financial statements

The full income statement, balance sheet, and cash-flow statement for CBRE Group Inc Common Stock (CBRE), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	39.9B YoY+13.4%	35.2B YoY+11.7%	31.5B YoY+4.4%	30.2B YoY+12.0%	26.9B YoY+16.3%
Cost of revenue	33.0B YoY+14.5%	28.8B YoY+12.2%	25.7B YoY+5.9%	24.2B YoY+12.3%	21.6B YoY+13.3%
Restructuring	—	—	—	118M	0.00
Amortization of intangibles	393M YoY+8.3%	363M YoY+12.7%	322M YoY-7.5%	348M YoY+25.9%	277M YoY+21.8%
Provision for credit losses	—	—	16.0M YoY-5.9%	17.0M YoY-29.2%	24.0M YoY-45.9%
Operating income	1.75B YoY+24.1%	1.41B YoY+26.5%	1.12B YoY-26.1%	1.51B YoY-7.6%	1.64B YoY+68.8%
Net interest income	—	—	-149M YoY-115.9%	-69.0M YoY-38.0%	-50.0M YoY+26.2%
Other non-operating income	19.0M YoY-51.3%	39.0M YoY-36.1%	61.0M YoY+608.3%	-12.0M YoY-105.9%	204M YoY+1072.8%
Equity-method income	40.0M YoY+310.5%	-19.0M YoY-107.7%	248M YoY+8.3%	229M YoY-63.0%	619M YoY+390.6%
Pre-tax income	1.59B YoY+30.9%	1.22B YoY-4.6%	1.28B YoY-23.0%	1.66B YoY-31.2%	2.41B YoY+148.5%
Income tax	317M YoY+74.2%	182M YoY-27.2%	250M YoY+6.8%	234M YoY-58.8%	568M YoY+165.3%
	1.16B YoY+19.5%	968M YoY-1.8%	986M YoY-29.9%	1.41B YoY-23.4%	1.84B YoY+144.3%
Net income to non-controlling interest	120M YoY+76.5%	68.0M YoY+65.9%	41.0M YoY+141.2%	17.0M YoY+240.0%	5.00M YoY+28.9%
	$3.85 YoY+22.6%	$3.14 YoY-0.3%	$3.15 YoY-26.6%	$4.29 YoY-20.7%	$5.41 YoY+143.7%
EPS (basic)	$3.88 YoY+22.8%	$3.16 YoY-1.3%	$3.20 YoY-26.6%	$4.36 YoY-20.4%	$5.48 YoY+144.6%
Weighted-avg shares (basic)	298M YoY-2.5%	306M YoY-0.8%	308M YoY-4.5%	323M YoY-3.7%	335M YoY+0.0%
Weighted-avg shares (diluted)	301M YoY-2.4%	308M YoY-1.4%	313M YoY-4.6%	328M YoY-3.5%	340M YoY+0.4%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	13.5B YoY+35.3%	9.97B YoY+3.1%	9.67B YoY+13.3%	8.53B YoY-15.4%	10.1B YoY+14.0%
Cash & equivalents	1.86B YoY+67.3%	1.11B YoY-11.9%	1.26B YoY-4.0%	1.32B YoY-45.8%	2.43B YoY+28.2%
Short-term investments	1.28M YoY+0.0%	1.28M YoY+0.0%	1.28M YoY+0.0%	1.28M YoY+0.0%	1.28M YoY+0.0%
Accounts receivable	8.28B YoY+18.3%	7.00B YoY+10.0%	6.37B YoY+19.6%	5.33B YoY+3.4%	5.15B YoY+17.2%
Prepaid expenses	372M YoY+12.0%	332M YoY-0.3%	333M YoY+7.1%	311M YoY-6.9%	334M YoY+13.2%
Other current assets	552M YoY+72.0%	321M YoY+1.9%	315M YoY-43.4%	557M YoY+49.9%	372M YoY+26.7%
	30.9B YoY+26.6%	24.4B YoY+8.1%	22.5B YoY+9.9%	20.5B YoY-7.1%	22.1B YoY+22.4%
Property, plant & equipment	1.05B YoY+14.8%	914M YoY+0.8%	907M YoY+8.5%	836M YoY+2.4%	816M YoY+0.1%
Operating lease right-of-use	2.06B YoY+72.1%	1.20B YoY+16.3%	1.03B YoY-0.3%	1.03B YoY-1.3%	1.05B YoY+2.6%
Goodwill	7.05B YoY+25.4%	5.62B YoY+9.6%	5.13B YoY+5.4%	4.87B YoY-2.5%	5.00B YoY+30.7%
Intangible assets	2.97B YoY+29.3%	2.30B YoY+10.4%	2.08B YoY-5.1%	2.19B YoY-9.0%	2.41B YoY+76.1%
Deferred tax assets	697M YoY+29.6%	538M YoY+49.0%	361M YoY+35.7%	266M YoY+69.4%	157M YoY+71.6%
Other non-current assets	1.83B YoY-2.6%	1.88B YoY+21.5%	1.55B YoY+39.5%	1.11B YoY+26.6%	876M YoY+17.2%
	12.3B YoY+32.7%	9.29B YoY+12.7%	8.24B YoY+0.0%	8.24B YoY-2.1%	8.42B YoY+17.8%
Accrued liabilities	710M YoY+0.0%	710M YoY+0.0%	710M YoY+0.0%	710M YoY+0.0%	710M YoY+0.0%
Deferred revenue	448M YoY+19.5%	375M YoY+25.8%	298M YoY+7.9%	276M YoY-1.6%	281M YoY+73.2%
Short-term & current debt	71.0M YoY+97.2%	36.0M YoY+300.0%	9.00M YoY-97.9%	428M	0.00 YoY-100.0%
Current lease liability	284M YoY+42.0%	200M YoY-17.4%	242M YoY+5.2%	230M YoY-1.0%	232M YoY+11.5%
Other current liabilities	447M YoY+29.6%	345M YoY+58.3%	218M YoY-3.5%	226M YoY+13.3%	199M YoY+24.2%
	21.3B YoY+39.9%	15.2B YoY+12.7%	13.5B YoY+13.2%	11.9B YoY-6.4%	12.7B YoY+20.7%
Long-term debt	5.05B YoY+55.6%	3.25B YoY+15.7%	2.80B YoY+158.2%	1.09B YoY-29.4%	1.54B YoY+11.4%
Non-current lease liability	2.12B YoY+62.3%	1.31B YoY+20.0%	1.09B YoY+0.8%	1.08B YoY-3.3%	1.12B YoY-0.0%
Deferred tax liabilities	238M YoY-3.6%	247M YoY-3.1%	255M YoY-9.6%	282M YoY-30.4%	405M YoY+225.5%
Other non-current liabilities	1.34B YoY+41.7%	945M YoY+4.7%	903M YoY-10.9%	1.01B YoY-2.2%	1.04B YoY+65.7%
	8.88B YoY+5.6%	8.41B YoY+1.7%	8.27B YoY+5.3%	7.85B YoY-7.9%	8.53B YoY+20.5%
Common stock	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY-9.9%	3.33M YoY-0.8%
Additional paid-in capital	0.00	0.00	0.00	0.00 YoY-100.0%	799M YoY-25.7%
Retained earnings	9.92B YoY+3.6%	9.57B YoY+4.1%	9.19B YoY+4.0%	8.83B YoY+5.6%	8.37B YoY+28.1%
Accumulated other comprehensive income	-1.04B YoY+10.2%	-1.16B YoY-25.4%	-924M YoY+6.0%	-983M YoY-53.4%	-641M YoY-20.9%
Non-controlling interest	315M YoY-59.7%	781M YoY-2.4%	800M YoY+6.2%	753M YoY-9.4%	831M YoY+1889.7%
Total equity incl. non-controlling	9.19B YoY+0.0%	9.19B YoY+1.4%	9.07B YoY+5.4%	8.61B YoY-8.0%	9.36B YoY+31.4%
Total liabilities & equity	30.9B YoY+26.6%	24.4B YoY+8.1%	22.5B YoY+9.9%	20.5B YoY-7.1%	22.1B YoY+22.4%
Common shares issued	296M YoY-2.1%	302M YoY-0.9%	305M YoY-2.0%	311M YoY-6.6%	333M YoY-0.8%
Common shares outstanding	296M YoY-2.1%	302M YoY-0.9%	305M YoY-2.0%	311M YoY-6.6%	333M YoY-0.8%
Shares outstanding (cover)	298M YoY-2.8%	306M YoY+0.4%	305M YoY-3.5%	316M YoY-5.6%	335M YoY-0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.56B YoY-8.7%	1.71B YoY+255.8%	480M YoY-70.5%	1.63B YoY-31.1%	2.36B YoY+29.1%
Depreciation & amortization	729M YoY+8.2%	674M YoY+8.4%	622M YoY+1.5%	613M YoY+16.5%	526M YoY+4.8%
Share-based compensation	120M YoY-17.8%	146M YoY+52.1%	96.0M YoY-40.0%	160M YoY-13.5%	185M YoY+206.3%
Deferred income taxes	-269M YoY-38.7%	-194M YoY-60.3%	-121M YoY+70.6%	-411M YoY-573.8%	-61.0M YoY-183.7%
	-1.63B YoY-7.5%	-1.51B YoY-122.3%	-681M YoY+18.1%	-832M YoY+35.1%	-1.28B YoY-72.2%
Capital expenditure	366M YoY+19.2%	307M YoY+0.7%	305M YoY+17.2%	260M YoY+24.0%	210M YoY-21.3%
Other investing activities	-155M YoY-3.3%	-150M YoY-212.5%	-48.0M YoY-147.5%	101M YoY+320.8%	24.0M YoY+328.2%
	796M YoY+460.2%	-221M YoY-243.5%	154M YoY+108.7%	-1.77B YoY-260.4%	-490M YoY-120.0%
Common stock repurchased	968M YoY+54.4%	627M YoY-5.7%	665M YoY-64.1%	1.85B YoY+401.4%	369M YoY+637.6%
Other financing activities	-521M YoY-34.6%	-387M YoY-33.9%	-289M YoY-1213.6%	-22.0M YoY+50.0%	-44.0M YoY-5.0%
Net change in cash	793M YoY+628.7%	-150M YoY-341.2%	-34.0M YoY+97.0%	-1.14B YoY-326.5%	501M YoY-47.0%
Interest paid	448M YoY+13.1%	396M YoY+107.3%	191M YoY+114.6%	89.0M YoY+117.1%	41.0M YoY-39.2%
Income taxes paid	599M YoY+28.3%	467M YoY+0.0%	467M YoY-22.7%	604M YoY+83.0%	330M YoY+538.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	47.8B YoY+19.1%	40.2B YoY+41.6%	28.4B YoY+16.7%	24.3B YoY-33.0%	36.3B YoY+72.6%
P/E	41.4× YoY-0.4%	41.5× YoY-15.1%	48.9× YoY+299.4%	12.2× YoY-38.1%	19.8× YoY-29.3%
P/S	1.2× YoY+5.0%	1.1× YoY+21.4%	0.9× YoY+15.7%	0.8× YoY-39.7%	1.3× YoY+49.8%
P/B	5.4× YoY+12.8%	4.8× YoY+27.3%	3.8× YoY+20.5%	3.1× YoY-26.9%	4.3× YoY+43.3%
P/FCF	40.1× YoY+39.9%	28.7× YoY-87.0%	220.1× YoY+1439.8%	14.3× YoY-15.2%	16.9× YoY+25.3%
Earnings yield	2.4% YoY+0.4%	2.4% YoY+17.8%	2.0% YoY-75.0%	8.2% YoY+61.4%	5.1% YoY+41.5%
FCF yield	2.5% YoY-28.5%	3.5% YoY+667.5%	0.5% YoY-93.5%	7.0% YoY+17.9%	5.9% YoY-20.2%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: CBRE's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CBRE filings on SEC EDGAR → Not investment advice.

CBRE▼ financial statements

About this data

financial statements