CBRE (CBRE) financial statements
CBRE reported revenue of $40.5B in fiscal 2025, up 9.9% a year over 9 years.
Net income was $1.2B and the operating margin 4.3%, against 4.7% in 2016.
Free cash flow was $1.2B, and the company returned $968M in net buybacks.
The diluted share count fell 11% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CBRE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.4B | $18.6B | $21.3B | $23.9B | $23.8B | $27.7B | $30.8B | $31.9B | $35.8B | $40.5B |
| Cost of revenue | $13.4B | $14.3B | $16.4B | $18.7B | $19.0B | $21.6B | $24.2B | $25.7B | $28.8B | $33.0B |
| Gross profit | $3.9B | $4.3B | $4.9B | $5.2B | $4.8B | $6.2B | $6.6B | $6.3B | $7.0B | $7.6B |
| Operating income | $817M | $1.1B | $1.1B | $1.3B | $970M | $1.6B | $1.5B | $1.1B | $1.4B | $1.8B |
| Interest expense | $145M | $137M | $107M | — | — | — | — | — | — | — |
| Pre-tax income | $882M | $1.2B | $1.4B | $1.4B | $970M | $2.4B | $1.7B | $1.3B | $1.2B | $1.6B |
| Income tax | $297M | $468M | $313M | $70M | $214M | $568M | $234M | $250M | $182M | $317M |
| Net income | $573M | $697M | $1.1B | $1.3B | $752M | $1.8B | $1.4B | $986M | $968M | $1.2B |
| EPS (diluted) | $1.69 | $2.05 | $3.10 | $3.77 | $2.22 | $5.41 | $4.29 | $3.15 | $3.14 | $3.85 |
| Diluted shares | 338M | 341M | 343M | 341M | 338M | 340M | 328M | 313M | 308M | 301M |
| Gross margin | 22.7% | 23.2% | 22.9% | 21.8% | 20.1% | 22.2% | 21.4% | 19.6% | 19.4% | 18.7% |
| Operating margin | 4.7% | 5.8% | 5.1% | 5.3% | 4.1% | 5.9% | 4.9% | 3.5% | 4.0% | 4.3% |
| Net margin | 3.3% | 3.7% | 5.0% | 5.4% | 3.2% | 6.6% | 4.6% | 3.1% | 2.7% | 2.9% |
Balance sheet
Fiscal years, from CBRE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $763M | $752M | $777M | $972M | $1.9B | $2.4B | $1.3B | $1.3B | $1.1B | $1.9B |
| Receivables | $2.6B | $3.1B | $3.7B | $4.5B | $4.4B | $5.2B | $5.3B | $6.4B | $7.0B | $8.3B |
| Total current assets | $5.1B | $5.6B | $6.8B | $7.5B | $8.8B | $10.1B | $8.5B | $9.7B | $10.0B | $13.5B |
| Property, plant and equipment | $561M | $618M | $722M | $836M | $815M | $816M | $836M | $907M | $914M | $1.0B |
| Goodwill | $3.0B | $3.3B | $3.7B | $3.8B | $3.8B | $5.0B | $4.9B | $5.1B | $5.6B | $7.1B |
| Total assets | $10.8B | $11.7B | $13.5B | $16.2B | $18.0B | $22.1B | $20.5B | $22.5B | $24.4B | $30.9B |
| Total current liabilities | $4.5B | $4.7B | $5.8B | $6.4B | $7.1B | $8.4B | $8.2B | $8.2B | $9.3B | $12.3B |
| Long-term debt | $2.5B | $2.0B | $1.8B | $1.8B | $1.4B | $1.5B | $1.1B | $2.8B | $3.2B | $5.0B |
| Total liabilities | $7.7B | $7.5B | $8.4B | $9.9B | $10.5B | $12.7B | $11.9B | $13.5B | $15.2B | $21.3B |
| Shareholders' equity | $3.0B | $4.1B | $4.9B | $6.2B | $7.1B | $8.5B | $7.9B | $8.3B | $8.4B | $8.9B |
| Net debt | $1.8B | $1.2B | $993M | $791M | -$514M | -$893M | $196M | $1.5B | $2.2B | $3.3B |
Cash flow
Fiscal years, from CBRE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $617M | $894M | $1.1B | $1.2B | $1.8B | $2.4B | $1.6B | $480M | $1.7B | $1.6B |
| Capital spending | $191M | $178M | $228M | $294M | $267M | $210M | $260M | $305M | $307M | $366M |
| Free cash flow | $426M | $716M | $903M | $930M | $1.6B | $2.2B | $1.4B | $175M | $1.4B | $1.2B |
| Stock-based compensation | $63M | $93M | $128M | $128M | $60M | $185M | $160M | $96M | $146M | $120M |
| Share buybacks (net) | — | — | -$161M | -$145M | -$50M | -$369M | -$1.9B | -$665M | -$627M | -$968M |
| Net borrowing | — | — | — | — | — | — | — | $0 | $175M | $677M |
| Free cash flow margin | 2.5% | 3.8% | 4.2% | 3.9% | 6.6% | 7.8% | 4.4% | 0.5% | 3.9% | 2.9% |
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Open CBRE in InvestinglyQuestions
What was CBRE's revenue in 2025?
$40.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does CBRE generate?
$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From CBRE's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.