10-QPeriod: Q3 FY2025

CBRE GROUP, INC. Quarterly Report for Q3 Ended Sep 30, 2025

Filed October 23, 2025For Securities:CBRE

Summary

CBRE Group, Inc. reported strong financial results for the quarter ending September 30, 2025, with total revenue reaching $10.26 billion, a 13.5% increase year-over-year. Net income attributable to CBRE Group, Inc. was $363 million, a significant jump from $225 million in the prior year period. This growth was driven by robust performance across most segments, particularly Advisory Services and Building Operations & Experience, fueled by increased leasing activity, property sales, and new business wins. The company's balance sheet shows a healthy increase in cash and cash equivalents to $1.67 billion. Despite a rise in total liabilities, largely due to increased borrowings and lease liabilities associated with acquisitions, CBRE maintained a solid financial position. The company also repurchased approximately $663 million of its common stock year-to-date, demonstrating a commitment to returning value to shareholders.

Financial Highlights

44 data points
Beta

Revenue

$10.26B

19.0% Gross Margin

Net Income

$363.00M

3.5% Net Margin

EPS (Diluted)

$1.21

Total Assets

$28.57B

Cash & Equivalents

$1.67B

Free Cash Flow

$827.00M

Financial Statements
Beta
Revenue$10.26B
Cost of Revenue$8.30B
Gross Profit$1.95B
Operating Income$481.00M
Net Income$363.00M
EPS (Basic)$1.22
EPS (Diluted)$1.21
Shares Outstanding (Basic)297.56M
Shares Outstanding (Diluted)300.26M

Key Highlights

  • 1Total revenue increased by 13.5% to $10.26 billion in Q3 2025 compared to Q3 2024.
  • 2Net income attributable to CBRE Group, Inc. grew significantly to $363 million, up from $225 million in the prior year.
  • 3Advisory Services segment revenue saw a 16.8% increase, driven by strong leasing and property sales activity.
  • 4Building Operations & Experience (BOE) segment revenue grew by 12.6%, benefiting from increased facilities and property management services.
  • 5The company repurchased $663 million of its common stock year-to-date as part of its ongoing share repurchase program.
  • 6Goodwill increased significantly from $5.62 billion to $6.40 billion, largely due to the acquisition of Industrious.
  • 7Cash and cash equivalents increased to $1.67 billion as of September 30, 2025, compared to $1.11 billion at the end of 2024.

Frequently Asked Questions

Revenue growth was primarily driven by an increase in leasing activity, particularly for office space, industrial, and data centers, along with higher revenue from commercial mortgage origination and property sales in the Advisory segment. The Building Operations & Experience (BOE) segment also contributed significantly due to strong new business activity, contract expansions, and acquisitions. The Project Management segment saw increased revenue driven by strength in the United Kingdom, the Middle East, and North America.

Total liabilities increased to $19.27 billion from $15.19 billion at year-end 2024. This increase is largely attributable to higher borrowings under warehouse lines of credit and commercial paper, as well as increased operating lease liabilities following the acquisition of Industrious. However, the company ended the quarter with $1.67 billion in cash and cash equivalents, and a significant portion of its debt is long-term. Management believes that internally generated cash flow and available revolving credit facilities and commercial paper programs are sufficient to meet working capital and funding requirements for the foreseeable future, including the next 12 months.

The acquisition of the remaining 60% interest in Industrious for $841 million on January 16, 2025, significantly impacted the balance sheet, increasing goodwill by $571 million and other intangible assets. It also contributed to the rise in operating lease assets and liabilities. Industrious is now part of the Building Operations & Experience (BOE) segment. The acquisition also led to an increase in total assets and liabilities.

CBRE has a substantial share repurchase program, with $9.0 billion authorized under the 2024 program, extended through December 31, 2029. While no shares were repurchased in the third quarter of 2025, the company repurchased $663 million year-to-date. The company intends to fund future repurchases with existing cash and may use them to offset stock-based compensation or opportunistically.