CBRE GROUP, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CBRE GROUP, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	17,369	18,629	21,340	23,894	23,826	27,746	30,828	31,949	35,767	40,550
Cost of revenue	78.5	14,305	16,449	18,689	19,048	21,580	24,239	25,675	28,811	32,984
Gross profit	17,291	4,324	4,891	5,205	4,779	6,166	6,589	6,274	6,956	7,566
Selling and marketing			74.8	76.1	57.2	68.9	85	74	82	89
Operating expenses	2,780	2,859	3,366
Operating income	817	1,079	1,088	1,260	970	1,637	1,512	1,117	1,413	1,753
Interest expense	145	137	107
Interest income	8.05	9.85	8.59
Other non-operating income	4.69	9.41	93	28.9	17.4	204	-12	61	39	19
Pre-tax income	882	1,171	1,379	1,361	970	2,410	1,658	1,277	1,218	1,594
Income tax	297	468	313	69.9	214	568	234	250	182	317
Net income to minority interests	12.1	6.47	2.73	9.09	3.88	5	17	41	68	120
Net income	573	697	1,063	1,282	752	1,837	1,407	986	968	1,157
EBITDA	1,184	1,485	1,540	1,699	1,471	2,163	2,125	1,739	2,087	2,482
EPS, basic	1.71	2.06	3.13	3.82	2.24	5.48	4.36	3.20	3.16	3.88
EPS, diluted	1.69	2.05	3.10	3.77	2.22	5.41	4.29	3.15	3.14	3.85
Shares, basic (weighted)	335	338	339	336	335	335	323	308	306	298
Shares, diluted (weighted)	338	341	343	341	338	340	328	313	308	301

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	763	752	777	972	1,896	2,431	1,318	1,265	1,114	1,864
Receivables	2,606	3,112	3,669	4,467	4,395	5,150	5,327	6,370	7,005	8,284
Other current assets	180	227	246	276	293	372	557	315	321	552
Total current assets	5,122	5,631	6,754	7,534	8,846	10,082	8,529	9,666	9,970	13,489
Property, plant and equipment	561	618	722	836	815	816	836	907	914	1,049
Lease right-of-use assets				998	1,020	1,046	1,033	1,030	1,198	2,062
Goodwill	2,981	3,255	3,652	3,753	3,822	4,995	4,868	5,129	5,621	7,051
Intangible assets	1,411	1,399	1,441	1,380	1,368	2,409	2,193	2,081	2,298	2,972
Other non-current assets	366	479	540	669	747	876	1,109	1,547	1,880	1,832
Total assets	10,780	11,718	13,457	16,197	18,039	22,073	20,513	22,548	24,383	30,877
Accrued liabilities	773	904	1,121
Deferred revenue		101	82.2	109	162	281	276	298	375	448
Short-term debt	0.01	0.01	3.15	1.81	1.51	1,310	669	9	36	71
Total current liabilities	4,525	4,713	5,803	6,436	7,144	8,419	8,242	8,243	9,287	12,320
Long-term debt	2,548	2,000	1,767	1,761	1,380	1,538	1,086	2,804	3,245	5,050
Lease liabilities				1,058	1,117	1,117	1,080	1,089	1,307	2,121
Other non-current liabilities	524	543	596	454	625	1,036	1,013	903	945	1,339
Total liabilities	7,722	7,544	8,447	9,924	10,533	12,714	11,907	13,481	15,191	21,251
Total debt	2,574	2,000	1,770	1,763	1,382	1,538	1,514	2,813	3,281	5,121
Paid-in capital	1,145	1,221	1,149	1,116	1,075	799	0	0	0	0
Retained earnings	2,657	3,443	4,505	5,793	6,530	8,367	8,833	9,188	9,567	9,916
Other comprehensive income	-791	-552	-718	-680	-530	-641	-983	-924	-1,159	-1,041
Shareholders' equity	3,014	4,114	4,939	6,233	7,078	8,528	7,853	8,267	8,411	8,878
Minority interests	42.8	60.1	71.1	40.4	41.8	831	753	800	781	315
Total equity	3,146	4,175	5,010	6,273	7,120	9,359	8,606	9,067	9,192	9,193
Total liabilities and equity	10,780	11,718	13,457	16,197	18,039	22,073	20,513	22,548	24,383	30,877
Shares outstanding	337	339	337	335	336	333	311	305	302	296

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036	1,277
Depreciation and amortization	367	406	452	439	502	526	613	622	674	729
Stock-based compensation	63.5	93.1	128	128	60.4	185	160	96	146	120
Deferred income tax	-9.4	-7.16	-11.4	-94.4	72.9	-61	-411	-121	-194	-269
Change in receivables	-235	-484
Change in payables	15.4	159	274	307	105	105	64	34	566	570
Cash from operations	617	894	1,131	1,223	1,831	2,364	1,629	480	1,708	1,559
Capital expenditures	-191	-178	-228	-294	-267	-210	-260	-305	-307	-366
Acquisitions	-10.5
Purchases of investments	-22.2	-19.3	-23.4	-8.85
Sales and maturities of investments	18.1	15.8	5.79	4.67
Cash from investing	-151	-303	-561	-721	-744	-1,281	-832	-681	-1,514	-1,627
Debt issued				0	0	492	0
Debt repaid			-820	0	-500	0	0
Stock issued	0.9	0.4
Share buybacks			-161	-145	-50	-369	-1,850	-665	-627	-968
Cash from financing	-221	-628	-507	-272	-223	-490	-1,766	154	-221	796
Exchange rate effect	-21.1	23.8
Net change in cash	218	-6.59	39.1	230	946	501	-1,135	-34	-150	793
Free cash flow	426	716	903	930	1,564	2,154	1,369	175	1,401	1,193
Interest paid	126	117	104	86.7	67.5	41	89	191	396	448
Income taxes paid	295	357	376	365	51.7	330	604	467	467	599

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $134.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.6%	Gross profit / revenue.
Operating margin	4.5%	Operating income / revenue.
EBITDA margin	6.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.2%	Pre-tax income / revenue.
Net margin	3.0%	Net income / revenue.
FCF margin	2.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.1%	Cash from operations / revenue.
Effective tax rate	21.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.3%	Net income / average total assets.
Return on invested capital (ROIC)	12.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	24.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	19.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	22.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-3.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-8.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-3.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-14.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-4.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	26.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.14x	Current assets / current liabilities.
Quick ratio	0.91x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.69x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.0%	Total debt / total assets.
Liabilities / assets	69.9%	Total liabilities / total assets.
Net debt	$4.31B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.58x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.60B	Current assets - current liabilities.
Goodwill and intangibles / assets	32.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.44B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.43x	Revenue / average total assets.
Fixed asset turnover	41.9x	Revenue / average property, plant and equipment.
Receivables turnover	4.98x	Revenue / average receivables.
Days sales outstanding	73 days	365 x average receivables / revenue.
FCF conversion	72.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.43	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$148.75	Revenue / diluted weighted shares.
FCF per share	$3.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.63	Cash from operations / diluted weighted shares.
Book value per share	$28.97	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.98	Tangible book value / shares outstanding.
Cash per share	$5.14	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	130.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$38.96B	Share price x shares outstanding.
Enterprise value	$43.27B	Market cap + total debt - cash - short-term investments.
P/E	29.9x	Market cap / net income. Only when net income is positive.
P/S	0.89x	Market cap / revenue.
P/B	4.64x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	41.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	28.6x	Market cap / cash from operations, when positive.
EV/Sales	0.99x	Enterprise value / revenue.
EV/EBIT	21.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	46.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.4%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.

What was CBRE GROUP, INC.'s revenue in fiscal 2025?

CBRE GROUP, INC. reported revenue of $40.55B for fiscal 2025, 13.4% higher than the year before.

Was CBRE GROUP, INC. profitable in fiscal 2025?

Yes. Net income was $1.16B, a net margin of 2.9%.

How much free cash flow did CBRE GROUP, INC. generate in fiscal 2025?

Cash from operations of $1.56B minus capital expenditures of $366.0M left free cash flow of $1.19B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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