{"schemaVersion":1,"research":true,"symbol":"cbre","name":"Cbre Group","topic":"moat","path":"/stock/cbre/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:42:21.927Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"CBRE has a narrow moat from its established global service platform, institutional relationships and operational integration in multi-year client contracts. Sustained servicing growth and broad client penetration support a current advantage, although superior client outcomes remain management assertions. Comparable service capabilities, mobile professionals and uneven local strength constrain durability. Pricing power is limited by negotiated and fixed contractual terms; realized fee-rate changes are undisclosed. Operating resilience is mixed.","advantages":[{"mechanism":"intangible_assets","claim":"CBRE's accumulated knowledge, institutional relationships and integrated international capabilities support an established service franchise. Client penetration and sustained organic servicing growth corroborate commercial usefulness, although they do not establish proprietary data superiority or network effects.","durability":"The platform operates in more than 100 countries, with nearly 90% Fortune 100 client penetration disclosed across 2023–2025. Recreating its breadth and relationships would take investment and time, but the evidence supports a limited advantage rather than exceptional durability.","risks":"Competitors offer similar competencies and can be stronger locally. Relationships depend partly on professionals who can leave. Acquisition integration challenges are disclosed as experienced, while superior outcomes and downcycle outperformance are issuer claims without comparative supporting results.","invalidation":"Persistent declines in institutional client penetration, sustained organic contraction in established recurring services, or repeated competitive losses showing that clients obtain equivalent integrated capabilities elsewhere would undermine this advantage.","competitors":[],"evidenceIds":["q12","q14","q949","q1150","q172"],"counterEvidenceIds":["q29","q33","q34","q42","q216"]},{"mechanism":"switching_costs","claim":"Multi-year facilities contracts, daily operational responsibilities, contract transition work and retained mortgage servicing rights create modest incumbent continuity advantages. Switching friction is inferred from these disclosed arrangements; customer switching costs are not quantified.","durability":"Integration into building operations and continuing servicing obligations supports persistence within particular relationships. Contractually specified servicing fees increased across 2023–2025, but renewal rates, termination rights and cohort retention are unavailable.","risks":"Multi-year terms do not prevent competitive rebidding or establish customer lock-in. Fixed-price arrangements constrain repricing, and investment-management fees depend on satisfactory performance. Servicing revenue also depends on loan activity and prepayments.","invalidation":"Repeated loss of major contracts at renewal, evidence of inexpensive and rapid provider replacement, or sustained servicing-fee contraction attributable to relationship losses would invalidate the inferred continuity advantage.","competitors":[],"evidenceIds":["q176","q301","q260","q274","q1036"],"counterEvidenceIds":["q34","q35","q277","q266"]}],"evidence":[{"id":"q12","sourceId":"filing-1","location":"Business — global integrated platform","excerpt":"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."},{"id":"q14","sourceId":"filing-1","location":"Business — knowledge platform and 2025 client penetration","excerpt":"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."},{"id":"q949","sourceId":"filing-4","location":"Business — 2024 client penetration","excerpt":"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."},{"id":"q1150","sourceId":"filing-5","location":"Business — 2023 client penetration","excerpt":"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."},{"id":"q172","sourceId":"filing-1","location":"Business — seven-year organic loan-servicing growth","excerpt":"For example, in the last seven years, we have organically grown our loan servicing revenue at a low-double digit compound annual growth rate."},{"id":"q29","sourceId":"filing-1","location":"Competition — variation in competitive position","excerpt":"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."},{"id":"q33","sourceId":"filing-1","location":"Competition — stronger local or regional competitors","excerpt":"Some of our competitors are larger than us on a local or regional basis despite having a smaller global footprint."},{"id":"q34","sourceId":"filing-1","location":"Competition — similar competencies and consolidation","excerpt":"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."},{"id":"q42","sourceId":"filing-1","location":"Risk factors — dependence on key employees and revenue producers","excerpt":"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."},{"id":"q216","sourceId":"filing-1","location":"Risk factors — experienced acquisition integration challenges","excerpt":"We have had, and may continue to experience, challenges in integrating operations and information technology systems acquired from other companies."},{"id":"q176","sourceId":"filing-1","location":"Business — enterprise facilities multi-year contracts","excerpt":"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."},{"id":"q301","sourceId":"filing-1","location":"Intangible assets — upfront contract transition costs","excerpt":"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."},{"id":"q260","sourceId":"filing-1","location":"Warehouse lending — retention of servicing rights","excerpt":"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."},{"id":"q274","sourceId":"filing-1","location":"Mortgage servicing rights — contractual servicing-fee revenue","excerpt":"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."},{"id":"q1036","sourceId":"filing-4","location":"Revenue recognition — daily facilities management responsibilities","excerpt":"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."},{"id":"q35","sourceId":"filing-1","location":"Risk factors — investment performance and fee structure","excerpt":"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."},{"id":"q277","sourceId":"filing-1","location":"Acquisitions — long-term fixed-price government contracts","excerpt":"Department of Defense through long-term, fixed-price contracts and is reported as part of our BOE segment."},{"id":"q266","sourceId":"filing-1","location":"Mortgage servicing rights — cash-flow assumptions and prepayments","excerpt":"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."},{"id":"q238","sourceId":"filing-1","location":"Revenue recognition — fixed, variable and performance incentive fees","excerpt":"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."},{"id":"q239","sourceId":"filing-1","location":"Revenue recognition — payroll and subcontractor reimbursements","excerpt":"Revenues from project management may also include reimbursement of payroll and related costs for personnel providing the services and subcontracted vendor costs."},{"id":"q347","sourceId":"filing-2","location":"Consolidated statements of operations — Q2 and first-half 2026 comparisons","excerpt":"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."},{"id":"q414","sourceId":"filing-2","location":"MD&A — Project Management operating results","excerpt":"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."},{"id":"q417","sourceId":"filing-2","location":"Liquidity discussion — variable professional compensation","excerpt":"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."},{"id":"q101","sourceId":"filing-1","location":"Statement of stockholders' equity — earnings, awards and repurchases","excerpt":"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."},{"id":"q381","sourceId":"filing-2","location":"Stock repurchase program — first-half 2026 executed repurchases","excerpt":"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."},{"id":"q431","sourceId":"filing-2","location":"Liquidity — cash and commercial-paper funding of repurchases","excerpt":"These stock repurchases were funded with cash on hand and proceeds from our commercial paper program."},{"id":"q434","sourceId":"filing-2","location":"Historical cash flows — first-half operating cash outflows","excerpt":"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."},{"id":"q435","sourceId":"filing-2","location":"Historical cash flows — working-capital explanation","excerpt":"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."},{"id":"q420","sourceId":"filing-2","location":"Liquidity — issuance of senior notes due 2036","excerpt":"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."},{"id":"q421","sourceId":"filing-2","location":"Liquidity — use of senior-note proceeds","excerpt":"We used the net proceeds from this offering to repay borrowings under our commercial paper program."},{"id":"q113","sourceId":"filing-1","location":"Investments — 2025 other-than-temporary losses","excerpt":"During the year ended December 31, 2025, we recognized other-than-temporary losses of $57 million related to equity method investments."},{"id":"q114","sourceId":"filing-1","location":"Investments — 2025 real-estate asset impairments","excerpt":"We also recognized $42 million non-cash asset impairment charges on real estate assets."},{"id":"q657","sourceId":"filing-3","location":"Proxy summary — 2025 capital deployed","excerpt":"We deployed approximately $2.7 billion of capital in 2025."},{"id":"q658","sourceId":"filing-3","location":"Proxy summary — executed acquisition spending","excerpt":"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."},{"id":"q660","sourceId":"filing-3","location":"Proxy summary — reported year-end 2025 net leverage","excerpt":"Even with this substantial capital deployment, we ended 2025 with 1.2x net leverage, giving us substantial liquidity to finance future growth."},{"id":"q758","sourceId":"filing-3","location":"Compensation discussion — actual 2025 annual equity award structure","excerpt":"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."},{"id":"q777","sourceId":"filing-3","location":"Compensation discussion — CFO metrics, achievement and payouts","excerpt":"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."},{"id":"q912","sourceId":"filing-3","location":"Equity award terms — retirement acceleration of time-vesting awards","excerpt":"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."},{"id":"q917","sourceId":"filing-3","location":"Equity award terms — continuing performance threshold after retirement","excerpt":"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."},{"id":"q641","sourceId":"filing-3","location":"Proxy summary — governance practices and nominee independence","excerpt":"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."},{"id":"q681","sourceId":"filing-3","location":"Corporate governance — conflict and related-party review","excerpt":"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."},{"id":"q152","sourceId":"filing-1","location":"Signatures — combined chair, president and CEO roles","excerpt":"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."},{"id":"q841","sourceId":"filing-3","location":"Corporate governance — incumbent lead independent director","excerpt":"Sanjiv Yajnik has been our lead independent director since May 2025 and a member of the Board since 2017."},{"id":"q793","sourceId":"filing-3","location":"Special-meeting proposal — existing ownership threshold","excerpt":"o The Board maintains that the current 25% threshold is appropriate for our company and remains in line with broader market practices."},{"id":"q663","sourceId":"filing-3","location":"Shareholder return comparison — peer-group ticker symbols","excerpt":"All rights reserved. (3) Peer group contains companies with the following ticker symbols: CIGI, CWK, ISS, JLL, MMI, NMRK, SVS.L (London), and WD."},{"id":"q751","sourceId":"filing-3","location":"Compensation benchmarking — named comparator companies","excerpt":"Jones Lang LaSalle Incorporated Aon plc Fluor Corporation Marsh & McLennan Companies, Inc."},{"id":"q752","sourceId":"filing-3","location":"Compensation benchmarking — scope and limitations of comparator group","excerpt":"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."}],"changes":["Retain the previous narrow verdict; the supplied contractual disclosures strengthen the case for modest switching friction alongside the established service franchise.","Add pricing-term analysis: fixed and performance-dependent fees constrain discretion, while realized fee-rate changes remain unestablished.","Incorporate first-half 2026 operating and financing evidence: Project Management improved, consolidated second-quarter operating income fell despite revenue growth, and repurchases used commercial paper alongside cash.","The supplied April 2026 proxy supports direct assessment of compensation and governance; detailed individual beneficial ownership remains unavailable in the passages."],"limitations":["All sources are issuer filings. Platform superiority and client-outcome claims are distinguished from reported contracts and operating results; no exceptional durability is demonstrated.","Source dates are filing dates: February 20, 2024; February 14, 2025; February 12, April 3, April 23 and July 29, 2026. The latest operating period supplied ends June 30, 2026.","The competition discussion names categories rather than individual rivals. The proxy supplies peer tickers and compensation comparators, including Jones Lang LaSalle Incorporated, but does not establish direct competitive coverage for each named comparator. Competitor arrays therefore remain empty.","No client-level renewal rates, termination economics, measured switching costs, comparable market-share series or fee-rate changes are supplied. Retention is assessed indirectly from contracts, servicing revenue and repeated institutional penetration.","Contract transition costs are CBRE's disclosed costs; they do not directly measure a customer's cost to switch. Broad client penetration across years does not prove retention of identical clients.","Proxy disclosures establish actual 2025 awards and existing governance arrangements. They do not establish future vesting, May 2026 voting outcomes or detailed management ownership; nominee independence is not treated as a completed election.","Revenue includes reimbursements and pass-through costs, and acquisitions and foreign exchange affect growth. Revenue and margin changes alone cannot demonstrate pricing power or a moat."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"International service breadth, persistent institutional penetration and sustained organic servicing growth support a demonstrated franchise advantage. Superior data and outcomes remain issuer assertions, and similar competitor capabilities limit the conclusion.","evidenceIds":["q12","q14","q949","q1150","q172","q34"]},{"criterion":"durability","grade":2,"rationale":"Multi-year contracts and seven years of organic servicing growth support persistence, but local competitive strength varies and key professionals remain important. The passages do not establish exceptional long-term protection.","evidenceIds":["q176","q172","q29","q33","q42"]},{"criterion":"customer_dependency","grade":2,"rationale":"Daily facilities responsibilities, transition work and retained servicing rights suggest operational dependence and moderate replacement friction. They do not establish customer lock-in or quantified exit costs.","evidenceIds":["q1036","q176","q301","q260"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Sustained servicing growth and improved Project Management results demonstrate some resilience. Similar rival competencies, experienced integration challenges and weaker consolidated second-quarter operating income leave protection mixed.","evidenceIds":["q172","q414","q34","q216","q347"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Servicing-fee revenue and total revenue outcomes are disclosed, but changes in fee rates are not separated from balances, volumes, acquisitions or service mix. Neither realized price increases nor cuts can be established.","evidenceIds":["q274","q347"]},{"criterion":"retention","grade":2,"rationale":"Multi-year contracts, rising contractual servicing fees and repeated broad institutional penetration provide indirect evidence of continuing demand. Renewal rates and same-client retention are unavailable.","evidenceIds":["q176","q274","q14","q949","q1150"]},{"criterion":"margin_resilience","grade":2,"rationale":"Project Management operating income and margin improved in first-half 2026, but consolidated second-quarter operating income declined from $374 million to $365 million despite revenue growth. First-half consolidated improvement also included a substantially larger real-estate disposition gain. Variable compensation offers partial cost flexibility; these outcomes do not isolate pricing.","evidenceIds":["q414","q347","q417"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Long-term fixed-price government contracts and contractually specified servicing fees demonstrate constrained repricing in disclosed businesses. Project-management variable and incentive fees and cost reimbursements offer some flexibility, but unilateral repricing rights are not disclosed.","evidenceIds":["q277","q274","q238","q239","q35"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Executed acquisition spending, reduced shares and reported 1.2x year-end 2025 net leverage show capital deployment with financial capacity. However, $945 million of first-half 2026 repurchases used cash and commercial paper while operations consumed $687 million, partly from working-capital timing. Investment losses and impairments temper the record; acquisition returns and buyback value creation are unproven.","evidenceIds":["q657","q658","q660","q101","q381","q431","q434","q435","q113","q114","q420","q421"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 awards allocated two-thirds of annual long-term equity targets to performance-based RSUs. Disclosed compensation ties awards to relative TSR, Core EPS and operating objectives, with performance conditions continuing for certain retirement cases. Time-award retirement acceleration and discretionary strategic assessments weaken alignment; detailed individual ownership and eventual vesting outcomes are missing.","evidenceIds":["q758","q777","q912","q917"]},{"criterion":"execution","grade":2,"rationale":"Seven-year organic servicing growth, higher reported 2025 attributable earnings and improved first-half 2026 Project Management results demonstrate execution through indirect operating evidence. Consolidated second-quarter operating income declined, and management acknowledges experienced integration challenges. Acquisition completion alone does not prove successful integration or returns.","evidenceIds":["q172","q101","q414","q347","q216"]},{"criterion":"governance","grade":3,"rationale":"Disclosed annual elections, majority voting, proxy access, anti-hedging policies, a serving lead independent director and regular conflict reviews support strong governance arrangements. The combined chair/CEO role and 25% special-meeting threshold constrain accountability. 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