NYSE : CBRE
CBRE Group, Inc. — Financial statements
Real Estate · Real Estate Services · United States
Last price 128.85 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 37.13B
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Financial statements
CBRE Group, Inc. (CBRE) reported revenue of 45.01B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 45.01B | 40.55B | 35.77B | 31.95B | 30.83B | 27.75B |
| Cost of Revenue | 36.68B | 32.98B | 28.81B | 25.68B | 24.21B | 21.58B |
| Gross Profit | 8.33B | 7.57B | 6.96B | 6.27B | 6.62B | 6.17B |
| Selling, General & Admin | 6.32B | 5.54B | 5.01B | 4.56B | 4.60B | 4.07B |
| Operating Expenses | 7.18B | 6.27B | 5.68B | 5.18B | 5.20B | 4.60B |
| Operating Income | 1.15B | 1.29B | 1.27B | 1.09B | 1.42B | 1.57B |
| Interest Expense | -238.00M | -216.00M | -215.00M | -149.00M | -69.00M | -50.00M |
| Earnings From Equity Investments | 89.00M | 40.00M | -19.00M | 248.00M | 229.00M | 619.00M |
| Other Non Operating Income (Expenses) | 34.00M | 19.00M | 39.00M | 27.00M | -12.00M | -25.00M |
| EBT Excluding Unusual Items | 1.04B | 1.14B | 1.08B | 1.22B | 1.56B | 2.11B |
| Merger & Restructuring Charges | 14.00M | -100.00M | ||||
| Impairment of Goodwill | -26.00M | |||||
| Gain (Loss) on Sale of Investments | 34.00M | 42.00M | ||||
| Gain (Loss) on Sale of Assets | 894.00M | 459.00M | 142.00M | 27.00M | 244.00M | 258.00M |
| Asset Writedown | -23.00M | |||||
| Other Unusual Items | -2.00M | -2.00M | ||||
| Pretax Income | 1.94B | 1.59B | 1.22B | 1.28B | 1.66B | 2.41B |
| Income Tax Expense | 425.00M | 317.00M | 182.00M | 250.00M | 234.00M | 568.00M |
| Earnings From Continuing Operations | 1.52B | 1.28B | 1.04B | 1.03B | 1.42B | 1.84B |
| Minority Interest in Earnings | -138.00M | -120.00M | -68.00M | -41.00M | -17.00M | -5.00M |
| Net Income | 1.38B | 1.16B | 968.00M | 986.00M | 1.41B | 1.84B |
| Net Income to Common | 1.38B | 1.16B | 968.00M | 986.00M | 1.41B | 1.84B |
| Shares Outstanding (Basic) | 293.06M | 298.16M | 305.86M | 308.43M | 322.81M | 335.23M |
| Shares Outstanding (Diluted) | 295.55M | 300.75M | 308.03M | 312.55M | 327.70M | 339.72M |
| EPS (Basic) | 4.71 | 3.88 | 3.16 | 3.20 | 4.36 | 5.48 |
| EPS (Diluted) | 4.68 | 3.85 | 3.14 | 3.15 | 4.29 | 5.41 |
| Free Cash Flow | 938.00M | 1.19B | 1.40B | 175.00M | 1.37B | 2.15B |
| Free Cash Flow Per Share | 3.17 | 3.97 | 4.55 | 0.56 | 4.18 | 6.34 |
| Gross Margin | 18.50% | 18.66% | 19.45% | 19.64% | 21.48% | 22.22% |
| Operating Margin | 2.56% | 3.19% | 3.55% | 3.41% | 4.60% | 5.64% |
| Profit Margin | 3.07% | 2.85% | 2.71% | 3.09% | 4.56% | 6.62% |
| Free Cash Flow Margin | 2.08% | 2.94% | 3.92% | 0.55% | 4.44% | 7.76% |
| EBITDA | 2.20B | 2.22B | 2.14B | 1.88B | 2.03B | 2.09B |
| EBITDA Margin | 4.89% | 5.48% | 5.98% | 5.88% | 6.59% | 7.54% |
| D&A For EBITDA | 1.05B | 928.00M | 869.00M | 790.00M | 613.00M | 526.00M |
| EBIT | 1.15B | 1.29B | 1.27B | 1.09B | 1.42B | 1.57B |
| EBIT Margin | 2.56% | 3.19% | 3.55% | 3.41% | 4.60% | 5.64% |
| Effective Tax Rate | 21.86% | 19.89% | 14.94% | 19.58% | 14.11% | 23.57% |
| Advertising Expenses | 89.00M | 82.00M | 74.00M | 85.00M | 68.90M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.68B | 1.86B | 1.11B | 1.26B | 1.32B | 2.43B |
| Cash & Short-Term Investments | 1.68B | 1.86B | 1.11B | 1.26B | 1.32B | 2.43B |
| Accounts Receivable | 9.61B | 8.75B | 7.41B | 6.81B | 5.72B | 5.49B |
| Other Receivables | 186.00M | 175.00M | 130.00M | 159.00M | 82.00M | 44.10M |
| Receivables | 9.80B | 8.92B | 7.54B | 6.97B | 5.80B | 5.53B |
| Prepaid Expenses | 422.00M | 372.00M | 332.00M | 333.00M | 311.00M | 333.88M |
| Restricted Cash | 137.00M | 150.00M | 107.00M | 106.00M | 87.00M | 108.83M |
| Other Current Assets | 679.00M | 552.00M | 321.00M | 315.00M | 557.00M | 371.66M |
| Total Current Assets | 13.66B | 13.49B | 9.97B | 9.67B | 8.53B | 10.08B |
| Property, Plant & Equipment | 3.57B | 3.44B | 2.37B | 2.15B | 1.96B | 1.97B |
| Long-Term Investments | 1.04B | 1.00B | 1.44B | 1.52B | 1.42B | 1.20B |
| Goodwill | 6.99B | 7.05B | 5.62B | 5.13B | 4.87B | 5.00B |
| Other Intangible Assets | 2.77B | 2.97B | 2.30B | 2.08B | 2.19B | 2.41B |
| Long-Term Accounts Receivable | 71.00M | 103.00M | 89.00M | 75.00M | 137.00M | 135.63M |
| Long-Term Deferred Tax Assets | 756.00M | 697.00M | 538.00M | 361.00M | 266.00M | 157.03M |
| Long-Term Deferred Charges | 9.00M | 11.10M | 9.50M | |||
| Other Long-Term Assets | 2.46B | 2.12B | 2.05B | 1.56B | 1.13B | 1.11B |
| Total Assets | 31.33B | 30.88B | 24.38B | 22.55B | 20.51B | 22.07B |
| Accounts Payable | 4.88B | 4.69B | 3.90B | 3.30B | 2.96B | 2.88B |
| Accrued Expenses | 3.17B | 3.51B | 3.11B | 3.02B | 3.15B | 3.25B |
| Short-Term Debt | 2.13B | 2.46B | 906.00M | 682.00M | 669.00M | 1.31B |
| Current Portion of Long-Term Debt | 69.00M | 71.00M | 36.00M | 9.00M | 428.00M | |
| Current Portion of Leases | 408.00M | 353.00M | 243.00M | 278.00M | 263.00M | 270.53M |
| Current Income Taxes Payable | 76.00M | 258.00M | 209.00M | 217.00M | 184.00M | 246.03M |
| Current Unearned Revenue | 489.00M | 448.00M | 375.00M | 298.00M | 276.00M | 280.66M |
| Other Current Liabilities | 444.00M | 527.00M | 501.00M | 446.00M | 310.30M | 173.53M |
| Total Current Liabilities | 11.68B | 12.32B | 9.29B | 8.24B | 8.24B | 8.42B |
| Long-Term Debt | 5.71B | 5.05B | 3.25B | 2.80B | 1.09B | 1.54B |
| Long-Term Leases | 2.36B | 2.29B | 1.43B | 1.16B | 1.14B | 1.19B |
| Pension & Post-Retirement Benefits | 75.00M | 70.00M | 85.00M | 80.00M | 69.48M | |
| Long-Term Deferred Tax Liabilities | 229.00M | 238.00M | 247.00M | 255.00M | 282.00M | 405.26M |
| Other Long-Term Liabilities | 1.87B | 1.28B | 913.00M | 933.00M | 1.08B | 1.09B |
| Total Liabilities | 21.85B | 21.25B | 15.19B | 13.48B | 11.91B | 12.71B |
| Common Stock | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M | 3.33M |
| Additional Paid-In Capital | 798.89M | |||||
| Retained Earnings | 9.78B | 9.92B | 9.57B | 9.19B | 8.83B | 8.37B |
| Comprehensive Income & Other | -1.11B | -1.04B | -1.16B | -924.00M | -983.00M | -640.66M |
| Total Common Equity | 8.67B | 8.88B | 8.41B | 8.27B | 7.85B | 8.53B |
| Minority Interest | 805.00M | 748.00M | 781.00M | 800.00M | 753.00M | 830.92M |
| Shareholders' Equity | 9.48B | 9.63B | 9.19B | 9.07B | 8.61B | 9.36B |
| Total Liabilities & Equity | 31.33B | 30.88B | 24.38B | 22.55B | 20.51B | 22.07B |
| Total Debt | 10.68B | 10.23B | 5.86B | 4.93B | 3.58B | 4.31B |
| Net Cash (Debt) | -9.00B | -8.36B | -4.75B | -3.67B | -2.27B | -1.88B |
| Net Cash Per Share | -30.45 | -27.81 | -15.40 | -11.74 | -6.91 | -5.53 |
| Filing Date Shares Outstanding | 288.20M | 295.16M | 300.04M | 305.70M | 309.89M | 325.47M |
| Total Common Shares Outstanding | 288.37M | 295.73M | 302.05M | 304.89M | 311.01M | 326.03M |
| Working Capital | 1.99B | 1.17B | 683.00M | 1.42B | 287.00M | 1.66B |
| Book Value Per Share | 30.07 | 30.02 | 27.85 | 27.11 | 25.25 | 26.16 |
| Tangible Book Value | -1.09B | -1.15B | 492.00M | 1.06B | 792.00M | 1.12B |
| Tangible Book Value Per Share | -3.78 | -3.87 | 1.63 | 3.47 | 2.55 | 3.45 |
| Machinery | 2.17B | 1.84B | 1.64B | 1.43B | 1.36B | |
| Construction In Progress | 215.00M | 153.00M | 186.00M | 185.00M | 120.03M | |
| Leasehold Improvements | 804.00M | 716.00M | 658.00M | 611.00M | 622.77M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.38B | 1.16B | 968.00M | 986.00M | 1.41B | 1.84B |
| Depreciation & Amortization | 1.05B | 928.00M | 869.00M | 790.00M | 613.00M | 526.00M |
| Other Amortization | 8.00M | |||||
| Loss (Gain) From Sale of Assets | -894.00M | -459.00M | -142.00M | -27.00M | -203.00M | -330.00M |
| Asset Writedown & Restructuring Costs | 59.00M | |||||
| Loss (Gain) From Sale of Investments | -42.00M | |||||
| Loss (Gain) on Equity Investments | -89.00M | -40.00M | 19.00M | -248.00M | 160.00M | -99.00M |
| Stock-Based Compensation | 168.00M | 120.00M | 146.00M | 96.00M | 160.00M | 185.00M |
| Provision & Write-off of Bad Debts | 24.00M | |||||
| Other Operating Activities | 49.00M | -109.00M | -280.00M | -200.00M | -133.00M | -79.00M |
| Change in Accounts Receivable | -1.50B | -882.00M | -597.00M | -702.00M | -503.00M | -766.00M |
| Change in Accounts Payable | 850.00M | 570.00M | 566.00M | 34.00M | 64.00M | 105.00M |
| Change in Income Taxes | -56.00M | -40.00M | -82.00M | -103.00M | -133.00M | 248.00M |
| Change in Other Net Operating Assets | -284.00M | 1.34B | 92.00M | 45.00M | -737.00M | 568.00M |
| Operating Cash Flow | 1.40B | 1.56B | 1.71B | 480.00M | 1.63B | 2.36B |
| Capital Expenditures | -465.00M | -366.00M | -307.00M | -305.00M | -260.00M | -210.00M |
| Cash Acquisitions | -1.05B | -1.37B | -1.07B | -203.00M | -173.00M | -781.00M |
| Sale (Purchase) of Real Estate | 259.00M | 119.00M | -154.00M | -94.00M | ||
| Investment in Securities | -193.00M | -161.00M | -136.00M | -127.00M | -298.00M | -479.00M |
| Other Investing Activities | 121.00M | 155.00M | 150.00M | 48.00M | -101.00M | 189.00M |
| Investing Cash Flow | -1.33B | -1.63B | -1.51B | -681.00M | -832.00M | -1.28B |
| Short-Term Debt Issued | 677.00M | 4.35B | 4.01B | 1.83B | 27.00M | |
| Long-Term Debt Issued | 2.41B | 495.00M | 1.72B | 570.00M | ||
| Total Debt Issued | 1.59B | 3.09B | 4.84B | 5.73B | 1.83B | 597.00M |
| Short-Term Debt Repaid | -132.00M | -4.04B | -4.18B | -1.66B | ||
| Long-Term Debt Repaid | -670.00M | -9.00M | -437.00M | -409.00M | ||
| Total Debt Repaid | -72.00M | -802.00M | -4.05B | -4.62B | -1.66B | -409.00M |
| Net Debt Issued (Repaid) | 1.52B | 2.29B | 793.00M | 1.11B | 178.00M | 188.00M |
| Repurchase of Common Stock | -1.45B | -968.00M | -627.00M | -665.00M | -1.89B | -408.00M |
| Other Financing Activities | -134.00M | -521.00M | -387.00M | -289.00M | -56.00M | -270.00M |
| Financing Cash Flow | -58.00M | 796.00M | -221.00M | 154.00M | -1.77B | -490.00M |
| Foreign Exchange Rate Adjustments | -7.00M | 65.00M | -123.00M | 13.00M | -166.00M | -92.00M |
| Net Cash Flow | 11.00M | 793.00M | -150.00M | -34.00M | -1.14B | 501.00M |
| Free Cash Flow | 938.00M | 1.19B | 1.40B | 175.00M | 1.37B | 2.15B |
| Free Cash Flow Margin | 2.08% | 2.94% | 3.92% | 0.55% | 4.44% | 7.76% |
| Free Cash Flow Per Share | 3.17 | 3.97 | 4.55 | 0.56 | 4.18 | 6.34 |
| Levered Free Cash Flow | 1.27B | -84.25M | 1.74B | 371.12M | 1.84B | 2.09B |
| Unlevered Free Cash Flow | 1.42B | 50.75M | 1.88B | 464.25M | 1.88B | 2.11B |
| Cash Interest Paid | 473.00M | 448.00M | 396.00M | 191.00M | 89.00M | 41.00M |
| Cash Income Tax Paid | 691.00M | 599.00M | 467.00M | 467.00M | 604.00M | 330.00M |
| Change in Working Capital | -992.00M | 990.00M | -21.00M | -726.00M | -1.31B | 155.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 37.13B | 47.85B | 40.18B | 28.37B | 24.32B | 35.59B |
| Enterprise Value | 46.13B | 56.61B | 47.00B | 33.76B | 28.22B | 37.86B |
| Last Close Price | 128.85 | 160.79 | 131.29 | 93.09 | 76.96 | 108.51 |
| PE Ratio | 27.56 | 41.36 | 41.51 | 28.78 | 17.28 | 19.37 |
| Forward PE | 15.35 | 22.04 | 22.31 | 23.48 | 15.34 | 19.83 |
| PS Ratio | 0.83 | 1.18 | 1.12 | 0.89 | 0.79 | 1.28 |
| PB Ratio | 4.28 | 4.97 | 4.37 | 3.13 | 2.83 | 3.80 |
| P/TBV Ratio | 81.66 | 26.84 | 30.70 | 31.68 | ||
| P/FCF Ratio | 39.59 | 40.11 | 28.68 | 162.13 | 17.76 | 16.52 |
| P/OCF Ratio | 26.47 | 30.69 | 23.52 | 59.11 | 14.93 | 15.05 |
| PEG Ratio | 1.28 | 1.79 | 1.79 | 1.79 | 1.79 | 1.79 |
| EV/Sales Ratio | 1.03 | 1.40 | 1.31 | 1.06 | 0.92 | 1.36 |
| EV/EBITDA Ratio | 20.97 | 25.48 | 21.96 | 17.96 | 13.90 | 18.10 |
| EV/EBIT Ratio | 40.08 | 43.75 | 36.98 | 30.97 | 19.91 | 24.18 |
| EV/FCF Ratio | 49.18 | 47.46 | 33.55 | 192.93 | 20.61 | 17.58 |
| Debt / Equity Ratio | 1.13 | 1.06 | 0.64 | 0.54 | 0.42 | 0.46 |
| Debt / EBITDA Ratio | 4.00 | 3.89 | 2.38 | 2.23 | 1.56 | 1.83 |
| Debt / FCF Ratio | 11.39 | 8.57 | 4.18 | 28.19 | 2.62 | 2.00 |
| Net Debt / Equity Ratio | 0.95 | 0.87 | 0.52 | 0.41 | 0.26 | 0.20 |
| Net Debt / EBITDA Ratio | 4.09 | 3.76 | 2.22 | 1.95 | 1.12 | 0.90 |
| Net Debt / FCF Ratio | 9.60 | 7.01 | 3.39 | 20.97 | 1.66 | 0.87 |
| Asset Turnover | 1.50 | 1.47 | 1.52 | 1.48 | 1.45 | 1.38 |
| Quick Ratio | 0.98 | 0.88 | 0.93 | 1.00 | 0.86 | 0.95 |
| Current Ratio | 1.17 | 1.09 | 1.07 | 1.17 | 1.03 | 1.20 |
| Return on Equity (ROE) | 16.18% | 13.57% | 11.35% | 11.62% | 15.85% | 21.84% |
| Return on Assets (ROA) | 2.40% | 2.93% | 3.38% | 3.16% | 4.16% | 4.88% |
| Return on Invested Capital (ROIC) | 4.87% | 6.49% | 8.11% | 7.43% | 11.01% | 11.37% |
| Return on Capital Employed (ROCE) | 5.90% | 7.00% | 8.40% | 7.60% | 11.50% | 11.50% |
| Earnings Yield | 3.63% | 2.42% | 2.41% | 3.48% | 5.79% | 5.16% |
| FCF Yield | 2.53% | 2.49% | 3.49% | 0.62% | 5.63% | 6.05% |
| Buyback Yield / Dilution | 2.33% | 2.36% | 1.44% | 4.62% | 3.54% | -0.39% |