世邦魏理仕CBRE Q3 2026财报：Core EPS $2.05同比+28%、收入$115.2亿+13%，关键基础设施服务收入本季飙升80%，但未上调全年指引

----- cbre-20261022.htm -----
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________________________
FORM
8-K
_________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 22, 2026
_________________________________________________________________________________
CBRE GROUP, INC.
(Exact name of registrant as specified in its charter)
_________________________________________________________________________________
Delaware
001-32205
94-3391143
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
2121 North Pearl Street
Suite 300
Dallas
,
TX
75201
(Address of principal executive offices)
(Zip Code)
(214)
979-6100
Registrant’s telephone number, including area code
Not Applicable
_____________________________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share
“CBRE”
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company, as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
This Current Report on Form 8-K is filed by CBRE Group, Inc., a Delaware corporation (the “Company”), in connection with the matters described herein.
Item 2.02  Results of Operations and Financial Condition
On October 22, 2026, the Company issued a press release reporting its financial results for the third quarter of 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained herein, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01  Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1 *
Press Release of Financial Results for the Third Quarter of 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
* Furnished herewith.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 22, 2026
CBRE GROUP, INC.
By:
/s/ A
NDREW
S
.
H
ORN
Andrew S. Horn
Deputy Chief Financial Officer (Principal Accounting Officer)

----- cbre-20261022x8kexx991.htm -----
EX-99.1
2
cbre-20261022x8kexx991.htm
EX-99.1
Document
EXHIBIT 99.1
Press Release
FOR IMMEDIATE RELEASE
For further information:
Chandni Luthra - Investors
Steve Iaco - Media
212.984.8113
212.984.6535
Chandni.Luthra@cbre.com
Steven.Iaco@cbre.com
CBRE GROUP, INC. REPORTS FINANCIAL RESULTS FOR Q3 2026
Dallas – October 22, 2026
— CBRE Group, Inc. (NYSE: CBRE) today reported financial results for the third quarter ended September 30, 2026.
Key Highlights:
•
GAAP EPS up 26% to $1.52 and Core EPS up 28% to $2.05
•
Revenue up 13% to $11.5 billion
•
Infrastructure services revenue up 50% to $4.5 billion on a trailing 12-month basis
•
Cash flow from operations of $1.4 billion and free cash flow of $1.8 billion, both on a trailing 12-month basis
“CBRE produced another quarter of strong financial results and continued to make strategic gains in targeted areas of our business,” said Bob Sulentic, CBRE’s chair and chief executive officer. “Financially, core earnings per share improved 28% on a 13% revenue increase, with both resilient
(1)
and transactional
(1)
businesses growing by double digits. Strategically, we continued to advance both our Critical Infrastructure Services business line as well as the broader infrastructure services work we perform across the company.”
CBRE Press Release
October 22, 2026
Page 2
Consolidated Financial Results Overview
The following table presents highlights of CBRE performance (dollars in millions, except per share data):
% Change
Q3 2026
Q3 2025
USD
LC
(
2
)
Operating Results
Revenue
$
11,517
$
10,221
12.7
%
12.9
%
Pass-through costs
(3)
4,691
4,212
11.4
%
11.8
%
GAAP net income
443
363
22.0
%
23.4
%
Core adjusted net income
(4)
599
481
24.5
%
25.6
%
GAAP EPS
1.52
1.21
25.6
%
27.3
%
Core EPS
(4)
2.05
1.60
28.1
%
29.4
%
Core EBITDA
(5)
1,001
779
28.5
%
29.1
%
Cash Flow Results
Cash flow provided by operations
$
869
$
827
5.1
%
Gain on disposition of real estate
184
36
411.1
%
Less: Capital expenditures
126
84
50.0
%
Free cash flow
(6)
$
927
$
779
19.0
%
Advisory Services Segment
The following table presents highlights of the Advisory Services segment performance (dollars in millions):
% Change
Q3 2026
Q3 2025
USD
LC
Revenue
$
2,441
$
2,199
11.0%
11.2%
Pass-through costs
16
14
14.3%
14.3%
Segment operating profit
(7)
467
403
15.9%
16.4%
•
Revenue and segment operating profit increased by 11% (same local currency) and 16% (same local currency), respectively.
•
Global leasing revenue increased 6% (same local currency). EMEA revenue grew 21% (22% local currency), driven by the U.K. U.S. revenue rose 4% overall, led by industrial, up 16%, while office was down 2%. APAC revenue was up 2% (same local currency).
•
Global property sales revenue rose 28% (29% local currency). U.S. revenue was up 37%, driven by accelerated growth in industrial and retail. APAC revenue rose 10% (14% local currency), while EMEA revenue grew 8% (9% local currency).
•
Mortgage origination revenue edged up 1% (same local currency). Increased activity with private capital sources was largely offset by lower government agency lending.
•
The loan servicing portfolio rose 8% during the quarter to more than $500 billion. Revenue was down slightly as lower escrow income offset higher loan servicing fees.
•
Valuations revenue rose 6% (same local currency), driven by the U.S.
CBRE Press Release
October 22, 2026
Page 3
Building Operations & Experience (BOE)
Segment
The following table presents highlights of the BOE segment performance (dollars in millions):
% Change
Q3 2026
Q3 2025
USD
LC
Revenue
$
6,856
$
5,842
17.4%
17.5%
Pass-through costs
3,641
3,118
16.8%
17.1%
Segment operating profit
349
289
20.8%
21.1%
•
Revenue and segment operating profit increased by 17% (18% local currency) and 21% (same local currency), respectively.
•
Revenue from critical infrastructure services surged 80% (same local currency), driven by continued strong growth in data center services solutions and contributions from Pearce Services, acquired in November 2025.
•
Facilities management revenue rose 13% (same local currency). Solid double-digit growth was achieved in both the enterprise business, led by technology, financial services and energy clients, and the local business, driven by the Americas, Asia Pacific and Western Europe.
•
Property management revenue rose 8% (same local currency).
Project Management
Segment
The following table presents highlights of the Project Management segment performance (dollars in millions):
% Change
Q3 2026
Q3 2025
USD
LC
Revenue
$
2,035
$
1,978
2.9%
3.2%
Pass-through costs
1,034
1,080
(4.3)%
(3.8)%
Segment operating profit
162
148
9.5%
9.5%
•
Revenue increased by 3% (same local currency), while pass-through costs declined 4% (same local currency).
•
Growth was driven by continued strong demand for program management and cost consulting services for infrastructure assets.
•
The overall growth rate was tempered by a slowdown in corporate capital spending on real estate.
•
Segment operating profit increased 9% (10% local currency), including a one-time cost in APAC that lowered the growth rate by six percentage points.
CBRE Press Release
October 22, 2026
Page 4
Real Estate Investments (REI) Segment
The following table presents highlights of the REI segment performance (dollars in millions):
% Change
Q3 2026
Q3 2025
USD
LC
Revenue
$
203
$
211
(3.8)
%
(2.8)
%
Segment operating profit
166
73
127.4
%
128.8
%
Real Estate Development
•
Operating profit
(8)
totaled $128 million, up significantly from the third quarter of 2025, reflecting strong data center land sale activity and monetization of other assets.
•
The portfolio of in-process projects and pipeline ended the third quarter at $29.6 billion, unchanged from the second quarter. Excluding fee development, the overall portfolio stands at $20.2 billion.
Investment Management
•
Revenue increased 4% (5% local currency), reflecting higher recurring asset management fees as well as increased incentive fees.
•
Operating profit
(8)
totaled $38 million, down from third-quarter 2025. Higher asset management fees were offset by lower co-investment returns.
•
Assets under management (AUM) ended the third quarter at more than $155 billion.
Core Corporate Segment
Core corporate operating loss increased by approximately $9 million for the quarter, primarily driven by higher incentive compensation, reflecting the company’s strong performance in 2026.
Capital Allocation Overview
•
Free Cash Flow
– Free cash flow totaled $1.8 billion for the 12 months ended September 30, 2026.
•
Stock Repurchase Program
– Year-to-date, the company repurchased nearly $1.2 billion worth of shares.
CBRE Press Release
October 22, 2026
Page 5
Leverage and Financing Overview
•
Leverage
– CBRE’s net leverage ratio (net debt
(9)
to trailing twelve-month core EBITDA) was 1.36x as of September 30, 2026. The net leverage ratio is computed as follows (dollars in millions):
As of
September 30, 2026
Total debt
$
6,978
Less: Cash and cash equivalents
1,683
Net debt
(9)
$
5,295
Divided by: Trailing twelve-month Core EBITDA
$
3,902
Net leverage ratio
1.36x
•
Liquidity
– At the end of the third quarter, the company had $5.0 billion of total liquidity.
(10)
Conference Call Details
The company’s third quarter earnings webcast and conference call will be held today, Thursday, October 22, 2026 at 8:30 a.m. Eastern Time. Investors are encouraged to access the webcast via
this link
or they can click
this link
beginning at 8:15 a.m. Eastern Time for automated access to the conference call.
Alternatively, investors may dial into the conference call using these operator-assisted phone numbers: 877.407.8037 (U.S.) or 201.689.8037 (International). A replay of the call will be available starting at 1:00 p.m. Eastern Time on October 22, 2026. The replay is accessible by dialing 877.660.6853 (U.S.) or 201.612.7415 (International) and using the access code: 13762549#. A transcript of the call will be available on the company’s Investor Relations website at
https://ir.cbre.com
.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, critical infrastructure); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
Safe Harbor and Footnotes
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the economic outlook, the company’s future growth momentum, operations and business outlook. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this press release. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the company does update one or more forward-looking statements, no inference should
CBRE Press Release
October 22, 2026
Page 6
be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: disruptions in general economic, political and regulatory conditions and significant public health events, particularly in geographies or industry sectors where our business may be concentrated; volatility or adverse developments in the securities, capital or credit markets, interest rate increases and conditions affecting the value of real estate assets, inside and outside the United States; poor performance of real estate investments or other conditions that negatively impact clients’ willingness to make real estate or long-term contractual commitments; cost and availability of capital for investment in real estate; foreign currency fluctuations and changes in currency restrictions, trade sanctions and import/export and transfer pricing rules; our ability to compete globally, or in specific geographic markets or business segments that are material to us; our ability to identify, acquire and integrate accretive businesses; costs and potential future capital requirements relating to businesses we may acquire; integration challenges arising out of companies we may acquire; increases in unemployment and general slowdowns in economic or commercial activity; trends in pricing and risk assumption for commercial real estate services; the effect of significant changes in supply/demand and capitalization rates across different property types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance; client actions to restrain project spending and reduce outsourced staffing levels; our ability to further diversify our revenue model to offset cyclical economic trends in the commercial real estate industry; our ability to attract new occupier and investor clients; our ability to retain major clients and renew related contracts; our ability to leverage our global services platform to maximize and sustain long-term cash flow; our ability to continue investing in our platform and client service offerings; our ability to maintain expense discipline; the emergence of disruptive business models and technologies; negative publicity or harm to our brand and reputation; the failure by third parties to comply with service level agreements or regulatory or legal requirements; the ability of our investment management business to maintain and grow assets under management and achieve desired investment returns for our investors, and any potential related litigation, liabilities or reputational harm possible if we fail to do so; our ability to manage fluctuations in net earnings and cash flow, which could result from poor performance in our investment programs, including our participation as a principal in real estate investments; the ability of our indirect wholly-owned subsidiary, CBRE Capital Markets, Inc. to periodically amend, or replace, on satisfactory terms, the agreements for its warehouse lines of credit; declines in lending activity of U.S. Government Sponsored Enterprises, regulatory oversight of such activity and our loan servicing revenue from the commercial real estate mortgage market; changes in U.S. and international law and regulatory environments (including relating to anti-corruption, anti-money laundering, trade sanctions, tariffs, currency controls and other trade control laws), particularly in Asia, Africa, Russia, Eastern Europe and the Middle East, due to the level of political instability in those regions; litigation and its financial and reputational risks to us; our exposure to liabilities in connection with real estate advisory and property management activities and our ability to procure sufficient insurance coverage on acceptable terms; our ability to retain, attract and incentivize key personnel; our ability to manage organizational challenges associated with our size; liabilities under guarantees, or for construction defects, that we incur in our development services business; our leverage under our debt instruments as well as the limited restrictions therein on our ability to incur additional debt, and the potential increased borrowing costs to us from a credit-rating downgrade; our and our employees’ ability to execute on, and adapt to, information technology strategies and trends; cybersecurity threats or other threats to our information technology networks, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption; our ability to comply with laws and regulations related to our global operations, including real estate licensure, tax, labor and employment laws and regulations, fire and safety building requirements and regulations, as well as data privacy and protection regulations, sustainability matters, and the anti-corruption laws and trade sanctions of the U.S. and other countries; changes in applicable tax or accounting requirements; any inability for us to implement and maintain effective internal controls over financial reporting; the effect of implementation of new accounting rules and standards or the impairment of our goodwill and intangible assets; and the performance of our equity investments in companies we do not control.
Additional information concerning factors that may influence the company’s financial information is discussed under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Cautionary Note on Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2025, our quarterly reports on Form 10-Q, as well as in the company’s press releases and other periodic filings with the Securities and Exchange Commission (SEC). Such filings are available publicly and may be obtained on the company’s website at www.cbre.com or upon written request from CBRE’s Investor Relations Department at
investorrelations@cbre.com
.
The terms “core adjusted net income,” “core EBITDA,” “core EPS,” “business line operating profit (loss),” “net debt” and “free cash flow,” all of which CBRE uses in this press release, are non-GAAP financial measures under SEC guidelines, and you should refer to the footnotes below as well as the “Non-GAAP Financial Measures” section in this press release for a further explanation of these measures. We have also included in that section reconciliations of these measures in specific periods to their most directly comparable financial measure calculated and presented in accordance with GAAP for those periods.
CBRE Press Release
October 22, 2026
Page 7
(1)
Resilient Businesses include facilities management, critical infrastructure services, property management, project management, loan servicing, valuations, other portfolio services and recurring investment management fees. Transactional Businesses include property sales, leasing, mortgage origination, carried interest and incentive fees in the investment management business, and development fees.
(2)
Local currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results.
(3)
Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue.
(4)
Core adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of select items from U.S. GAAP net income and U.S. GAAP earnings per diluted share. Adjustments during the periods presented included non-cash amortization expense related to intangible assets attributable to acquisitions, interest expense related to indirect tax audits and settlements, write-off of financing costs on extinguished debt, impact of adjustments on non-controlling interest, the tax impact of adjusted items and strategic non-core investments, net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, impact of fair value non-cash adjustments related to unconsolidated equity investments, business and finance transformation, costs associated with efficiency and cost-reduction initiatives, provision associated with Telford’s fire safety remediation efforts, and net fair value adjustments on strategic non-core investments.
(5)
Core EBITDA represents earnings before the portion attributable to non-controlling interests, depreciation and amortization, asset impairments, net interest expense, write-off of financing costs on extinguished debt, income taxes, further adjusted for net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, impact of fair value non-cash adjustments related to unconsolidated equity investments, business and finance transformation, non-cash pension buy-out settlement loss, costs associated with efficiency and cost-reduction initiatives, provision associated with Telford’s fire safety remediation efforts and net fair value adjustments on strategic non-core investments.
(6)
Free cash flow is calculated as cash flow provided by operations, plus gain on sale of real estate assets, less capital expenditures (reflected in the investing section of the consolidated statement of cash flows).
(7)
Segment operating profit (SOP) is the measure reported to the chief operating decision maker (CODM) for purposes of assessing performance and allocating resources to each segment. SOP represents earnings, inclusive of non-controlling interests, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments, as well as adjustments related to the following: net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, the impact of fair value non-cash adjustments related to unconsolidated equity investments,
business and finance transformation, costs associated with efficiency and cost-reduction initiatives, and provision associated with Telford’s fire safety remediation efforts.
(8)
Represents line of business profitability/losses, as adjusted.
(9)
Net debt is calculated as total debt (excluding non-recourse debt) less cash and cash equivalents.
(10)
Includes cash available for company use, as well as availability under the company’s revolving credit facilities and commercial paper program.
CBRE Press Release
October 22, 2026
Page 8
CBRE GROUP, INC.
OPERATING RESULTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(in millions, except share and per share data)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Revenue
$
11,517
$
10,221
$
33,270
$
28,813
Costs and expenses:
Cost of revenue
9,392
8,304
27,207
23,511
Operating, administrative and other
1,564
1,327
4,560
3,794
Depreciation and amortization
184
145
556
432
Total costs and expenses
11,140
9,776
32,323
27,737
Gain on disposition of real estate
184
36
490
55
Operating income
561
481
1,437
1,131
Equity income from unconsolidated subsidiaries
104
52
99
50
Other income
8
3
25
10
Interest expense, net of interest income
62
50
181
159
Write-off of financing costs on extinguished debt
—
—
—
2
Income before provision for income taxes
611
486
1,380
1,030
Provision for income taxes
131
90
311
203
Net income
480
396
1,069
827
Less: Net income attributable to non-controlling interests
37
33
104
86
Net income attributable to CBRE Group, Inc.
$
443
$
363
$
965
$
741
Basic income per share:
Net income per share attributable to CBRE Group, Inc.
$
1.53
$
1.22
$
3.31
$
2.48
Weighted-average shares outstanding for basic income per share
289,273,856
297,557,891
291,788,599
298,589,340
Diluted income per share:
Net income per share attributable to CBRE Group, Inc.
$
1.52
$
1.21
$
3.28
$
2.46
Weighted-average shares outstanding for diluted income per share
291,609,847
300,257,330
294,115,627
301,050,341
Core EBITDA
$
1,001
$
779
$
2,668
$
1,923
CBRE Press Release
October 22, 2026
Page 9
CBRE GROUP, INC.
SEGMENT RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026
(in millions)
(Unaudited)
Three Months Ended September 30, 2026
Advisory Services
Building Operations & Experience
Project Management
Real Estate Investments
Corporate
(1)
Total Core
Other
Total
Consolidated
Revenue
$
2,441
$
6,856
$
2,035
$
203
$
(18)
$
11,517
$
—
$
11,517
Pass-through costs
16
3,641
1,034
—
—
4,691
—
4,691
Cost of revenue, excluding pass-through costs
1,482
2,507
710
3
(1)
4,701
—
4,701
Operating, administrative and other
486
407
132
331
201
1,557
7
1,564
Depreciation and amortization
30
110
26
5
13
184
—
184
Gain on disposition of real estate
—
—
—
172
12
184
—
184
Operating income (loss)
427
191
133
36
(219)
568
(7)
561
Equity income (loss) from unconsolidated subsidiaries
1
3
—
101
—
105
(1)
104
Other income (loss)
2
4
1
2
—
9
(1)
8
Add-back: Depreciation and amortization
30
110
26
5
13
184
—
184
Adjustments:
Net non-cash mortgage servicing rights
6
—
—
—
—
6
—
6
Integration and other costs related to acquisitions
—
29
2
5
40
76
—
76
Carried interest incentive compensation expense to align with the timing of associated revenue
—
—
—
12
—
12
—
12
Net results related to the wind-down of certain businesses
—
1
—
5
—
6
—
6
Business and finance transformation
1
11
—
—
23
35
—
35
Total segment operating profit (loss)
$
467
$
349
$
162
$
166
$
(143)
$
(9)
$
992
Core EBITDA
$
1,001
_______________
(1)
Includes elimination of inter-segment revenue and expense.
CBRE Press Release
October 22, 2026
Page 10
CBRE GROUP, INC.
SEGMENT RESULTS—(CONTINUED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025
(in millions)
(Unaudited)
Three Months Ended September 30, 2025
Advisory Services
Building Operations & Experience
Project Management
Real Estate Investments
Corporate
(1)
Total Core
Other
Total
Consolidated
Revenue
$
2,199
$
5,842
$
1,978
$
211
$
(9)
$
10,221
$
—
$
10,221
Pass-through costs
14
3,118
1,080
—
—
4,212
—
4,212
Cost of revenue, excluding pass-through costs
1,297
2,125
632
39
(1)
4,092
—
4,092
Operating, administrative and other
481
352
120
192
182
1,327
—
1,327
Depreciation and amortization
33
65
27
2
18
145
—
145
Gain on disposition of real estate
—
—
—
33
3
36
—
36
Operating income (loss)
374
182
119
11
(205)
481
—
481
Equity income from unconsolidated subsidiaries
—
2
—
49
—
51
1
52
Other income (loss)
1
2
—
—
1
4
(1)
3
Add-back: Depreciation and amortization
33
65
27
2
18
145
—
145
Adjustments:
Net non-cash mortgage servicing rights
(5)
—
—
—
—
(5)
—
(5)
Integration and other costs related to acquisitions
—
16
2
—
42
60
—
60
Carried interest incentive compensation expense to align with the timing of associated revenue
—
—
—
3
—
3
—
3
Net results related to the wind-down of certain businesses
—
22
—
8
—
30
—
30
Business and finance transformation
—
—
—
—
10
10
—
10
Total segment operating profit (loss)
$
403
$
289
$
148
$
73
$
(134)
$
—
$
779
Core EBITDA
$
779
_______________
(1)
Includes elimination of inter-segment revenue and expense.
CBRE Press Release
October 22, 2026
Page 11
CBRE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
September 30, 2026
December 31, 2025
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents
$
1,683
$
1,864
Restricted cash
137
150
Receivables, net
9,048
8,284
Warehouse receivables
(1)
945
1,630
Contract assets
565
462
Prepaid expenses
422
372
Income taxes receivable
186
175
Other current assets
679
552
Total Current Assets
13,665
13,489
Property and equipment, net
1,075
1,049
Goodwill
6,992
7,051
Other intangible assets, net
2,770
2,972
Operating lease assets
2,184
2,062
Investments in unconsolidated subsidiaries
913
870
Non-current contract assets
71
103
Real estate under development
1,048
646
Non-current income taxes receivable
122
106
Deferred tax assets, net
756
697
Other assets
1,733
1,832
Total Assets
$
31,329
$
30,877
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses
$
5,006
$
4,838
Compensation and employee benefits payable
1,594
1,630
Accrued bonus and profit sharing
1,579
1,879
Operating lease liabilities
331
284
Contract liabilities
489
448
Income taxes payable
76
258
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase)
(1)
936
1,609
Other short-term borrowings
1,199
856
Current maturities of long-term debt
69
71
Other current liabilities
399
447
Total Current Liabilities
11,678
12,320
Long-term debt, net of current maturities
5,710
5,050
Non-current operating lease liabilities
2,222
2,121
Non-current tax liabilities
213
183
Deferred tax liabilities, net
229
238
Other liabilities
1,800
1,339
Total Liabilities
21,852
21,251
Mezzanine Equity:
Redeemable non-controlling interests in consolidated entities
461
433
Equity:
CBRE Group, Inc. Stockholders’ Equity:
Class A common stock
3
3
Additional paid-in capital
—
—
Accumulated earnings
9,783
9,916
Accumulated other comprehensive loss
(1,114)
(1,041)
Total CBRE Group, Inc. Stockholders’ Equity
8,672
8,878
Non-controlling interests
344
315
Total Equity
9,016
9,193
Total Liabilities and Equity
$
31,329
$
30,877
________________________________________________________________________________________________________________________________________
(1)
Represents loan receivables, the majority of which are offset by borrowings under related warehouse line of credit facilities.
CBRE Press Release
October 22, 2026
Page 12
CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Nine Months Ended September 30,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
1,069
$
827
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization
556
432
Amortization of other assets
149
152
Net non-cash mortgage servicing rights and premiums on loan sales
12
(18)
Deferred income taxes
(36)
(69)
Stock-based compensation expense
158
110
Equity income from investments
(99)
(50)
Gain on sale of real estate assets
(490)
(55)
Other non-cash adjustments
120
43
Sale of mortgage loans
10,747
9,984
Origination of mortgage loans
(10,045)
(11,041)
Changes in:
Warehouse lines of credit
(673)
1,072
Receivables, prepaid expenses and other assets
(1,039)
(419)
Accounts payable, accrued liabilities and other liabilities
285
5
Accrued compensation expenses
(312)
(431)
Income taxes, net
(220)
(204)
Net cash provided by operating activities
182
338
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(321)
(222)
Payments for business acquired, net of cash acquired
(6)
(331)
Capital contributions related to investments
(125)
(93)
Acquisition and development of real estate assets
(432)
(240)
Proceeds from disposition of real estate assets
436
104
Other investing activities, net
84
118
Net cash used in investing activities
(364)
(664)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of revolving credit facility
—
(132)
Proceeds from commercial paper, net
343
910
Proceeds from long-term debt
742
1,668
Repayment of long-term debt
(53)
(651)
Repurchase of common stock
(1,158)
(680)
Other financing activities, net
104
(283)
Net cash (used in) provided by financing activities
(22)
832
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash
10
82
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(194)
588
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD
2,014
1,221
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD
$
1,820
$
1,809
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest
$
351
$
326
Income tax payments, net
$
549
$
457
Non-cash investing and financing activities:
Deferred and/or contingent consideration
$
(2)
$
37
CBRE Press Release
October 22, 2026
Page 13
Non-GAAP Financial Measures
The following measures are considered “non-GAAP financial measures” under SEC guidelines:
(i)
Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (which we also refer to as “core adjusted net income”)
(ii)
Core EBITDA
(iii)
Core EPS
(iv)
Business line operating profit/loss
(v)
Net debt
(vi)
Free cash flow
These measures are not recognized measurements under United States generally accepted accounting principles (GAAP). When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with GAAP. Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.
Our management generally uses these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes. The company believes these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The company further uses certain of these measures, and believes that they are useful to investors, for purposes described below.
With respect to core EBITDA, core EPS, core adjusted net income, and business line operating profit/loss, the company believes that investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, the effects of financings, income taxes and the accounting effects of capital spending. The presentation of core adjusted net income, excluding amortization of intangible assets acquired in business combinations, is useful to investors as a supplemental measure to evaluate the company’s ongoing operating performance. While amortization expense of acquisition-related intangible assets is excluded from core adjusted net income, the revenue generated from the acquired intangible assets is not excluded. All of these measures may vary for different companies for reasons unrelated to overall operating performance. In the case of core EBITDA, this measure is not intended to be a measure of free cash flow for our management’s discretionary use because it does not consider cash requirements such as tax and debt service payments. The core EBITDA measure calculated herein may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt. The company also uses segment operating profit and core EPS as significant components when measuring our operating performance under our employee incentive compensation programs.
With respect to free cash flow, the company believes that investors may find this measure useful to analyze the cash flow generated from operations and real estate investment and development activities after accounting for cash outflows to support operations and capital expenditures. With respect to net debt, the company believes that investors use this measure when calculating the company’s net leverage ratio.
With respect to core EBITDA, core EPS and core adjusted net income, the company believes that investors may find these measures useful to analyze the underlying performance of operations without the impact of strategic non-core equity investments that are not directly related to our business segments. These can be volatile and are often non-cash in nature.
Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (or core adjusted net income), and core EPS, are calculated as follows (in millions, except share and per share data):
CBRE Press Release
October 22, 2026
Page 14
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Net income attributable to CBRE Group, Inc.
$
443
$
363
$
965
$
741
Adjustments:
Non-cash amortization expense related to intangible assets attributable to acquisitions
56
55
172
169
Interest expense related to indirect tax audits and settlements
4
1
8
4
Write-off of financing costs on extinguished debt
—
—
—
2
Net non-cash mortgage servicing rights
6
(5)
29
12
Integration and other costs related to acquisitions
76
60
190
204
Carried interest incentive compensation expense to align with the timing of associated revenue
12
3
2
10
Charges related to indirect tax audits and settlements
—
—
—
(1)
Net results related to the wind-down of certain businesses
6
30
36
44
Impact of fair value non-cash adjustments related to unconsolidated equity investments
—
—
—
2
Business and finance transformation
35
10
105
38
Costs associated with efficiency and cost-reduction initiatives
—
—
6
13
Provision associated with Telford’s fire safety remediation efforts
—
—
168
—
Net fair value adjustments on strategic non-core investments
9
—
15
(22)
Tax impact of adjusted items and strategic non-core investments
(48)
(36)
(160)
(105)
Core net income attributable to CBRE Group, Inc., as adjusted
$
599
$
481
$
1,536
$
1,111
Core diluted income per share attributable to CBRE Group, Inc., as adjusted
$
2.05
$
1.60
$
5.22
$
3.69
Weighted-average shares outstanding for diluted income per share
291,609,847
300,257,330
294,115,627
301,050,341
CBRE Press Release
October 22, 2026
Page 15
Core EBITDA is calculated as follows (in millions):
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Net income attributable to CBRE Group, Inc.
$
443
$
363
$
965
$
741
Net income attributable to non-controlling interests
37
33
104
86
Net income
480
396
1,069
827
Adjustments:
Depreciation and amortization
184
145
556
432
Interest expense, net of interest income
62
50
181
159
Write-off of financing costs on extinguished debt
—
—
—
2
Provision for income taxes
131
90
311
203
Net non-cash mortgage servicing rights
6
(5)
29
12
Integration and other costs related to acquisitions
76
60
190
204
Carried interest incentive compensation expense to align with the timing of associated revenue
12
3
2
10
Charges related to indirect tax audits and settlements
—
—
—
(1)
Net results related to the wind-down of certain businesses
6
30
36
44
Impact of fair value non-cash adjustments related to unconsolidated equity investments
—
—
—
2
Business and finance transformation
35
10
105
38
Costs associated with efficiency and cost-reduction initiatives
—
—
6
13
Provision associated with Telford’s fire safety remediation efforts
—
—
168
—
Net fair value adjustments on strategic non-core investments
9
—
15
(22)
Core EBITDA
$
1,001
$
779
$
2,668
$
1,923
Core EBITDA for the trailing twelve months ended September 30, 2026 is calculated as follows (in millions):
Trailing
Twelve Months Ended September 30, 2026
Net income attributable to CBRE Group, Inc.
$
1,381
Net income attributable to non-controlling interests
138
Net income
1,519
Adjustments:
Depreciation and amortization
707
Interest expense, net of interest income
238
Provision for income taxes
425
Net non-cash mortgage servicing rights
12
Integration and other costs related to acquisitions
289
Carried interest incentive compensation expense to align with the timing of associated revenue
2
Net results related to the wind-down of certain businesses
66
Business and finance transformation
168
Non-cash pension buy-out settlement loss
147
Costs associated with efficiency and cost-reduction initiatives
(7)
Provision associated with Telford’s fire safety remediation efforts
300
Net fair value adjustments on strategic non-core investments
36
Core EBITDA
$
3,902
CBRE Press Release
October 22, 2026
Page 16
Below represents a reconciliation of REI business line operating profitability/loss to REI segment operating profit (in millions):
Three Months Ended September 30,
Real Estate Investments
2026
2025
Investment management operating profit
$
38
$
43
Global real estate development operating profit
128
35
Segment overhead (and related adjustments)
—
(5)
Real estate investments segment operating profit
$
166
$
73
Below represents a reconciliation of cash flow provided by (used in) operations to free cash flow for the trailing twelve months ended September 30, 2026 (in millions):
Q4 2025
Q1 2026
Q2 2026
Q3 2026
Trailing
Twelve Months
Cash Flow Results
Cash flow provided by (used in) operations
$
1,221
$
(825)
$
138
$
869
$
1,403
Gains on disposition of real estate sales
404
301
5
184
894
Less: Capital expenditures
144
81
114
126
465
Free cash flow
$
1,481
$
(605)
$
29
$
927
$
1,832