CBRE Group

CBRE · NYSE · Real Estate · Financials, fiscal 2016 to 2025

CBRE · Last close · October 26, 2026

$122.88

CBRE Group's revenue rose 13.4% to $40.5 billion in fiscal 2025. Its operating margin was 4.3%, up from 4.0% a year earlier. Free cash flow was $1.2 billion, down 14.8%. It paid out $968 million in dividends and buybacks, 81% of free cash flow. The diluted share count fell 2.4%.

CBRE GROUP, INC. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001138118-26-000005 Updated October 22, 2026

Revenue

$40.5B

13.4%

Operating margin

4.3%

0.4 pts

Net income

$1.2B

19.5%

Free cash flow

$1.2B

14.8%

Return on capital

10.2%

0.1 pts

Market cap

$35.8B

Oct 26 close

P/E

26.3x

On $4.67 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. CBRE's 2016 cost of revenue is taken from its cost of services line; another figure tagged for that year is a small part of it.

What CBRE Group does

CBRE is a commercial real estate services company. It helps businesses and investors lease, buy, sell, finance, value, operate and manage office, industrial, retail, apartment and specialty properties such as data centers, laboratories and government facilities. It says it works in more than 100 countries, and that it is the world's largest firm of its kind based on 2025 revenue.

CBRE reports four segments. Advisory Services handles leasing, property sales, mortgage origination, loan servicing and valuation. Building Operations & Experience, set up in 2025, runs facilities and property management, services for data centers, and flexible workspaces through Industrious, which CBRE fully acquired in January 2025. Project Management oversees construction and other projects through Turner & Townsend, of which CBRE owns 70%. Real Estate Investments covers CBRE's own real estate investment programs and co-investments.

Fees from these services are its main source of revenue, and most project work is delivered for a fee. CBRE says it has numerous local, regional and global competitors in all its business lines. Its recent deals include Turner & Townsend, J&J Worldwide Services, Direct Line Global, Industrious and, in November 2025, Pearce Services, which provides technical services for digital and power infrastructure.

Its biggest risks, as it describes them

Problems in credit markets, which can slow property sales and financing and hurt its results.
Concentration of business with large clients, which raises credit risk and the effect of losing one.
Its loan origination and servicing business relies heavily on relationships with U.S. government-sponsored enterprises.
Growth from acquisitions that may not perform as expected, and may not be available in the future.
Debt agreements that limit how it operates, and variable-rate debt that exposes it to higher interest costs.

From CBRE Group's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 9.6% a year and net income 8.1% a year, as buybacks cut the share count by 11%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value CBRE Group yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from CBRE Group's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from CBRE Group's fiscal 2025 free cash flow of $1.2B, net cash of −$6.0B at December 31, 2025 and 301 million diluted shares, from its filings. The scenarios are fitted to CBRE Group: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 9.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Real Estate Services); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to CBRE Group's own revenue growth, as above. Cautious: growth of 5% then 3.5% a year, 2% after year 10, a 10% discount rate. Base: growth of 9.5% then 6% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 14.5% then 9% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $122.88
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from CBRE Group's earnings per share of $4.67 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 27×, the middle of CBRE Group's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Jones Lang LaSalle, Cushman & Wakefield, Compass, Newmark Group.

Earnings growth in the years ahead (% a year) Starts at CBRE Group's revenue growth over the last 3 years, 9.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $122.88
Value at this multiple, against the last close: —
CBRE Group's P/E at the last close: 26.3×

Company	Last close	Earnings per share	P/E today
CompassCOMP	$9.69	$0.06	161.5×
Cushman & WakefieldCWK	$11.90	$0.30	39.7×
CBRE GroupCBRE	$122.88	$4.67	26.3×
Jones Lang LaSalleJLL	$300.61	$20.86	14.4×
Newmark GroupNMRK	$11.34	$0.80	14.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	2.4	1.3	1.3	1.1	1.9
Debt incl. finance leases	3.0	2.3	3.6	4.4	7.8
Net debt (negative means net cash)	0.5	1.0	2.3	3.2	6.0
Net debt to EBITDA	0.2x	0.5x	1.3x	1.6x	2.4x
Debt to equity	0.3x	0.3x	0.4x	0.5x	0.9x
Interest coverage	39.9x	17.0x	5.8x	3.6x	3.9x
Current ratio	1.2x	1.0x	1.2x	1.1x	1.1x
Quick ratio	1.2x	1.0x	1.2x	1.1x	1.1x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought CBRE Group shares on the open market, and 3 insiders sold $2.7 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 13, 2026	Emma E. GiamartinoCFO & Chief Investment Officer	Sold plan	2,250	$148.29	$333,652	Form 4
Aug 13, 2026	Chad J DoellingerChief Legal & Admin. Officer	Sold plan	228	$148.29	$33,810	Form 4
Jul 29, 2026	Vikramaditya KohliCOO & CEO, Advisory Services	Sold plan	2,666	$150.00	$399,900	Form 4
May 15, 2026	Emma E. GiamartinoCFO & Chief Investment Officer	Sold plan	2,250	$130.74	$294,165	Form 4
May 5, 2026	Chad J DoellingerChief Legal & Admin. Officer	Sold plan	107	$140.35	$15,017	Form 4
Mar 12, 2026	Chad J DoellingerChief Legal & Admin. Officer	Sold plan	116	$130.06	$15,087	Form 4
Mar 11, 2026	Chad J DoellingerChief Legal & Admin. Officer	Sold plan	471	$133.51	$62,883	Form 4
Feb 26, 2026	Emma E. GiamartinoCFO & Chief Investment Officer	Sold plan	9,223	$148.61	$1.4 million	Form 4
Nov 10, 2025	Vikramaditya KohliCOO & CEO, Advisory Services	Sold plan	1,000	$152.41	$152,410	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	5 of 9	7 of 9
Accruals ratio	2.4%	−3.1%	−1.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put CBRE Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
CBRE Group	FY25	13.4%	4.3%	2.9%	10.2%	2.4x	7
Jones Lang LaSalle	FY25	11.4%	4.2%	—	11.6%	0.1x	8	Compare
Cushman & Wakefield	FY25	8.9%	4.4%	2.9%	8.8%	3.6x	5	Compare
Compass	FY25	23.7%	−0.9%	2.9%	—	—	—	Compare
Newmark Group	FY25	20.3%	7.1%	4.3%	8.6%	1.1x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	17.4	18.6	21.3	23.9	23.8	27.7	30.8	31.9	35.8	40.5
Revenue growth	60.0%	7.2%	14.6%	12.0%	−0.3%	16.4%	11.1%	3.6%	11.9%	13.4%
Gross profit	3.9	4.3	4.9	5.2	4.8	6.2	6.6	6.3	7.0	7.6
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	0.8	1.1	1.1	1.3	1.0	1.6	1.5	1.1	1.4	1.8
Net income	0.6	0.7	1.1	1.3	0.8	1.8	1.4	1.0	1.0	1.2
Diluted EPS (US$)	1.69	2.05	3.10	3.77	2.22	5.41	4.29	3.15	3.14	3.85
Diluted shares (millions)	338	341	343	340	338	340	328	313	308	301
Cash flow
Cash from operations	0.6	0.9	1.1	1.2	1.8	2.4	1.6	0.5	1.7	1.6
Capital expenditure	0.2	0.2	0.2	0.3	0.3	0.2	0.3	0.3	0.3	0.4
Free cash flow	0.4	0.7	0.9	0.9	1.6	2.2	1.4	0.2	1.4	1.2
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share buybacks	0.0	0.0	0.2	0.1	0.1	0.4	1.9	0.7	0.6	1.0
Acquisitions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.1	0.1
Balance sheet at fiscal year end
Cash and short-term investments	0.8	0.8	0.8	1.0	1.9	2.4	1.3	1.3	1.1	1.9
Debt incl. finance leases	3.8	2.9	3.1	2.8	2.9	3.0	2.3	3.6	4.4	7.8
Total assets	10.8	11.7	13.5	16.2	18.0	22.1	20.5	22.5	24.4	30.9
Total liabilities	7.7	7.5	8.4	9.9	10.5	12.7	11.9	13.5	15.2	21.3
Shareholders' equity	3.0	4.1	4.9	6.2	7.1	8.5	7.9	8.3	8.4	8.9
Margins and ratios
Gross margin	22.7%	23.2%	22.9%	21.8%	20.1%	22.2%	21.4%	19.6%	19.4%	18.7%
Operating margin	4.7%	5.8%	5.1%	5.3%	4.1%	5.9%	4.9%	3.5%	4.0%	4.3%
Net margin	3.3%	3.7%	5.0%	5.4%	3.2%	6.6%	4.6%	3.1%	2.7%	2.9%
Free cash flow margin	2.5%	3.9%	4.2%	3.9%	6.6%	7.8%	4.4%	0.6%	3.9%	2.9%
Return on capital	8.4%	10.3%	12.3%	15.4%	9.3%	13.9%	13.3%	8.6%	10.1%	10.2%
Return on equity	20.0%	19.6%	23.5%	23.0%	11.3%	23.5%	17.2%	12.2%	11.6%	13.4%
Return on assets	5.3%	6.2%	8.4%	8.7%	4.4%	9.2%	6.6%	4.6%	4.1%	4.2%
Net debt to EBITDA	2.6x	1.4x	1.5x	1.1x	0.7x	0.2x	0.5x	1.3x	1.6x	2.4x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: CBRE Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with CBRE Group.