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Friday 6 November 2026
Export CBRE’s income statement to Excel — free account
CBRE Group, Inc.
CBRE Real Estate Real Estate Services
CBRE Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $40.6 billion, up 13.4% from fiscal 2024.
- Revenue
- +12.7%
- EPS
- +25.4%
- Free cash flow
- +12.3%
- Total debt
- +31.6%
Quarter to September 2026, against a year earlier
136.74
0.39
+0.29%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 17,369 | 18,629 | 21,340 | 23,894 | 23,826 | 27,746 | 30,828 | 31,949 | 35,767 | 40,550 | 45,007 | +9.9% | 46,556 | 51,559 | 56,235 | +11.5% | |
| Gross margin, % | 22.73 | 23.21 | 22.92 | 21.78 | 20.06 | 22.22 | 21.37 | 19.64 | 19.45 | 18.66 | 18.50 | (4.1) pt | ||||||
| EBT | 882 | 1,171 | 1,379 | 1,361 | 970 | 2,410 | 1,658 | 1,277 | 1,218 | 1,594 | 1,944 | +6.8% | ||||||
| EBT margin, % | 5.08 | 6.29 | 6.46 | 5.70 | 4.07 | 8.69 | 5.38 | 4.00 | 3.41 | 3.93 | 4.32 | (1.1) pt | ||||||
| Net income | 585 | 704 | 1,066 | 1,291 | 756 | 1,842 | 1,424 | 1,027 | 1,036 | 1,277 | 1,519 | +9.1% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 51.78 | 55.17 | 62.89 | 71.16 | 71.08 | 82.77 | 95.50 | 103.59 | 116.94 | 136.00 | 155.59 | +11.3% | |||||
| Earnings | 1.71 | 2.05 | 3.13 | 3.82 | 2.24 | 5.48 | 4.36 | 3.20 | 3.16 | 3.88 | 4.71 | +9.5% | ||||||
| Cash flow | 1.84 | 2.65 | 3.33 | 3.64 | 5.46 | 7.05 | 5.05 | 1.56 | 5.58 | 5.23 | 4.85 | +12.3% | ||||||
| Capex | (0.57) | (0.53) | (0.67) | (0.87) | (0.80) | (0.63) | (0.81) | (1.29) | (1.51) | (0.83) | (0.71) | +4.2% | ||||||
| Free cash flow | 1.27 | 2.12 | 2.66 | 2.77 | 4.67 | 6.43 | 4.24 | 0.26 | 4.08 | 4.40 | 4.14 | +14.8% | ||||||
| Book value | 9.11 | 12.36 | 14.76 | 18.68 | 21.24 | 27.92 | 26.66 | 29.40 | 30.05 | 30.83 | 31.17 | +14.5% | ||||||
| Shares, m | 335 | 338 | 339 | 336 | 335 | 335 | 323 | 308 | 306 | 298 | 293 | (1.3%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 18.57 | 21.38 | 12.79 | 16.04 | 28.00 | 19.80 | 18.07 | 29.04 | 41.55 | 41.44 | 28.97 | 24.7 | |||||
| P/S | 0.61 | 0.79 | 0.64 | 0.86 | 0.88 | 1.31 | 0.82 | 0.90 | 1.12 | 1.18 | 0.88 | 0.9 | ||||||
| P/B | 3.46 | 3.54 | 2.71 | 3.28 | 2.95 | 3.89 | 2.94 | 3.17 | 4.37 | 5.21 | 4.38 | 3.6 | ||||||
| EV/Sales | 0.71 | 0.86 | 0.68 | 0.89 | 0.85 | 1.33 | 0.82 | 0.95 | 1.18 | 1.26 | 0.96 | 1.0 | ||||||
| EV/FCF | 27.18 | 21.48 | 15.58 | 22.21 | 12.80 | 16.94 | 18.22 | 279.48 | 33.14 | 38.12 | 28.20 | 48.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 617 | 894 | 1,131 | 1,223 | 1,831 | 2,364 | 1,629 | 480 | 1,708 | 1,559 | 1,403 | +10.8% | |||||
| Capex | (191) | (178) | (228) | (294) | (267) | (210) | (260) | (399) | (461) | (247) | (206) | +2.9% | ||||||
| Free cash flow | 426 | 716 | 903 | 930 | 1,564 | 2,154 | 1,369 | 81 | 1,247 | 1,312 | 1,197 | +13.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 597 | 918 | 951 | 1,098 | 1,702 | 1,664 | 287 | 1,423 | 683 | 1,169 | 1,987 | +7.8% | |||||
| Net debt | 1,717 | 1,175 | 906 | 669 | (658) | 579 | 109 | 1,442 | 2,060 | 3,107 | 3,959 | +6.8% | ||||||
| Shareholders’ equity | 3,057 | 4,175 | 5,010 | 6,273 | 7,120 | 9,359 | 8,606 | 9,067 | 9,192 | 9,193 | 9,016 | +13.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 5.26 | 6.20 | 8.45 | 8.65 | 4.39 | 9.16 | 6.61 | 4.58 | 4.13 | 4.19 | 4.61 | (1.1) pt | |||||
| ROIC | 10.69 | 12.60 | 11.49 | 11.34 | 9.38 | 10.29 | 10.84 | 6.64 | 7.85 | 8.91 | 9.92 | (1.8) pt | ||||||
| ROE | 19.71 | 19.28 | 23.15 | 22.73 | 11.23 | 22.29 | 15.66 | 11.16 | 10.60 | 12.59 | 15.43 | (7.1) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 75,000 | 80,000 | 90,000 | 100,000 | 100,000 | 105,000 | 115,000 | 130,000 | 140,000 | 155,000 | — | +8.4% | |||||
| Revenue/emp, $m | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.26 | 0.27 | 0.25 | 0.26 | 0.26 | — | +1.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
CBRE Group, Inc. vs peers in Real Estate Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CBRE CBRE Group, Inc. | $39.3B | 29.0× | 22.6× | +12.68% (above 0%: growing) | +25.41% (above 0%: growing) | +12.27% (above 0%: growing) | 18.45% | 4.87% | |
| BEKE KE Holdings Inc. Sponsored ADR | $19.8B | 29.0× | 19.4× | −0.39% (below 0%: shrinking) | +125.00% (above 0%: growing) | +760.48% (above 0%: growing) | 28.58% | 12.33% | Compare |
| JLL Jones Lang LaSalle Incorporated | $17.1B | 15.9× | 14.5× | +11.84% (above 0%: growing) | +47.98% (above 0%: growing) | −2.03% (below 0%: shrinking) | 54.81% | 5.37% | Compare |
| CSGP CoStar Group, Inc. | $12.9B | 72.8× | 52.1× | +14.15% (above 0%: growing) | n/m | +541.67% (above 0%: growing) | 77.84% | 8.82% | Compare |
| COMP Compass, Inc. | $7.1B | 131× | 200× | +109.03% (above 0%: growing) | +71.43% (above 0%: growing) | +164.71% (above 0%: growing) | 100.00% | 2.88% | Compare |
| FSV FirstService Corporation | $6.4B | 46.9× | 43.6× | +5.81% (above 0%: growing) | −20.80% (below 0%: shrinking) | −39.90% (below 0%: shrinking) | 32.46% | 7.01% | Compare |
| CIGI Colliers International Group Inc. | $4.9B | 45.4× | 36.5× | +16.68% (above 0%: growing) | +600.00% (above 0%: growing) | +285.13% (above 0%: growing) | 40.39% | 6.26% | Compare |
| CWK Cushman & Wakefield PLC | $3.3B | 48.9× | 12.4× | +7.75% (above 0%: growing) | +0.91% (above 0%: growing) | −21.73% (below 0%: shrinking) | 17.32% | 4.63% | Compare |
| IHS IHS Holding Limited | $2.9B | 20.1× | 11.9× | +10.41% (above 0%: growing) | n/m | −41.30% (below 0%: shrinking) | 48.32% | 19.32% | Compare |
| Median of peers | $6.8B | 46.1× | 28.0× | +11.13% | +59.71% | +81.34% | 44.36% | 6.63% |
From the latest earnings call
- CEO Robert Sulentic expects infrastructure growth to offset pressure on CBRE’s real estate capital-markets businesses and sees total infrastructure revenue reaching nearly $7 billion in 2027.
- CFO Emma Giamartino said CBRE slowed share repurchases ahead of its planned Onnec acquisition and expects the reduced pace to continue through the fourth quarter.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
97.77%
Held by the ten largest
46.94%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 48.04m | 16.57% | +181.95k |
| BlackRock | 27.71m | 9.56% | −41.85k |
| State Street | 14.32m | 4.94% | +298.53k |
| Principal Financial | 10.26m | 3.54% | +374.33k |
| Geode Capital Management | 8.53m | 2.94% | −101.29k |
| HARRIS ASSOCIATES L P | 5.96m | 2.06% | −321.10k |
| Morgan Stanley | 5.80m | 2.00% | −494.07k |
| Fidelity (FMR) | 5.60m | 1.93% | +963.26k |
| JPMorgan Chase | 5.06m | 1.74% | −122.86k |
| Norges Bank | 4.79m | 1.65% | +4.79m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 3 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 24.33m | 45.58m | 256.36 |
| 2024 | 21.56m | 49.65m | 209.33 |
| 2023 | 18.36m | 16.84m | 148.42 |
| 2022 | 25.91m | 1.75m | 122.70 |
| 2021 | 13.91m | 67.40m | 173.01 |
Ownership
Directors and executive officers, together
less than 1%
BlackRock, Inc.
9.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
CBRE Group, Inc. (CBRE) Latest News
24 Oct
23 Oct
22 Oct
20 Oct
15 Oct
CBRE metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
CBRE is a commercial real estate services and investment company. It helps companies that occupy space, property owners and institutional investors make decisions about buildings and land, operate properties, complete construction projects, buy or sell assets, arrange financing, and invest capital.
Its Advisory Services business handles leasing, property sales, mortgage origination, loan servicing and valuation. Its Building Operations & Experience business runs and maintains buildings, manages properties, provides workplace services and flexible offices, and supplies technical services to data centers. Project Management oversees the planning, cost, schedule and delivery of real estate, infrastructure and natural-resource projects. Real Estate Investments manages capital for institutions and develops real estate.