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Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
In January 2025, we combined our project management business with our Turner & Townsend majority-owned subsidiary and created a fourth reportable segment, Project Management. In addition, on January 16, 2025, we acquired full ownership of Industrious, a provider of premium flexible workplace solutions and established a new business segment, Building Operations & Experience, comprised of enterprise and local facilities management, property management and flexible workplace solutions.
In connection with the transactions described above, we reorganized our operations around and publicly report our financial results on four reportable segments – Advisory Services, Building Operations & Experience, Project Management and Real Estate Investments. We have recast prior period segment results to conform with the current presentation. In addition, we also have a “Corporate, other and eliminations” segment. Our Corporate segment primarily consists of corporate costs for leadership and certain other central functions. We track our strategic non-core equity investments in “other” which is considered an operating segment and reported together with Corporate as it does not meet the aggregation criteria for presentation as a separate reportable segment. These activities are not allocated to the other business segments. Corporate and other also includes eliminations related to inter-segment revenue.
Segment operating profit (SOP) is the measure reported to Robert Sulentic, CBRE’s Chair and Chief Executive Officer (CEO), who is our chief operating decision maker (CODM) for purposes of assessing performance and making decisions about allocating resources to each segment. The CODM uses SOP results compared to prior periods and previously forecasted amounts to assess performance and identify trends of ongoing operations within each segment. SOP excludes the impact of certain costs and charges that may obscure the underlying performance of our businesses and related trends, including restructuring charges and other costs incurred, which are outside the ordinary course of business. SOP represents earnings, inclusive of amounts attributable to non-controlling interests, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization, and asset impairments. In addition, management excludes the following costs from SOP (Other segment adjustments):
•integration and other costs related to acquisitions,
•carried interest incentive compensation expense (reversal) to align with the timing of associated revenue,
•charges related to indirect tax audits and settlements,
•net results related to the wind-down of certain businesses,
•the impact of fair value adjustments related to unconsolidated equity investments,
•business and finance transformation,
•costs associated with efficiency and cost-reduction initiatives, and
•costs incurred related to legal entity restructuring.
There have been no significant changes to the measurement methods of expenses or methods of allocating expenses to segments during 2025.
Summarized financial information by segment is as follows (dollars in millions):
Three Months Ended June 30, 2025Advisory
 Services		Building Operations & ExperienceProject ManagementReal Estate
Investments
Corporate,
other and eliminations (2)
Consolidated
Adjusted net revenue$1,983 $2,630 $847 $215 $(7)$5,668 
Pass-through costs also recognized as revenue13 3,134 939 — — 4,086 
Total revenue
1,996 5,764 1,786 215 (7)9,754 
Cost of revenue1,164 5,192 1,545 36 5 7,942 
Operating expenses and allocations455 339 122 182 177 1,275 
Other adjustments to segment operating profit (loss):
Equity (loss) income from unconsolidated subsidiaries
(1)(16)— (3)2 (18)
Other income
2 3 — — — 5 
Gain on disposition of real estate— — — 19 — 19 
Other segment adjustments (1)
2 41 2 12 60 117 
Segment operating profit (loss)
$380 $261 $121 $25 $(127)$660 
Three Months Ended June 30, 2024Advisory
 Services		Building Operations & ExperienceProject ManagementReal Estate
Investments
Corporate,
other and eliminations (2)
Consolidated
Adjusted net revenue$1,732 $2,228 $782 $232 $(3)$4,971 
Pass-through costs also recognized as revenue12 2,627 781 — — 3,420 
Total revenue
1,744 4,855 1,563 232 (3)8,391 
Cost of revenue1,016 4,375 1,345 57 — 6,793 
Operating expenses and allocations440 314 115 169 153 1,191 
Other adjustments to segment operating profit (loss):
Equity income (loss) from unconsolidated subsidiaries— 3 — 4 (22)(15)
Other (loss) income
(1)1 (1)(1)8 6 
Other segment adjustments (1)
— 43 — 1 50 94 
Segment operating profit (loss)
$287 $213 $102 $10 $(120)$492 
Six Months Ended June 30, 2025Advisory
 Services		Building Operations & ExperienceProject ManagementReal Estate
Investments
Corporate,
other and eliminations (2)
Consolidated
Adjusted net revenue$3,665 $5,057 $1,621 $448 $(11)$10,780 
Pass-through costs also recognized as revenue25 6,062 1,796 — — 7,883 
Total revenue
3,690 11,119 3,417 448 (11)18,663 
Cost of revenue2,131 10,039 2,954 82 1 15,207 
Operating expenses and allocations883 635 241 348 360 2,467 
Other adjustments to segment operating profit (loss):
Equity (loss) income from unconsolidated subsidiaries
— (16)— (9)23 (2)
Other income (loss)
3 4 1 — (1)7 
Gain on disposition of real estate— — — 19 — 19 
Other segment adjustments (1)
2 44 11 22 128 207 
Segment operating profit (loss)
$681 $477 $234 $50 $(222)$1,220 
Six Months Ended June 30, 2024Advisory
 Services		Building Operations & ExperienceProject ManagementReal Estate
Investments
Corporate,
other and eliminations (2)
Consolidated
Adjusted net revenue$3,212 $4,244 $1,508 $460 $(9)$9,415 
Pass-through costs also recognized as revenue26 5,311 1,574 — — 6,911 
Total revenue
3,238 9,555 3,082 460 (9)16,326 
Cost of revenue1,863 8,644 2,656 100 5 13,268 
Operating expenses and allocations856 604 203 357 282 2,302 
Other adjustments to segment operating profit (loss):
Equity income (loss) from unconsolidated subsidiaries1 4 — 15 (93)(73)
Other income (loss)
— 2 2 (2)13 15 
Gain on disposition of real estate— — — 13 — 13 
Other segment adjustments (1)
— 60 (22)15 82 135 
Segment operating profit (loss)
$520 $373 $203 $44 $(294)$846 
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(1)Other segment adjustments, as defined above.
(2)Eliminations represent revenue from transactions between operating segments.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Depreciation and Amortization
Advisory Services$67 $60 $134 $126 
Building Operations & Experience61 56 131 102 
Project Management26 28 51 56 
Real Estate Investments3 3 6 7 
Corporate, other and eliminations
25 14 37 28 
Total depreciation and amortization$182 $161 $359 $319 
Equity loss from unconsolidated subsidiaries
Advisory Services$(1)$— $— $1 
Building Operations & Experience(16)3 (16)4 
Project Management— — — — 
Real Estate Investments(3)4 (9)15 
Corporate, other and eliminations2 (22)23 (93)
Equity loss from unconsolidated subsidiaries$(18)$(15)$(2)$(73)
Reconciliation of total segment operating profit to net income is as follows (dollars in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Net income attributable to CBRE Group, Inc.$215 $130 $378 $256 
Net income attributable to non-controlling interests24 12 53 34 
Net income239 142 431 290 
Adjustments to increase (decrease) net income:
Depreciation and amortization182 161 359 319 
Interest expense, net of interest income59 63 108 99 
Write-off of financing costs on extinguished debt2 — 2 — 
Provision for income taxes61 32 113 3 
Integration and other costs related to acquisitions
75 13 144 8 
Carried interest incentive compensation expense to align with the timing of associated revenue3 1 7 15 
Charges related to indirect tax audits and settlements— 13 (1)13 
Net results related to the wind-down of certain businesses (1)
9 — 14 — 
Impact of fair value non-cash adjustments related to unconsolidated equity investments2 — 2 — 
Business and finance transformation28 — 28 — 
Costs associated with efficiency and cost-reduction initiatives— 67 13 97 
Costs incurred related to legal entity restructuring— — — 2 
Total segment operating profit$660 $492 $1,220 $846 

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(1)    In the first quarter of 2025, management made the decision to wind down Telford Homes’ legacy construction business. A new Telford entity, Telford Living, is developing residential housing in the U.K. under a new business model under which the company does not self-perform general contracting.
Our CODM is not provided with total asset information by segment and accordingly, does not measure or allocate total assets on a segment basis. As a result, we have not disclosed any asset information by segment.
Geographic Information
Revenue in the table below is allocated based upon the country in which services are performed (dollars in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenue
United States$5,526 $4,670 $10,695 $9,092 
United Kingdom1,386 1,195 2,620 2,280 
All other countries2,842 2,526 5,348 4,954 
Total revenue$9,754 $8,391 $18,663 $16,326