A leading global commercial real estate services firm delivering integrated solutions in leasing, brokerage, and asset management across residential, industrial, and office sectors.
CBRE offers exposure to the essential commercial real estate infrastructure with a dominant market share that provides pricing power and cross-selling opportunities across diverse property types. The company's consistent ability to generate strong operating cash flow and return capital through share repurchases of $968M supports long-term shareholder value even during volatile cycles. Its global scale and integrated service model create high barriers to entry, positioning it well for recovery as commercial real estate markets stabilize.
The company's substantial goodwill of $7.05B and accumulated other comprehensive losses of -$1.04B pose potential balance sheet risks if asset values decline further. Recent revenue growth from $30.83B in 2022 to $40.55B in 2025 may be masking underlying weakness in specific sectors like office, where vacancy rates remain elevated globally. High levels of long-term debt at $5.05B combined with a retained earnings deficit of -$9.92B suggest the company is carrying significant legacy burdens that could limit flexibility during prolonged downturns.
CBRE Group Inc. is a global commercial real estate services firm serving corporations and institutional clients across residential, industrial, retail, office, and hospitality sectors. The company provides comprehensive advisory, transactional brokerage, asset management, and facilities management solutions worldwide, leveraging its extensive network of professionals to drive value for property owners and investors.
In 2025, CBRE reported revenue of $40.55B and net income of $1.28B, reflecting a recovery from the previous year's $1.04B profit and demonstrating resilience in a challenging macroeconomic environment. Operating expenses were managed at $5.81B against a gross profit of $7.57B, resulting in an operating profit of $1.75B, while cash flow from operations reached $1.56B, indicating strong liquidity generation despite significant investing outflows of -$1.63B likely related to M&A or strategic acquisitions.
The global commercial real estate services industry is cyclical and heavily influenced by interest rates, inflation, and economic growth, with recent years showing volatility as investors retreat from office assets while industrial and residential sectors remain resilient. Competition is intense among thousands of firms ranging from massive conglomerates to boutique specialists, though top-tier players like CBRE capture the majority of institutional business due to their scale and client relationships.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $30.83B | $31.95B | $35.77B | $40.55B |
| Cost of Revenue | $24.24B | $25.68B | $28.81B | $32.98B |
| Gross Profit | $6.59B | $6.27B | $6.96B | $7.57B |
| Operating Expenses | $5.08B | $5.16B | $5.54B | $5.81B |
| Operating Income | $1.51B | $1.12B | $1.41B | $1.75B |
| Stock-Based Comp | $160.3M | $96.0M | $146.0M | $120.0M |
| D&A | $613.1M | $622.0M | $674.0M | $729.0M |
| Amortization | $348.0M | $321.8M | $363.0M | $393.0M |
| Non-Operating Income | $146.3M | $160.0M | $-195.0M | $-159.0M |
| Pre-Tax Income | $1.66B | $1.28B | $1.22B | $1.59B |
| Income Tax | $234.2M | $250.0M | $182.0M | $317.0M |
| Continuing Ops | $1.42B | $1.03B | $1.04B | $1.28B |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $1.42B | $1.03B | $1.04B | $1.28B |
| Minority Interest | $16.6M | $41.0M | $68.0M | $120.0M |
| Net to Common | $1.41B | $986.0M | $968.0M | $1.16B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $8.53B | $9.67B | $9.97B | $13.49B |
| Cash & Equivalents | $1.32B | $1.26B | $1.11B | $1.86B |
| Accounts Receivable | $5.33B | $6.37B | $7.00B | $8.28B |
| Other Current Assets | $1.88B | $2.03B | $1.85B | $3.34B |
| Long-Term Assets | $11.98B | $12.88B | $14.41B | $17.39B |
| PP&E (Net) | $836.0M | $907.0M | $914.0M | $1.05B |
| Intangibles | $2.19B | $2.08B | $2.30B | $2.97B |
| Goodwill | $4.87B | $5.13B | $5.62B | $7.05B |
| Operating Leases | $1.03B | $1.03B | $1.20B | $2.06B |
| Other LT Assets | $1.74B | $2.36B | $3.09B | $3.38B |
| Total Assets | $20.51B | $22.55B | $24.38B | $30.88B |
| Current Liabilities | $8.24B | $8.24B | $9.29B | $12.32B |
| Current Debt | $427.8M | $9.0M | $36.0M | $71.0M |
| Current Leases | $229.6M | $242.0M | $200.0M | $284.0M |
| Deferred Revenue | $276.3M | $297.6M | $375.0M | $448.0M |
| Taxes Payable | $184.5M | $217.0M | $209.0M | $258.0M |
| Other Current Liab | $7.12B | $7.48B | $8.47B | $11.26B |
| Long-Term Liabilities | $3.67B | $5.24B | $5.90B | $8.93B |
| Long-Term Debt | $1.09B | $2.80B | $3.25B | $5.05B |
| LT Operating Leases | $1.08B | $1.09B | $1.31B | $2.12B |
| Other LT Liab | $1.27B | $1.31B | $1.22B | $1.76B |
| Total Liabilities | $11.91B | $13.48B | $15.19B | $21.25B |
| Shareholders' Equity | $8.61B | $9.07B | $9.19B | $9.63B |
| Retained Earnings | $8.83B | $9.19B | $9.57B | $9.92B |
| AOCI | $-982.8M | $-924.0M | $-1.16B | $-1.04B |
| Total L&E | $20.51B | $22.55B | $24.38B | $30.88B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $1.42B | $1.03B | $1.04B | $1.28B |
| Non-Cash Adjustments | $-264.3M | $-618.3M | $-272.0M | $-762.0M |
| Working Capital Changes | $469.4M | $71.3M | $944.0M | $1.04B |
| Cash from Operations | $1.63B | $480.0M | $1.71B | $1.56B |
| Capital Expenditures | $260.1M | — | — | — |
| Cash from Investing | $-832.5M | $-681.0M | $-1.51B | $-1.63B |
| Share Buybacks | $1.85B | $665.0M | $627.0M | $968.0M |
| Cash from Financing | $-1.77B | $154.0M | $-221.0M | $796.0M |
| FX Effect | $-165.5M | $13.0M | $-123.0M | $65.0M |
| Net Change in Cash | $-1.13B | $-34.0M | $-150.0M | $793.0M |
| Beginning Cash | $2.54B | $1.41B | $1.37B | $1.22B |
| Ending Cash | $1.40B | $1.37B | $1.22B | $2.01B |
The company's revenue is derived primarily from four main segments: Corporate Brokerage Services (transactional leasing and sales), Commercial Investment Services (asset management and advisory), Institutional Clients Group (investment banking and debt placement), and Risk & Specialty Solutions (insurance broking and consulting).
Commercial real estate values are highly sensitive to interest rate fluctuations and economic downturns that could suppress transaction volumes. The company faces significant competition from smaller regional firms and digital-first disruptors targeting specific niches like residential leasing or property management. Regulatory changes regarding ESG disclosures and anti-corruption laws in international markets could impact operations, and the high cost of debt servicing may pressure margins if cash flow weakens.
CBRE maintains a dominant market position with the largest global footprint and team size in commercial real estate, providing unparalleled client reach and expertise. Its diversified revenue streams across multiple property sectors reduce reliance on any single market cycle, while its proprietary data platforms enhance valuation accuracy and client service delivery.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.