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Revenue from Contracts with Customers | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | Revenue from Contracts with Customers We account for revenue with customers in accordance with FASB ASC Topic 606, “Revenue from Contracts with Customers” (Topic 606). Revenue is recognized when or as control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services. Disaggregated Revenue The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions):
| Three Months Ended September 30, 2025
| Advisory Services |  | Building Operations & Experience |  | Project Management |  | Real Estate Investments |  | Corporate, other and eliminations |  | Consolidated
Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Facilities management | $ | — |  |  | $ | 5,137 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,137 |
Project management | — |  |  | — |  |  | 2,027 |  |  | — |  |  | — |  |  | 2,027 |
Advisory leasing | 1,145 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,145 |
Advisory sales | 544 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 544 |
Property management | — |  |  | 657 |  |  | — |  |  | — |  |  | (9) |  |  | 648 |
Valuation | 194 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 194 |
Other portfolio services | 90 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 90 |
Commercial mortgage origination (1) | 55 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 55 |
Loan servicing (2) | 47 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 47 |
Investment management | — |  |  | — |  |  | — |  |  | 148 |  |  | — |  |  | 148 |
Development services | — |  |  | — |  |  | — |  |  | 61 |  |  | — |  |  | 61 |
Topic 606 Revenue | 2,075 |  |  | 5,794 |  |  | 2,027 |  |  | 209 |  |  | (9) |  |  | 10,096 |
Out of Scope of Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage origination | 80 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 80 |
Loan servicing | 80 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 80 |
Development services (3) | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total Out of Scope of Topic 606 Revenue | 160 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 162 |
Total Revenue | $ | 2,235 |  |  | $ | 5,794 |  |  | $ | 2,027 |  |  | $ | 211 |  |  | $ | (9) |  |  | $ | 10,258 |
| Three Months Ended September 30, 2024
| Advisory Services |  | Building Operations & Experience |  | Project Management |  | Real Estate Investments |  | Corporate, other and eliminations |  | Consolidated
Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Facilities management | $ | — |  |  | $ | 4,638 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,638 |
Project management | — |  |  | — |  |  | 1,683 |  |  | — |  |  | — |  |  | 1,683 |
Advisory leasing | 974 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 974 |
Advisory sales | 420 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 420 |
Property management | — |  |  | 507 |  |  | — |  |  | — |  |  | (7) |  |  | 500 |
Valuation | 178 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 178 |
Other portfolio services | 96 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 96 |
Commercial mortgage origination (1) | 44 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 44 |
Loan servicing (2) | 24 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24 |
Investment management | — |  |  | — |  |  | — |  |  | 196 |  |  | — |  |  | 196 |
Development services | — |  |  | — |  |  | — |  |  | 104 |  |  | — |  |  | 104 |
Topic 606 Revenue | 1,736 |  |  | 5,145 |  |  | 1,683 |  |  | 300 |  |  | (7) |  |  | 8,857 |
Out of Scope of Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage origination | 71 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 71 |
Loan servicing | 106 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 106 |
Development services (3) | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total Out of Scope of Topic 606 Revenue | 177 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 179 |
Total Revenue | $ | 1,913 |  |  | $ | 5,145 |  |  | $ | 1,683 |  |  | $ | 302 |  |  | $ | (7) |  |  | $ | 9,036 |
| Nine Months Ended September 30, 2025
| Advisory Services |  | Building Operations & Experience |  | Project Management |  | Real Estate Investments |  | Corporate, other and eliminations |  | Consolidated
Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Facilities management | $ | — |  |  | $ | 15,024 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15,024 |
Project management | — |  |  | — |  |  | 5,444 |  |  | — |  |  | — |  |  | 5,444 |
Advisory leasing | 3,001 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,001 |
Advisory sales | 1,364 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,364 |
Property management | — |  |  | 1,889 |  |  | — |  |  | — |  |  | (20) |  |  | 1,869 |
Valuation | 573 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 573 |
Other portfolio services | 267 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 267 |
Commercial mortgage origination (1) | 155 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 155 |
Loan servicing (2) | 136 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 136 |
Investment management | — |  |  | — |  |  | — |  |  | 447 |  |  | — |  |  | 447 |
Development services | — |  |  | — |  |  | — |  |  | 204 |  |  | — |  |  | 204 |
Topic 606 Revenue | 5,496 |  |  | 16,913 |  |  | 5,444 |  |  | 651 |  |  | (20) |  |  | 28,484 |
Out of Scope of Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage origination | 196 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 196 |
Loan servicing | 233 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 233 |
Development services (3) | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Total Out of Scope of Topic 606 Revenue | 429 |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 437 |
Total Revenue | $ | 5,925 |  |  | $ | 16,913 |  |  | $ | 5,444 |  |  | $ | 659 |  |  | $ | (20) |  |  | $ | 28,921 |
| Nine Months Ended September 30, 2024
| Advisory Services |  | Building Operations & Experience |  | Project Management |  | Real Estate Investments |  | Corporate, other and eliminations |  | Consolidated
Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Facilities management | $ | — |  |  | $ | 13,263 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,263 |
Project management | — |  |  | — |  |  | 4,766 |  |  | — |  |  | — |  |  | 4,766 |
Advisory leasing | 2,582 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,582 |
Advisory sales | 1,129 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,129 |
Property management | — |  |  | 1,437 |  |  | — |  |  | — |  |  | (16) |  |  | 1,421 |
Valuation | 528 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 528 |
Other portfolio services | 282 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 282 |
Commercial mortgage origination (1) | 117 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 117 |
Loan servicing (2) | 143 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 143 |
Investment management | — |  |  | — |  |  | — |  |  | 494 |  |  | — |  |  | 494 |
Development services | — |  |  | — |  |  | — |  |  | 261 |  |  | — |  |  | 261 |
Topic 606 Revenue | 4,781 |  |  | 14,700 |  |  | 4,766 |  |  | 755 |  |  | (16) |  |  | 24,986 |
Out of Scope of Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage origination | 144 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 144 |
Loan servicing | 226 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 226 |
Development services (3) | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Total Out of Scope of Topic 606 Revenue | 370 |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | 377 |
Total Revenue | $ | 5,151 |  |  | $ | 14,700 |  |  | $ | 4,766 |  |  | $ | 762 |  |  | $ | (16) |  |  | $ | 25,363 |
________________________________________________________________________________________________________________________________________ (1)We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606. (2)Loan servicing fees earned from servicing contracts for which we do not hold mortgage servicing rights are in scope of Topic 606. (3)Out of scope revenue for development services represents selling profit from transfers of sales-type leases in the scope of FASB ASC Topic 842, “Leases.” Contract Assets and Liabilities We had contract assets totaling $535 million ($415 million of which was current) and $489 million ($400 million of which was current) as of September 30, 2025 and December 31, 2024, respectively. We had contract liabilities totaling $382 million (all of which was current) and $375 million (all of which was current) as of September 30, 2025 and December 31, 2024, respectively. During the three and nine months ended September 30, 2025, we recognized revenue of $58 million and $206 million, respectively, that was included in the contract liability balance at December 31, 2024.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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