CBRE Group Inc.
CBREFinancial Snapshot
ticker: CBRE step: 04 generated: 2026-05-12 source: quick-research
CBRE Group Inc. (CBRE) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $30.83B | $31.95B | $35.77B | +12% |
| Gross Margin | ~17% | ~16% | ~17% | flat |
| Operating Margin | ~4.5% | ~3.5% | ~4.5% | +1pp |
| Net Income (core) | ~$1.60B | ~$1.25B | ~$1.45B | +16% |
| Core EPS | ~$5.30 | ~$4.15 | ~$4.45 | +7% |
Revenue is large due to GWS pass-through costs; net revenue (ex-pass-throughs) is more representative of underlying economics. FY2023 was a cyclical trough in Advisory (CRE transaction volumes -40%). FY2024 recovered as interest rates stabilized. FY2025: Revenue $40.55B (+13.4%); core EPS growth continuing at mid-teens pace; FCF ~$1.65B. FY2026 guidance: 15.4% EPS growth consensus.
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Free Cash Flow | ~$1.65B (86% FCF conversion on core net income) |
| FCF Margin | ~4.1% of total revenue; ~18% of net revenue |
| Cash & Equivalents | ~$1.5B |
| Total Debt | ~$4.5–5.0B |
| Net Debt / EBITDA | ~1.5–2.0x |
Key Ratios (approximate, FY2025)
- P/E (core): ~20–22x | EV/EBITDA: ~14–15x | FCF Yield: ~4–5%
- Revenue Growth (FY2025): +13.4% | Core EPS Growth: ~mid-teens%
- Data Center EBITDA Contribution: ~14% of core EBITDA (FY2025, up from 3% in 2021)
- No dividend (CBRE returns capital via buybacks and M&A)
Growth Profile
CBRE's financial profile has two layers: (1) a resilient, growing BOE/FM base (~65% of revenue, 8–12% organic growth) driven by corporate real estate outsourcing and the data center boom; and (2) a cyclical Advisory segment (~25% of revenue) that contracted sharply in 2023 as CRE transaction volumes collapsed, but is recovering as interest rates stabilize and bid-ask spreads narrow. The data center business is the highest-conviction growth vector: from 3% to 14% of core EBITDA in four years, targeting $2B revenue by 2026 at 20% annual growth. Ongoing M&A (J&J Worldwide Services, $800M in 2024) adds FM capabilities in data centers, healthcare, and military.
Forward Estimates
- FY2026: Revenue ~$45B (organic + M&A); core EPS growth ~15%; data center revenue ~$2B
- Advisory recovery: CRE capital markets recovery (lower rates) drives leverage to Advisory segment
- 3-Year EPS CAGR: ~12–15% (FM growth + advisory cycle + data center)
- Capital Allocation: No dividend; opportunistic buybacks + acquisitions; bolt-on FM deals likely
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $CBRE.