NYSE: CBRE · Real Estate Services
CBRE Group
CBRE is a commercial real estate services and investment firm with about 155,000 employees (including Turner & Townsend) working in over 100 countries. It reports four segments: Advisory Services (leasing, property sales, mortgage origination, valuation), Building Operations & Experience (facilities and property management, flexible workplaces), Project Management (including Turner & Townsend), and Real Estate Investments (investment management and Trammell Crow Company development). FY2025 revenue was $40.6 billion (+13%) and net income attributable to CBRE $1.16 billion. CBRE pays no dividend and returns cash through buybacks.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-30) · filed 2026-10-22
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 11.2%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 4.3%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +0.6 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.3x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.35x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 30.0x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.91
Higher than 69% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 12% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 35% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 61% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 37% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$139.97close on 2026-11-04
Market cap$41.39B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 30.0x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 4.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 19.0x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 41.8x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 5.4x
Book value at FY2025 year-end
At FY2025 year-end: 21.5x
EBITDA for FY2025
At FY2025 year-end: 2.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$10.22B → $11.52B (vs. a year earlier)↑ +12.7%$10.22B → $11.52B (vs. a year earlier)
- Operating margin4.7% → 4.9% (vs. a year earlier)↑ +0.2 pts4.7% → 4.9% (vs. a year earlier)
- Net income$363M → $443M (vs. a year earlier)↑ +22.0%$363M → $443M (vs. a year earlier)
- Diluted EPS$1.21 → $1.52 (vs. a year earlier)↑ +25.6%$1.21 → $1.52 (vs. a year earlier)
- Cash$1.49B → $1.68B (vs. previous quarter-end)↑ +13.0%$1.49B → $1.68B (vs. previous quarter-end)
- Long-term debt$5.8B → $5.78B (vs. previous quarter-end)→ −0.4%$5.8B → $5.78B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 22, 2026.
Key changes
Core EPS up 28% on a 13% revenue increase. Source sentence
“Financially, core earnings per share improved 28% on a 13% revenue increase, with both resilient (1) and transactional (1) businesses growing by double digits.
Global leasing revenue up 6%. Source sentence
Global leasing revenue increased 6% (same local currency).
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CBRE GROUP, INC.
- Headquarters
- DALLAS, TX
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: CBRE
- Industry
- Real Estate Services
- CIK
- 1138118
- Website
- https://www.cbre.com/ ↗
- IR page
- https://ir.cbre.com/ ↗
Workforce (as of FY2025 year-end)
Employees
155,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 43–46 days after quarter end (Feb 12, 2026; Feb 13, 2025; Feb 15, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–46 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 22, 2026 (+22 days) | Oct 22, 2026 10-Q (+22 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | Apr 23, 2026 10-Q (+23 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 12, 2026 (+43 days) | Feb 12, 2026 10-K (+43 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 23, 2025 (+23 days) | Oct 23, 2025 10-Q (+23 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 29, 2025 (+29 days) | Jul 29, 2025 10-Q (+29 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 24, 2025 (+24 days) | Apr 24, 2025 10-Q (+24 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 13, 2025 (+44 days) | Feb 14, 2025 10-K (+45 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 24, 2024 (+24 days) | Oct 24, 2024 10-Q (+24 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 25, 2024 (+25 days) | Jul 25, 2024 10-Q (+25 days) |
| Q1 FY2024 | Mar 31, 2024 | May 3, 2024 (+33 days) | May 3, 2024 10-Q (+33 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 15, 2024 (+46 days) | Feb 20, 2024 10-K (+51 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Advisory Services
Leasing
Examples: Occupier and landlord representation
Across offices, industrial, retail, and data centers.
Advisory Services
Capital markets
Examples: Property sales, commercial mortgage origination, loan servicing
Including mortgage origination and loan servicing.
Building Operations & Experience
Facilities management
Examples: HVAC, electrical, plumbing, janitorial, security
Enterprise and local facilities management.
Building Operations & Experience
Industrious
Examples: Flexible workplace solutions
Fully acquired in January 2025.
Project Management
Turner & Townsend
Examples: Project, program, and cost management
Majority-owned global project management firm.
Real Estate Investments
CBRE Investment Management and Trammell Crow Company
Examples: Funds, separate accounts, real estate development
Investment management and development.
Product descriptions are from the FY2025 Form 10-K's Item 1.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Commercial real estate services
Worldwide, by 2025 revenue
U.S. share
—
Not disclosedWorldwide share
Largest
Company-disclosedThe 10-K says CBRE is the largest commercial real estate services firm in the world by 2025 revenue, though its position varies by geography and service line.
Development (Trammell Crow Company)
U.S. commercial real estate developers
U.S. share
Largest
Company-disclosedLargest U.S. commercial real estate developer for more than a decade, per the 10-K.
Worldwide share
—
Not disclosed
Sources:
07
Recent strategic focusSite analysis
FY2025 reorganization and acquisitions from the 10-K, and Q3 2026 results.
Q3 2026 results
Revenue $11.5B (+13%); GAAP EPS $1.52 (+26%) and core EPS $2.05 (+28%); trailing 12-month free cash flow $1.8B. AUM in Real Estate Investments exceeded $155B.
Source: 8-K filed 2026-10-22 (Exhibit 99.1)
New segment structure
In January 2025 CBRE combined its project management business with Turner & Townsend and created the Building Operations & Experience segment after taking full ownership of Industrious.
Source: Form 10-K (FY2025) MD&A
Data center and power services
Pearce, acquired in November 2025, helped critical infrastructure services revenue rise 68% in Q2 2026; infrastructure services revenue rose 50% to $4.5B on a trailing 12-month basis through Q3 2026.
Source: 8-K filed 2026-07-29 (Exhibit 99.1); 8-K filed 2026-10-22 (Exhibit 99.1)
Winding down businesses
In 2025 CBRE decided to wind down Telford Homes' legacy construction self-delivery business and certain BOE businesses.
Source: Form 10-K (FY2025) Note 20
Debt refinancing
CBRE sold $750M of 5.250% notes due 2036 in May 2026 to repay commercial paper and renewed a $1B 364-day revolving credit facility in June 2026. In October 2026 it sold $500M of 5.650% notes due 2032 and $500M of 5.900% notes due 2037.
Source: 8-Ks filed 2026-05-04 and 2026-06-23 and 2026-10-28
Capex ÷ D&A (FY2025)
0.50x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$366M ÷ $729M = 0.50x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$3.63B
Latest year: $1.37B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $267M in FY2020 to $366M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$40.55B
As reported in the 10-K
Revenue CAGR (5 years)
+11.2%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($40,550M ÷ $23,826M) ^ (1÷5) − 1 = 11.2%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
4.3%
+0.3pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,753M ÷ $40,550M × 100 = 4.3%
ROE (FY2025)
13.4%▲favorable
6-year average: 14.8%
As reported in the 10-K
P/B (FY2025 end)
5.36x
formulafiscal year-end closing price ÷ book value per share
e.g.$160.79 ÷ $30.02 = 5.36x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
21.5x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($47,551M + $7,586M − $1,864M) ÷ ($1,753M + $729M) = 21.5x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +11.2% a year over 5 years (strong growth)
From $23.83B in FY2020 to $40.55B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Operating margin held roughly flat: 4.1% → 4.3%
How much operating profit is left per $100 of revenue. It moved +0.3 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 28.8% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 14.8% over 6 years (latest: 13.4%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Advisory Services
Representing occupiers and owners in leases- Arranging property sales and commercial mortgages
Building Operations & Experience
Running buildings: HVAC, electrical, janitorial, security- Managing properties for owners
Project Management
Managing construction and fit-out projectsReal Estate Investments
Managing real estate funds, separate accounts, and securities- Developing commercial property
06 · what it draws on
Key resources
Advisory Services
Brokers and advisors with local market expertise- Research and data
Building Operations & Experience
Technicians and subcontractors- Industrious workplace platform
Project Management
Project managers and cost consultantsReal Estate Investments
Investor capital- CBRE co-investments
02 · why customers buy
Value propositions
- Scale and integrated real estate services (leasing, capital markets, facilities and project management, investment) in more than 100 countries.
04 · how it keeps them
Customer relationships
- Multi-year enterprise facilities management contracts with large global corporations, including many of the Fortune 500.
03 · how it reaches them
Channels
- Its own professionals serving owners, investors, occupiers and lenders.
01 · who it serves
Customer segments
Advisory Services
Property owners, investors, occupiers, and lendersBuilding Operations & Experience
Large global corporations, including many of the Fortune 500, and property ownersProject Management
Corporations, governments, and property ownersReal Estate Investments
Institutional and other investors- Occupiers and owners
09 · where money goes
Cost structure
FY2025, share of revenue ($40.55B)
- Cost of revenue81.3%
- Other operating costs14.3%
Operating profit left: 4.3% of revenue. Depreciation & amortization (inside the costs above): $729M. Capital spending: $366M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Advisory Services
Commissions and fees- Loan servicing fees
Building Operations & Experience
Multi-year service contracts- Pass-through cost reimbursements
Project Management
Project fees- Pass-through costs
Real Estate Investments
Management fees- Carried interest and incentive fees
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Advisory Services
Leasing, capital markets (property sales and mortgage origination), loan servicing, and valuation across offices, industrial and logistics, retail, multifamily, and data centers.
01 what it draws on
Inputs & resources
- Brokers and advisors with local market expertise
- Research and data
02 what it does
Activities
- Representing occupiers and owners in leases
- Arranging property sales and commercial mortgages
- Valuations and loan servicing
03 who it serves
Customers
- Property owners, investors, occupiers, and lenders
04 how money comes in
How it earns
- Commissions and fees
- Loan servicing fees
Advisory Services: how it makes money
- Revenue $8.8B and segment operating profit $1.83B in FY2025.
- The 10-K calls leasing and capital markets sensitive to macroeconomic conditions; loan servicing and valuations are smaller and steadier.
Building Operations & Experience
Enterprise and local facilities management, property management, and flexible workplace solutions (Industrious), plus technical services for data centers and power infrastructure.
01 what it draws on
Inputs & resources
- Technicians and subcontractors
- Industrious workplace platform
02 what it does
Activities
- Running buildings: HVAC, electrical, janitorial, security
- Managing properties for owners
- Operating flexible office space
03 who it serves
Customers
- Large global corporations, including many of the Fortune 500, and property owners
04 how money comes in
How it earns
- Multi-year service contracts
- Pass-through cost reimbursements
- Management fees
Building Operations & Experience: how it makes money
- The largest segment: revenue $23.2B and segment operating profit $1.09B in FY2025.
- Created in 2025 after CBRE took full ownership of Industrious; Pearce (November 2025) added technical services for digital and power infrastructure.
Project Management
Project and program management, cost consultancy, and related services, combining CBRE's project management business with majority-owned Turner & Townsend.
01 what it draws on
Inputs & resources
- Project managers and cost consultants
02 what it does
Activities
- Managing construction and fit-out projects
03 who it serves
Customers
- Corporations, governments, and property owners
04 how money comes in
How it earns
- Project fees
- Pass-through costs
Project Management: how it makes money
- Revenue $7.7B and segment operating profit $561M in FY2025; pass-through costs were 54% of segment revenue.
Real Estate Investments
Real estate investment management (CBRE Investment Management) and development through Trammell Crow Company.
01 what it draws on
Inputs & resources
- Investor capital
- CBRE co-investments
02 what it does
Activities
- Managing real estate funds, separate accounts, and securities
- Developing commercial property
03 who it serves
Customers
- Institutional and other investors
- Occupiers and owners
04 how money comes in
How it earns
- Management fees
- Carried interest and incentive fees
- Development fees and gains
Real Estate Investments: how it makes money
- Revenue $879M and segment operating profit $324M in FY2025.
- Assets under management were $155.5B at year-end 2025; Trammell Crow's in-process portfolio and pipeline totaled over $29.5B.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
CBRE holds government contracts and is exposed to trade policy.
Government as customer
Government contracts
Noncompliance could bring penalties and debarment from government contracts.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Trade & export rules
Tariffs and trade policy
Rapid U.S. trade policy changes could hurt its businesses.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Advisory Services
8,840 (22%)profit 1,834 · margin 20.7%
Building Operations & Experience
23,224 (57%)profit 1,094 · margin 4.7%
Project Management
7,657 (19%)profit 561 · margin 7.3%
Real Estate Investments
879 (2%)profit 324 · margin 36.9%
Source: Form 10-K (FY2025) — Note 19 (revenue) and MD&A segment results Profit is segment operating profit (SOP), CBRE's segment measure that adds back depreciation and amortization and excludes certain items. Total SOP after corporate and other was $3.31B. Revenue includes pass-through costs.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 56% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
22,848 (56%)United Kingdom
5,709 (14%)All other countries
11,993 (30%)
Source: Form 10-K (FY2025) — Note 20, Geographic Information Revenue is allocated by the country in which services are performed.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
About half of revenue comes from multi-year facilities management contracts. The rest comes from project fees, leasing and sales commissions, and investment and development fees that rise and fall with commercial real estate activity.
Facilities management
$20.6B of FY2025 revenue
Typical term: Multi-year contracts for enterprise clients
Technical services are typically self-performed; soft services are often subcontracted.
Project management
$7.7B of FY2025 revenue
Includes pass-through costs.
Advisory leasing and sales
$6.6B of FY2025 revenue
Transaction-based.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Property owners, investors, occupiers, and lenders, from large global corporations (including many of the Fortune 500) to smaller occupiers, plus institutional investors in CBRE's funds.
Named by the company
No customer is named.
What the filings disclose
- The United States was $22.8B and the United Kingdom $5.7B of FY2025 revenue. (Form 10-K (FY2025), Note 20)
Suppliers
Subcontractors for soft facilities services, and lenders that fund the warehouse lines used in mortgage origination.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Soft services such as janitorial, security, and landscaping are often subcontracted, while technical services are typically self-performed. (Form 10-K (FY2025), Item 1)
- CBRE uses the Trammell Crow Company name under a license from an affiliate of Crow Holdings that can be revoked if usage and quality covenants are not met. (Form 10-K (FY2025), Item 1)
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
CBRE's 10-K says it competes, depending on geography, property type, and service, with other commercial real estate services and investment firms, outsourcing companies, in-house corporate real estate departments, developers, flexible space providers, lenders, insurers, investment banks, investment managers, and accounting and consulting firms. No company is named.
Competitors named in the 10-K
CBRE's 10-K doesn't name competitors.
Peer group the company chose
TSR peer group (proxy), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
JLL plus companies with significant commercial real estate or real estate capital markets businesses, used for total shareholder return comparisons and relative TSR equity awards.
- JLL (Jones Lang LaSalle)site ↗
- Colliers Internationalsite ↗
- Cushman & Wakefieldsite ↗
- ISS A/Ssite ↗
- Marcus & Millichapsite ↗
- Newmark Groupsite ↗
- Savillssite ↗
- Walker & Dunlopsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
CBRE has used acquisitions to expand in what it calls secularly favored and resilient businesses such as facilities, project management, government services, and data centers.
Cash spent on acquisitions, FY2020–FY2025: $3.63B
Jan 2025
Industrious (remaining 60%)
$841M total consideration ($369M cash plus the existing 40% stake and other items)
Provider of flexible workplace solutions, now part of the BOE segment.
- Stated purpose (company)
- Goodwill reflects synergies and opportunities in the flexible workplace solutions space.
Source: Form 10-K (FY2025) — Note 4
Nov 2025
Pearce Services
$1,188M total consideration, plus a potential earnout of up to $115M
Technical services for digital and power infrastructure, part of the BOE segment.
- Stated purpose (company)
- Listed by CBRE among acquisitions that expand its participation in secularly favored and resilient businesses.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 23,826 | 27,746 | 30,828 | 31,949 | 35,767 | 40,550 |
| Operating income | 970 | 1,637 | 1,512 | 1,117 | 1,413 | 1,753 |
| Pretax income | 970 | 2,410 | 1,658 | 1,277 | 1,218 | 1,594 |
| Net income (attributable) | 752 | 1,837 | 1,407 | 986 | 968 | 1,157 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 16.5% | 11.1% | 3.6% | 12.0% | 13.4% |
| Operating margincalcoperating income ÷ revenue × 100 | 4.1% | 5.9% | 4.9% | 3.5% | 4.0% | 4.3% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 3.2% | 6.6% | 4.6% | 3.1% | 2.7% | 2.9% |
| Balance sheet ($M) | ||||||
| Total assets | 18,039 | 22,073 | 20,513 | 22,548 | 24,383 | 30,877 |
| Total equity | 7,120 | 9,359 | 8,606 | 9,067 | 9,192 | 9,193 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 2,771 | 2,848 | 2,183 | 3,495 | 4,187 | 7,586 |
| Equity ratio | 39.2% | 38.6% | 38.3% | 36.7% | 34.5% | 28.8% |
| ROE | 10.6% | 23.5% | 17.2% | 12.2% | 11.6% | 13.4% |
| Cash flow ($M) | ||||||
| Operating CF | 1,831 | 2,364 | 1,629 | 480 | 1,708 | 1,559 |
| Investing CF | -744 | -1,281 | -832 | -681 | -1,514 | -1,627 |
| Financing CF | -223 | -490 | -1,766 | 154 | -221 | 796 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,564 | 2,154 | 1,369 | 175 | 1,401 | 1,193 |
| Cash and equivalents | 1,896 | 2,431 | 1,318 | 1,265 | 1,114 | 1,864 |
| Per share & other | ||||||
| EPS ($) | 2.22 | 5.41 | 4.29 | 3.15 | 3.14 | 3.85 |
| BVPS ($) | 21.09 | 25.62 | 25.25 | 27.11 | 27.85 | 30.02 |
| P/E (x) | 28.3 | 20.1 | 17.9 | 29.6 | 41.8 | 41.8 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 14.9 | 16.9 | 11.7 | 17.6 | 20.5 | 21.5 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.97 | 4.24 | 3.05 | 3.43 | 4.71 | 5.36 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $11.52B+12.7% | $561M+16.6% | $443M+22.0% | $1.52 |
| 2026-06-30 | $11.23B+15.5% | $365M-2.4% | $204M-5.1% | $0.69 |
| 2026-03-31 | $10.53B+18.6% | $511M+85.1% | $318M+95.1% | $1.07 |
| 2025-12-31 † | $11.74B+12.8% | $622M+4.5% | $416M-14.6% | — |
| 2025-09-30 | $10.22B | $481M | $363M | $1.21 |
| 2025-06-30 | $9.72B | $374M | $215M | $0.72 |
| 2025-03-31 | $8.88B | $276M | $163M | $0.54 |
| 2024-12-31 † | $10.41B | $595M | $487M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
9.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,753M × (1 − 18.5%) ÷ $15,079M × 100 = 9.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.90%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $47.55B ÷ ($47.55B + $7.59B) = 86.2%
e.g.Debt weight: $7.59B ÷ ($47.55B + $7.59B) = 13.8%
e.g.WACC: 10.0% × 86.2% + 2.8% × (1 − 18.5%) × 13.8% = 8.90%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.3%–10.8% and ROIC − WACC runs −1.3 to +2.1 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 8.90% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.91 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.96%
- Cost of debt
- 2.85%
- Tax rate
- 18.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 86% : 14%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.90%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.91 (price-derived adjusted beta. Raw β 0.86, R² 0.19, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.861 + 0.33 = 0.907
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.91 × 5.5% = 10.0%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
6.4%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.9% − 2.5%
Past FCF growth (FY2020–FY2025)
-5.3%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+11.2%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.19B (operating CF − capex); enterprise value $47.12B = market cap $41.39B (latest close, 2026-11-04) + debt $7.59B − cash and short-term investments $1.86B; r = WACC of 8.9% using this page’s default assumptions (β 0.91, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$47.72B
FCF $1.19B ÷ (8.9% − 6.4%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.9% | 7.9% | 8.9% | 9.9% | 10.9% |
|---|---|---|---|---|---|
| 0% | 0.37x | 0.32x | 0.28x | 0.26x | 0.23x |
| 2% | 0.52x | 0.43x | 0.37x | 0.32x | 0.28x |
| 4% | 0.87x | 0.65x | 0.52x | 0.43x | 0.37x |
| 6% | 2.81x | 1.33x | 0.87x | 0.65x | 0.52x |
| 8% | — | — | 2.81x | 1.33x | 0.87x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.41x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -1.5%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 110%
Most profit comes from core operations.
- ✓
Days sales outstanding: 67 → 69 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,559M ÷ $1,157M = 1.35x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,753M ÷ $1,594M × 100 = 110%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($7,005M + $8,284M) ÷ 2 ÷ $40,550M × 365 = 69 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 98.2%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 1.8%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 83 of 416
- Beta (adjusted)
- 0.91
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 20% of covered companies have more
above 1 = swings more than the market
- 284.4M shares reported by 1,071 13F filers ÷ 289.6M shares outstanding on 2026-07-27. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-03 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-27)
20
Strengths & weaknessesSite analysis
Strengths
1. Scale and breadth
About 155,000 employees in over 100 countries, and services spanning leasing, sales, facilities, projects, investment management, and development.
Evidence: Form 10-K (FY2025) Item 1 and 1A
2. Growing steadier revenue
According to the proxy, 2025 revenue grew 13.4% in both its resilient businesses (facilities, project, and property management, loan servicing, and others) and its transactional businesses.
Evidence: Proxy statement (DEF 14A, filed 2026-04-03)
3. Strong momentum in 2026
Q2 2026 revenue rose 16% to $11.2B and core EPS 30%; Q3 2026 revenue rose 13% to $11.5B and core EPS 28% to $2.05, with resilient and transactional businesses both growing by double digits.
Evidence: 8-K filed 2026-07-29 (Exhibit 99.1); 8-K filed 2026-10-22 (Exhibit 99.1)
4. Buybacks
CBRE repurchased $956M of stock (7.05M shares) in 2025 and nearly $1.2B in the first nine months of 2026; shares issued fell from 332.9M (FY2021) to 295.7M (FY2025).
Evidence: Proxy statement (DEF 14A, filed 2026-04-03); 8-K filed 2026-07-29; SEC EDGAR XBRL; 8-K filed 2026-10-22 (Exhibit 99.1)
Weaknesses
1. Thin margins in facilities work
Building Operations & Experience earned an operating income of $703M on $23.2B of revenue (3.0%) in 2025.
Evidence: Form 10-K (FY2025) MD&A
2. U.K. fire-safety remediation
Provisions for Telford Homes' fire-safety remediation were $132M in 2025, and an increased reserve cut Q2 2026 GAAP net income by $168M.
Evidence: Form 10-K (FY2025) Note 22; 8-K filed 2026-07-29
3. Rising debt
Interest-bearing debt rose from $4.2B (FY2024) to $7.6B (FY2025), a year with $1.37B of acquisition payments and $956M of buybacks; net leverage was 1.36x core EBITDA at September 30, 2026, and CBRE sold $1.0B of senior notes in October 2026.
Evidence: SEC EDGAR XBRL; 8-K filed 2026-07-29; 8-K filed 2026-10-22 (Exhibit 99.1); 8-K filed 2026-10-28
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
41.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.5%
(Operating CF − capex) ÷ market cap
1. Earnings recovery
Diluted EPS rose from $3.14 (FY2024) to $3.85 (FY2025); Q3 2026 GAAP EPS rose 26% and core EPS 28%.
- What has to hold
- Commercial real estate transactions keep recovering.
- The other side
- GAAP EPS fell in Q2 2026 because of the Telford reserve, and FY2025 EPS was still below FY2021's $5.41.
Evidence: SEC EDGAR XBRL; 8-K filed 2026-07-29; 8-K filed 2026-10-22 (Exhibit 99.1)
2. Buybacks instead of dividends
CBRE pays no dividend; it repurchased $956M of stock in 2025 and nearly $1.2B in the first nine months of 2026.
- What has to hold
- Free cash flow stays strong.
- The other side
- Debt rose in 2025 alongside buybacks and acquisitions.
Evidence: Proxy statement (DEF 14A, filed 2026-04-03); 8-K filed 2026-07-29; 8-K filed 2026-10-22 (Exhibit 99.1)
P/E uses the FY2025 year-end share price. CBRE pays no dividend. Interest expense is shown net of interest income, as CBRE reports it.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.7x
$1.86B vs. $2.54B
Interest coverage (operating income ÷ interest expense)
8.1x
$1.75B vs. $216M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -26.1% in FY2023 ($1.51B → $1.12B) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Resilient revenue
Facilities, project, and property management, loan servicing, and recurring investment management fees made up the resilient businesses that grew 13.4% in 2025.
Source: Proxy statement (DEF 14A, filed 2026-04-03)
Liquidity
A $1B 364-day revolving credit facility renewed in June 2026, plus a commercial paper program.
Source: 8-K filed 2026-06-23
Geographic spread
Over 40% of 2025 revenue came from outside the U.S.
Source: Form 10-K (FY2025), Note 20
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
CBRE reports ordinary-course lawsuits and had no material changes to its legal proceedings in the latest quarter. Its main contingent exposure is loan-loss sharing with Fannie Mae on multifamily loans, with an $83 million liability, which is not a legal dispute.
Company statement: CBRE believes losses beyond accrued amounts are unlikely to be significant, though a matter resolved for much more than expected could be material in a period.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Commercial real estate cycle
- Company disclosure (summarized from the 10-K)
- The 10-K says the leasing and capital markets businesses are sensitive to changes in macroeconomic conditions.
- Company’s stated mitigation
- CBRE says it is deploying resources and capital in businesses that are cyclically resilient, such as facilities and project management.
- This site’s assessment
- Impact High / Likelihood Med
- 2Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- CBRE competes with other real estate services firms, outsourcing companies, in-house corporate real estate departments, developers, flexible space providers, lenders, investment managers, and consulting firms; some are larger locally.
- Company’s stated mitigation
- Integrated services and global scale, as the 10-K describes.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Law & regulation
Telford fire-safety obligations
- Company disclosure (summarized from the 10-K)
- U.K. law requires Telford Homes to remediate or fund fire-safety work on buildings it constructed, and the 10-K says the total cost is uncertain.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4M&A & integration
Acquisition integration
- Company disclosure (summarized from the 10-K)
- CBRE spent $1.37B on acquisitions in 2025 (including Pearce, total consideration $1.19B) and integration and other acquisition costs were $303M.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Labor & workforce
Workforce safety
- Company disclosure (summarized from the 10-K)
- About 155,000 employees and independent contractors work at client sites; the 10-K says safety policies and training may not be adequate.
- Company’s stated mitigation
- Health, safety, and security policies, procedures, and programs.
- This site’s assessment
- Impact Med / Likelihood Med
- 6FX & interest rates
Currency
- Company disclosure (summarized from the 10-K)
- Over 40% of 2025 revenue came from outside the United States, including $5.7B from the United Kingdom.
- Company’s stated mitigation
- We use fixed to fixed and float to float cross-currency swaps to hedge our exposure to changes in foreign exchange rates on certain foreign investments as well as foreign currency denominated loans.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
The global nature of our operations subject us to international social, political, legal and economic risks across a number of jurisdictions.
We have invested in enhancing our service and product offerings globally. Read more
If we do not successfully execute these initiatives or effectively manage the risks inherent in operating on a global scale, our business, financial condition, or results of operations could be materially adversely affected. Additionally, political, regulatory, and cultural conditions in certain countries may limit our ability to operate effectively or implement our strategic priorities, which could negatively impact our performance in those regions.
violations. Several jurisdictions in which we operate are considering or have proposed or enacted legislation and policies regulating AI and non-personal data, such as the European Union’s AI Act. Read more
These new regulations may diverge from one another, which could require us to navigate different obligations and enforcement actions in different geographies. Any violations of these laws may lead to reputational damage, financial penalties and increased regulatory scrutiny and oversight.
No longer in the text (4)
Our operations are subject to international social, political and economic risks in foreign countries.
Our international operations require us to comply with a broad range of complex legal, geopolitical and regulatory environments in which we operate. Read more
We may not be successful in complying with regulations in all situations and violations may result in criminal or material civil sanctions and other costs against us or our employees, and may have a material adverse effect on our reputation and business. Furthermore, our efforts to comply with developments in these laws may adversely impact our business.
We have committed resources to expand our worldwide sales and marketing activities, to globalize our service offerings and products in select markets and to develop local sales and support channels. Read more
If we are unable to successfully implement these plans, maintain adequate long-term strategies that successfully manage the risks associated with our global business or adequately manage operational fluctuations, our business, financial condition or results of operations could be harmed. In addition, we have established operations and seek to grow our presence in many emerging markets to further expand our global platform. However, we may not be successful in effectively evaluating and monitoring the key business, operational, legal and compliance risks specific to those markets. The political and cultural risks present in emerging countries could also harm our ability to successfully…
The protection of our brand, including related trademarks, may require the expenditure of significant financial and operational resources. Read more
Moreover, the steps we take to protect our brand may not adequately protect our rights or prevent third parties from infringing or misappropriating our trademarks. Even when we detect infringement or misappropriation of our trademarks, we may not be able to enforce all such trademarks. Any unauthorized use by third parties of our brand may adversely affect our brand. Furthermore, as we continue to expand our business, especially internationally, there is a risk we may face claims of infringement or other alleged violations of third-party intellectual property rights, which may restrict us from leveraging our brand in a manner consistent with our business goals.
2 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 12, 2026 ↗ with the 10-K filed Feb 14, 2025 ↗.
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What to watch going forwardSite analysis
- Whether transactional revenue (leasing and sales) keeps growing.
- Margins in Building Operations & Experience and data center services.
- Further Telford fire-safety charges.
- Debt levels after acquisitions and buybacks.
- Meeting the raised 2026 core EPS outlook of $7.80–$7.90.
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Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent CBRE Group’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.