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Cbre vs FirstService: revenue, profit, margins and growth compared

Cbre brought in $40.6B of revenue in fiscal 2025, FirstService $5.5B in fiscal 2025. Revenue changed by +13.4% at Cbre and +5.4% at FirstService on the year before, so Cbre grew faster. Cbre kept 2.9% of its revenue as net profit, FirstService 2.6%. Free cash flow was $1.2B at Cbre and $318.2M at FirstService.

Side by side, latest fiscal year

CBREFSV
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$40.6B$5.5B
Revenue growth+13.4%+5.4%
Net income$1.2B$145M
Net margin2.9%2.6%
Free cash flow$1.2B$318.2M
Free cash flow margin2.9%5.8%
Earnings per share (diluted)$3.85$3.17
Cash$1.9B$154.4M
Debt$5.1B$1.1B
Price to earnings35.0n/a
Market value$39B$5.6B
Dividend yieldn/an/a
Rank by revenue in sector#16 of 444 · Finance#95 of 444 · Finance

Over the years

Revenue
CBRE FY2018: $21.3BCBRE FY2019: $23.9BCBRE FY2020: $23.8BCBRE FY2021: $27.7BCBRE FY2022: $30.8BCBRE FY2023: $31.9BCBRE FY2024: $35.8BCBRE FY2025: $40.6BFSV FY2018: $1.9BFSV FY2019: $2.4BFSV FY2020: $2.8BFSV FY2021: $3.2BFSV FY2022: $3.7BFSV FY2023: $4.3BFSV FY2024: $5.2BFSV FY2025: $5.5BFY18FY19FY20FY21FY22FY23FY24FY25
CBRE $40.6BFSV $5.5B
Net income
CBRE FY2018: $1.1BCBRE FY2019: $1.3BCBRE FY2020: $752MCBRE FY2021: $1.8BCBRE FY2022: $1.4BCBRE FY2023: $986MCBRE FY2024: $968MCBRE FY2025: $1.2BFSV FY2018: $65.9MFSV FY2019: -$251.6MFSV FY2020: $87.3MFSV FY2021: $135.2MFSV FY2022: $121.1MFSV FY2023: $100.4MFSV FY2024: $134.4MFSV FY2025: $145MFY18FY19FY20FY21FY22FY23FY24FY25
CBRE $1.2BFSV $145M
Net margin
CBRE FY2018: 5.0%CBRE FY2019: 5.4%CBRE FY2020: 3.2%CBRE FY2021: 6.6%CBRE FY2022: 4.6%CBRE FY2023: 3.1%CBRE FY2024: 2.7%CBRE FY2025: 2.9%FSV FY2018: 3.4%FSV FY2019: -10.5%FSV FY2020: 3.1%FSV FY2021: 4.2%FSV FY2022: 3.2%FSV FY2023: 2.3%FSV FY2024: 2.6%FSV FY2025: 2.6%FY18FY19FY20FY21FY22FY23FY24FY25
CBRE 2.9%FSV 2.6%
Revenue growth
CBRE FY2019: +12.0%CBRE FY2020: -0.3%CBRE FY2021: +16.5%CBRE FY2022: +11.1%CBRE FY2023: +3.6%CBRE FY2024: +12.0%CBRE FY2025: +13.4%FSV FY2019: +24.6%FSV FY2020: +15.2%FSV FY2021: +17.2%FSV FY2022: +15.3%FSV FY2023: +15.7%FSV FY2024: +20.4%FSV FY2025: +5.4%FY19FY20FY21FY22FY23FY24FY25
CBRE +13.4%FSV +5.4%
Free cash flow
CBRE FY2018: $903.4MCBRE FY2019: $929.9MCBRE FY2020: $1.6BCBRE FY2021: $2.2BCBRE FY2022: $1.4BCBRE FY2023: $175MCBRE FY2024: $1.4BCBRE FY2025: $1.2BFSV FY2018: $58.9MFSV FY2019: $61.2MFSV FY2020: $252.4MFSV FY2021: $109.1MFSV FY2022: $28.3MFSV FY2023: $187.6MFSV FY2024: $172.9MFSV FY2025: $318.2MFY18FY19FY20FY21FY22FY23FY24FY25
CBRE $1.2BFSV $318.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about Cbre and FirstService

Which is bigger by revenue, Cbre or FirstService?

Cbre is bigger by revenue: $40.6B in fiscal 2025, against $5.5B for FirstService in fiscal 2025.

Which keeps more of its revenue as profit, Cbre or FirstService?

Cbre had a net margin of 2.9% in fiscal 2025; FirstService had 2.6% in fiscal 2025.

Which grew revenue faster, Cbre or FirstService?

In their latest fiscal years revenue changed by +13.4% at Cbre and +5.4% at FirstService.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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