CBRE Group, Inc.

CBRE · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001
Valuation
Market cap	$47,850	$40,177	$28,373	$24,315	$36,315	$20,990	$20,512	$13,400	$14,624	$10,562	$11,502	$11,324	$8,629	$6,414	$4,847	$6,428	$3,764	$910	$4,924	$7,526	$4,357	$2,274	–	$764	$276
Enterprise value	$56,292	$45,538	$32,734	$27,243	$38,912	$23,232	$23,551	$15,793	$16,843	$13,645	$15,438	$12,981	$10,607	$9,117	$7,469	$8,592	$6,187	$3,482	$7,321	$9,371	$4,748	$2,796	–	$1,322	$911
P/E (TTM) at period end	41.36×	41.51×	28.78×	17.28×	19.77×	27.91×	16.00×	12.60×	20.98×	18.43×	21.02×	23.37×	27.26×	20.33×	20.27×	32.09×	112.89×	–	12.61×	23.62×	20.05×	35.13×	–	40.80×	15.85×
P/S (TTM) at period end	1.18×	1.12×	0.89×	0.79×	1.31×	0.88×	0.86×	0.63×	0.79×	0.61×	1.06×	1.25×	1.20×	0.98×	0.82×	1.26×	0.90×	0.18×	0.82×	1.87×	1.50×	0.96×	–	0.65×	0.49×
P/B at period end	5.39×	4.78×	3.43×	3.10×	4.26×	2.97×	3.29×	2.71×	3.55×	3.50×	4.24×	5.01×	4.55×	4.17×	4.21×	7.08×	5.98×	7.93×	4.98×	6.37×	5.49×	4.06×	–	3.04×	1.07×
EV / EBITDA (TTM)	22.68×	21.82×	18.82×	12.82×	17.99×	15.79×	13.86×	10.26×	11.34×	11.53×	13.42×	12.28×	13.15×	12.08×	12.91×	15.49×	18.13×	–	9.01×	15.17×	11.36×	12.38×	–	10.11×	12.16×
EV / Sales (TTM)	1.39×	1.27×	1.02×	0.88×	1.40×	0.98×	0.99×	0.74×	0.90×	0.79×	1.42×	1.43×	1.48×	1.40×	1.26×	1.68×	1.49×	0.68×	1.21×	2.32×	1.63×	1.18×	–	1.13×	1.62×
Returns
Return on equity	13.0%	11.5%	11.9%	17.9%	21.5%	10.6%	20.6%	21.5%	16.9%	19.0%	20.2%	21.4%	16.7%	20.5%	20.8%	22.1%	5.3%	(882.5%)	39.5%	27.0%	27.4%	11.6%	(10.4%)	7.5%	6.8%
Return on invested capital	8.1%	8.7%	7.1%	12.0%	11.2%	8.1%	12.9%	11.5%	10.2%	8.8%	8.0%	13.4%	9.9%	8.4%	6.6%	7.6%	7.9%	(29.3%)	13.8%	10.0%	19.2%	9.5%	2.7%	5.0%	3.5%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.4%	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.09×	1.07×	1.17×	1.03×	1.20×	1.24×	1.17×	1.16×	1.19×	1.13×	1.06×	1.15×	1.11×	1.37×	1.32×	1.16×	1.39×	1.02×	0.97×	1.19×	1.13×	1.07×	1.01×	0.85×	0.85×
Debt / equity	0.58×	0.39×	0.34×	0.19×	0.18×	0.20×	0.28×	0.36×	0.49×	0.85×	0.99×	0.82×	0.97×	1.58×	2.15×	1.57×	3.37×	21.80×	2.51×	2.00×	1.05×	1.38×	3.22×	2.51×	2.67×
Effective tax rate	19.9%	14.9%	19.6%	14.1%	23.6%	22.1%	5.1%	22.7%	39.9%	33.7%	36.5%	33.9%	36.8%	37.9%	44.0%	47.9%	(4185.0%)	(5.2%)	33.2%	38.4%	39.0%	40.2%	15.3%	61.7%	50.8%
Share count
Diluted shares outstanding	301	308	313	328	340	338	341	343	341	338	336	334	332	327	324	319	280	211	235	235	230	214	153	127	45

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001
Revenue and gross profit
Revenue	$44,899	$40,550	$35,767	$31,949	$30,828	$27,746	$23,826	$23,894	$21,340	$18,629	$17,369	$10,856	$9,050	$7,185	$6,514	$5,905	$5,115	$4,166	$5,129	$6,034	$4,032	$2,911	$2,365	$1,630	$1,170	$563
Cost of revenue	($36,680)	($32,984)	($28,811)	($25,675)	($24,239)	($21,580)	($19,048)	($18,689)	($16,449)	($9,893)	($9,124)	($7,083)	($5,611)	($4,189)	($3,743)	($3,457)	($2,960)	($2,448)	($2,927)	($3,201)	($2,111)	($1,470)	($1,204)	($796)	–	–
Gross profit	$8,219	$7,566	$6,956	$6,274	$6,589	$6,166	$4,779	$5,205	$4,891	$8,736	$8,245	$3,773	$3,439	$2,995	$2,772	$2,448	$2,155	$1,718	$2,202	$2,834	$1,922	$1,441	$1,161	$834	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($6,309)	($5,543)	($4,896)	($4,505)	($4,599)	($4,074)	($3,193)	($3,436)	($3,366)	($2,859)	($2,613)	($2,634)	($2,439)	($2,104)	($1,931)	($1,883)	($1,608)	($1,384)	($1,747)	($1,989)	($1,304)	($1,023)	($910)	($678)	($494)	($212)
Total operating expenses	($6,160)	($5,813)	($5,543)	($5,157)	($5,077)	($4,529)	($3,809)	($3,945)	($3,803)	($7,657)	($7,429)	($2,937)	($2,646)	($2,379)	($2,187)	($1,985)	($1,709)	($1,476)	($2,991)	($2,135)	($1,371)	($1,068)	($990)	($793)	–	–
Total costs and expenses	($42,840)	($38,797)	($34,354)	($30,832)	($29,316)	($26,109)	($22,856)	($22,634)	($20,252)	($17,550)	($16,552)	($10,020)	($8,258)	($6,569)	($5,929)	($5,443)	($4,669)	($3,924)	($5,917)	($5,335)	($3,482)	($2,538)	($2,194)	($1,590)	($1,064)	($500)
Operating income	$2,059	$1,753	$1,413	$1,117	$1,512	$1,637	$970	$1,260	$1,088	$1,079	$817	$836	$792	$616	$585	$463	$446	$242	($788)	$699	$550	$372	$171	$40	$106	$63
Earnings
EBITDA	$2,804	$2,482	$2,087	$1,739	$2,125	$2,163	$1,471	$1,699	$1,540	$1,485	$1,184	$1,150	$1,057	$807	$755	$579	$555	$341	($686)	$812	$618	$418	$226	$133	$131	$75
Interest income	–	($216)	($215)	($149)	–	–	–	–	$9	$10	$8	$6	$6	$6	$8	$9	$8	$6	$18	$29	$10	$9	$4	$6	$3	–
Interest expense	($208)	($223)	($215)	($149)	($69)	($50)	($68)	($86)	($107)	($137)	($145)	($119)	($112)	($135)	($175)	($150)	($191)	($189)	($167)	($116)	($45)	($54)	($88)	($87)	($57)	($27)
Pre-tax income	$1,944	$1,594	$1,218	$1,277	$1,658	$2,410	$970	$1,361	$1,379	$1,171	$882	$880	$777	$509	$489	$430	$272	($1)	($971)	$581	$517	$356	$108	($41)	$49	$35
Income tax expense	($425)	($317)	($182)	($250)	($234)	($568)	($214)	($70)	($313)	($468)	($297)	($321)	($264)	($187)	($185)	($189)	($130)	($27)	($51)	($193)	($198)	($139)	($44)	$6	($30)	($18)
Net income	$1,381	$1,157	$968	$986	$1,407	$1,837	$752	$1,282	$1,063	$697	$573	$547	$485	$317	$316	$239	$200	$33	($1,012)	$391	$319	$217	$65	($35)	$19	$17
Per share
Diluted EPS (GAAP)	$4.67	$3.85	$3.14	$3.15	$4.29	$5.41	$2.22	$3.77	$3.10	$2.05	$1.69	$1.63	$1.45	$0.95	$0.97	$0.74	$0.63	$0.12	($4.81)	$1.66	$1.35	$0.95	$0.30	($0.23)	$0.15	$0.38
Basic EPS (GAAP)	$4.71	$3.88	$3.16	$3.20	$4.36	$5.48	$2.24	$3.82	$3.13	$2.06	$1.71	$1.64	$1.47	$0.96	$0.98	$0.75	$0.64	$0.12	($4.81)	$1.71	$1.41	$0.98	$0.32	($0.23)	$0.15	$0.39
Basic shares outstanding	293	298	306	308	323	335	335	336	339	338	335	333	331	328	322	318	314	277	211	228	227	222	203	153	125	45
Margins
Gross margin	18.3%	18.7%	19.4%	19.6%	21.4%	22.2%	20.1%	21.8%	22.9%	46.9%	47.5%	34.8%	38.0%	41.7%	42.5%	41.5%	42.1%	41.2%	42.9%	47.0%	47.7%	49.5%	49.1%	51.1%	–	–
Operating margin	4.6%	4.3%	4.0%	3.5%	4.9%	5.9%	4.1%	5.3%	5.1%	5.8%	4.7%	7.7%	8.8%	8.6%	9.0%	7.8%	8.7%	5.8%	(15.4%)	11.6%	13.6%	12.8%	7.2%	2.5%	9.1%	11.1%
Net margin	3.1%	2.9%	2.7%	3.1%	4.6%	6.6%	3.2%	5.4%	5.0%	3.7%	3.3%	5.0%	5.4%	4.4%	4.8%	4.0%	3.9%	0.8%	(19.7%)	6.5%	7.9%	7.5%	2.7%	(2.1%)	1.6%	3.1%

Analyst consensus

Buy20 analysts

Bearish · 1 · Hold · 6 · Bullish · 13

Earnings history

	EPS	Estimate
Q4 2024	$2.32	$2.20	Beat
Q1 2025	$0.86	$0.76	Beat
Q2 2025	$1.19	$1.07	Beat
Q3 2025	$1.61	$1.46	Beat
Q4 2025	$2.73	$2.68	Beat
Q1 2026	$1.61	$1.13	Beat
Q2 2026	$1.56	$1.47	Beat
Q3 2026	$2.05	$1.96	Beat

Peers

Company overview

IPO dateJun 10, 2004

CEORobert E. Sulentic

Employees155,000

SectorReal Estate

IndustryReal Estate - Services

CountryUS

ExchangeNew York Stock Exchange

Websitewww.cbre.com

CBRE Group, Inc. operates as a commercial real estate services and investment company in the United States, the United Kingdom, and internationally. The company operates through Advisory Services, Building Operations and Experience, Project Management, and Real Estate Investments segments. The Advisory Services segment offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing of offices, and industrial and retail space; clients fully integrated property sales services under the CBRE Capital Markets brand; clients commercial mortgage and structured financing services; originates and sells commercial mortgage loans; property management services, such as marketing, building engineering, lease administration, accounting, investment reporting services, financial services on a contractual basis for owners of and investors in office, industrial, and retail properties; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting. The Global Workplace Solutions segment provides facilities management, and project management services comprising building consulting, program, and project and cost management services under the Turner & Townsend brand name. The Real Estate Investments segment offers investment management services under the CBRE Investment Management brand to pension funds, insurance companies, sovereign wealth funds, foundations, endowments, and other institutional investors and development services, such as real estate development and investment activities under the Trammell Crow Company brand to users and investors in commercial real estate, and for their own account. CBRE Group, Inc. was founded in 1906 and is headquartered in Dallas, Texas.

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