Profit (Net Income) Margin	1.05%	1.69%	2.67%	2.55%	5.53%	1.87%	1.69%	2.71%	4.82%	2.14%	2.45%
Tax Burden Percent	142.51%	81.70%	78.93%	86.64%	78.45%	124.37%	81.61%	78.53%	81.73%	78.60%	79.67%
Interest Burden Percent	24.64%	392.31%	83.65%	81.98%	115.99%	55.87%	69.05%	82.11%	100.99%	87.73%	79.16%
Effective Tax Rate	-42.51%	18.30%	21.23%	13.36%	21.49%	-24.29%	18.51%	21.47%	18.22%	21.40%	20.33%
Return on Invested Capital (ROIC)	17.65%	1.34%	10.40%	10.26%	16.88%	10.19%	7.40%	10.29%	17.19%	7.85%	9.92%
ROIC Less NNEP Spread (ROIC-NNEP)	34.21%	21.59%	0.89%	3.23%	-4.90%	2.13%	3.88%	7.63%	19.59%	6.74%	7.69%
Return on Net Nonoperating Assets (RNNOA)	-6.01%	1.13%	0.04%	0.17%	0.25%	0.31%	0.71%	1.40%	1.29%	1.74%	2.24%
Return on Equity (ROE)	11.64%	2.46%	10.44%	10.43%	17.13%	10.51%	8.11%	11.69%	18.48%	9.60%	12.16%
Cash Return on Invested Capital (CROIC)	11.82%	7.44%	-14.22%	-19.51%	-7.58%	-1.59%	2.45%	2.76%	0.43%	0.14%	0.08%
Operating Return on Assets (OROA)	4.33%	0.77%	5.91%	5.36%	9.02%	3.96%	4.40%	6.20%	8.89%	4.63%	5.79%
Return on Assets (ROA)	1.52%	2.47%	3.90%	3.80%	8.21%	2.75%	2.48%	4.00%	7.34%	3.19%	3.65%
Return on Common Equity (ROCE)	10.61%	2.24%	9.53%	9.53%	15.63%	9.55%	7.38%	10.63%	16.88%	8.77%	11.10%
Return on Equity Simple (ROE_SIMPLE)	0.00%	14.67%	10.73%	8.04%	0.00%	12.71%	11.80%	11.85%	0.00%	13.03%	0.00%
Net Operating Profit after Tax (NOPAT)	347	30	241	233	396	254	200	289	487	217	298
NOPAT Margin	4.24%	0.41%	3.12%	2.96%	4.43%	3.20%	2.39%	3.20%	4.68%	2.43%	3.05%
Net Nonoperating Expense Percent (NNEP)	-16.57%	-20.25%	9.51%	7.03%	21.78%	8.07%	3.52%	2.66%	-2.40%	1.11%	2.23%
Return On Investment Capital (ROIC_SIMPLE)	3.36%	-	-	-	3.33%	-	-	-	3.79%	1.54%	2.08%
Cost of Revenue to Revenue	79.30%	81.04%	80.04%	81.30%	79.25%	81.60%	80.96%	80.26%	79.68%	81.54%	81.42%
SG&A Expenses to Revenue	16.03%	16.31%	14.11%	13.45%	13.47%	14.00%	14.19%	13.69%	14.15%	13.38%	13.07%
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	17.72%	18.46%	16.00%	15.28%	15.11%	15.83%	16.11%	15.67%	14.60%	15.36%	14.74%
Earnings before Interest and Taxes (EBIT)	245	39	312	283	544	213	252	380	607	277	379
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	405	202	467	434	701	373	414	560	784	502	616
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.10	2.87	3.10	2.98	3.43	3.59	3.27	4.39	4.78	4.74	5.06
Price to Tangible Book Value (P/TBV)	30.70	29.19	27.14	34.77	26.84	72.46	89.94	70.38	81.66	0.00	0.00
Price to Revenue (P/Rev)	0.79	0.73	0.81	0.73	0.89	0.91	0.82	1.11	1.12	1.07	1.10
Price to Earnings (P/E)	17.28	19.94	29.68	38.80	28.78	29.79	29.59	39.82	41.51	39.04	38.32
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	5.79%	5.02%	3.37%	2.58%	3.48%	3.36%	3.38%	2.51%	2.41%	2.56%	2.61%
Enterprise Value to Invested Capital (EV/IC)	3.16	2.54	2.65	2.48	3.20	2.98	2.71	3.66	4.08	3.58	3.71
Enterprise Value to Revenue (EV/Rev)	0.78	0.78	0.88	0.82	0.92	0.99	0.91	1.18	1.18	1.17	1.20
Enterprise Value to EBITDA (EV/EBITDA)	11.40	13.40	17.03	16.87	16.25	16.28	15.63	19.77	19.79	19.44	19.47
Enterprise Value to EBIT (EV/EBIT)	16.05	20.62	27.90	28.96	24.84	23.80	23.28	29.17	28.98	28.32	27.93
Enterprise Value to NOPAT (EV/NOPAT)	18.54	25.47	34.96	34.02	32.57	29.67	28.81	36.75	35.01	35.96	35.52
Enterprise Value to Operating Cash Flow (EV/OCF)	14.78	18.99	33.62	57.71	60.95	43.90	29.17	33.19	24.64	25.96	32.23
Enterprise Value to Free Cash Flow (EV/FCFF)	27.51	34.58	0.00	0.00	0.00	0.00	114.59	137.44	1,005.14	2,654.46	4,703.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.41	0.46	0.53	0.31	0.45	0.46	0.42	0.40	0.61	0.64
Long-Term Debt to Equity	0.13	0.13	0.23	0.33	0.31	0.36	0.36	0.34	0.35	0.36	0.48
Financial Leverage	-0.18	0.05	0.04	0.05	-0.05	0.15	0.18	0.18	0.07	0.26	0.29
Leverage Ratio	2.37	2.35	2.37	2.45	2.44	2.48	2.50	2.58	2.57	2.73	2.81
Compound Leverage Factor	0.58	9.23	1.98	2.01	2.83	1.39	1.73	2.12	2.60	2.39	2.23
Debt to Total Capital	16.78%	28.99%	31.46%	34.56%	23.78%	31.21%	31.61%	29.52%	28.34%	37.80%	39.10%
Short-Term Debt to Total Capital	6.28%	20.07%	15.59%	12.93%	0.21%	6.40%	7.26%	5.35%	3.04%	15.64%	9.70%
Long-Term Debt to Total Capital	10.50%	8.93%	15.87%	21.63%	23.57%	24.81%	24.35%	24.17%	25.30%	22.16%	29.39%
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	7.28%	6.43%	6.13%	6.01%	6.72%	6.34%	6.20%	6.37%	6.09%	4.99%	5.01%
Common Equity to Total Capital	75.94%	64.58%	62.41%	59.43%	69.49%	62.46%	62.19%	64.11%	65.57%	57.22%	55.89%
Debt to EBITDA	0.82	1.95	2.55	2.96	1.57	2.09	2.21	1.95	1.71	2.48	2.45
Net Debt to EBITDA	-0.47	0.50	0.89	1.19	0.05	0.86	0.99	0.74	0.53	1.35	1.44
Long-Term Debt to EBITDA	0.51	0.60	1.29	1.85	1.56	1.66	1.70	1.60	1.53	1.45	1.84
Debt to NOPAT	1.34	3.70	5.23	5.97	3.15	3.81	4.07	3.63	3.02	4.58	4.47
Net Debt to NOPAT	-0.76	0.96	1.82	2.40	0.09	1.57	1.82	1.37	0.93	2.49	2.62
Long-Term Debt to NOPAT	0.84	1.14	2.64	3.74	3.12	3.03	3.13	2.97	2.70	2.69	3.36
Altman Z-Score	3.39	3.17	3.29	3.16	3.41	3.36	3.21	3.53	3.72	3.28	3.29
Noncontrolling Interest Sharing Ratio	8.82%	8.90%	8.74%	8.66%	8.79%	9.13%	9.01%	9.11%	8.66%	8.62%	8.65%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.03	1.04	1.16	1.19	1.17	1.15	1.12	1.13	1.07	1.00	1.13
Quick Ratio	0.81	0.77	0.84	0.88	0.93	0.88	0.84	0.82	0.87	0.75	0.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-76	-221	-1,857	-2,272	-1,137	-993	-581	-519	-673	-961	-984
Operating Cash Flow to CapEx	822.38%	-1,241.67%	-14.67%	308.87%	609.29%	-387.40%	199.31%	369.68%	3,268.29%	-420.00%	40.14%
Free Cash Flow to Firm to Interest Expense	0.00	-7.88	-43.19	-59.80	0.00	-27.57	-9.22	-8.11	0.00	0.00	-492.22
Operating Cash Flow to Interest Expense	0.00	-26.61	-0.26	10.08	0.00	-13.67	4.56	8.95	0.00	0.00	28.50
Operating Cash Flow Less CapEx to Interest Expense	0.00	-28.75	-2.00	6.82	0.00	-17.19	2.27	6.53	0.00	0.00	-42.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.45	1.47	1.46	1.49	1.48	1.48	1.47	1.47	1.52	1.49	1.49
Accounts Receivable Turnover	5.88	5.86	5.78	5.86	5.46	5.58	5.59	5.53	5.35	5.69	5.59
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	37.32	38.01	37.92	38.51	36.66	37.47	38.01	38.39	39.28	39.72	40.82
Accounts Payable Turnover	8.09	8.32	8.62	8.92	7.73	8.14	8.29	8.18	7.52	8.05	8.01
Days Sales Outstanding (DSO)	62.03	62.25	63.14	62.27	66.82	65.42	65.29	66.02	68.25	64.20	65.25
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)	45.14	43.89	42.34	40.91	47.20	44.84	44.02	44.63	48.55	45.34	45.58
Cash Conversion Cycle (CCC)	16.89	18.36	20.80	21.37	19.61	20.58	21.27	21.39	19.70	18.86	19.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,617	9,556	10,312	10,259	9,151	10,802	11,094	11,067	10,311	11,980	12,376
Invested Capital Turnover	4.16	3.28	3.33	3.46	3.81	3.19	3.10	3.22	3.68	3.23	3.25
Increase / (Decrease) in Invested Capital	423	251	2,098	2,506	1,534	1,246	782	808	1,160	1,178	1,282
Enterprise Value (EV)	24,081	24,259	27,301	25,460	29,257	32,179	30,079	40,520	42,077	42,937	45,893
Market Capitalization	24,315	22,563	25,087	22,885	28,373	29,638	27,341	38,145	40,177	39,239	41,770
Book Value per Share	$24.86	$25.36	$26.05	$24.80	$27.12	$27.01	$27.23	$28.37	$27.49	$27.60	$27.68
Tangible Book Value per Share	$2.51	$2.49	$2.97	$2.12	$3.47	$1.34	$0.99	$1.77	$1.61	($1.58)	($2.15)
Total Capital	10,341	12,171	12,976	12,929	11,896	13,227	13,436	13,558	12,827	14,475	14,766
Total Debt	1,735	3,528	4,082	4,468	2,829	4,128	4,247	4,002	3,635	5,471	5,773
Total Long-Term Debt	1,086	1,086	2,060	2,796	2,804	3,282	3,272	3,277	3,245	3,207	4,340
Net Debt	-988	914	1,418	1,798	84	1,703	1,905	1,511	1,119	2,976	3,383
Capital Expenditures (CapEx)	99	60	75	124	140	127	144	155	41	130	142
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-469	1,451	1,982	1,779	77	930	966	754	-148	714	1,238
Debt-free Net Working Capital (DFNWC)	936	2,771	3,339	3,132	1,448	2,057	1,999	1,911	1,073	2,227	2,770
Net Working Capital (NWC)	287	329	1,317	1,460	1,423	1,211	1,024	1,186	683	-37	1,337
Net Nonoperating Expense (NNE)	261	-95	35	32	-99	106	58	44	-14	26	59
Net Nonoperating Obligations (NNO)	-989	914	1,418	1,798	84	1,703	1,905	1,511	1,119	2,976	3,383
Total Depreciation and Amortization (D&A)	159	163	155	151	157	160	162	180	177	225	237
Debt-free, Cash-free Net Working Capital to Revenue	-1.52%	4.70%	6.42%	5.70%	0.24%	2.86%	2.91%	2.20%	-0.41%	1.94%	3.25%
Debt-free Net Working Capital to Revenue	3.04%	8.97%	10.82%	10.04%	4.53%	6.33%	6.03%	5.57%	3.00%	6.06%	7.27%
Net Working Capital to Revenue	0.93%	1.06%	4.27%	4.68%	4.45%	3.73%	3.09%	3.46%	1.91%	-0.10%	3.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.28	$0.38	$0.65	$0.62	$1.55	$0.41	$0.42	$0.73	$1.60	$0.54	$0.72
Adjusted Weighted Average Basic Shares Outstanding	322.81M	310.46M	310.86M	307.85M	308.43M	305.81M	306.75M	306.25M	305.86M	300.29M	297.95M
Adjusted Diluted Earnings per Share	$0.27	$0.37	$0.64	$0.61	$1.53	$0.41	$0.42	$0.73	$1.58	$0.54	$0.72
Adjusted Weighted Average Diluted Shares Outstanding	327.70M	315.36M	314.28M	312.22M	312.55M	308.50M	308.04M	308.31M	308.03M	302.91M	300.01M
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	309.89M	310.83M	309.84M	304.79M	305.70M	306.82M	306.43M	306.02M	300.04M	298.10M	297.55M
Normalized Net Operating Profit after Tax (NOPAT)	186	30	234	229	396	143	200	290	487	217	298
Normalized NOPAT Margin	2.27%	0.41%	3.03%	2.91%	4.43%	1.80%	2.39%	3.21%	4.68%	2.43%	3.05%
Pre Tax Income Margin	0.74%	2.06%	3.38%	2.95%	7.05%	1.50%	2.07%	3.45%	5.89%	2.73%	3.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	1.39	7.26	7.45	0.00	5.92	4.00	5.94	0.00	0.00	189.50
NOPAT to Interest Expense	0.00	1.08	5.61	6.13	0.00	7.04	3.18	4.52	0.00	0.00	148.98
EBIT Less CapEx to Interest Expense	0.00	-0.75	5.51	4.18	0.00	2.39	1.71	3.52	0.00	0.00	118.50
NOPAT Less CapEx to Interest Expense	0.00	-1.06	3.86	2.87	0.00	3.52	0.90	2.09	0.00	0.00	77.98
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.19%	0.20%	0.00%	0.00%	7.20%	7.77%	0.00%	0.00%	0.00%
Augmented Payout Ratio	129.92%	139.85%	113.70%	176.80%	64.75%	50.95%	66.23%	20.29%	60.52%	96.85%	107.14%

Key Financial Trends

CBRE Group (NYSE: CBRE) has shown steady growth over the past several years, with key financial highlights from 2022 to Q2 2025 evidencing the company's operational strength and strategic investments. Analysis of the income statements, cash flow statements, and balance sheets reveals several important trends and indicators that retail investors should consider.

Revenue Growth: Operating revenue grew from approximately $7.4 billion in Q1 2023 to nearly $9.75 billion in Q2 2025, indicating consistent top-line expansion driven by business growth.
Profitability Improvement: Net income attributable to common shareholders increased from $117 million in Q1 2023 to $215 million in Q2 2025, with diluted EPS rising from $0.37 to $0.72, reflecting improved profitability and efficient share usage.
Robust Operating Cash Flow: Despite some quarters with negative cash from operations, CBRE generated positive net cash from continuing operating activities of $57 million in Q2 2025, up from a negative $492 million in Q1 2025, signaling better working capital management and cash flow generation.
Controlled Operating Expenses: Total operating expenses as a percentage of revenue have remained moderate; for instance, in Q2 2025 operating expenses were about 14.8% of total revenue, supporting margin expansion.
Active Capital Investments: The company has consistently invested in property, plant, equipment, and acquisitions, e.g., about $142 million spent in Q2 2025, showing commitment to sustaining growth and operational capacity.
Leverage Fluctuations: Long-term debt has increased from around $1.09 billion in Q1 2023 to $4.34 billion in Q2 2025, which could indicate leveraged expansion but might also raise financial risk if not managed prudently.
Share Repurchase Activity: CBRE has repurchased common equity in multiple periods (e.g., $262 million in Q2 2025), indicating shareholder value return, though this also affected cash levels.
Noncontrolling Interest Impact: Net income attributable to noncontrolling interests rose somewhat over the years, which slightly reduces the earnings available to common shareholders.
Volatile Cash Flow From Operations: Some quarterly cash flows from operating activities showed significant declines or negative figures, such as -$546 million in Q1 2025, reflecting working capital and operational challenges.
Increased Current Liabilities: Current liabilities have risen from around $8.2 billion in Q1 2023 to over $10.62 billion by Q2 2025, which may pressure liquidity if not balanced by current assets.

Summary: CBRE Group has displayed solid revenue growth and improving profitability over the last four years, backed by strategic investments and active capital management. While the company is managing sizeable debt and fluctuating cash flows, the overall financial trends suggest a company strengthening its market position. Retail investors should monitor how CBRE manages its leverage and working capital, along with continued profitability and cash flow trends, to gauge future investment potential.

08/09/25 01:23 AMAI Generated. May Contain Errors.

Frequently Asked Questions About CBRE Group's Financials

When does CBRE Group's financial year end?

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

How has CBRE Group's net income changed over the last 10 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 $513.50 million in 2014. The previous period was $1.03 billion in 2023. See where experts think CBRE Group is headed by visiting CBRE Group's forecast page.

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's revenue changed over the last 10 years?

Over the last 10 years, CBRE Group's total revenue changed from $9.05 billion in 2014 to $35.77 billion in 2024, a change of 295.2%.

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 188.4% increase since 2014.

How much cash does CBRE Group have?

In the past 10 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 10 years?

Over the last 10 years, CBRE Group's book value per share changed from 6.79 in 2014 to 27.49 in 2024, a change of 304.9%.

Related Companies

This page (NYSE:CBRE) was last updated on 8/9/2025 by MarketBeat.com Staff

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CBRE Group (CBRE) Financials

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CBRE Group (CBRE) Financials

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