$CBRE

CBRE GROUP, INC.

CIK:0001138118|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 11,226	$ 9,717	$ 21,753	$ 18,592
Costs and expenses:
Cost of revenue	9,140	7,942	17,815	15,207
Operating, administrative and other	1,536	1,275	2,996	2,467
Depreciation and amortization	190	145	372	287
Total costs and expenses	10,866	9,362	21,183	17,961
Gain on disposition of real estate	5	19	306	19
Operating income	365	374	876	650
Equity income (loss) from unconsolidated subsidiaries	4	(18)	(5)	(2)
Other income	6	6	17	7
Interest expense, net of interest income	60	59	119	109
Write-off of financing costs on extinguished debt	0	2	0	2
Income before provision for income taxes	315	301	769	544
Provision for income taxes	68	61	180	113
Net income	247	240	589	431
Less: Net income attributable to non-controlling interests	43	25	67	53
Net income attributable to CBRE Group, Inc.	$ 204	$ 215	$ 522	$ 378
Basic income per share:
Net income per share attributable to CBRE Group, Inc. (in dollars per share)	$ 0.70	$ 0.72	$ 1.78	$ 1.26
Weighted average shares outstanding for basic income per share (in shares)	291,824,424	297,950,927	293,089,123	299,113,472
Diluted income per share:
Net income per share attributable to CBRE Group, Inc. (in dollars per share)	$ 0.69	$ 0.72	$ 1.77	$ 1.25
Weighted average shares outstanding for diluted income per share (in shares)	293,859,609	300,008,422	295,411,671	301,455,253

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 589	$ 431
Reconciliation of net income to net cash used in operating activities:
Depreciation and amortization	372	287
Amortization of other assets	101	103
Net non-cash mortgage servicing rights and premiums on loan sales	15	(2)
Deferred income taxes	7	(3)
Stock-based compensation expense	107	63
Equity loss from investments	5	2
Gain on sale of real estate assets	(306)	(19)
Other non-cash adjustments	30	23
Sale of mortgage loans	7,422	5,776
Origination of mortgage loans	(6,506)	(6,646)
Changes in:
Warehouse lines of credit	(898)	880
Receivables, prepaid expenses and other assets	(783)	(167)
Accounts payable, accrued liabilities and other liabilities	88	(176)
Accrued compensation expenses	(706)	(787)
Income taxes, net	(224)	(254)
Net cash used in operating activities	(687)	(489)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(195)	(138)
Payments for business acquired, net of cash acquired	(6)	(311)
Capital contributions related to investments	(45)	(85)
Acquisition and development of real estate assets	(337)	(134)
Proceeds from disposition of real estate assets	352	89
Other investing activities, net	22	112
Net cash used in investing activities	(209)	(467)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of revolving credit facility	0	(132)
Proceeds from commercial paper, net	723	1,182
Proceeds from long-term debt	742	1,674
Repayment of long-term debt	(36)	(636)
Repurchase of common stock	(940)	(680)
Other financing activities, net	38	(248)
Net cash provided by financing activities	527	1,160
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash	(6)	107
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(375)	311
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD	2,014	1,221
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD	1,639	1,532
Cash paid during the period for:
Interest	221	226
Income tax payments, net	388	351
Non-cash investing and financing activities:
Deferred and/or contingent consideration	$ (2)	$ 27

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 1,489	$ 1,864
Restricted cash	150	150
Receivables, less allowance for doubtful accounts of $136 and $125 at June 30, 2026 and December 31, 2025, respectively	8,783	8,284
Warehouse receivables	722	1,630
Contract assets	520	462
Prepaid expenses	408	372
Income taxes receivable	192	175
Other current assets	648	552
Total Current Assets	12,912	13,489
Property and equipment, net of accumulated depreciation and amortization of $2,280 and $2,137 at June 30, 2026 and December 31, 2025, respectively	1,043	1,049
Goodwill	6,998	7,051
Other intangible assets, net of accumulated amortization of $2,933 and $2,764 at June 30, 2026 and December 31, 2025, respectively	2,844	2,972
Operating lease assets	2,117	2,062
Investments in unconsolidated subsidiaries (with $425 and $421 at fair value at June 30, 2026 and December 31, 2025, respectively)	853	870
Non-current contract assets	72	103
Real estate under development	982	646
Non-current income taxes receivable	103	106
Deferred tax assets, net	716	697
Other assets	1,831	1,832
Total assets	30,471	30,877
Current Liabilities:
Accounts payable and accrued expenses	4,934	4,838
Compensation and employee benefits payable	1,635	1,630
Accrued bonus and profit sharing	1,147	1,879
Operating lease liabilities	323	284
Contract liabilities	469	448
Income taxes payable	55	258
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase)	711	1,609
Other short-term borrowings	1,582	856
Current maturities of long-term debt	69	71
Other current liabilities	392	447
Total Current Liabilities	11,317	12,320
Long-term debt, net of current maturities	5,731	5,050
Non-current operating lease liabilities	2,161	2,121
Non-current tax liabilities	204	183
Deferred tax liabilities, net	246	238
Other liabilities	1,638	1,339
Total liabilities	21,297	21,251
Mezzanine Equity:
Redeemable non-controlling interests in consolidated entities	454	433
CBRE Group, Inc. Stockholders’ Equity:
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 289,848,678 and 295,731,478 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	3	3
Additional paid-in capital	0	0
Accumulated earnings	9,512	9,916
Accumulated other comprehensive loss	(1,117)	(1,041)
Total CBRE Group, Inc. Stockholders’ Equity	8,398	8,878
Non-controlling interests	322	315
Total Equity	8,720	9,193
Total Liabilities and Equity	$ 30,471	$ 30,877