CBRE · Cbre Group, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $40.55B | $35.77B | $31.95B | $30.83B | $27.75B | $23.83B |
| Cost of Revenue | $32.98B | $28.81B | $25.68B | $24.24B | $21.58B | $19.05B |
| Gross Profit | $7.57B | $6.96B | $6.27B | $6.59B | $6.17B | $4.78B |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $729.00M | $674.00M | $622.00M | $613.09M | $525.87M | $501.73M |
| Operating Income | $1.75B | $1.41B | $1.12B | $1.51B | $1.64B | $969.76M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $317.00M | $182.00M | $250.00M | $234.23M | $567.51M | $214.10M |
| Net Income | $1.16B | $968.00M | $986.00M | $1.41B | $1.84B | $751.99M |
| EPS - Basic | $3.88 | $3.16 | $3.20 | $4.36 | $5.48 | $2.24 |
| EPS - Diluted | $3.85 | $3.14 | $3.15 | $4.29 | $5.41 | $2.22 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.86B | $1.11B | $1.26B | $1.32B | $2.43B | $1.90B |
| Accounts Receivable | $8.28B | $7.00B | $6.37B | $5.33B | $5.15B | $4.39B |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | $13.49B | $9.97B | $9.67B | $8.53B | $10.08B | $8.85B |
| Total Assets | $30.88B | $24.38B | $22.55B | $20.51B | $22.07B | $18.04B |
| Current Liabilities | $12.32B | $9.29B | $8.24B | $8.24B | $8.42B | $7.14B |
| Long-term Debt | $5.05B | $3.25B | $2.80B | $1.09B | $1.54B | $1.38B |
| Total Liabilities | $21.25B | $15.19B | $13.48B | $11.91B | $12.71B | $10.53B |
| Stockholders' Equity | $8.88B | $8.41B | $8.27B | $7.85B | $8.53B | $7.08B |
| Retained Earnings | $9.92B | $9.57B | $9.19B | $8.83B | $8.37B | $6.53B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.56B | $1.71B | $480.00M | $1.63B | $2.36B | $1.83B |
| Investing Cash Flow | ($1.63B) | ($1.51B) | ($681.00M) | ($832.46M) | ($1.28B) | ($341.58M) |
| Financing Cash Flow | $796.00M | ($221.00M) | $154.00M | ($1.77B) | ($490.63M) | ($625.26M) |
| CapEx | $366.00M | $307.00M | $260.00M | $260.14M | $209.85M | $266.57M |
| Free Cash Flow | $1.19B | $1.40B | $220.00M | $1.37B | $2.15B | $1.56B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 18.7% | 19.4% | 19.6% | 21.4% | 22.2% | 20.1% |
| Operating margin | 4.3% | 4.0% | 3.5% | 4.9% | 5.9% | 4.1% |
| EBITDA margin | 6.1% | 5.8% | 5.4% | 6.9% | 7.8% | 6.2% |
| Net margin | 2.9% | 2.7% | 3.1% | 4.6% | 6.6% | 3.2% |
| Free cash flow margin | 2.9% | 3.9% | 0.7% | 4.4% | 7.8% | 6.6% |
| FCF / Net income | 1.03 | 1.45 | 0.22 | 0.97 | 1.17 | 2.08 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 21.5% | 15.8% | 20.2% | 14.3% | 23.6% | 22.2% |
| Return on assets | 3.7% | 4.0% | 4.4% | 6.9% | 8.3% | 4.2% |
| Return on equity | 13.0% | 11.5% | 11.9% | 17.9% | 21.5% | 10.6% |
| Return on invested capital | 9.9% | 10.2% | 8.0% | 14.5% | 12.4% | 8.9% |
| Liquidity | ||||||
| Current ratio | 1.09 | 1.07 | 1.17 | 1.03 | 1.20 | 1.24 |
| Quick ratio | 1.09 | 1.07 | 1.17 | 1.03 | 1.20 | 1.24 |
| Cash ratio | 0.15 | 0.12 | 0.15 | 0.16 | 0.29 | 0.27 |
| Leverage | ||||||
| Debt / Equity | 0.57 | 0.39 | 0.34 | 0.14 | 0.18 | 0.19 |
| Debt / Assets | 0.16 | 0.13 | 0.12 | 0.05 | 0.07 | 0.08 |
| Debt / EBITDA | 2.03 | 1.55 | 1.61 | 0.51 | 0.71 | 0.94 |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 3.48 | 2.90 | 2.73 | 2.61 | 2.59 | 2.55 |
| Liabilities / Assets | 0.69 | 0.62 | 0.60 | 0.58 | 0.58 | 0.58 |
| Efficiency | ||||||
| Asset turnover | 1.31 | 1.47 | 1.42 | 1.50 | 1.26 | 1.32 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 75d | 71d | 73d | 63d | 68d | 67d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 41.8x | 41.8x | 29.6x | 17.9x | 20.1x | 28.3x |
| P / B | 5.4x | 4.8x | 3.5x | 3.2x | 4.3x | 3.0x |
| P / S | 1.2x | 1.1x | 0.9x | 0.8x | 1.3x | 0.9x |
| EV / EBITDA | 20.8x | 20.4x | 17.6x | 11.8x | 16.6x | 14.1x |
| Growth | ||||||
| Revenue growth (YoY) | 13.4% | 12.0% | 3.6% | 11.1% | 16.5% | -0.3% |
| Revenue CAGR (3y) | 9.6% | 8.8% | 10.3% | 8.9% | 9.1% | 18.8% |
| Revenue CAGR (5y) | 11.2% | 8.4% | 8.4% | 16.8% | 16.2% | 17.0% |
| Gross profit growth (YoY) | 8.8% | 10.9% | -4.8% | 6.8% | 29.0% | -35.8% |
| Operating income growth (YoY) | 24.1% | 26.5% | -26.1% | -7.7% | 68.9% | -23.0% |
| Net income growth (YoY) | 19.5% | -1.8% | -29.9% | -23.4% | 144.2% | -41.4% |
| EPS growth (YoY) | 22.6% | -0.3% | -26.6% | -20.7% | 143.7% | -41.1% |
| EPS CAGR (3y) | -3.5% | -16.6% | 12.4% | 4.4% | 20.4% | 3.0% |
| EPS CAGR (5y) | 11.6% | -3.6% | 0.3% | 16.1% | 26.2% | 6.4% |
| FCF growth (YoY) | -14.8% | 536.8% | -83.9% | -36.5% | 37.7% | 68.2% |
| FCF CAGR (5y) | -5.3% | 8.5% | -10.8% | 20.8% | 52.7% | 25.0% |
| Book value growth (YoY) | 5.6% | 1.7% | 5.3% | -7.9% | 20.5% | 13.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$40.60B totalBuilding Operations Experience$23.22B · 57.2%
Advisory Services Segment$8.84B · 21.8%
Project Management Segment$7.66B · 18.9%
Real Estate Investments Segment$879.00M · 2.2%
Product / service
$40.08B totalFacilities Management$20.64B · 51.5%
Project Management$7.66B · 19.1%
Advisory Leasing$4.50B · 11.2%
Property Management$2.58B · 6.4%
Advisory Sales$2.12B · 5.3%
Valuation$815.00M · 2.0%
Bank Servicing$357.00M · 0.9%
Other Portfolio Services$354.00M · 0.9%
Investment Management Property Management Brokerage And Other Professional Services$274.00M · 0.7%
Real Estate Development Services$266.00M · 0.7%
Commercial Mortgage Origination$251.00M · 0.6%
Loan Servicing$164.00M · 0.4%
Development And Construction Management Revenues$98.00M · 0.2%
Geographic
$40.55B totalUS$22.85B · 56.3%
All Other Countries$11.99B · 29.6%
GB$5.71B · 14.1%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.96
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Real Estate
Comparing CBRE GROUP against the 5 most active filers in the same SIC group.