Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Preuves
We derive competitive advantage from our considerable scale and ability to offer integrated solutions for real estate investors and occupiers in more than 100 countries.
Business — global integrated platform · Dépôt 12/02/2026
These capabilities, combined with our extensive knowledge platform (research, data, strategy, etc.), allow us to generate superior outcomes for our clients, which included nearly 90% of Fortune 100 companies and many of the world’s largest institutional real estate investors in 2025.
Business — knowledge platform and 2025 client penetration · Dépôt 12/02/2026
These capabilities, combined with our extensive knowledge platform (research, data, strategy, etc.), allow us to generate superior outcomes for our clients, which include nearly 90% of Fortune 100 companies in 2024, and many of the world’s largest institutional real estate investors.
Business — 2024 client penetration · Dépôt 14/02/2025
These capabilities, combined with our extensive research and data platform, allow us to generate superior outcomes for our clients, which include nearly 90% of Fortune 100 companies in 2023, and many of the world’s largest institutional real estate investors.
Business — 2023 client penetration · Dépôt 20/02/2024
For example, in the last seven years, we have organically grown our loan servicing revenue at a low-double digit compound annual growth rate.
Business — seven-year organic loan-servicing growth · Dépôt 12/02/2026
Although we are the largest commercial real estate services firm in the world in terms of 2025 revenue, our relative competitive position varies across geographies, property types and services and business lines.
Competition — variation in competitive position · Dépôt 12/02/2026
Some of our competitors are larger than us on a local or regional basis despite having a smaller global footprint.
Competition — stronger local or regional competitors · Dépôt 12/02/2026
We also compete with large national and multi-national firms that have similar service and investment competencies to ours, and it is possible that further industry consolidation could lead to much larger and more formidable competitors globally or in the particular geographies, property types, service or business lines that we serve.
Competition — similar competencies and consolidation · Dépôt 12/02/2026
The departure of any of our key employees, or the loss of a significant number of key revenue producers, if we are unable to quickly hire and integrate qualified replacements, could cause our business, financial condition and results of operations to materially suffer.
Risk factors — dependence on key employees and revenue producers · Dépôt 12/02/2026
We have had, and may continue to experience, challenges in integrating operations and information technology systems acquired from other companies.
Risk factors — experienced acquisition integration challenges · Dépôt 12/02/2026
Our enterprise facilities management business typically serves large global corporations, including many of the Fortune 500, through multi-year contracts, while our local facilities management business meets the needs of smaller occupiers with more regional portfolios.
Business — enterprise facilities multi-year contracts · Dépôt 12/02/2026
Other amortizable intangible assets mainly represent upfront transition costs incurred to obtain or fulfill contracts prior to services being rendered which primarily get amortized to cost of revenue over the life of the associated contract.
Intangible assets — upfront contract transition costs · Dépôt 12/02/2026
The warehouse lines of credit are generally repaid within a one-month period when Freddie Mac or Fannie Mae buys the loans or upon settlement of the Fannie Mae or Ginnie Mae MBS, while we retain the servicing rights.
Warehouse lending — retention of servicing rights · Dépôt 12/02/2026
Included in revenue in the accompanying consolidated statements of operations are contractually specified servicing fees from loans serviced for others of $357 million, $329 million and $315 million for the years ended December 31, 2025, 2024 and 2023, respectively, and includes prepayment fees/late fees earned from loans serviced for others of $15 million, $9 million and $5 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Mortgage servicing rights — contractual servicing-fee revenue · Dépôt 12/02/2026
Facilities management involves the day-to-day management of client-occupied space and includes headquarters, regional offices, administrative offices, data centers and other critical facilities, manufacturing and laboratory facilities, distribution facilities and retail space.
Revenue recognition — daily facilities management responsibilities · Dépôt 14/02/2025
Investors and potential investors in our programs continually assess our performance, and our ability to raise capital for existing and future programs and maintaining our current fee structure will depend on our continued satisfactory performance.
Risk factors — investment performance and fee structure · Dépôt 12/02/2026
Department of Defense through long-term, fixed-price contracts and is reported as part of our BOE segment.
Acquisitions — long-term fixed-price government contracts · Dépôt 12/02/2026
Management’s assumptions include the benefits of servicing (servicing fee income and interest on escrow deposits), inflation, the cost of servicing, prepayment rates, delinquencies, discount rates and the estimated life of servicing cash flows.
Mortgage servicing rights — cash-flow assumptions and prepayments · Dépôt 12/02/2026
Revenues from project management services generally include construction management, fixed management fees, variable fees, and incentive fees if certain agreed upon performance targets are met.
Revenue recognition — fixed, variable and performance incentive fees · Dépôt 12/02/2026
Revenues from project management may also include reimbursement of payroll and related costs for personnel providing the services and subcontracted vendor costs.
Revenue recognition — payroll and subcontractor reimbursements · Dépôt 12/02/2026
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in millions, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 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 — 2 — 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.
Consolidated statements of operations — Q2 and first-half 2026 comparisons · Dépôt 29/07/2026
Project Management The following table summarizes our results of operations for our Project Management operating segment for the three and six months ended June 30, 2026 and 2025 (dollars in millions): Three Months Ended June 30, (1) Six Months Ended June 30, (1) 2026 2025 2026 2025 Segment revenue $2,045 100.0% $1,717 100.0% $3,883 100.0% $3,311 100.0% Costs and expenses: Pass-through costs (2) 1,080 52.8% 884 51.5% 2,007 51.7% 1,711 51.7% Cost of revenue, excluding pass-through costs 686 33.5% 603 35.1% 1,337 34.4% 1,150 34.7% Operating, administrative and other 134 6.6% 118 6.9% 261 6.7% 233 7.0% Depreciation and amortization 26 1.3% 26 1.5% 52 1.3% 51 1.5% Total costs and expenses 1,926 94.2% 1,631 95.0% 3,657 94.2% 3,145 95.0% Operating income 119 5.8% 86 5.0% 226 5.8% 166 5.0% Other income 1 0.0% 1 0.1% 1 0.0% 1 0.0% Add-back: Depreciation and amortization 26 1.3% 26 1.5% 52 1.3% 51 1.5% Adjustments: Integration and other costs related to acquisitions 1 0.0% 2 0.1% 3 0.1% 9 0.3% Segment operating profit $147 $115 $282 $227 ________________________________________________________________________________________________________________________________________ (1)Calculated as a percentage of total segment revenue.
MD&A — Project Management operating results · Dépôt 29/07/2026
Given compensation is our largest expense and our sales and leasing professionals are generally paid on a commission and/or bonus basis that correlates with their revenue production, the negative effect of difficult market conditions is partially mitigated by the inherent variability of our compensation structure.
Liquidity discussion — variable professional compensation · Dépôt 29/07/2026
Stockholders’ Accumulated other comprehensive loss Shares Class A common stock Additional paid-in capital Accumulated earnings Minimum pension liability Foreign currency translation and other Non- controlling interests Total Redeemable Non-controlling interests Balance at December 31, 2022 311,014,160 $ 3 $ — $ 8,833 $ (119) $ (864) $ 753 $ 8,606 $ — Net income — — — 986 — — 41 1,027 — Pension liability adjustments, net of tax — — — — 2 — — 2 — Restricted stock awards vesting 1,742,328 — — — — — — — — Compensation expense for equity awards — — 96 — — — — 96 — Units repurchased for payment of taxes on equity awards — — (36) (36) — — — (72) — Repurchase of common stock (7,867,348) — (47) (602) — — — (649) — Foreign currency translation gain — — — — — 75 36 111 — Contributions from non-controlling interests — — — — — — 6 6 — Distributions to non-controlling interests — — — — — — (42) (42) — Other — — (13) 7 — (18) 6 (18) — Balance at December 31, 2023 304,889,140 3 — 9,188 (117) (807) 800 9,067 — Net income — — — 968 — — 68 1,036 — Pension liability adjustments, net of tax — — — — 4 — — 4 — Restricted stock awards vesting 2,273,713 — — — — — — — — Compensation expense for equity awards — — 146 — — — — 146 — Units repurchased for payment of taxes on equity awards — — (105) — — — — (105) — Repurchase of common stock (5,110,624) — (55) (589) — — — (644) — Foreign currency translation loss — — — — — (230) (13) (243) — Contributions from non-controlling interests — — — — — — 22 22 — Distributions to non-controlling interests — — — — — — (74) (74) — Deconsolidation of investments — — — — — — (24) (24) — Other — — 14 — — (9) 2 7 — Balance at December 31, 2024 302,052,229 3 — 9,567 (113) (1,046) 781 9,192 — Net income — — — 1,157 — — 94 1,251 26 Pension liability adjustments, net of tax — — — — 112 — — 112 — Restricted stock awards vesting 731,730 — — — — — — — — Compensation expense for equity awards — — 120 — — — — 120 — Units repurchased for payment of taxes on equity awards — — (37) — — — — (37) — Repurchase of common stock (7,052,481) — (167) (797) — — — (964) — Foreign currency translation gain — — — — — 47 21 68 31 Distributions to non-controlling interests — — — — — — (93) (93) — Acquisition of non-controlling interests — — 83 — — (35) (480) (432) 364 Other — — 1 (11) — (6) (8) (24) 12 Balance at December 31, 2025 295,731,478 $ 3 $ — $ 9,916 $ (1) $ (1,040) $ 315 $ 9,193 $ 433 The accompanying notes are an integral part of these consolidated financial statements.
Statement of stockholders' equity — earnings, awards and repurchases · Dépôt 12/02/2026
During the six months ended June 30, 2026, we repurchased 6,678,628 shares of our common stock with an average price of $141.55 per share for an aggregate of $945 million under the 2024 program.
Stock repurchase program — first-half 2026 executed repurchases · Dépôt 29/07/2026
These stock repurchases were funded with cash on hand and proceeds from our commercial paper program.
Liquidity — cash and commercial-paper funding of repurchases · Dépôt 29/07/2026
Historical Cash Flows Operating Activities Net cash used in operating activities totaled $687 million for the six months ended June 30, 2026 as compared to net cash used in operating activities of $489 million during the six months ended June 30, 2025.
Historical cash flows — first-half operating cash outflows · Dépôt 29/07/2026
The increase in net cash used in operating activities was driven by net outflows associated with working capital movements, largely due to higher accounts receivable due to revenue growth and the timing of cash collections.
Historical cash flows — working-capital explanation · Dépôt 29/07/2026
On May 4, 2026, we issued $750 million in aggregate principal amount of 5.250% senior notes due 2036, generating aggregate net proceeds of approximately $735 million, after offering expenses.
Liquidity — issuance of senior notes due 2036 · Dépôt 29/07/2026
We used the net proceeds from this offering to repay borrowings under our commercial paper program.
Liquidity — use of senior-note proceeds · Dépôt 29/07/2026
During the year ended December 31, 2025, we recognized other-than-temporary losses of $57 million related to equity method investments.
Investments — 2025 other-than-temporary losses · Dépôt 12/02/2026
We also recognized $42 million non-cash asset impairment charges on real estate assets.
Investments — 2025 real-estate asset impairments · Dépôt 12/02/2026
We deployed approximately $2.7 billion of capital in 2025.
Proxy summary — 2025 capital deployed · Dépôt 03/04/2026
This included approximately $1.2 billion to acquire Pearce Services, a leading provider of advanced technical services for digital and power infrastructure, and approximately $468 million to acquire the remaining 60% equity interest in Industrious, a leading flexible workplace solutions and workplace experience company.
Proxy summary — executed acquisition spending · Dépôt 03/04/2026
Even with this substantial capital deployment, we ended 2025 with 1.2x net leverage, giving us substantial liquidity to finance future growth.
Proxy summary — reported year-end 2025 net leverage · Dépôt 03/04/2026
For 2025, both our CEO and our other named executive officers received one-third of their target annual long-term equity award as time-based RSUs, while the remaining two-thirds were awarded as performance-based RSUs.
Compensation discussion — actual 2025 annual equity award structure · Dépôt 03/04/2026
Giamartino Chief Financial Officer and Chief Investment Officer Base Salary $775,000 Target Compensation Mix Total Long-Term Annual Equity Awards – Time Vesting – Relative TSR – Core EPS Time Vesting $1,605,000.00 Relative TSR (at Target) $1,605,000.00 Core EPS (at Target) $1,605,000.00 Total $4,815,000 Annual Performance Awards – Executive Bonus Plan Financial Objectives (weighted 50%) Core EBITDA - 100% Actual Achievement Against Target: 106% Financial Component Payout: 120% 2025 Target $1,160,000 2025 Payout $1,476,347 Strategic Objectives (weighted 50%) – Reorganize finance teams under a streamlined leadership structure to foster a high-performing finance organization capable of independently shaping and executing strategic initiatives; – Refocus the M&A function on strategic, large-scale deals and personally lead negotiations for these transactions; – Evolve the re-rating strategy by driving capital allocation and optimizing communication; and – Advance the company’s business transformation to embed operational efficiency within operations and finance.
Compensation discussion — CFO metrics, achievement and payouts · Dépôt 03/04/2026
For 2025 Time Vesting Equity Awards, if the grantee’s employment terminates due to death, disability, or retirement on or following December 31 of the calendar year in which the applicable vesting commencement date occurs, then the entire unvested portion of the award will become immediately vested.
Equity award terms — retirement acceleration of time-vesting awards · Dépôt 03/04/2026
For 2025 Relative TSR Equity Awards, if the grantee’s employment terminates due to death, disability, or retirement on or following December 31 of the calendar year in which the applicable vesting commencement date occurs, then the award will vest on the date on which it would have otherwise vested under the original vesting schedule, but only if the company satisfies the minimum relative TSR performance threshold.
Equity award terms — continuing performance threshold after retirement · Dépôt 03/04/2026
Our governance practices include: • Robust director selection process resulting in a diverse Board in terms of professional experience, skills, tenure, gender, race, ethnicity, geography, and age • Strong lead independent director, elected by independent directors • 8 out of 10 of our director nominees are independent • No “overboarding” by our directors on other public-company boards • Regular executive sessions, where independent directors meet without management present • Annual Board, committee, and individual director evaluations and self-assessments • Active Board oversight of strategy, risk management, sustainability, social responsibility, and governance matters • Annual election of directors • Majority voting standard for uncontested elections • Proxy access rights for director nominations • Stock ownership requirements for directors and executive officers • Policy restricting trading and prohibiting hedging, short-selling, and pledging of CBRE stock • Ongoing stockholder outreach and engagement • Stockholder rights to call a special meeting • No poison pill takeover defense plans Our Board Nominees Our Board nominees exhibit a mix of skills, experience, and perspectives: Name Age Director Since Principal Occupation Independent Committees Other Public Company Boards Brandon B.
Proxy summary — governance practices and nominee independence · Dépôt 03/04/2026
Our Board regularly conducts a review of possible conflicts of interest and related-party transactions through the use of questionnaires, director self-reporting and diligence conducted by management.
Corporate governance — conflict and related-party review · Dépôt 03/04/2026
SULENTIC Robert E. Sulentic Chair of the Board, President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Signatures — combined chair, president and CEO roles · Dépôt 12/02/2026
Sanjiv Yajnik has been our lead independent director since May 2025 and a member of the Board since 2017.
Corporate governance — incumbent lead independent director · Dépôt 03/04/2026
o The Board maintains that the current 25% threshold is appropriate for our company and remains in line with broader market practices.
Special-meeting proposal — existing ownership threshold · Dépôt 03/04/2026
All rights reserved. (3) Peer group contains companies with the following ticker symbols: CIGI, CWK, ISS, JLL, MMI, NMRK, SVS.L (London), and WD.
Shareholder return comparison — peer-group ticker symbols · Dépôt 03/04/2026
Jones Lang LaSalle Incorporated Aon plc Fluor Corporation Marsh & McLennan Companies, Inc.
Compensation benchmarking — named comparator companies · Dépôt 03/04/2026
Automatic Data Processing, Inc. Hewlett Packard Enterprise Company The Bank of New York Mellon Corporation Cognizant Technology Solutions Corporation International Business Machines Corporation Willis Towers Watson Public Limited Company The group of companies listed above includes business services companies outside our industry, with stature, size, and complexity that are generally similar to our own, in recognition of the fact that all of our direct competitors are smaller than us and/or are non-public organizations, and competition for certain senior management talent is not limited to our industry.
Compensation benchmarking — scope and limitations of comparator group · Dépôt 03/04/2026
Revenue increased 20.4%, reflecting double-digit increases in facilities management, critical infrastructure and property management, primarily due to growth in clients driving increased management fees and reimbursements as well as the impact from recent acquisitions.
Results of Operations—Building Operations & Experience revenue growth · Dépôt 23/04/2026
Disaggregated Revenue The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions): Three Months Ended June 30, 2026 Advisory Services Building Operations & Experience Project Management Real Estate Investments Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $— $5,311 $— $— $— $5,311 Property management — 699 — — (4) 695 Critical infrastructure — 676 — — — 676 Project management — — 2,045 — — 2,045 Advisory leasing 1,229 — — — — 1,229 Advisory sales 551 — — — — 551 Valuation 220 — — — — 220 Other portfolio services 88 — — — — 88 Commercial mortgage origination (1)(4) 67 — — — — 67 Loan servicing (2) 39 — — — — 39 Investment management — — — 149 — 149 Development services — — — 44 — 44 Topic 606 Revenue 2,194 6,686 2,045 193 (4) 11,114 Out of Scope of Topic 606 Revenue: Commercial mortgage origination (4) 30 — — — — 30 Loan servicing 82 — — — — 82 Development services (3) — — — — — — Total Out of Scope of Topic 606 Revenue 112 — — — — 112 Total Revenue $2,306 $6,686 $2,045 $193 $(4) $11,226 Three Months Ended June 30, 2025 Advisory Services Building Operations & Experience Project Management Real Estate Investments Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $— $4,784 $— $— $— $4,784 Property management — 646 — — (7) 639 Critical infrastructure — 403 — — — 403 Project management — — 1,717 — — 1,717 Advisory leasing 995 — — — — 995 Advisory sales 459 — — — — 459 Valuation 196 — — — — 196 Other portfolio services 97 — — — — 97 Commercial mortgage origination (1)(4) 54 — — — — 54 Loan servicing (2) 37 — — — — 37 Investment management — — — 145 — 145 Development services — — — 70 — 70 Topic 606 Revenue 1,838 5,833 1,717 215 (7) 9,596 Out of Scope of Topic 606 Revenue: Commercial mortgage origination (4) 36 — — — — 36 Loan servicing 85 — — — — 85 Development services (3) — — — — — — Total Out of Scope of Topic 606 Revenue 121 — — — — 121 Total Revenue $1,959 $5,833 $1,717 $215 $(7) $9,717 30 Table of contents CBRE GROUP, INC.
Revenue from Contracts with Customers—disaggregated revenue, Q2 2026 and Q2 2025 · Dépôt 29/07/2026
Loan servicing revenue growth was tempered by a decline in escrow income tied to lower average interest rates.
Advisory Services—loan servicing revenue commentary · Dépôt 29/07/2026
Disaggregated Revenue The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions): Three Months Ended June 30, 2026 Advisory Services Building Operations & Experience Project Management Real Estate Investments Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $— $5,311 $— $— $— $5,311 Property management — 699 — — (4) 695 Critical infrastructure — 676 — — — 676 Project management — — 2,045 — — 2,045 Advisory leasing 1,229 — — — — 1,229 Advisory sales 551 — — — — 551 Valuation 220 — — — — 220 Other portfolio services 88 — — — — 88 Commercial mortgage origination (1)(4) 67 — — — — 67 Loan servicing (2) 39 — — — — 39 Investment management — — — 149 — 149 Development services — — — 44 — 44 Topic 606 Revenue 2,194 6,686 2,045 193 (4) 11,114 Out of Scope of Topic 606 Revenue: Commercial mortgage origination (4) 30 — — — — 30 Loan servicing 82 — — — — 82 Development services (3) — — — — — — Total Out of Scope of Topic 606 Revenue 112 — — — — 112 Total Revenue $2,306 $6,686 $2,045 $193 $(4) $11,226 Three Months Ended June 30, 2025 Advisory Services Building Operations & Experience Project Management Real Estate Investments Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $— $4,784 $— $— $— $4,784 Property management — 646 — — (7) 639 Critical infrastructure — 403 — — — 403 Project management — — 1,717 — — 1,717 Advisory leasing 995 — — — — 995 Advisory sales 459 — — — — 459 Valuation 196 — — — — 196 Other portfolio services 97 — — — — 97 Commercial mortgage origination (1)(4) 54 — — — — 54 Loan servicing (2) 37 — — — — 37 Investment management — — — 145 — 145 Development services — — — 70 — 70 Topic 606 Revenue 1,838 5,833 1,717 215 (7) 9,596 Out of Scope of Topic 606 Revenue: Commercial mortgage origination (4) 36 — — — — 36 Loan servicing 85 — — — — 85 Development services (3) — — — — — — Total Out of Scope of Topic 606 Revenue 121 — — — — 121 Total Revenue $1,959 $5,833 $1,717 $215 $(7) $9,717 30 Table of contents CBRE GROUP, INC.
Revenue from Contracts with Customers; disaggregated revenue for Q2 2026 and Q2 2025 · Dépôt 29/07/2026
Revenue increased 20.4%, reflecting double-digit increases in facilities management, critical infrastructure and property management, primarily due to growth in clients driving increased management fees and reimbursements as well as the impact from recent acquisitions.
BOE revenue growth discussion · Dépôt 23/04/2026
Loan servicing revenue growth was tempered by a decline in escrow income tied to lower average interest rates.
Q2 2026 loan servicing revenue discussion · Dépôt 29/07/2026
