CBRE
CBRE · NYSEReal Estate · Fiscal year ends Dec 31
CBRE reported revenue of $39.9B in the fiscal year ended Dec 2025, up 13.4% from the year before. Operating income was $1.8B, an operating margin of 4.4%, and net income was $1.2B. Operating cash flow of $1.6B less capital expenditure of $366M left free cash flow of $1.2B. Net debt was $3.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $27B | $30.2B | $31.5B | $35.2B | $39.9B |
| Cost of revenue | $21.6B | $24.2B | $25.7B | $28.8B | $33B |
| Gross profit | $5.4B | $5.9B | $5.8B | $6.4B | $6.9B |
| Operating income | $1.6B | $1.5B | $1.1B | $1.4B | $1.8B |
| Net interest incomeBanks | −$50M | −$69M | −$149M | – | – |
| Pre-tax income | $2.4B | $1.7B | $1.3B | $1.2B | $1.6B |
| Income tax | $568M | $234M | $250M | $182M | $317M |
| Net income | $1.8B | $1.4B | $986M | $968M | $1.2B |
| Diluted EPS | 5.41 | 4.29 | 3.15 | 3.14 | 3.85 |
| Diluted shares | 340M | 328M | 313M | 308M | 301M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.4B | $1.3B | $1.3B | $1.1B | $1.9B |
| Receivables | $5.2B | $5.3B | $6.4B | $7B | $8.3B |
| Current assets | $10.1B | $8.5B | $9.7B | $10B | $13.5B |
| Net PP&E | $816M | $836M | $907M | $914M | $1B |
| Goodwill | $5B | $4.9B | $5.1B | $5.6B | $7.1B |
| Total assets | $22.1B | $20.5B | $22.5B | $24.4B | $30.9B |
| Deferred revenue | $281M | $276M | $298M | $375M | $448M |
| Current liabilities | $8.4B | $8.2B | $8.2B | $9.3B | $12.3B |
| Short-term debt | $0 | $428M | $9M | $36M | $71M |
| Long-term debt | $1.5B | $1.1B | $2.8B | $3.2B | $5.1B |
| Total liabilities | $12.7B | $11.9B | $13.5B | $15.2B | $21.3B |
| Shareholders' equity | $8.5B | $7.9B | $8.3B | $8.4B | $8.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.4B | $1.6B | $480M | $1.7B | $1.6B |
| Capital expenditure | $210M | $260M | $305M | $307M | $366M |
| Free cash flow | $2.2B | $1.4B | $175M | $1.4B | $1.2B |
| Depreciation & amortisation | $526M | $613M | $622M | $674M | $729M |
| Stock-based compensation | $185M | $160M | $96M | $146M | $120M |
| Share buybacks | $369M | $1.9B | $665M | $627M | $968M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.0% | 4.4% | 11.7% | 13.4% |
| Operating income growth (YoY) | – | −7.6% | −26.1% | 26.5% | 24.1% |
| EPS growth (YoY) | – | −20.7% | −26.6% | −0.3% | 22.6% |
| Gross margin | 19.9% | 19.7% | 18.5% | 18.1% | 17.3% |
| Operating margin | 6.1% | 5.0% | 3.5% | 4.0% | 4.4% |
| Net margin | 6.8% | 4.7% | 3.1% | 2.8% | 2.9% |
| Return on equityBlank when equity is negative | 21.5% | 17.9% | 11.9% | 11.5% | 13.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.0% | 12.3% | 7.8% | 9.4% | 9.4% |
| Free cash flow margin | 8.0% | 4.5% | 0.6% | 4.0% | 3.0% |
| Cash conversion (CFO ÷ net income) | 1.29x | 1.16x | 0.49x | 1.76x | 1.35x |
| Receivable days | 70 | 64 | 74 | 73 | 76 |
| Debt ÷ equity | 0.18x | 0.19x | 0.34x | 0.39x | 0.58x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$893M | $196M | $1.5B | $2.2B | $3.3B |
| Current ratio | 1.20x | 1.03x | 1.17x | 1.07x | 1.09x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.