# CBRE Group Inc. (CBRE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CBRE/thesis · /stocks/CBRE/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CBRE/fundamental

## Navigation

- Overview: /stocks/CBRE
- Financials (this page): /stocks/CBRE/financials
- Thesis: /stocks/CBRE/thesis
- Investment Memo: /stocks/CBRE/memo
- Coverage universe: /stocks