CBRE Group Inc. Class A Common Stock (CBRE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.47	$1.56	+6.1%	—	$11.2B	—
Q1 26	$1.13	$1.61	+42.5%	—	$10.5B	—
Q4 25	$2.68	$2.73	+1.9%	—	$11.6B	—
Q3 25	$1.46	$1.61	+10.3%	—	$10.3B	—
Q2 25	$1.07	$1.19	+11.2%	—	$9.8B	—
Q1 25	$0.76	$0.86	+13.2%	—	$8.9B	—
Q4 24	$2.23	$2.32	+4.0%	—	$10.4B	—
Q3 24	$1.06	$1.2	+13.2%	—	$9B	—
Q2 24	$0.71	$0.81	+14.1%	—	$8.4B	—
Q1 24	$0.69	$0.78	+13.0%	—	$7.9B	—
Q4 23	$1.18	$1.38	+16.9%	—	$8.9B	—
Q3 23	$0.67	$0.72	+7.5%	—	$7.9B	—
Q2 23	$0.76	$0.82	+7.9%	—	$7.7B	—
Q1 23	$0.86	$0.92	+7.0%	—	$7.4B	—
Q4 22	$1.2	$1.33	+10.8%	—	$8.2B	—
Q3 22	$1.3	$1.13	-13.1%	—	$7.5B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.88	—	—	$40.5B	—
FY24	—	$3.16	—	—	$35.8B	—
FY23	—	$3.2	—	—	$31.9B	—
FY22	—	$4.36	—	—	$30.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$17.4B	$18.6B	$21.3B	$23.9B	$23.8B	$27.7B	$30.8B	$31.9B	$35.8B	$40.5B
YoY change	+60%	+7.25%	+14.6%	+12%	-0.28%	+16.5%	+11.1%	+3.64%	+12%	+13.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	17.4B	18.6B	21.3B	23.9B	23.8B	27.7B	30.8B	31.9B	35.8B	40.5B
Cost of revenue	13.4B	14.3B	16.4B	18.7B	19B	21.6B	24.2B	25.7B	28.8B	33B
Gross profit	3.9B	4.3B	4.9B	5.2B	4.8B	6.2B	6.6B	6.3B	7B	7.6B
Gross margin	22.7%	23.2%	22.9%	21.8%	20.1%	22.2%	21.4%	19.6%	19.4%	18.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.8B	2.9B	3.4B	3.4B	3.3B	4.1B	4.6B	—	—	—
Operating expenses	2.8B	2.9B	3.4B	3.4B	3.3B	8.1B	9.3B	4.6B	5B	5.5B
Operating income	801M	1.1B	1.1B	1.3B	970.6M	1.6B	1.3B	1.1B	1.3B	1.3B
Operating margin	4.61%	5.68%	5.03%	5.57%	4.07%	5.64%	4.3%	3.41%	3.55%	3.19%
Non-operating income, net	217.9M	239.4M	404.6M	117.3M	67.1M	894M	400M	336M	162M	516M
Pretax income	882.1M	1.2B	1.4B	1.4B	970M	2.4B	1.7B	1.3B	1.2B	1.6B
Income tax	296.9M	467.8M	313.1M	69.9M	214.1M	568M	234M	250M	182M	317M
Net income	585.2M	703.6M	1.1B	1.3B	755.9M	1.8B	1.4B	1B	1B	1.3B
Net margin	3.37%	3.78%	5%	5.4%	3.17%	6.64%	4.62%	3.21%	2.9%	3.15%
EBITDA	1.4B	1.7B	1.9B	2B	1.5B	2B	1.8B	1.7B	1.8B	1.6B
EPS	1.71	2.05	3.13	3.82	2.24	5.48	4.36	3.2	3.16	3.88
Diluted EPS	1.69	2.03	3.1	3.77	2.22	5.41	4.29	3.15	3.14	3.85

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	7.9B	8.9B	7.9B	8.4B	9B	10.4B	8.9B	9.8B	10.3B	11.6B	10.5B	11.2B
Cost of revenue	6.4B	7.1B	6.5B	6.8B	7.3B	8.3B	7.3B	7.9B	8.3B	9.5B	8.7B	9.1B
Gross profit	1.5B	1.9B	1.5B	1.6B	1.8B	2.1B	1.6B	1.8B	2B	2.2B	1.9B	2.1B
Gross margin	18.7%	20.8%	18.4%	19%	19.7%	20.3%	18.5%	18.6%	19%	18.5%	17.6%	18.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	1.1B	1.2B	1.1B	1.2B	1.2B	1.5B	1.2B	1.3B	1.3B	1.7B	1.5B	1.5B
Operating income	264M	494.5M	191M	246M	369M	464M	276M	355M	445M	218M	210M	360M
Operating margin	3.36%	5.53%	2.41%	2.93%	4.08%	4.46%	3.1%	3.64%	4.34%	1.87%	1.99%	3.21%
Non-operating income, net	6M	175.7M	-36M	-9M	7M	201M	17M	4M	92M	403M	303M	15M
Pretax income	232M	630.8M	119M	174M	312M	613M	243M	300M	487M	564M	454M	315M
Income tax	31M	136M	-29M	32M	67M	112M	52M	61M	91M	114M	112M	68M
Net income	201M	494.8M	148M	142M	245M	501M	191M	239M	396M	450M	342M	247M
Net margin	2.55%	5.53%	1.87%	1.69%	2.71%	4.82%	2.14%	2.45%	3.86%	3.87%	3.25%	2.2%
EBITDA	408M	642.2M	336M	407M	548M	511M	453M	658M	711M	3M	91M	646M
EPS	0.62	1.56	0.41	0.42	0.73	1.6	0.54	0.72	1.22	1.4	1.08	0.7
Diluted EPS	0.61	1.55	0.41	0.42	0.73	1.58	0.54	0.72	1.21	1.39	1.07	0.69

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	10.6B	14.6B	13.6B	20.6B	21B	36.4B	24.8B	28.7B	40.2B	47.9B	37.7B
Enterprise value	13.6B	16.8B	15.9B	23.6B	23.2B	38.1B	27B	32.3B	44.7B	56.1B	49.1B
Shares outstanding	335.4M	337.7M	339.3M	335.8M	335.2M	335.2M	322.8M	308.4M	305.9M	298.2M	298.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18	20.8	12.7	15.9	27.8	19.7	17.4	28	38.8	37.5	30.8
P/S	0.61	0.79	0.64	0.86	0.88	1.31	0.81	0.9	1.12	1.18	0.89
P/B	3.45	3.5	2.71	3.28	2.8	3.89	2.89	3.17	4.37	4.98	4.64
EV/EBITDA	9.87	9.96	8.19	12	15	18.9	15.4	19.2	24.8	35.8	22.2
EV/Sales	0.78	0.9	0.75	0.99	0.97	1.37	0.88	1.01	1.25	1.38	1.12
Earnings yield	5.54%	4.81%	7.85%	6.27%	3.6%	5.06%	5.73%	3.58%	2.58%	2.66%	3.25%
FCF yield	4.03%	4.9%	6.65%	4.52%	7.44%	5.92%	5.51%	0.61%	3.49%	2.49%	4.34%
PEG	—	—	—	—	—	—	—	—	—	—	-11.1

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	22.7%	23.2%	22.9%	21.8%	20.1%	22.2%	21.4%	19.6%	19.4%	18.7%	18.6%
Operating margin	4.61%	5.68%	5.03%	5.57%	4.07%	5.64%	4.3%	3.41%	3.55%	3.19%	3.61%
Net margin	3.37%	3.78%	5%	5.4%	3.17%	6.64%	4.62%	3.21%	2.9%	3.15%	2.98%
ROE	19.1%	16.9%	21.3%	20.6%	10.1%	19.7%	16.5%	11.3%	11.3%	13.3%	15.8%
ROA	5.43%	6%	7.92%	7.97%	4.19%	8.34%	6.94%	4.55%	4.25%	4.14%	2.58%
ROIC	8.71%	10%	11.3%	13.6%	7.79%	10.8%	10.6%	6.94%	7.85%	5.84%	5.32%
Return on tangible assets	29.3%	29.2%	32.6%	21.8%	9.87%	25.4%	22.3%	12.6%	12.1%	11.8%	13.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.13	1.19	1.16	1.17	1.24	1.2	1.03	1.17	1.07	1.09	1.14
Quick ratio	1.13	1.19	1.16	1.17	1.24	1.2	1.03	1.17	1.07	1.09	1.14
Debt / equity	1.24	0.7	0.62	0.63	0.55	0.45	0.41	0.53	0.62	1.04	1.18
Debt / assets	0.35	0.25	0.23	0.25	0.23	0.19	0.17	0.21	0.23	0.32	0.35
Net debt / EBITDA	2.21	1.28	1.2	1.53	1.42	0.87	1.24	2.11	2.54	5.19	6.26
Interest coverage	7.09	10.2	15	16.9	14.3	31.1	—	—	—	—	—
Effective tax rate	33.7%	39.9%	22.7%	5.13%	22.1%	23.6%	14.1%	19.6%	14.9%	19.9%	21.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	51.8	55.2	62.9	71.2	71.1	82.8	95.5	103.6	116.9	136	148.1
EPS (basic)	1.71	2.05	3.13	3.82	2.24	5.48	4.36	3.2	3.16	3.88	3.88
EPS (diluted)	1.69	2.03	3.1	3.77	2.22	5.41	4.29	3.15	3.14	3.85	4.37
Book value per share	9.11	12.4	14.8	18.7	22.4	27.9	26.7	29.4	30.1	32.3	29
FCF per share	1.27	2.12	2.66	2.77	4.67	6.43	4.24	0.57	4.58	4	3.19
Cash per share	2.27	2.23	2.29	2.89	5.66	7.25	4.08	4.1	3.64	6.25	5.14
Capex per share	—	—	—	—	—	—	—	—	—	1.23	1.44

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	0.9%	0.97%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	23.5%	31.1%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$7.9B	$8.9B	$7.9B	$8.4B	$9B	$10.4B	$8.9B	$9.8B	$10.3B	$11.6B	$10.5B	$11.2B
YoY change	+4.5%	+9.22%	+7.07%	+8.69%	+14.8%	+16.2%	+12.3%	+16.2%	+13.5%	+11.8%	+18.1%	+15.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	762.6M	751.8M	777.2M	971.8M	1.9B	2.4B	1.3B	1.3B	1.1B	1.9B
Receivables	2.6B	3.1B	3.7B	4.5B	4.4B	5.2B	5.3B	6.4B	7B	8.3B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	5.1B	5.6B	6.8B	7.5B	8.8B	10.1B	8.5B	9.7B	10B	13.5B
Property, plant & equipment	560.8M	617.7M	732.3M	1.8B	1.8B	1.9B	1.9B	1.9B	2.1B	3.1B
Goodwill & intangibles	8.8B	9.3B	10.2B	10.3B	10.4B	14.8B	14.1B	14.4B	15.8B	20B
Total assets	10.8B	11.7B	13.5B	16.2B	18B	22.1B	20.5B	22.5B	24.4B	30.9B
Accounts payable	1.4B	1.6B	1.9B	2.4B	2.7B	2.9B	3.1B	3.6B	4.1B	4.8B
Short-term debt	1.3B	910.8M	1.3B	1.2B	1.6B	1.5B	1.3B	933M	1.1B	2.8B
Total current liabilities	4.5B	4.7B	5.8B	6.4B	7.1B	8.4B	8.2B	8.2B	9.3B	12.3B
Long-term debt	2.5B	2B	1.8B	2.8B	2.5B	2.7B	2.2B	3.9B	4.6B	7.2B
Total liabilities	7.7B	7.5B	8.4B	9.9B	10.5B	12.7B	11.9B	13.5B	15.2B	21.3B
Shareholders' equity	3.1B	4.2B	5B	6.3B	7.5B	9.4B	8.6B	9.1B	9.2B	9.6B
Total debt	3.8B	2.9B	3.1B	4B	4.1B	4.2B	3.5B	4.8B	5.7B	10B
Net debt	3B	2.2B	2.3B	3B	2.2B	1.8B	2.2B	3.6B	4.6B	8.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.3B	1.3B	1B	928M	1B	1.1B	1.4B	1.4B	1.7B	1.9B	1.7B	1.5B
Receivables	5.7B	6.4B	6.2B	6.3B	6.7B	7B	6.8B	7.3B	7.6B	8.3B	8.4B	8.8B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	9.3B	9.7B	9.4B	9.7B	10.6B	10B	10.8B	12B	12.6B	13.5B	12.7B	12.9B
Property, plant & equipment	1.9B	1.9B	1.9B	1.9B	2.1B	2.1B	2.8B	3B	3B	3.1B	3.1B	3.2B
Goodwill & intangibles	14.1B	14.4B	15.7B	16.1B	16.3B	15.8B	17.5B	17.8B	17.7B	20B	19.9B	19.7B
Total assets	21.7B	22.5B	23B	23.5B	24.8B	24.4B	26.4B	27.7B	28.6B	30.9B	30.2B	30.5B
Accounts payable	2.9B	3.6B	3.4B	3.6B	3.9B	4.1B	3.9B	4.1B	4.4B	4.8B	4.7B	4.9B
Short-term debt	1.9B	933M	1.9B	2.2B	2.4B	1.1B	3.7B	3.1B	3.1B	2.8B	3.2B	2.7B
Total current liabilities	7.9B	8.2B	8.2B	8.6B	9.4B	9.3B	10.9B	10.6B	11.2B	12.3B	11.8B	11.3B
Long-term debt	3.9B	3.9B	4.3B	4.4B	4.5B	4.6B	5.1B	6.4B	6.4B	7.2B	7.1B	7.9B
Total liabilities	13.2B	13.5B	13.9B	14.3B	15.3B	15.2B	17.4B	18.7B	19.3B	21.3B	20.9B	21.3B
Shareholders' equity	8.5B	9.1B	9.1B	9.2B	9.6B	9.2B	9B	8.3B	8.5B	8.9B	8.5B	9.2B
Total debt	5.8B	4.8B	6.3B	6.5B	6.9B	5.7B	8.9B	9.5B	9.5B	10B	10.4B	10.6B
Net debt	4.5B	3.6B	5.2B	5.6B	5.8B	4.6B	7.5B	8.1B	7.8B	8.1B	8.7B	9.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	585.2M	703.6M	1.1B	1.3B	755.9M	1.8B	1.4B	1B	1B	1.3B
Depreciation & amortization	366.9M	406.1M	452M	439.2M	501.7M	526M	613M	622M	674M	729M
Stock-based compensation	63.5M	93.1M	128.2M	127.7M	60.4M	185M	160M	96M	146M	120M
Change in working capital	-224.5M	-108M	137.1M	-864.2M	851.2M	154.7M	-1.3B	-831M	-374M	-67M
Operating cash flow	607.7M	895.3M	1.6B	783.9M	2B	2.5B	628.1M	800M	1.2B	1.6B
Capital expenditure	—	—	—	—	—	—	—	—	—	-366M
Investing cash flow	-50.4M	-188.2M	-417.2M	-460.8M	-566.2M	-1.1B	-659M	-336M	-1.1B	-1.7B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-161M	-145.1M	-50M	-369M	-1.9B	-665M	-627M	-968M
Financing cash flow	-3.1B	-2.1B	-3.8B	-3.9B	-1.1B	-490M	-3.4B	-4B	-4.3B	664M
Net change in cash	-2.6B	-1.4B	-2.6B	-3.6B	361.8M	868.7M	-3.5B	-3.6B	-4.2B	477M
Free cash flow	425.8M	716.4M	903.4M	929.9M	1.6B	2.2B	1.4B	175M	1.4B	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	201M	494.8M	148M	142M	245M	501M	191M	240M	396M	450M	342M	247M
Depreciation & amortization	149M	157M	158M	161M	86M	177M	177M	320M	302M	37M	182M	291M
Stock-based compensation	34M	23M	30M	39M	43M	34M	21M	42M	47M	10M	48M	59M
Change in working capital	-749.8M	-316.1M	-10M	-63M	-606M	442M	-110M	-514M	-452M	982M	-346M	-573M
Operating cash flow	-401.8M	393.3M	267M	161M	-386M	975M	329M	41M	827M	1.2B	-825M	138M
Capital expenditure	—	—	—	—	—	—	—	—	-84M	-144M	-81M	-114M
Investing cash flow	-50M	-29.9M	-795M	-298M	-159M	-22M	-332M	235M	-87M	-1.3B	-92M	-87M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-516M	-19.1M	0	-47M	-63M	-517M	-418M	-262M	0	-288M	-530M	-410M
Financing cash flow	-709M	-1.6B	942M	-1.3B	-1.3B	-2.7B	1.1B	507M	-313M	-17M	563M	-18M
Net change in cash	-1.2B	-1.2B	414M	-1.4B	-1.8B	-1.7B	1.1B	783M	427M	-118M	-354M	33M
Free cash flow	307M	759.6M	-560M	220M	494M	1.2B	-610M	-17M	743M	1.1B	-906M	24M

CBRE Group Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement