CBRE Group (CBRE) Financials

$131.24 +0.20 (+0.15%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$131.10 -0.14 (-0.11%)

As of 05/22/2026 04:20 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	547	573	697	1,063	1,282	752	1,837	1,407	986	968	1,157
Consolidated Net Income / (Loss)	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036	1,277
Net Income / (Loss) Continuing Operations	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036	1,277
Total Pre-Tax Income	880	882	1,171	1,379	1,361	970	2,410	1,658	1,277	1,218	1,594
Total Operating Income	836	817	1,079	1,088	1,260	970	1,637	1,512	1,117	1,413	1,753
Total Gross Profit	3,773	3,948	4,324	4,891	5,205	4,779	6,166	6,589	6,274	6,956	7,566
Total Revenue	10,856	17,369	18,629	21,340	23,894	23,826	27,746	30,828	31,949	35,767	40,550
Operating Revenue	10,856	17,369	18,629	21,340	23,894	23,826	27,746	30,828	31,949	35,767	40,550
Total Cost of Revenue	7,083	13,421	14,305	16,449	18,689	19,048	21,580	24,239	25,675	28,811	32,984
Operating Cost of Revenue	7,083	13,421	14,305	16,449	18,689	19,048	21,580	24,239	25,675	28,811	32,984
Total Operating Expenses	2,937	3,131	3,245	3,803	3,945	3,809	4,529	5,077	5,157	5,543	5,813
Selling, General & Admin Expense	2,634	2,780	2,859	3,366	3,436	3,306	4,074	4,649	4,562	5,011	5,543
Depreciation Expense	314	367	406	452	439	502	526	613	622	674	729
Other Operating Expenses / (Income)	-11	-16	-20	-15	-20	-88	-71	-244	-27	-142	-459
Total Other Income / (Expense), net	44	65	93	291	101	0.21	773	146	160	-195	-159
Interest Expense	122	145	127	127	88	143	50	2.00	0.00	0.00	2.00
Interest & Investment Income	169	205	210	325	161	126	619	160	99	-234	-176
Other Income / (Expense), net	-3.81	4.69	9.41	93	29	17	204	-12	61	39	19
Income Tax Expense	321	297	468	313	70	214	568	234	250	182	317
Net Income / (Loss) Attributable to Noncontrolling Interest	12	12	6.47	2.73	9.09	3.88	5.00	17	41	68	120
Basic Earnings per Share	$1.64	$1.71	$2.06	$3.13	$3.82	$2.24	$5.48	$4.36	$3.20	$3.16	$3.88
Weighted Average Basic Shares Outstanding	332.62M	335.41M	337.66M	339.32M	335.80M	335.20M	335.23M	322.81M	308.43M	305.86M	298.16M
Diluted Earnings per Share	$1.63	$1.69	$2.05	$3.10	$3.77	$2.22	$5.41	$4.29	$3.15	$3.14	$3.85
Weighted Average Diluted Shares Outstanding	336.41M	338.42M	340.78M	343.12M	340.52M	338.39M	339.72M	327.70M	312.55M	308.03M	300.75M
Weighted Average Basic & Diluted Shares Outstanding	334.24M	337.83M	339.51M	335.83M	334.79M	335.60M	332.32M	309.89M	305.70M	300.04M	295.16M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	191	477	126	130	225	487	163	215	363	416	318
Consolidated Net Income / (Loss)	201	495	148	142	245	501	191	239	396	451	342
Net Income / (Loss) Continuing Operations	201	495	148	142	245	501	191	239	396	451	342
Total Pre-Tax Income	232	631	119	174	312	613	243	300	487	564	454
Total Operating Income	269	505	204	246	368	595	276	374	481	622	511
Total Gross Profit	1,471	1,857	1,460	1,598	1,784	2,114	1,610	1,812	1,954	2,155	1,852
Total Revenue	7,868	8,950	7,935	8,391	9,036	10,405	8,875	9,754	10,258	11,628	10,527
Operating Revenue	7,868	8,950	7,935	8,391	9,036	10,405	8,875	9,754	10,258	11,628	10,527
Total Cost of Revenue	6,397	7,093	6,475	6,793	7,252	8,291	7,265	7,942	8,304	9,473	8,675
Operating Cost of Revenue	6,397	7,093	6,475	6,793	7,252	8,291	7,265	7,942	8,304	9,473	8,675
Total Operating Expenses	1,202	1,352	1,256	1,352	1,416	1,519	1,334	1,438	1,473	1,533	1,341
Selling, General & Admin Expense	1,058	1,206	1,111	1,191	1,237	1,472	1,192	1,275	1,328	1,748	1,460
Depreciation Expense	149	156	158	161	178	177	142	182	181	189	182
Other Operating Expenses / (Income)	-	-	-13	0.00	1.00	-	0.00	-19	-	-	-301
Total Other Income / (Expense), net	-37	126	-85	-72	-56	18	-33	-74	6.00	-58	-57
Interest & Investment Income	-13	-22	-94	-78	-68	-157	-34	-77	3.00	-68	-68
Other Income / (Expense), net	14	39	9.00	6.00	12	12	1.00	5.00	3.00	10	11
Income Tax Expense	31	136	-29	32	67	112	52	61	91	113	112
Net Income / (Loss) Attributable to Noncontrolling Interest	10	18	22	12	20	14	28	24	33	35	24
Basic Earnings per Share	$0.62	$1.55	$0.41	$0.42	$0.73	$1.60	$0.54	$0.72	$1.22	$1.40	$1.08
Weighted Average Basic Shares Outstanding	307.85M	308.43M	305.81M	306.75M	306.25M	305.86M	300.29M	297.95M	297.56M	298.16M	294.38M
Diluted Earnings per Share	$0.61	$1.53	$0.41	$0.42	$0.73	$1.58	$0.54	$0.72	$1.21	$1.38	$1.07
Weighted Average Diluted Shares Outstanding	312.22M	312.55M	308.50M	308.04M	308.31M	308.03M	302.91M	300.01M	300.26M	300.75M	296.99M
Weighted Average Basic & Diluted Shares Outstanding	304.79M	305.70M	306.82M	306.43M	306.02M	300.04M	298.10M	297.55M	297.59M	295.16M	292.82M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	1,667	218	-6.59	39	230	946	501	-1,135	-34	-150	793
Net Cash From Operating Activities	1,019	617	894	1,131	1,223	1,831	2,364	1,629	480	1,708	1,559
Net Cash From Continuing Operating Activities	1,019	617	894	1,131	1,223	1,831	2,364	1,629	480	1,708	1,559
Net Income / (Loss) Continuing Operations	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036	1,277
Consolidated Net Income / (Loss)	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036	1,277
Depreciation Expense	314	367	406	452	439	502	526	613	622	674	729
Amortization Expense	12	11	11	35	8.66	83	8.00	-	168	195	199
Non-Cash Adjustments To Reconcile Net Income	-150	-406	-608	-869	-741	300	-978	-130	-272	-693	-1,192
Changes in Operating Assets and Liabilities, net	284	60	382	447	225	190	966	-278	-1,065	496	546
Net Cash From Investing Activities	-154	-151	-303	-561	-721	-744	-1,281	-832	-681	-1,514	-1,627
Net Cash From Continuing Investing Activities	-154	-151	-303	-561	-721	-744	-1,281	-832	-681	-1,514	-1,627
Purchase of Property, Plant & Equipment	-139	-191	-178	-228	-294	-267	-210	-260	-476	-696	-756
Acquisitions	-232	-88	-187	-385	-462	-174	-1,116	-558	-330	-1,203	-1,535
Sale of Property, Plant & Equipment	-	44	-	-	-	-	0.00	0.00	77	235	509
Other Investing Activities, net	30	40	2.39	-9.22	1.07	11	-24	-101	48	150	155
Net Cash From Financing Activities	802	-221	-628	-507	-272	-223	-490	-1,766	154	-221	796
Net Cash From Continuing Financing Activities	802	-221	-628	-507	-272	-223	-490	-1,766	154	-221	796
Repayment of Debt	-3,302	-3,064	-2,292	-4,578	-4,025	-1,402	-453	-1,677	-4,910	-4,437	-1,323
Repurchase of Common Equity	-	0.00	0.00	-161	-145	-50	-369	-1,850	-665	-627	-968
Issuance of Debt	4,139	2,909	1,721	4,261	3,909	836	519	1,833	5,729	4,843	3,087
Effect of Exchange Rate Changes	-	-	29	-25	-0.61	82	-92	-166	13	-123	65
Cash Interest Paid	-	126	117	104	87	67	41	89	191	396	448
Cash Income Taxes Paid	286	295	357	376	365	52	330	604	467	467	599

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-4.00	18	-244	-94	124	64	292	19	277	205	-219
Net Cash From Operating Activities	383	853	-492	287	573	1,340	-546	57	827	1,221	-825
Net Cash From Continuing Operating Activities	383	853	-492	287	573	1,340	-546	57	827	1,221	-825
Net Income / (Loss) Continuing Operations	201	495	148	142	245	501	191	240	396	450	342
Consolidated Net Income / (Loss)	201	495	148	142	245	501	191	240	396	450	342
Depreciation Expense	149	157	158	161	178	177	142	182	181	189	182
Amortization Expense	2.00	-	47	1.00	2.00	-	48	55	49	47	51
Non-Cash Adjustments To Reconcile Net Income	-77	-645	253	-65	-214	-560	236	-185	-487	-710	-464
Changes in Operating Assets and Liabilities, net	108	850	-1,098	48	362	1,227	-1,163	-235	688	1,245	-936
Net Cash From Investing Activities	-167	-144	-900	-407	-187	-20	-462	-5.00	-197	-963	64
Net Cash From Continuing Investing Activities	-167	-144	-900	-407	-187	-20	-462	-5.00	-197	-963	64
Purchase of Property, Plant & Equipment	-179	-162	-127	-144	-155	-270	-130	-142	-190	-294	-246
Acquisitions	-49	-55	-811	-313	-38	-41	-354	-42	-28	-1,111	-17
Sale of Property, Plant & Equipment	55	22	-	-	-	229	13	-	-	-	321
Other Investing Activities, net	-1.00	25	38	37	-13	19	9.00	179	21	-67	6.00
Net Cash From Financing Activities	-169	-752	1,192	50	-315	-1,148	1,256	-96	-328	-36	545
Net Cash From Continuing Financing Activities	-169	-752	1,192	50	-315	-1,148	1,256	-96	-328	-36	545
Repayment of Debt	-1,029	-805	-373	-1,326	-980	-1,474	-332	-684	-50	-257	9.00
Repurchase of Common Equity	-516	-19	0.00	-47	-63	-517	-418	-262	-	-288	-530
Issuance of Debt	1,379	169	1,565	1,435	708	1,135	2,006	850	-278	509	1,066
Effect of Exchange Rate Changes	-51	61	-44	-24	53	-108	44	63	-25	-17	-3.00
Cash Interest Paid	37	63	100	70	137	89	102	124	100	122	98
Cash Income Taxes Paid	80	84	90	154	107	116	131	220	106	142	105

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	11,018	10,780	11,718	13,457	16,197	18,039	22,073	20,513	22,548	24,383	30,877
Total Current Assets	5,305	5,122	5,631	6,754	7,534	8,846	10,082	8,529	9,666	9,970	13,489
Cash & Equivalents	540	763	752	777	972	1,896	2,431	1,318	1,265	1,114	1,864
Restricted Cash	73	69	73	87	122	143	109	87	106	107	150
Accounts Receivable	2,472	2,606	3,112	3,669	4,467	4,395	5,150	5,327	6,370	7,005	8,284
Prepaid Expenses	173	184	215	255	283	295	334	311	333	332	372
Current Deferred & Refundable Income Taxes	59	46	50	72	94	94	44	82	159	130	175
Other Current Assets	1,988	1,456	1,429	1,895	1,597	2,023	2,014	1,404	1,433	1,282	2,644
Plant, Property, & Equipment, net	530	561	618	722	836	815	816	836	907	914	1,049
Total Noncurrent Assets	5,183	5,096	5,470	5,981	7,827	8,379	11,175	11,148	11,975	13,499	16,339
Long-Term Investments	218	232	238	216	427	452	1,196	1,318	1,374	1,295	870
Goodwill	3,086	2,981	3,255	3,652	3,753	3,822	4,995	4,868	5,129	5,621	7,051
Intangible Assets	1,450	1,411	1,399	1,441	1,380	1,368	2,409	2,193	2,081	2,298	2,972
Noncurrent Deferred & Refundable Income Taxes	135	105	99	52	213	135	190	318	439	613	803
Other Noncurrent Operating Assets	293	366	479	619	2,054	2,602	2,384	2,451	2,952	3,672	4,643
Total Liabilities & Shareholders' Equity	11,018	10,780	11,718	13,457	16,197	18,039	22,073	20,513	22,548	24,383	30,877
Total Liabilities	8,259	7,722	7,544	8,447	9,924	10,533	12,714	11,907	13,481	15,191	21,251
Total Current Liabilities	4,994	4,525	4,713	5,803	6,436	7,144	8,419	8,242	8,243	9,287	12,320
Short-Term Debt	1,785	0.03	911	3.15	6.35	1,391	33	649	25	390	927
Accounts Payable	1,484	1,446	1,574	1,920	2,436	2,693	2,916	3,079	3,562	4,102	4,838
Accrued Expenses	867	890	1,078	1,189	1,262	1,184	1,695	1,691	1,556	1,695	1,879
Current Deferred & Payable Income Tax Liabilities	82	58	71	68	30	58	246	184	217	209	258
Current Employee Benefit Liabilities	705	773	904	1,121	-	1,287	1,539	1,459	1,459	1,419	1,630
Other Current Liabilities	71	1,357	175	1,502	2,702	531	1,990	1,180	1,424	1,472	2,788
Total Noncurrent Liabilities	3,265	3,197	2,831	2,644	3,488	3,390	4,296	3,665	5,238	5,904	8,931
Long-Term Debt	2,645	2,548	2,000	1,767	1,761	1,380	1,538	1,086	2,804	3,245	5,050
Noncurrent Deferred Revenue	-	-	-	0.00	86	55	55	55	30	0.00	0.00
Noncurrent Deferred & Payable Income Tax Liabilities	189	125	288	280	35	212	550	431	412	407	421
Other Noncurrent Operating Liabilities	431	524	543	596	1,606	1,742	2,152	2,093	1,992	2,252	3,460
Redeemable Noncontrolling Interest	-	-	-	-	0.00	386	-	-	-	0.00	433
Total Equity & Noncontrolling Interests	2,759	3,057	4,175	5,010	6,273	7,120	9,359	8,606	9,067	9,192	9,193
Total Preferred & Common Equity	2,713	3,014	4,114	4,939	6,233	7,078	8,528	7,853	8,267	8,411	8,878
Total Common Equity	2,713	3,014	4,114	4,939	6,233	7,078	8,528	7,853	8,267	8,411	8,878
Common Stock	1,110	1,149	1,224	1,152	1,119	1,078	802	3.00	3.00	3.00	3.00
Retained Earnings	2,088	2,657	3,443	4,505	5,793	6,530	8,367	8,833	9,188	9,567	9,916
Accumulated Other Comprehensive Income / (Loss)	-486	-791	-552	-718	-680	-530	-641	-983	-924	-1,159	-1,041
Noncontrolling Interest	46	43	60	71	40	42	831	753	800	781	315

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	21,732	21,687	22,548	22,964	23,462	24,845	24,383	26,366	27,693	28,566	30,170
Total Current Assets	9,470	9,327	9,666	9,444	9,653	10,616	9,970	10,831	11,960	12,573	12,734
Cash & Equivalents	1,261	1,252	1,265	1,044	928	1,025	1,114	1,382	1,395	1,669	1,664
Restricted Cash	96	101	106	83	105	132	107	131	137	140	131
Accounts Receivable	5,553	5,708	6,370	6,172	6,304	6,705	7,005	6,753	7,319	7,562	8,404
Prepaid Expenses	353	324	333	308	342	361	332	332	420	415	379
Current Deferred & Refundable Income Taxes	193	180	159	162	190	157	130	103	306	200	192
Other Current Assets	2,014	1,761	1,433	1,675	1,784	2,236	1,282	2,130	2,383	2,587	1,964
Plant, Property, & Equipment, net	849	852	907	900	895	936	914	950	972	976	1,040
Total Noncurrent Assets	11,414	11,509	11,975	12,620	12,914	13,293	13,499	14,585	14,761	15,017	16,396
Long-Term Investments	1,307	1,316	1,374	1,298	1,309	1,334	1,295	982	858	870	844
Goodwill	5,044	4,962	5,129	5,554	5,667	5,778	5,621	6,260	6,410	6,400	7,024
Intangible Assets	2,130	2,064	2,081	2,298	2,385	2,372	2,298	2,497	2,485	2,430	2,915
Noncurrent Deferred & Refundable Income Taxes	372	404	439	438	415	460	613	636	745	788	822
Other Noncurrent Operating Assets	2,561	2,763	2,952	3,032	3,138	3,349	3,672	4,210	4,263	4,529	4,791
Total Liabilities & Shareholders' Equity	21,732	21,687	22,548	22,964	23,462	24,845	24,383	26,366	27,693	28,566	30,170
Total Liabilities	12,838	13,227	13,481	13,865	14,273	15,289	15,191	17,362	18,700	19,273	20,863
Total Current Liabilities	8,153	7,867	8,243	8,233	8,629	9,430	9,287	10,868	10,623	11,152	11,753
Short-Term Debt	2,023	1,672	25	846	975	725	390	2,264	1,433	1,161	1,992
Accounts Payable	2,886	2,901	3,562	3,415	3,568	3,851	4,102	3,939	4,112	4,438	4,725
Accrued Expenses	1,014	1,180	1,556	829	974	1,223	1,695	942	1,029	1,288	1,028
Current Deferred & Payable Income Tax Liabilities	169	162	217	187	128	75	209	111	145	100	271
Current Employee Benefit Liabilities	1,366	1,286	1,459	1,342	1,230	1,241	1,419	1,357	1,405	1,490	1,623
Other Current Liabilities	696	665	1,424	1,614	1,754	2,315	1,472	2,255	2,499	2,675	2,114
Total Noncurrent Liabilities	4,685	5,360	5,238	5,632	5,644	5,859	5,904	6,494	8,077	8,121	9,110
Long-Term Debt	2,060	2,796	2,804	3,282	3,272	3,277	3,245	3,207	4,340	4,321	5,021
Noncurrent Deferred Revenue	30	30	30	30	0.00	0.00	0.00	-	-	-	0.00
Noncurrent Deferred & Payable Income Tax Liabilities	419	409	412	394	396	408	407	412	433	423	435
Other Noncurrent Operating Liabilities	2,176	2,124	1,992	1,926	1,976	2,174	2,252	2,875	3,304	3,377	3,654
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	371	408	409	447
Total Equity & Noncontrolling Interests	8,894	8,461	9,067	9,099	9,189	9,556	9,192	8,633	8,585	8,884	8,860
Total Preferred & Common Equity	8,098	7,684	8,267	8,261	8,356	8,692	8,411	8,282	8,253	8,535	8,520
Total Common Equity	8,098	7,684	8,267	8,261	8,356	8,692	8,411	8,282	8,253	8,535	8,520
Common Stock	16	3.05	3.00	3.00	3.00	3.00	3.00	3.00	3.00	47	3.00
Retained Earnings	9,011	8,725	9,188	9,263	9,384	9,584	9,567	9,386	9,393	9,768	9,678
Accumulated Other Comprehensive Income / (Loss)	-929	-1,044	-924	-1,005	-1,031	-895	-1,159	-1,107	-1,143	-1,280	-1,161
Noncontrolling Interest	796	777	800	838	833	864	781	351	332	349	340

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.95%	60.00%	7.25%	14.55%	11.97%	-0.28%	16.45%	11.11%	3.64%	11.95%	13.37%
EBITDA Growth	7.01%	3.53%	25.48%	10.84%	4.11%	-9.51%	51.12%	-11.03%	-14.81%	18.11%	16.33%
EBIT Growth	3.44%	-1.28%	64.90%	8.54%	9.13%	-23.40%	86.50%	-18.52%	-21.47%	23.26%	22.04%
NOPAT Growth	1.46%	2.04%	19.57%	29.80%	42.12%	-36.77%	65.57%	3.79%	-30.82%	33.79%	16.85%
Net Income Growth	8.84%	4.70%	20.23%	51.50%	21.16%	-41.47%	143.69%	-22.69%	-27.88%	0.88%	23.26%
EPS Growth	12.41%	3.68%	21.30%	51.22%	21.61%	-41.11%	143.69%	-20.70%	-26.57%	-0.32%	22.61%
Operating Cash Flow Growth	-0.78%	-39.48%	44.96%	26.48%	8.14%	49.65%	29.13%	-31.09%	-70.53%	255.83%	-8.72%
Free Cash Flow Firm Growth	-872.83%	209.39%	-135.30%	239.70%	-67.74%	-235.71%	461.85%	-52.48%	-172.59%	106.59%	-2,497.45%
Invested Capital Growth	73.19%	-28.57%	65.19%	-5.35%	14.39%	19.40%	-7.59%	5.88%	20.13%	12.68%	23.35%
Revenue Q/Q Growth	9.18%	34.15%	-12.34%	3.87%	3.58%	-0.87%	6.28%	-1.14%	2.42%	4.24%	3.11%
EBITDA Q/Q Growth	-6.08%	13.29%	9.62%	3.52%	3.43%	2.40%	12.73%	-20.36%	19.27%	3.71%	9.58%
EBIT Q/Q Growth	-11.18%	20.95%	10.88%	4.48%	4.84%	-6.47%	21.44%	-26.04%	33.97%	4.54%	1.43%
NOPAT Q/Q Growth	-12.42%	26.13%	-21.92%	27.95%	24.87%	-26.03%	9.17%	-13.53%	20.05%	9.00%	0.74%
Net Income Q/Q Growth	-3.97%	16.68%	-12.96%	27.97%	23.37%	-29.99%	25.78%	-29.88%	66.15%	0.58%	-3.77%
EPS Q/Q Growth	-4.12%	16.55%	-25.53%	27.05%	24.42%	-30.19%	26.40%	-29.32%	66.67%	1.62%	-4.94%
Operating Cash Flow Q/Q Growth	0.77%	-22.39%	-10.73%	11.88%	52.22%	-5.58%	10.44%	-17.67%	8.80%	39.89%	-7.09%
Free Cash Flow Firm Q/Q Growth	-1,140.60%	279.82%	-189.59%	-13.78%	-21.35%	-181.57%	-14.51%	216.88%	63.84%	-85.80%	-374.94%
Invested Capital Q/Q Growth	31.50%	-30.94%	-8.00%	-2.63%	2.94%	3.29%	10.20%	-1.76%	-10.80%	-6.83%	5.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.75%	22.73%	46.42%	22.92%	21.78%	20.06%	22.22%	21.37%	19.64%	19.45%	18.66%
EBITDA Margin	10.67%	6.91%	8.08%	7.82%	7.27%	6.60%	8.56%	6.85%	5.63%	5.94%	6.66%
Operating Margin	7.70%	4.70%	11.58%	5.10%	5.27%	4.07%	5.90%	4.90%	3.50%	3.95%	4.32%
EBIT Margin	7.67%	4.73%	5.84%	5.53%	5.39%	4.14%	6.64%	4.87%	3.69%	4.06%	4.37%
Profit (Net Income) Margin	5.15%	3.37%	7.55%	5.00%	5.40%	3.17%	6.64%	4.62%	3.21%	2.90%	3.15%
Tax Burden Percent	63.53%	66.34%	120.13%	77.30%	94.87%	77.93%	76.43%	85.89%	80.42%	85.06%	80.11%
Interest Burden Percent	105.72%	107.37%	0.00%	116.77%	105.63%	98.26%	130.91%	110.53%	108.40%	83.88%	89.95%
Effective Tax Rate	36.47%	33.66%	79.87%	22.70%	5.13%	22.07%	23.57%	14.11%	19.58%	14.94%	19.89%
Return on Invested Capital (ROIC)	10.59%	9.94%	12.27%	14.35%	19.56%	10.57%	16.71%	17.54%	10.71%	12.35%	12.20%
ROIC Less NNEP Spread (ROIC-NNEP)	11.71%	11.65%	36.12%	32.08%	40.10%	10.63%	-45.96%	9.58%	-17.73%	-15.22%	6.15%
Return on Net Nonoperating Assets (RNNOA)	11.50%	10.18%	7.19%	8.86%	3.33%	0.41%	5.14%	-1.68%	0.91%	-1.00%	1.38%
Return on Equity (ROE)	22.09%	20.12%	38.92%	23.21%	22.89%	10.97%	21.84%	15.85%	11.62%	11.35%	13.57%
Cash Return on Invested Capital (CROIC)	-42.99%	43.27%	-0.36%	19.84%	6.14%	-7.12%	24.60%	11.82%	-7.58%	0.43%	-8.72%
Operating Return on Assets (OROA)	8.95%	7.54%	19.35%	9.38%	8.69%	5.77%	9.18%	7.04%	5.47%	6.19%	6.41%
Return on Assets (ROA)	6.01%	5.37%	6.25%	8.47%	8.71%	4.42%	9.18%	6.69%	4.77%	4.42%	4.62%
Return on Common Equity (ROCE)	21.70%	19.81%	38.36%	22.88%	22.67%	10.60%	20.21%	14.46%	10.60%	10.37%	12.47%
Return on Equity Simple (ROE_SIMPLE)	20.60%	19.41%	34.20%	21.58%	20.72%	10.68%	21.60%	18.13%	12.42%	12.32%	0.00%
Net Operating Profit after Tax (NOPAT)	531	542	648	841	1,195	756	1,251	1,299	898	1,202	1,404
NOPAT Margin	4.89%	3.12%	6.96%	3.94%	5.00%	3.17%	4.51%	4.21%	2.81%	3.36%	3.46%
Net Nonoperating Expense Percent (NNEP)	-1.12%	-1.70%	0.00%	-17.73%	-20.54%	-0.06%	62.66%	7.95%	28.45%	27.57%	6.05%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.56%	7.55%	9.37%	9.26%
Cost of Revenue to Revenue	65.25%	77.27%	153.58%	77.08%	78.22%	79.94%	77.78%	78.63%	80.36%	80.55%	81.34%
SG&A Expenses to Revenue	24.26%	16.01%	30.69%	15.77%	14.38%	13.88%	14.68%	15.08%	14.28%	14.01%	13.67%
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	27.05%	18.03%	34.84%	17.82%	16.51%	15.99%	16.32%	16.47%	16.14%	15.50%	14.34%
Earnings before Interest and Taxes (EBIT)	832	822	1,088	1,181	1,289	987	1,841	1,500	1,178	1,452	1,772
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,159	1,199	1,505	1,668	1,737	1,572	2,375	2,113	1,800	2,126	2,700
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.26	3.52	3.57	2.76	3.29	2.97	4.26	3.10	3.43	4.78	5.39
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	18.66	11.14	32.32	30.70	26.84	81.66	0.00
Price to Revenue (P/Rev)	1.06	0.61	1.58	0.64	0.86	0.88	1.31	0.79	0.89	1.12	1.18
Price to Earnings (P/E)	21.12	18.53	21.09	12.84	16.00	27.98	19.77	17.28	28.78	41.51	41.36
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	4.73%	5.40%	9.46%	7.79%	6.25%	3.57%	5.06%	5.79%	3.48%	2.41%	2.42%
Enterprise Value to Invested Capital (EV/IC)	2.39	2.67	6.26	2.53	3.19	2.79	4.86	3.16	3.20	4.08	4.06
Enterprise Value to Revenue (EV/Rev)	1.40	0.70	1.79	0.68	0.87	0.91	1.26	0.78	0.92	1.18	1.27
Enterprise Value to EBITDA (EV/EBITDA)	13.12	10.13	11.04	8.64	11.98	13.84	14.73	11.40	16.25	19.79	19.14
Enterprise Value to EBIT (EV/EBIT)	18.27	14.79	15.27	12.20	16.14	22.03	19.00	16.05	24.84	28.98	29.17
Enterprise Value to NOPAT (EV/NOPAT)	28.62	22.42	51.36	17.13	17.41	28.78	27.96	18.54	32.57	35.01	36.81
Enterprise Value to Operating Cash Flow (EV/OCF)	14.91	19.69	37.21	12.74	17.01	11.88	14.80	14.78	60.95	24.64	33.16
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	5.15	0.00	12.39	55.46	0.00	18.99	27.51	0.00	1,005.14	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.61	0.83	0.00	0.35	0.28	0.37	0.17	0.20	0.31	0.40	0.62
Long-Term Debt to Equity	0.96	0.83	0.00	0.35	0.28	0.18	0.16	0.13	0.31	0.35	0.52
Financial Leverage	0.98	0.87	0.00	0.28	0.08	0.04	-0.11	-0.18	-0.05	0.07	0.22
Leverage Ratio	3.67	3.75	6.22	2.74	2.63	2.48	2.38	2.37	2.44	2.57	2.94
Compound Leverage Factor	3.88	4.02	0.00	3.20	2.78	2.44	3.11	2.62	2.64	2.16	2.64
Debt to Total Capital	61.62%	45.46%	82.16%	26.11%	21.98%	26.96%	14.37%	16.78%	23.78%	28.34%	38.31%
Short-Term Debt to Total Capital	24.83%	0.00%	0.00%	0.05%	0.08%	13.53%	0.30%	6.28%	0.21%	3.04%	5.94%
Long-Term Debt to Total Capital	36.79%	45.46%	0.00%	26.06%	21.90%	13.43%	14.07%	10.50%	23.57%	25.30%	32.37%
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	0.65%	0.76%	0.00%	1.05%	0.50%	4.16%	7.60%	7.28%	6.72%	6.09%	4.79%
Common Equity to Total Capital	37.73%	53.78%	0.00%	72.84%	77.51%	68.88%	78.03%	75.94%	69.49%	65.57%	56.90%
Debt to EBITDA	3.82	2.12	1.93	1.06	1.02	1.76	0.66	0.82	1.57	1.71	2.21
Net Debt to EBITDA	3.11	1.24	2.46	0.41	0.14	0.18	-0.91	-0.47	0.05	0.53	1.15
Long-Term Debt to EBITDA	2.28	2.12	2.66	1.06	1.01	0.88	0.65	0.51	1.56	1.53	1.87
Debt to NOPAT	8.34	4.70	8.98	2.11	1.48	3.67	1.26	1.34	3.15	3.02	4.26
Net Debt to NOPAT	6.78	2.74	5.70	0.82	0.21	0.37	-1.73	-0.76	0.09	0.93	2.20
Long-Term Debt to NOPAT	4.98	4.70	6.17	2.10	1.47	1.83	1.23	0.84	3.12	2.70	3.60
Altman Z-Score	2.37	3.10	0.00	3.40	3.56	3.32	3.87	3.59	3.50	3.83	3.35
Noncontrolling Interest Sharing Ratio	1.74%	1.53%	2.85%	1.43%	0.99%	3.39%	7.46%	8.82%	8.79%	8.66%	8.13%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.06	1.13	2.39	1.16	1.17	1.24	1.20	1.03	1.17	1.07	1.09
Quick Ratio	0.60	0.74	0.00	0.77	0.84	0.88	0.90	0.81	0.93	0.87	0.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,156	2,358	-833	1,163	375	-509	1,842	875	-635	42	-1,004
Operating Cash Flow to CapEx	730.93%	420.06%	1,004.72%	496.59%	416.80%	686.78%	1,125.71%	626.54%	120.30%	370.50%	631.17%
Free Cash Flow to Firm to Interest Expense	-17.74	16.28	-6.56	9.18	4.25	-3.55	36.84	437.67	0.00	0.00	-501.81
Operating Cash Flow to Interest Expense	8.39	4.26	14.09	8.93	13.85	12.77	47.28	814.50	0.00	0.00	779.50
Operating Cash Flow Less CapEx to Interest Expense	7.24	3.25	11.28	7.13	10.52	10.91	43.08	684.50	0.00	0.00	656.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.17	1.59	3.31	1.70	1.61	1.39	1.38	1.45	1.48	1.52	1.47
Accounts Receivable Turnover	5.16	6.84	13.03	6.29	5.87	5.38	5.81	5.88	5.46	5.35	5.30
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	21.13	31.85	31.61	31.86	30.67	28.86	34.02	37.32	36.66	39.28	41.31
Accounts Payable Turnover	6.13	9.16	9.47	9.42	8.58	7.43	7.69	8.09	7.73	7.52	7.38
Days Sales Outstanding (DSO)	70.74	53.35	56.02	57.99	62.14	67.88	62.79	62.03	66.82	68.25	68.81
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)	59.56	39.85	77.06	38.76	42.54	49.14	47.44	45.14	47.20	48.55	49.46
Cash Conversion Cycle (CCC)	11.18	13.50	17.49	19.23	19.60	18.73	15.35	16.89	19.61	19.70	19.35
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,358	4,542	6,022	5,700	6,520	7,785	7,194	7,617	9,151	10,311	12,719
Invested Capital Turnover	2.16	3.19	3.53	3.64	3.91	3.33	3.70	4.16	3.81	3.68	3.52
Increase / (Decrease) in Invested Capital	2,687	-1,817	1,480	-322	820	1,265	-591	423	1,534	1,160	2,408
Enterprise Value (EV)	15,201	12,148	16,610	14,410	20,804	21,747	34,980	24,081	29,257	42,077	51,691
Market Capitalization	11,555	10,621	14,702	13,649	20,517	21,040	36,315	24,315	28,373	40,177	47,850
Book Value per Share	$8.12	$8.94	$12.12	$14.49	$18.62	$21.10	$25.48	$24.86	$27.12	$27.49	$29.83
Tangible Book Value per Share	($5.46)	($4.09)	($1.59)	($0.45)	$3.29	$5.63	$3.36	$2.51	$3.47	$1.61	($3.85)
Total Capital	7,189	5,605	7,085	6,780	8,041	10,277	10,930	10,341	11,896	12,827	15,603
Total Debt	4,430	2,548	2,910	1,770	1,768	2,771	1,571	1,735	2,829	3,635	5,977
Total Long-Term Debt	2,645	2,548	2,000	1,767	1,761	1,380	1,538	1,086	2,804	3,245	5,050
Net Debt	3,599	1,485	1,848	690	247	279	-2,165	-988	84	1,119	3,093
Capital Expenditures (CapEx)	139	147	178	228	294	267	210	260	399	461	247
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,483	-234	1,004	90	11	1,053	-844	-469	77	-148	82
Debt-free Net Working Capital (DFNWC)	2,096	597	1,828	954	1,104	3,092	1,696	936	1,448	1,073	2,096
Net Working Capital (NWC)	311	597	918	951	1,098	1,702	1,663	287	1,423	683	1,169
Net Nonoperating Expense (NNE)	-28	-43	-56	-225	-96	-0.16	-591	-125	-129	166	127
Net Nonoperating Obligations (NNO)	3,599	1,485	1,848	690	247	279	-2,165	-989	84	1,119	3,093
Total Depreciation and Amortization (D&A)	326	378	417	487	448	584	534	613	622	674	928
Debt-free, Cash-free Net Working Capital to Revenue	13.66%	-1.35%	5.39%	0.42%	0.04%	4.42%	-3.04%	-1.52%	0.24%	-0.41%	0.20%
Debt-free Net Working Capital to Revenue	19.31%	3.44%	19.63%	4.47%	4.62%	12.98%	6.11%	3.04%	4.53%	3.00%	5.17%
Net Working Capital to Revenue	2.87%	3.44%	4.93%	4.46%	4.60%	7.14%	6.00%	0.93%	4.45%	1.91%	2.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.64	$1.71	$2.05	$3.13	$3.82	$2.24	$5.48	$4.36	$3.20	$3.16	$3.88
Adjusted Weighted Average Basic Shares Outstanding	332.62M	335.41M	337.66M	339.32M	335.80M	335.20M	335.23M	322.81M	308.43M	305.86M	298.16M
Adjusted Diluted Earnings per Share	$1.63	$1.69	$2.03	$3.10	$3.77	$2.22	$5.41	$4.29	$3.15	$3.14	$3.85
Adjusted Weighted Average Diluted Shares Outstanding	336.41M	338.42M	340.78M	343.12M	340.52M	338.39M	339.72M	327.70M	312.55M	308.03M	300.75M
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	334.24M	337.83M	339.51M	335.83M	334.79M	335.60M	332.32M	309.89M	305.70M	300.04M	295.16M
Normalized Net Operating Profit after Tax (NOPAT)	531	542	648	841	1,280	825	1,251	1,349	898	1,202	1,404
Normalized NOPAT Margin	4.89%	3.12%	6.96%	3.94%	5.36%	3.46%	4.51%	4.38%	2.81%	3.36%	3.46%
Pre Tax Income Margin	8.10%	5.08%	12.58%	6.46%	5.70%	4.07%	8.69%	5.38%	4.00%	3.41%	3.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.85	5.67	17.14	9.32	14.59	6.89	36.82	750.00	0.00	0.00	886.00
NOPAT to Interest Expense	4.37	3.74	5.10	6.64	13.53	5.27	25.02	649.30	0.00	0.00	702.19
EBIT Less CapEx to Interest Expense	5.70	4.66	7.17	7.53	11.26	5.03	32.62	620.00	0.00	0.00	762.50
NOPAT Less CapEx to Interest Expense	3.22	2.73	3.70	4.84	10.20	3.41	20.82	519.30	0.00	0.00	578.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2.97%	6.86%	1.24%	1.26%	0.31%	0.57%	0.27%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	2.97%	6.86%	1.24%	16.37%	11.54%	7.19%	20.30%	129.92%	64.75%	60.52%	75.80%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	295,158,554.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	295,158,554.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.50%	9.22%	7.07%	8.69%	14.84%	16.26%	12.29%	16.24%	13.52%	11.75%	18.61%
EBITDA Growth	-17.72%	73.19%	84.65%	-11.35%	29.03%	11.84%	20.10%	34.50%	17.82%	3.46%	61.67%
EBIT Growth	-25.95%	121.78%	446.15%	-19.23%	34.28%	11.58%	30.05%	50.40%	27.37%	4.12%	88.45%
NOPAT Growth	-18.08%	14.14%	738.75%	-16.83%	23.99%	22.73%	-14.50%	48.41%	35.35%	2.28%	77.44%
Net Income Growth	-55.50%	474.69%	18.40%	-31.07%	21.89%	1.21%	29.05%	68.31%	61.63%	-9.98%	79.06%
EPS Growth	-55.80%	466.67%	10.81%	-34.38%	19.67%	3.27%	31.71%	71.43%	65.75%	-12.66%	98.15%
Operating Cash Flow Growth	-49.20%	4.77%	33.96%	2,709.09%	49.61%	57.09%	-10.98%	-80.14%	44.33%	-8.88%	-51.10%
Free Cash Flow Firm Growth	-141.48%	-1,398.54%	-349.61%	68.71%	77.17%	40.78%	3.18%	-69.48%	-22.95%	-183.60%	-36.97%
Invested Capital Growth	32.31%	20.13%	13.04%	7.58%	7.87%	12.68%	10.90%	11.56%	9.30%	23.35%	14.20%
Revenue Q/Q Growth	1.92%	13.75%	-11.34%	5.75%	7.69%	15.15%	-14.37%	9.47%	5.17%	13.36%	-9.47%
EBITDA Q/Q Growth	-7.07%	61.52%	-46.94%	10.99%	35.27%	40.00%	-35.97%	22.71%	15.91%	21.57%	-13.02%
EBIT Q/Q Growth	-9.29%	92.23%	-60.84%	18.31%	50.79%	59.74%	-54.37%	36.82%	27.70%	30.58%	-17.41%
NOPAT Q/Q Growth	-3.32%	70.12%	-35.95%	-20.93%	44.14%	68.38%	-55.42%	37.34%	31.27%	27.17%	-22.61%
Net Income Q/Q Growth	-2.43%	146.27%	-70.10%	-4.05%	72.54%	104.49%	-61.88%	25.13%	65.69%	13.89%	-24.17%
EPS Q/Q Growth	-4.69%	150.82%	-73.20%	2.44%	73.81%	116.44%	-65.82%	33.33%	68.06%	14.05%	-22.46%
Operating Cash Flow Q/Q Growth	3,581.82%	122.72%	-157.65%	158.33%	99.65%	133.86%	-140.75%	110.44%	1,350.88%	47.64%	-167.57%
Free Cash Flow Firm Q/Q Growth	-22.36%	49.96%	12.78%	41.45%	10.72%	-29.80%	-42.68%	-2.45%	35.20%	-199.53%	31.12%
Invested Capital Q/Q Growth	-0.51%	-10.80%	18.04%	2.70%	-0.24%	-6.83%	16.19%	3.31%	-2.26%	5.15%	7.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.70%	20.75%	18.40%	19.04%	19.74%	20.32%	18.46%	18.58%	19.05%	18.53%	17.59%
EBITDA Margin	5.52%	7.83%	4.70%	4.93%	6.20%	7.53%	5.63%	6.32%	6.96%	7.46%	7.17%
Operating Margin	3.42%	5.64%	2.57%	2.93%	4.07%	5.72%	3.10%	3.83%	4.69%	5.35%	4.85%
EBIT Margin	3.60%	6.08%	2.68%	3.00%	4.21%	5.83%	3.11%	3.89%	4.72%	5.44%	4.96%
Profit (Net Income) Margin	2.55%	5.53%	1.87%	1.69%	2.71%	4.82%	2.14%	2.45%	3.86%	3.88%	3.25%
Tax Burden Percent	86.64%	78.45%	124.37%	81.61%	78.53%	81.73%	78.60%	79.67%	81.31%	79.96%	75.33%
Interest Burden Percent	81.98%	115.99%	55.87%	69.05%	82.11%	100.99%	87.73%	79.16%	100.62%	89.24%	86.97%
Effective Tax Rate	13.36%	21.49%	-24.29%	18.51%	21.47%	18.22%	21.40%	20.33%	18.69%	20.04%	24.67%
Return on Invested Capital (ROIC)	10.26%	16.88%	10.19%	7.40%	10.29%	17.19%	7.85%	9.92%	12.95%	15.06%	12.03%
ROIC Less NNEP Spread (ROIC-NNEP)	3.23%	-4.90%	2.13%	3.88%	7.63%	19.59%	6.74%	7.69%	13.17%	12.86%	10.86%
Return on Net Nonoperating Assets (RNNOA)	0.17%	0.25%	0.31%	0.71%	1.40%	1.29%	1.74%	2.24%	3.02%	2.88%	4.36%
Return on Equity (ROE)	10.43%	17.13%	10.51%	8.11%	11.69%	18.48%	9.60%	12.16%	15.96%	17.94%	16.39%
Cash Return on Invested Capital (CROIC)	-19.51%	-7.58%	-1.59%	2.45%	2.76%	0.43%	0.14%	0.08%	3.15%	-8.72%	-1.00%
Operating Return on Assets (OROA)	5.36%	9.02%	3.96%	4.40%	6.20%	8.89%	4.63%	5.79%	6.95%	7.98%	7.40%
Return on Assets (ROA)	3.80%	8.21%	2.75%	2.48%	4.00%	7.34%	3.19%	3.65%	5.68%	5.69%	4.85%
Return on Common Equity (ROCE)	9.53%	15.63%	9.55%	7.38%	10.63%	16.88%	8.77%	11.10%	14.59%	16.48%	15.04%
Return on Equity Simple (ROE_SIMPLE)	8.04%	0.00%	12.71%	11.80%	11.85%	0.00%	13.03%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	233	396	254	200	289	487	217	298	391	497	385
NOPAT Margin	2.96%	4.43%	3.20%	2.39%	3.20%	4.68%	2.43%	3.05%	3.81%	4.28%	3.66%
Net Nonoperating Expense Percent (NNEP)	7.03%	21.78%	8.07%	3.52%	2.66%	-2.40%	1.11%	2.23%	-0.23%	2.20%	1.17%
Return On Investment Capital (ROIC_SIMPLE)	-	3.33%	-	-	-	3.79%	1.54%	2.08%	2.72%	3.28%	2.43%
Cost of Revenue to Revenue	81.30%	79.25%	81.60%	80.96%	80.26%	79.68%	81.54%	81.42%	80.95%	81.47%	82.41%
SG&A Expenses to Revenue	13.45%	13.47%	14.00%	14.19%	13.69%	14.15%	13.38%	13.07%	12.95%	15.03%	13.87%
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	15.28%	15.11%	15.83%	16.11%	15.67%	14.60%	15.36%	14.74%	14.36%	13.18%	12.74%
Earnings before Interest and Taxes (EBIT)	283	544	213	252	380	607	277	379	484	632	522
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	434	701	373	414	560	784	502	616	714	868	755
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.98	3.43	3.59	3.27	4.39	4.78	4.74	5.06	5.49	5.39	4.69
Price to Tangible Book Value (P/TBV)	34.77	26.84	72.46	89.94	70.38	81.66	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.73	0.89	0.91	0.82	1.11	1.12	1.07	1.10	1.19	1.18	0.95
Price to Earnings (P/E)	38.80	28.78	29.79	29.59	39.82	41.51	39.04	38.32	38.18	41.36	30.47
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	2.58%	3.48%	3.36%	3.38%	2.51%	2.41%	2.56%	2.61%	2.62%	2.42%	3.28%
Enterprise Value to Invested Capital (EV/IC)	2.48	3.20	2.98	2.71	3.66	4.08	3.58	3.71	4.17	4.06	3.30
Enterprise Value to Revenue (EV/Rev)	0.82	0.92	0.99	0.91	1.18	1.18	1.17	1.20	1.28	1.27	1.07
Enterprise Value to EBITDA (EV/EBITDA)	16.87	16.25	16.28	15.63	19.77	19.79	19.44	19.47	20.47	19.14	15.11
Enterprise Value to EBIT (EV/EBIT)	28.96	24.84	23.80	23.28	29.17	28.98	28.32	27.93	28.87	29.17	22.38
Enterprise Value to NOPAT (EV/NOPAT)	34.02	32.57	29.67	28.81	36.75	35.01	35.96	35.52	36.19	36.81	28.70
Enterprise Value to Operating Cash Flow (EV/OCF)	57.71	60.95	43.90	29.17	33.19	24.64	25.96	32.23	30.06	33.16	35.27
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	114.59	137.44	1,005.14	2,654.46	4,703.14	138.19	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.53	0.31	0.45	0.46	0.42	0.40	0.61	0.64	0.59	0.62	0.75
Long-Term Debt to Equity	0.33	0.31	0.36	0.36	0.34	0.35	0.36	0.48	0.47	0.52	0.54
Financial Leverage	0.05	-0.05	0.15	0.18	0.18	0.07	0.26	0.29	0.23	0.22	0.40
Leverage Ratio	2.45	2.44	2.48	2.50	2.58	2.57	2.73	2.81	2.83	2.94	3.09
Compound Leverage Factor	2.01	2.83	1.39	1.73	2.12	2.60	2.39	2.23	2.85	2.62	2.69
Debt to Total Capital	34.56%	23.78%	31.21%	31.61%	29.52%	28.34%	37.80%	39.10%	37.10%	38.31%	42.97%
Short-Term Debt to Total Capital	12.93%	0.21%	6.40%	7.26%	5.35%	3.04%	15.64%	9.70%	7.86%	5.94%	12.21%
Long-Term Debt to Total Capital	21.63%	23.57%	24.81%	24.35%	24.17%	25.30%	22.16%	29.39%	29.25%	32.37%	30.77%
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	6.01%	6.72%	6.34%	6.20%	6.37%	6.09%	4.99%	5.01%	5.13%	4.79%	4.82%
Common Equity to Total Capital	59.43%	69.49%	62.46%	62.19%	64.11%	65.57%	57.22%	55.89%	57.77%	56.90%	52.21%
Debt to EBITDA	2.96	1.57	2.09	2.21	1.95	1.71	2.48	2.45	2.22	2.21	2.35
Net Debt to EBITDA	1.19	0.05	0.86	0.99	0.74	0.53	1.35	1.44	1.14	1.15	1.46
Long-Term Debt to EBITDA	1.85	1.56	1.66	1.70	1.60	1.53	1.45	1.84	1.75	1.87	1.68
Debt to NOPAT	5.97	3.15	3.81	4.07	3.63	3.02	4.58	4.47	3.93	4.26	4.46
Net Debt to NOPAT	2.40	0.09	1.57	1.82	1.37	0.93	2.49	2.62	2.01	2.20	2.78
Long-Term Debt to NOPAT	3.74	3.12	3.03	3.13	2.97	2.70	2.69	3.36	3.10	3.60	3.19
Altman Z-Score	3.16	3.41	3.36	3.21	3.53	3.72	3.28	3.29	3.43	3.23	3.09
Noncontrolling Interest Sharing Ratio	8.66%	8.79%	9.13%	9.01%	9.11%	8.66%	8.62%	8.65%	8.61%	8.13%	8.24%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.19	1.17	1.15	1.12	1.13	1.07	1.00	1.13	1.13	1.09	1.08
Quick Ratio	0.88	0.93	0.88	0.84	0.82	0.87	0.75	0.82	0.83	0.82	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,272	-1,137	-993	-581	-519	-673	-961	-984	-638	-1,911	-1,316
Operating Cash Flow to CapEx	308.87%	609.29%	-387.40%	199.31%	369.68%	3,268.29%	-420.00%	40.14%	435.26%	415.31%	0.00%
Free Cash Flow to Firm to Interest Expense	-59.80	0.00	-27.57	-9.22	-8.11	0.00	0.00	-492.22	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	10.08	0.00	-13.67	4.56	8.95	0.00	0.00	28.50	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	6.82	0.00	-17.19	2.27	6.53	0.00	0.00	-42.50	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.49	1.48	1.48	1.47	1.47	1.52	1.49	1.49	1.47	1.47	1.49
Accounts Receivable Turnover	5.86	5.46	5.58	5.59	5.53	5.35	5.69	5.59	5.51	5.30	5.57
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	38.51	36.66	37.47	38.01	38.39	39.28	39.72	40.82	41.14	41.31	42.41
Accounts Payable Turnover	8.92	7.73	8.14	8.29	8.18	7.52	8.05	8.01	7.67	7.38	7.94
Days Sales Outstanding (DSO)	62.27	66.82	65.42	65.29	66.02	68.25	64.20	65.25	66.21	68.81	65.55
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)	40.91	47.20	44.84	44.02	44.63	48.55	45.34	45.58	47.57	49.46	45.97
Cash Conversion Cycle (CCC)	21.37	19.61	20.58	21.27	21.39	19.70	18.86	19.67	18.64	19.35	19.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,259	9,151	10,802	11,094	11,067	10,311	11,980	12,376	12,096	12,719	13,681
Invested Capital Turnover	3.46	3.81	3.19	3.10	3.22	3.68	3.23	3.25	3.40	3.52	3.29
Increase / (Decrease) in Invested Capital	2,506	1,534	1,246	782	808	1,160	1,178	1,282	1,029	2,408	1,701
Enterprise Value (EV)	25,460	29,257	32,179	30,079	40,520	42,077	42,937	45,893	50,444	51,691	45,143
Market Capitalization	22,885	28,373	29,638	27,341	38,145	40,177	39,239	41,770	46,883	47,850	39,982
Book Value per Share	$24.80	$27.12	$27.01	$27.23	$28.37	$27.49	$27.60	$27.68	$28.68	$29.83	$28.87
Tangible Book Value per Share	$2.12	$3.47	$1.34	$0.99	$1.77	$1.61	($1.58)	($2.15)	($0.99)	($3.85)	($4.81)
Total Capital	12,929	11,896	13,227	13,436	13,558	12,827	14,475	14,766	14,775	15,603	16,320
Total Debt	4,468	2,829	4,128	4,247	4,002	3,635	5,471	5,773	5,482	5,977	7,013
Total Long-Term Debt	2,796	2,804	3,282	3,272	3,277	3,245	3,207	4,340	4,321	5,050	5,021
Net Debt	1,798	84	1,703	1,905	1,511	1,119	2,976	3,383	2,803	3,093	4,374
Capital Expenditures (CapEx)	124	140	127	144	155	41	130	142	190	294	-75
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,779	77	930	966	754	-148	714	1,238	773	82	1,178
Debt-free Net Working Capital (DFNWC)	3,132	1,448	2,057	1,999	1,911	1,073	2,227	2,770	2,582	2,096	2,973
Net Working Capital (NWC)	1,460	1,423	1,211	1,024	1,186	683	-37	1,337	1,421	1,169	981
Net Nonoperating Expense (NNE)	32	-99	106	58	44	-14	26	59	-4.88	46	43
Net Nonoperating Obligations (NNO)	1,798	84	1,703	1,905	1,511	1,119	2,976	3,383	2,803	3,093	4,374
Total Depreciation and Amortization (D&A)	151	157	160	162	180	177	225	237	230	236	233
Debt-free, Cash-free Net Working Capital to Revenue	5.70%	0.24%	2.86%	2.91%	2.20%	-0.41%	1.94%	3.25%	1.97%	0.20%	2.79%
Debt-free Net Working Capital to Revenue	10.04%	4.53%	6.33%	6.03%	5.57%	3.00%	6.06%	7.27%	6.57%	5.17%	7.04%
Net Working Capital to Revenue	4.68%	4.45%	3.73%	3.09%	3.46%	1.91%	-0.10%	3.51%	3.61%	2.88%	2.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.62	$1.55	$0.41	$0.42	$0.73	$1.60	$0.54	$0.72	$1.22	$1.40	$1.08
Adjusted Weighted Average Basic Shares Outstanding	307.85M	308.43M	305.81M	306.75M	306.25M	305.86M	300.29M	297.95M	297.56M	298.16M	294.38M
Adjusted Diluted Earnings per Share	$0.61	$1.53	$0.41	$0.42	$0.73	$1.58	$0.54	$0.72	$1.21	$1.38	$1.07
Adjusted Weighted Average Diluted Shares Outstanding	312.22M	312.55M	308.50M	308.04M	308.31M	308.03M	302.91M	300.01M	300.26M	300.75M	296.99M
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	304.79M	305.70M	306.82M	306.43M	306.02M	300.04M	298.10M	297.55M	297.59M	295.16M	292.82M
Normalized Net Operating Profit after Tax (NOPAT)	229	396	143	200	290	487	217	298	362	497	385
Normalized NOPAT Margin	2.91%	4.43%	1.80%	2.39%	3.21%	4.68%	2.43%	3.05%	3.53%	4.28%	3.66%
Pre Tax Income Margin	2.95%	7.05%	1.50%	2.07%	3.45%	5.89%	2.73%	3.08%	4.75%	4.85%	4.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.45	0.00	5.92	4.00	5.94	0.00	0.00	189.50	0.00	0.00	0.00
NOPAT to Interest Expense	6.13	0.00	7.04	3.18	4.52	0.00	0.00	148.98	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	4.18	0.00	2.39	1.71	3.52	0.00	0.00	118.50	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	2.87	0.00	3.52	0.90	2.09	0.00	0.00	77.98	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.20%	0.00%	0.00%	7.20%	7.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	176.80%	64.75%	50.95%	66.23%	20.29%	60.52%	96.85%	107.14%	90.20%	75.80%	75.63%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for CBRE Group (NYSE: CBRE) based on quarterly statements from the last four years. The bullets below highlight the most important items for retail investors, with positives first, then neutral items, and finally negatives.

Revenue growth in 2025: Q4 2025 operating revenue was 11,628,000,000, up from 10,405,000,000 in Q4 2024 (roughly +11.8% year over year).
Robust operating cash flow in late 2025: Net cash from continuing operating activities in Q4 2025 was 1,221,000,000, with a positive net change in cash of 205,000,000.
Positive near-term free cash flow in Q4 2025: Free cash flow (approx. 1.221B operating cash flow minus ~294M capex) was solid for the quarter.
Balance sheet growth and solid equity base: Total assets at about 28.566B in Q3 2025, and total equity (including noncontrolling interests) around 8.54B for the company, indicating expansion capacity and a durable equity base.
Healthy liquidity in latest period: Latest quarter shows total current assets near 12.6B and total current liabilities near 11.15B, implying a current ratio around 1.1–1.2.
Per-share profitability remains meaningful: Q4 2025 basic EPS is 1.40 and diluted EPS is 1.38, reflecting ongoing profitability per share.
Leverage relatively stable: Long-term debt has been roughly flat around 4.3B from 2023 through 2025, suggesting no aggressive new leverage or rapid deleveraging.
Gross margin compression is modest: Q4 2025 gross margin is about 18.6% (2.155B gross profit on 11.628B revenue) versus around 20.3% in Q4 2024, indicating some margin pressure to monitor.
Profitability pressure vs prior year: Q4 2025 net income to common shareholders was 416,000,000, down from 487,000,000 in Q4 2024, showing a year-over-year decline in bottom-line profitability.
Capital allocation pressure from share buybacks: In Q4 2025, the company spent about 288,000,000 on repurchases, a cash outflow that reduces liquidity if sustained.

05/23/26 11:33 AM ETAI Generated. May Contain Errors.

CBRE Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, CBRE Group's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

CBRE Group's net income appears to be on an upward trend, with a most recent value of $1.28 billion in 2025, rising from $558.88 million in 2015. The previous period was $1.04 billion in 2024. Check out CBRE Group's forecast to explore projected trends and price targets.

CBRE Group's total operating income in 2025 was $1.75 billion, based on the following breakdown:

Total Gross Profit: $7.57 billion
Total Operating Expenses: $5.81 billion

Over the last 10 years, CBRE Group's total revenue changed from $10.86 billion in 2015 to $40.55 billion in 2025, a change of 273.5%.

CBRE Group's total liabilities were at $21.25 billion at the end of 2025, a 39.9% increase from 2024, and a 157.3% increase since 2015.

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 $1.86 billion as of their latest financial filing in 2025.

Over the last 10 years, CBRE Group's book value per share changed from 8.12 in 2015 to 29.83 in 2025, a change of 267.5%.

Related Companies

Financial statements for NYSE:CBRE last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

CBRE Group (CBRE) Financials

Financials Breakdown Chart

Key Financial Trends

CBRE Group Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

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

Financials Breakdown Chart

Key Financial Trends

CBRE Group Financials - Frequently Asked Questions

When does CBRE Group's financial year end?

How has CBRE Group's net income changed over the last 10 years?

What is CBRE Group's operating income?

How has CBRE Group's revenue changed over the last 10 years?

How much debt does CBRE Group have?

How much cash does CBRE Group have?

How has CBRE Group's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools